Finnish companies see business recovery in 2025: survey

Large Finnish companies are noticing moderate signs of recovery in their operating environment, according to the annual survey commissioned by OP Financial Group.

Big companies believe that demand is picking up in Finland and abroad, said OP in a press release on Thursday referring to the survey.

It is anticipated that the decrease in interest rates will start boosting large corporations’ business by the second half of 2025.

The Survey of Large Corporations indicated that in 2025, large Finnish companies will continue to focus on increasing business efficiency instead of expanding their operations.

However, cautious optimism is visible as the share of large companies looking to expand has increased slightly compared to last year.

Large companies are also hopeful concerning the revival of market demand, and the decrease in interest rates is expected to increase demand during the second half of 2025.

During the whole year, demand is expected to grow by 1.5 per cent in Finland and 2.7 per cent abroad. There are sales growth expectations especially for the euro area outside Finland.

“Because companies create sustainable prosperity, security and wellbeing for the whole of society, even slightly firmer optimism is a positive signal for Finland. Now is the time for Finnish large companies to prepare for the looming recovery and take bold expansionary steps,” said the CEO of OP Corporate Bank, Katja Keitaanniemi.

Based on the Survey of Large Corporations, moderate growth is expected in 2025 for investments in both tangibles and intangibles.

However, the growth is very cautious – and for many investments, even lower than the anticipated inflation. For example, an average of only 0.6 per cent more is budgeted for production capacity and facilities this year compared to the previous year.

Right now, large companies are mainly investing in their current businesses and improving their efficiency. Very few companies are planning investments in entirely or mainly new business activities.

“Risks related to the development of the economy and market require accurate investment decisions from companies. At the moment, investments are seeking a balance between realism and optimism. Bold transformation remains noticeable through ts absence: only a fraction of big firms intend to really reinvent themselves this year,” said Keitaanniemi.

Even though big firms are not planning to increase their investments in the renewal of business or in product and service development this year, additional investments are expected in the development of artificial intelligence features for production processes and end products.

Further investments in the digitalisation of products and services are also planned to some extent.

In their international competitive arenas, no Finnish large companies are immune to geopolitical turmoil. Half of respondents view the emergence of global trading blocks and growing protectionism as a threat.

“Finnish big firms intend to continue growing production in Finland and Europe. “Local and westward” looks to be the key production and sales theme in 2025,” said Keitaanniemi.

The results are based on OP’s annual Survey of Large Corporations, which measures large Finnish company executives’ views on business and economic developments.

The target group of the survey is comprised of 250 largest companies in terms of net sales operating in Finland. The survey received responses from 207 senior executives of 137 such companies.

According to their latest certified financial statements, the responding companies have a combined revenue of over 202 billion euros, and they employ over 431,000 people in total. The survey was conducted in autumn 2024.

OP Financial Group carries out the Survey of Large Corporations in partnership with the Nordic Institute of Business and Society (NIBS) think tank founded by Aalto University professors.