Keva — mandate, EUR AUM, leadership

UAO Registry · Top 100 · INST rank 73 · Public-sector pension · Finland · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Soft names: Keva; formerly Local Government Pensions Institution. Official site: keva.fi · EN: keva.fi/en. Related Nordic/European peers: ATP (Denmark), AP7, NBIM, ABP, bpfBOUW. Influence Index on INST is an editorial composite, not a rating.

Executive brief
Speakable summary
Mandate & ownership
Disambiguation
Scale & portfolio
Governance & leadership
Investment philosophy
Climate / ESG / ethics
Performance & reporting
Controversies & debates
Timeline
Annex: AUM honesty (EUR)
Annex: H1 2026 interim fold
Annex: YE 2025 results fold
Annex: Vuosi 2025 presentation fold
Annex: Administration fold
Annex: Investments page fold
Annex: Investment Beliefs fold
Annex: Responsible Investment Beliefs fold
Annex: Responsible investment 2025 fold
Annex: Climate investment beliefs fold
Annex: Active ownership policy fold
Annex: Responsibility principles fold
Annex: Pension funding & intergenerational fold
Annex: Code of Conduct fold
Annex: CIO appointment fold
Annex: Q1 2026 interim fold
Annex: Real estate / rental fold
Annex: Use of AI fold
Annex: Finnish H1 2026 news fold
Annex: Financial information hub fold
Annex: Peer context
Annex: Research notes
FAQ
Sources
Completeness note

Executive brief

Keva is Finland’s largest earnings-related pension provider and an independent body governed by public law. Official About copy states that operations are based on the Public Sector Pensions Act and the Keva Act, and that Keva is supervised by the Financial Supervisory Authority. Known earlier as the Local Government Pensions Institution, it has operated under the name Keva since 1 January 2011. This Registry profile (slug keva, INST rank 73) treats Keva as a Finnish public-sector pension administrator and investor — not a sovereign wealth fund and not a commercial life insurer.

Headline scale — prefer official EUR only — from opened year-end 2025 and half-year 2026 primaries: investment assets market value €74 billion at 31 December 2025 (YE results / Investments page), rising to €79.3 billion at 30 June 2026 (H1 2026 interim). FY 2025 market-value total return 5.8% (€4.1 billion); H1 2026 return 7.3%. Do not invent a USD headline conversion for this profile.

Leadership honesty from live Administration / Contact pages and official news: CEO Jaakko Kiander; CIO Maaria Kettunen (Board appointment 17 September 2025; role from 1 November 2025). Deputy CEO Kimmo Mikander; CFO and Chief Actuary Piia Laaksonen. Council chair Heikki Vestman (term from 1 September 2025). Board chair named in the CIO appointment release: Heikki Autto. Do not invent seats beyond published pages; omit private phones/emails.

Researchers care because Keva sits at the centre of Finland’s public-sector earnings-related pension stack, combines a large EUR-reporting investment fund for municipal and wellbeing-services-county pensions with administration of State, Church, Kela and Bank of Finland pensions that those employers finance separately, and publishes a dense RI / TCFD / beliefs stack. Related UAO hubs: Registry, Top 100, peers such as NBIM, ATP (Denmark), AP7, ABP, and bpfBOUW.

Speakable summary

Keva is Finland’s largest public-sector earnings-related pension institution, operating under public law and the Keva Act. Investment assets were about seventy-four billion euros at year-end twenty twenty-five and about seventy-nine point three billion euros at mid-twenty twenty-six. Jaakko Kiander is CEO; Maaria Kettunen is Chief Investment Officer. Keva is not a sovereign wealth fund.

Mandate & ownership

Official Administration and About pages describe Keva as an independent public-law body whose operations rest on the Public Sector Pensions Act and the Keva Act, with further provisions in the Council’s Standing Orders. The Ministry of Finance appoints Councillors; the Financial Supervisory Authority oversees operations; Investments-page FAQ text also notes Ministry of Finance general supervision alongside FSA oversight of financial planning and investment of assets.

Mandate honesty that matters for AUM interpretation: Keva administers pensions across a wide public-sector footprint (municipalities, wellbeing services counties, State, Evangelical Lutheran Church, Kela, Bank of Finland), but the investment fund secures municipal-sector and wellbeing-services-county pensions. YE 2025 and H1 2026 materials state that the State, Church, Kela and Bank of Finland pay their own pension expenditure and their share of operating expenses to Keva.

Funding mechanics (YE 2025 English results): member-organisation payroll €23.8 billion (+4.1% vs 2024); contribution income €6.55 billion; municipal/wellbeing pensions paid €7.52 billion — the contribution–expenditure gap covered by investment returns. In 2025 Keva also paid €6.1 billion in pensions for State, Church, Kela and Bank of Finland employees under those employers’ own financing.

Visiting address printed on Contact: Unioninkatu 43, Helsinki. About-page scale language: roughly 460–strong staff serving about 1.3 million public-sector employees and pensioners and some 1,850 employer customers (YE presentation shows permanent staff 463 and 1,849 employers).

Disambiguation

Keva ≠ Varma / Ilmarinen / Elo — those are major private-sector mutual pension insurers; Keva is the public-sector earnings-related provider under public law.
Keva ≠ Finnish state SWF — there is no SWF rebrand here; investment assets are pension-fund assets for statutory public-sector liabilities.
Keva ≠ ATP (Denmark) / PFA Pension — Danish statutory ATP and commercial PFA are separate Nordic institutions with different currencies and mandates.
Municipal/wellbeing fund ≠ all pensions Keva pays — administration breadth is wider than the investment-fund backing perimeter.
Name history — Local Government Pensions Institution until 31 December 2010; Keva from 1 January 2011.

Scale & portfolio

As-of	Official EUR / metric	Source
30 Jun 2026	Investment assets €79.3bn; H1 return 7.3%	H1 2026 interim / EN news
31 Dec 2025	Investment assets €74bn; FY return 5.8% (€4.1bn)	YE 2025 results / Investments page
31 Dec 2024 (comp)	H1-2025 comparable assets €70.7bn at mid-2025	H1 2026 interim comparator
Since 1988	Capital-weighted real return 3.9% to YE2025; 4.1% to mid-2026	Official long-run prints

Allocation snapshots (official)

YE 2025 risk-adjusted allocation: listed equities 44.6%; fixed income 30.5%; private equity including unlisted equities 18.9%; real estate 6.6%; hedge funds 6.3%; derivatives impact 7%. Mid-2026: listed equities and equity funds 46.9%; fixed income including derivatives impact 22.3%; private equity 18.0%; hedge funds 6.4%; real estate 6.3%.

H1 2026 asset-class returns: listed equities 12.5%; hedge funds 6.4%; private equity 3.5%; fixed income 2.6%; real estate (incl. funds) 1.4%. FY 2025: listed equities 13.1%; private equity 1.5%; fixed income 0.9%; hedge funds −0.1%; real estate −0.2%.

Investments page frames the portfolio as fixed income, equities, real estate, private equity and hedge funds, diversified by geography, sector and style, with primary fixed-income geographical emphasis on Europe and active strategies in fixed income. Responsibility materials state about 89% of investment assets are diversified outside Finland.

Governance & leadership

Council and Board

The Council is the highest decision-making body (30 Councillors). By law, six are appointed from candidates of the most representative national negotiating organisations for municipal and wellbeing-services-county personnel; four from Local and County Government Employers KT; twenty from candidates jointly put forward by the central organisation of municipalities and wellbeing services counties with geographic and political proportionality. Current Councillor term began 1 September 2025; chair Heikki Vestman, vice-chair Eero Reijonen.

The Board’s task is general supervision and guidance; by law it decides the pension-fund investment plan. Board members for 2025–2027 are listed on the Administration page (regular members and personal deputies). The CIO appointment news (17 September 2025) quotes Board Chair Heikki Autto.

Management group (opened Administration table)

CEO — Jaakko Kiander
Deputy CEO — Kimmo Mikander
CIO — Maaria Kettunen
CFO and Chief Actuary — Piia Laaksonen
Communication Director — Reija Hyvärinen
HR Director — Mika Gylén
Director of Customer Relations and Work Ability — Mikko Kenni
Administrative Director / Secretary of Management group — Markus Mankin
Staff member representative — Tiina Ijäs, Senior Specialist

Internal control, risk management, internal audit and an independent Compliance function are described on Administration. The Working Life Development Working Group (12 members; six from employee-organisation proposals) is defined in Standing Orders and focuses on work capacity and quality of working life.

Investment philosophy

Board-adopted Investment Beliefs state that the fund’s objective is to generate the real investment returns required to meet long-term pension liabilities under the Act on Keva, which requires taking investment risk that may produce short- and medium-term losses. The long-term nature of liabilities and predictable cash flows supports a long-horizon strategy (ability to stay in risky assets when short-term sellers are forced out; patient counter-cyclical pricing; illiquid assets; partners unavailable to short-horizon investors).

Beliefs emphasise allocation to systematic return drivers as the key return decision; diversification across return drivers; holistic risk management at total-portfolio level; varying market efficiency allowing value-added strategies; preference to insource where efficient and partner with like-minded managers on long-term trust; and assessing performance net of all costs. Integrating ESG dimensions is framed as creating long-term added value through better returns and lower risk because pensions are long-term liabilities requiring sustainable growth.

In summer 2023, the Board decided to increase the risk level of the investment portfolio to achieve higher long-term returns to help secure future pension funding, accepting greater short-term return volatility (responsibility / funding pages).

Climate / ESG / ethics

Responsible Investment Beliefs (Board, autumn 2017) apply across asset classes and sit on top of Investment Beliefs. Broader organisational responsibility principles were adopted by the Board on 13 December 2023 (five pillars including customer care, intergenerational funding, work community, efficiency, and environment/society).

Opened Responsible investment 2025 report and related PDFs cover engagement and voting in listed equities, cooperation with external managers, private-equity engagement, TCFD climate scenario work, portfolio carbon metrics (financed emissions, WACI), biodiversity and human rights as focus areas, and real-estate climate actions (including Net Zero Carbon Buildings Commitment signed in 2020, per RI materials). Separate PDFs include Active Ownership Policy and Keva investment beliefs on climate change.

Code of Conduct (Board-adopted; page published 25 February 2026 in EN pack) frames socially important duty: safeguarding livelihood of public-sector employees in retirement; applies to personnel and elected officials. Public-safe note: this profile does not reproduce private staff emails or phone directories from Contact/Media pages.

Performance & reporting

Transparency stack on keva.fi/en includes Financial information (annual reports, financial statements, preliminary YE packs, interim reports), Investments (beliefs PDFs, RI reports, transparency filings), Newsroom releases, and Responsibility KPI PDFs. Opened dated packs for this ship include YE 2025 English results (11 February 2026), Q1 2026 interim, Q2 / H1 2026 interim (19 August 2026), Investment Beliefs, How we invest, RI Beliefs, RI 2025, climate beliefs, and Active Ownership Policy.

Long-term prints: five-year non-capital-weighted real return 2.6% (nominal 6.1%) and ten-year 3.8% (nominal 5.9%) at YE2025; Investments page also headlines 10-year real 3.8% and 5-year real 2.6% beside €74bn fund assets at 31.12.2025. H1 2026 updates five-year non-capital-weighted real to 2.1% and ten-year to 4.3%.

Controversies & debates

Official attributable themes from opened primaries (not invented narratives): (1) funding gap dynamics — since 2017 pension expenditure of member organisations has exceeded contribution income, increasing reliance on investment returns through the 2060s per responsibility/funding text; (2) 2023 risk-level increase — Board choice for higher long-term returns with higher short-term volatility; (3) 2025/2026 market commentary — CEO/CIO quotes on municipal cost-saving pressure slowing payroll growth, USD weakness, geopolitical uncertainty, and H1 2026 concentration of earnings growth in AI-related companies as a diversification challenge; (4) administration vs fund perimeter — researchers must not treat all pensions Keva pays as backed by the €74–79bn fund. Secondary press is not required for this profile; prefer keva.fi when figures conflict.

Timeline

1988 — Funding-start reference year for long-run real-return series in official prints.
2011-01-01 — Name change to Keva (from Local Government Pensions Institution).
2016 / Act on Keva — Statutory long-term investor duties referenced in RI Beliefs (66/2016).
2017 — Member-organisation pension expenditure exceeds contribution income (ongoing funding theme); Responsible Investment Beliefs adopted (autumn).
2020 — Net Zero Carbon Buildings Commitment signed (per RI 2025 materials).
2021 — Jaakko Kiander joins Keva / management group (Finnish Administration bio).
2023 summer — Board increases investment-portfolio risk level.
2023-12-13 — Board adopts organisational responsibility principles.
2025-09-01 — Current Council term begins (chair Heikki Vestman).
2025-09-17 / 2025-11-01 — Board appoints Maaria Kettunen CIO; she starts 1 November 2025.
2025-12-31 — Investment assets €74bn; FY return 5.8%.
2026-06-30 — Investment assets €79.3bn; H1 return 7.3%.
2026-08-19 — H1 2026 interim / press release published.
2026-09-11 — This UAO elite profile researched/shipped.

Annex: AUM honesty (EUR)

Use only dated official euro market-value prints. Primary pair for this ship: €74 billion at 31 December 2025 and €79.3 billion at 30 June 2026. Do not convert to USD for a headline. Do not blend State/Church/Kela/BoF administered pensions into ‘AUM’ as if fund-backed. Instantiations aumd should cite official EUR, not the older ~US$75bn public estimate.

Figure	As-of	Notes
€79.3bn investment assets	30 Jun 2026	H1 interim EN + FI
€74bn investment assets	31 Dec 2025	YE results + Investments page
€70.7bn comparator	30 Jun 2025	H1 2026 year-ago print
Return 7.3%	H1 2026	Market-value total return
Return 5.8% / €4.1bn	FY 2025	Market-value total return

Annex: H1 2026 interim fold

Folded language from the English H1 2026 interim news and Q2 press PDF (opened 19 August 2026 materials).

Keva Interim Report, 1 January – 30 June 2026 Keva’s investments generated returns of over 5 billion euros - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Appeal against decisions For pension recipients New pensioner’s checklist Pension payment dates Taxation of pension Earnings-related pension index, wage coefficient and lump-sum increase Working while on pension Payment of pension abroad Changes to personal details How to order a pension certificate Earnings-related pension card Acting on behalf of another person and guardianship Death of a pension recipient Diminished work ability How to go forward?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom Newsroom News archive Back Pensions Information about pensions When can I retire?

Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

The market value of the investments was 79.3 billion euros at the end of June. At the same time last year, the market value of the investments was 70.7 billion euros. The market-value return on Keva’s investment operations was 7.3% in January–June. Listed equities returned 12.5%, hedge funds 6.4%, private equity investments 3.5%, fixed-income investments 2.6%, and real estate investments (including real estate funds) 1.4%.

Chief Executive Officer Jaakko Kiander is pleased with Keva’s performance in the first half of the year. ‘Cost-saving pressures in municipalities and wellbeing services counties were reflected in the payroll growth of Keva’s member organisations, which was slower than expected in the first half of the year.

Investments, in turn, performed exceptionally well in the second quarter, as all major equity markets posted strong gains,’ Kiander says. Chief Investment Officer Maaria Kettunen says returns were driven by strong corporate earnings growth globally, although that growth was heavily concentrated in companies associated with artificial intelligence.

‘This concentration around a single theme poses a challenge from a diversification perspective,’ she notes. Listed equities and equity funds accounted for 46.9% of Keva’s total investment assets, while fixed-income investments (including the impact of derivatives) accounted for 22.3%. Of the other asset classes, private equity investments accounted for 18.0%, hedge funds 6.4%, and real estate investments 6.3%.

Keva’s long-term investment returns have been strong. The cumulative capital-weighted real return since the start of funding (1988) up to the reporting date was 4.1% per year. The non-capital-weighted average real return for the corresponding period was 5.0%. The non-capital-weighted real return for the past five years has been 2.1%, and for the past ten years, 4.3%.

Contribution income from Keva member organisations increased Keva is responsible for financing the pensions of personnel in the municipal sector and wellbeing services counties and for investing pension assets. Contribution income totalled 3.4 billion euros in the first half of the year and increased by 3.0% compared with the same period last year.

This was due, among other factors, to payroll growth. A total of 3.8 billion euros in pensions was paid to municipal-sector and wellbeing services county pension recipients, which was an increase of 2.2%. This was due to the 2025 index increases and an increase in the number of pension recipients. At the end of June, approximately 540,400 people with earnings-related pension insurance in Keva’s member organisations had received earnings in June.

Keva is Finland’s largest earnings-related pension provider and is responsible for administering public-sector pension provision. In the first half of the year, 2.8 billion euros was paid in central government pensions, 142 million euros in pensions of the Evangelical Lutheran Church of Finland, 66 million euros in pensions of personnel of the Social Insurance Institution of Finland, and 17 million euros in pensions of the Bank of Finland.

Source fold: keva.fi EN H1 2026 news + kevas-interim-report-q2_2026.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: YE 2025 results fold

Folded language from the 11 February 2026 English results news and companion PDF.

Keva’s investments delivered strong returns - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Listed equities were Keva’s best-performing asset class, with a return of 13.1 per cent, followed by private equity at 1.5 per cent, and fixed-income investments at 0.9 per cent. Hedge fund returns were –0.1 per cent, and real estate investments returned –0.2 per cent. The market value of Keva’s investment assets totaled 74 billion euros at the end of 2025.

Within this risk-adjusted allocation, listed equities accounted for 44.6 per cent, fixed-income investments for 30.5 per cent, private equity investments (including unlisted equities) for 18.9 per cent, real estate investments for 6.6 per cent, and hedge fund investments for 6.3 per cent. The impact of derivatives on the risk allocation was 7 per cent.

Chief Executive Officer Jaakko Kiander considers it to be a good return on investment portfolio. “Due to low inflation, the real return exceeded 5 per cent. If not for the weakening of the dollar last year, last year’s result would have been excellent”, says Jaakko Kiander. Keva’s contribution income grew less than expected last year.

According to Kiander, the main reason for this was the cost-cutting measures implemented by municipalities and wellbeing services counties, which slowed the growth of the payroll insured by Keva. According to Chief Investment Officer Maaria Kettunen , political and geopolitical tensions were strongly evident last year.

policies and concerns about the independence and integrity of key institutions, such as the central bank, unsettled the markets and weakened the dollar,” said Maaria Kettunen. “Despite the tensions, corporate earnings growth remained at a good level, particularly outside Europe.” “Market valuation levels have in some cases climbed high, which may lead to significant price volatility in the short term.

There have already been signs of this during the current year”, Maaria Kettunen notes. Long-term investment returns remain solid Keva has maintained solid long-term returns. The cumulative, capital-weighted real return on investments from the start of funding (in 1988) to the end of 2025 averaged 3.9 per cent per year for Keva.

Over the same period, the capital-unweighted average real return amounted to 5.0 per cent. In Finland, the pension sector generally uses capital-unweighted returns when assessing long-term performance. Keva’s five-year real return without capital weighting has been 2.6 per cent (nominal return of 6.1 per cent), and the ten-year return 3.8 per cent (nominal return of 5.9 per cent).

The payroll of Keva’s member organisations increased The member organizations of Keva—namely cities, municipalities, municipal federations and municipal limited liability companies, as well as wellbeing services counties—had a payroll of 23.8 billion euros, representing a growth of 4.1 per cent compared with 2024.

Source fold: keva.fi EN YE 2025 news + investments-delivered-strong-returns PDF. Verify against the live page or PDF before citing beyond this page.

Annex: Vuosi 2025 presentation fold

Finnish YE 2025 results presentation (avainluvut) opened for employer/staff/scale cross-check.

Kevan vuosi 2025 Jaakko Kiander ja Maaria Kettunen 11.2.2026 Avainluvut 2025 Asiakkaamme Sijoitukset Työnantaja-asiakkaita 1 849 Sijoitusten tuotto 5,8 %  kunnat ja kaupungit 308 Sijoitusten arvo 74 miljardia euroa  kuntayhtymät 83 Reaalituotto 1988–2025  hyvinvointialueet ja -yhtymät 24  Pääomapainotettu 3,9 %  osakeyhtiöt 659  Pääomapainottamaton 5,0 %  valtion työnantaja-asiakkaat 503  kirkon organisaatiot 246  Kela 1  Suomen Pankin organisaatiot 1 Henkilöstö Henkilöasiakkaita yli 1,3 miljoonaa Kevan vakinainen henkilöstö 463  Vakuutettuja 700 000  Eläkkeensaajia 617 000 2 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Kevan jäsenyhteisöjen eläkejärjestelmän rahavirrat 2025 Kevan 6,39 -7,52 mrd.

jäsenyhteisöt Eläkkeisiin Maksutulot Menot yhteensä Eläkemaksut yhteensä 6,55 mrd. nettotoimintakulut ja lakisääteiset 0,16 maksut Työllisyysrahasto mrd. Eläkevastuurahaston Eläkevastuurahaston Arvonmuutokset 2,12 mrd. varat 31.12.2024 varat 31.12.2025 71,94 mrd. € 3 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Tuloslaskelma 2025 milj.euroa 2025 2024 Maksutulo 6 551 6 390 Eläkemeno -7 521 -7 293 RAHOITUSKATE -970 -903 Sijoitusten nettotuotto 4 152 6 762 Lakisääteiset nettomaksut -7 -6 Nettotoimintakulut ja poistot sekä muut tuotot ja kulut -76 -76 Rahastoituva tulos 3 098 5 777 4 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Kustannustehokkuus parani • Kokonaisliikekulut suhteessa palkkasummaan olivat 0,35 % vuonna 2025 (vuonna 2024 0,36 %) • Kustannustehokkuutta mitataan jakamalla kokonaisliikekulut Kevan jäsenyhteisöjen palkkasummalla.

Kokonaisliikekulut sisältävät nettotoimintakulut, lakisääteiset maksut ja poistot. Mitä pienempi tämä suhdeluku on, sitä kustannustehokkaampaa toiminta on. • Kokonaisliikekulut henkilöasiakasta kohden oli noin 83 euroa. • Henkilöasiakkaita ovat vakuutetut ja eläkkeensaajat 5 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Kevan jäsenyhteisöjen eläkemaksua on voitu alentaa, eikä maksunkorotuspainetta ole nykytiedoin Maksutulo ja eläkemeno suhteessa palkkasummaan Vuonna 2026 maksu on keskimäärin 26,6 % palkkasummasta 6 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot 6 Sijoitustulos 2025 7 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Sijoitukset 2025 Sijoitukset  Matalan inflaation ansiosta reaalituotto oli yli 5 prosenttia.

€  Erityisesti Yhdysvaltojen toiminta loi epäluuloa markkinoille, minkä seurauksena dollari heikkeni. €  Ilman dollarin heikentymistä viime vuoden tuloksesta olisi tullut erinomainen. Reaalituotto 1988–2025  pääomapainotettu 3,9 %  Jännitteistä huolimatta yritysten tuloskasvu pysyi hyvällä tasolla erityisesti Euroopan  pääomapainottamaton 5,0 % ulkopuolella.

 Markkinoiden arvostustasot ovat paikoitellen kivunneet korkeiksi, mistä voi aiheutua hintojen voimakastakin heiluntaa lyhyellä aikavälillä. 8 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Sijoitusten markkina-arvo vuoden alusta (mrd. €) 31.12.2025 9 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Sijoitukset omaisuuslajeittain 31.12.2025 10 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Sijoitukset maantieteellisesti 31.12.2025 11 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Sijoitusten kohdentuminen ja tuotto sitoutuneelle pääomalle 31.12.2025 Markkina-arvo Tuotto Riskijakauma MWR milj.

€ % % Korkosijoitukset 22,557 30.5% 0.9% Osakesijoitukset 47,012 63.5% 9.3% Kiinteistösijoitukset 4,916 6.6% -0.2% Muut sijoitukset 4,688 6.3% -0.1% Sijoitukset yhteensä 79,173 107.0% 5.8% Johdannaisten vaikutus, % -5,165 -7.0% Sijoitukset käyvin arvoin yhteensä 74,008 100.0% 12 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Sijoitustuottojen arvo rahastoinnin alusta on 58 mrd.

60 40 Sijoitustuotto 20 Rahoituskate Rahoituskate 15,6 mrd. 0 13 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Sijoitusten kohdentuminen ja tuotto sitoutuneelle pääomalle 31.12.2025 Markkina-arvo Tuotto Perusjakauma Riskijakauma MWR milj. € % % Korkosijoitukset 17,725 23.9% 22,557 30.5% 0.9% Lainasaamiset 0 0.0% 0 0.0% - Joukkovelkakirjalainat 1 14,791 20.0% 20,903 28.2% 0.7% Julkisyhteisöjen joukkovelkakirjat 3,728 5.0% 9,562 12.9% 1.0% Muiden yhteisöjen joukkovelkakirjat 11,063 14.9% 11,341 15.3% 0.7% Muut rahoitusmarkkinavälineet ja talletukset 2,933 4.0% 1,654 2.2% 1.6% Osakesijoitukset 46,696 63.1% 47,012 63.5% 9.3% Noteeratut osakkeet 32,727 44.2% 33,042 44.6% 13.1% Pääomasijoitukset 13,390 18.1% 13,390 18.1% 1.2% Noteeraamattomat osakkeet 579 0.8% 579 0.8% 8.9% Kiinteistösijoitukset 4,916 6.6% 4,916 6.6% -0.2% Suorat kiinteistösijoitukset 3,343 4.5% 3,343 4.5% 4.6% Kiinteistösijoitusrahastot ja yhteissijoitukset 1,573 2.1% 1,573 2.1% -9.3% Muut sijoitukset 4,671 6.3% 4,688 6.3% -0.1% Hedge-rahastosijoitukset 4,671 6.3% 4,671 6.3% -0.1% Hyödykesijoitukset - 18 0.0% - Muut sijoitukset - - - Sijoitukset yhteensä 79,173 107.0% 5.8% Johdannaisten vaikutus, % -5,165 -7.0% Sijoitukset käyvin arvoin yhteensä 74,008 74,008 100.0% 1 Joukkovelkakirjalainojen modifioitu duraatio on 5.1 vuotta Euroalueen ulkopuolinen valuuttapositio suhteessa sijoitusomaisuuteen on 45.5% 14 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Eläkeratkaisu- toiminnan ja asiakaspalvelun avainluvut 2025 15 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Hakemusten määrät eläkelajeittain 2015-2025 • Hakemusten kokonaismäärä laski noin 9 % edellisestä vuodesta.

• Lasku kohdistui osittain varhennettuihin vanhuuseläkkeisiin. Ove:n ikäraja nousi 62 vuoteen vuonna 1964 ja sen jälkeen syntyneillä, minkä vuoksi oven piiriin ei tullut vuonna 2025 uutta ikäluokkaa. • Vanhuuseläkkeitä haettiin 1,5 % vähemmän kuin vuotta aiemmin. • Sähköisten hakemusten osuudelle asetettu 72 prosentin tavoite saavutettiin.

Kaikista eläkehakemuksista 75,7 prosenttia tehtiin vuonna 2025 sähköisesti Kevan Omat eläketietosi (OET)-palvelussa tai hyväksymällä eläke- ehdotus. • Osittain varhennetuista vanhuuseläkkeistä peräti 95% haettiin OET-palvelusta. 16 11.2.2026 Tilanne 31.12.2025 / tilintarkastamattomat ennakkotiedot Hakemusten käsittely yhä nopeaa • Eläkehakemusten käsittely pysyi tehokkaana vuonna 2025.

• Keva käsitteli vanhuuseläkkeet sekä ove:t keskimäärin 3 päivässä. Perhe- eläkepäätökset annettiin 5 päivässä. • Työkyvyttömyyseläkkeiden ja ammatillisen kuntouksen hakemusten käsittelyajat hieman pitenivät, mutta ruuhkaa saatiin purettua loppuvuodesta. • Toimeentulon katkeamattomuutta mittaava palvelutaso oli 93,6 % (ed.

Source fold: vuosi-2025-tulos-esitysmateriaali.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Administration fold

Council, Board, management group, supervision, internal control and compliance from the EN Administration page.

Administration - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search This is Keva This is Keva This is Keva This is Keva About Keva Financial information Use of AI at Keva Responsibility Investments Pension funding Administration For media Contact Rental flats and business premises Keva Code of Conduct About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Frontpage This is Keva Administration Administration Keva is an independent body governed by public law and its operations are based on the Public Sector Pensions Act and the Keva Act.

Further provisions supplementing the Act can be found in the Council’s Standing Orders. Council Show or close Council The highest decision-making body in Keva is the Council. The Ministry of Finance appoints Keva’s Councillors for each municipal and regional election term. Keva has 30 Councillors, six of whom, by law, are appointed from among the candidates put forward by the most representative national negotiating organisations representing the personnel of municipalities and wellbeing services counties.

Four are appointed from among candidates put forward by Local and County Government Employers KT. The remaining twenty are appointed from among the candidates jointly put forward by the central organisation of municipalities and the wellbeing services counties, in such a way that municipalities, joint municipal authorities, wellbeing services counties, and different parts of the country are fairly represented by the Councillors.

The share of votes received by the various groups in municipal elections and wellbeing services county elections in accordance with the principle of proportionality provided for in the Elections Act (714/1998) is taken into account in the appointment of municipal, joint municipal authority, wellbeing services county and joint county authority for wellbeing services Councillors and deputies.

The term of the current Councillors began on 1 September 2025. The chairman of the Council is Heikki Vestman and the vice-chairman is Eero Reijonen . Members of Council Regular members Personal deputies Maija Kuusisto-Länsineva, sd. Henrik Wickström, r Pekka Salmi, Kymenlaakson hyvinvointialue Irma Hirsjärvi, Jyväskylä Juha Rostedt Lahti Marko Koskinen, Kitee Riitta Raatikainen, Keski-Suomen hyvinvointialue Laura Skaffari, Lohja Jarkko Virtanen, Turku Juha Jääskeläinen, Pohjois-Pohjanmaan hyvinvointialue Jonna Voima, Jyty Jukka Maarianvaara, Jyty Juha Juntunen, JHL Anne Ranta, JHL Tuomas Hyytinen, Talentia Anna Zibellini, Suomen Lääkäriliitto Petri Lindroos, OAJ Jari Järvi, KTK Tekniikan Asiantuntijat Jarkko Pehkonen, Tehy Paula Sihto, Tehy Päivi Inberg, SuPer Jaana Dalén, SuPer Board of Directors Show or close Board of Directors The Board’s task is the general supervision and guidance of Keva’s activities.

The Board’s function, according to law, is to decide on the pension fund investment plan. Jaakko Kiander CEO Kimmo Mikander Deputy CEO Maaria Kettunen CIO Piia Laaksonen CFO and Chief Actuary Reija Hyvärinen Communication Director Mika Gylén, HR Director Mikko Kenni, Director of Customer Relations and Work Ability Markus Mankin, Administrative Director, Secretary of Management group Staff member representative, Tiina Ijäs Senior Specialist Working Life Development Working Group Show or close Working Life Development Working Group The function of the Working Life Development Working Group is to develop measures for maintaining the health and work capacity of municipal employees.

The focus of the group is the improvement of the quality of working life, maintaining and improving work capacity as well as on measures preventing incapacity to work. The working group and its function are defined in Keva’s Standing Orders. The Board appoints the working group for its term of office.

Of the 12 working group members, six are chosen based on proposals by the municipal sector’s employee organisations. Members of Working Life Development Working Group Chairman Arja Aroheinä Anne Ranta Jonas Fyrqvist Jarkko Pehkonen Riitta Saarikoski Ulla Walli Konstantin Laakkonen Anne Mikkola Sinikka Valtonen Minna Salli Ulla Westermarck Päivi Lanttola Mari Antikainen Mikko Kenni Merja Paananen Tuula Metsä Supervision Show or close Supervision Keva’s operations are overseen by the Financial Supervisory Authority.

Internal control, risk management and internal audit Internal control Internal control means all of the procedures, systems and methods through which Keva’s management and council aim to ensure efficient, economical and reliable operations and the accomplishment of its goals. Internal control is a process which ensures the following: achieving set goals and aims as well as the economical and efficient use of resources the reliability and accuracy of financial and other management information complying with laws, regulations and instructions, as well as with decisions by administrative bodies, internal plans and operating methods.

Source fold: https://www.keva.fi/en/this-is-keva/administration/. Verify against the live page or PDF before citing beyond this page.

Annex: Investments page fold

Live Investments page language on beliefs, portfolio construction, long-run returns and FAQ oversight answers.

Investments - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search This is Keva This is Keva This is Keva This is Keva About Keva Financial information Use of AI at Keva Responsibility Investments Pension funding Administration For media Contact Rental flats and business premises Keva Code of Conduct About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Frontpage This is Keva Investments Investments The future pensions of local government employees are provided for by means of the pension liability fund.

The mission of Keva’s investment operations is to invest the fund’s assets in such a manner that the investment returns make it possible for the pension contribution to remain at a predictable and stable level far into the future. We also ensure that sufficient funds that can quickly and economically be converted into cash are available for the payment of pensions under all circumstances.

The aim of Keva’s investment operations is to maximise the pension fund’s long-term return. This aim is pursued by both making direct investments and drawing on the specialised expertise of our partners. Our investment strategy relies on making use of the pension fund’s structural competitive advantages – our long time horizon and sufficient size – and on careful risk management.

Keva Investment Beliefs Keva Investment Beliefs describe the general principles on which our investment strategy and organisation of investment operations are based. The following documents present the beliefs and provide colour on our thinking behind these beliefs. Investment Beliefs.pdf (33 kb) How we invest - Investment beliefs.pdf (101 kb) 3.8 % € 74 bn 2.6 % 10-year real rate of return per year at 31.12.2025 Fund assets at 31.12.2025 5-year real rate of return per year at 31.12.2025 Investment portfolio Show or close Investment portfolio Keva’s investment portfolio consists of fixed-income investments, equity investments, real estate investments, private equity investments and hedge funds.

The portfolio is diversified not only by asset class but also by geography, sector and style. Fixed-income investments Keva invests in bonds issued by parties including governments, governmental bodies and corporate bodies in both developed and emerging markets on a global scale. Our primary geographical emphasis is on Europe, however.

We only employ active strategies in fixed-income investments. Keva focuses on investment-grade corporate bonds in its choice of fixed-income securities. When it comes to investment opportunities requiring local knowledge and specialised expertise, we draw on strategies prepared by our carefully selected partners.

Equity investments Keva’s investments in listed equities have been diversified by geography, sector and investment style. In terms of geography, most of our investments are in Northern America, Europe and the emerging markets. Both active and passive investment strategies are employed when investing in equities.

Active investment strategies are used when we have reason to believe that after costs, they will outperform index investing. Keva’s equity team focuses primarily on European investments. In other markets, we rely on the equity strategies of thoroughly vetted partners. Real estate investments Keva’s real estate portfolio comprises direct investments in real estate located in Finland and the Nordic countries as well as investments in Finnish and foreign real estate funds.

Other investments Private equity investments As a long-term investor, Keva capitalises on the investment opportunities provided by non-liquid and less effective markets also when it comes to private equity investments. Our widely diversified private equity investment programme consists of funds which focus on financing start-ups and growth companies as well as mergers and acquisitions on the part of established companies.

Source fold: https://www.keva.fi/en/this-is-keva/investments/. Verify against the live page or PDF before citing beyond this page.

Annex: Investment Beliefs fold

Board Investment Beliefs PDF plus ‘How we invest’ colour document.

2017 AUTUMN VASTUULLISEN SIJOITTAMISEN PERIAATTEET INVESTMENT BELIEFS Investment beliefs Keva Investment Beliefs describe the general principles on which our investment strategy and organisation of investment operations are based. As the responsible protector of the local and county government pension system, these beliefs serve our objectives in achieving the mission, vision and values set out in Keva’s strategy.

OBJECTIVE AND The objective of the fund is to generate real investment returns required to RISK APPETITE meet our long-term pension liabilities under the Act on Keva. This requires us to take on investment risk. Taking on investment risk might at times result in investment losses over short and medium-term horizons.

INVESTMENT The long-term nature of our pension liabilities and their predictable cash HORIZON flows enable an investment strategy aiming for long-term investment results. A long-horizon investment strategy will generate better returns than a short-horizon investment strategy since the former allows, for example; • an ability to stay in risky asset classes when short-term investors are forced to sell • an ability to use market pricing patiently and counter-cyclically • an ability to invest in illiquid assets and investment vehicles • access to asset managers and partners which are not available to short- term investors.

Investment returns are driven by long-term economic growth, which must be sustainable since pensions are, by nature, long-term liabilities. Integrating the dimensions of responsible investment (ESG) into the choice of invest- ments creates long-term added value through better returns and lower risk. ALLOCATION Allocation to various systematic return drivers is the key decision determining investment returns.

Asset class expected returns and risks vary over time, are partly predictable, and typically revert towards a long-term mean. Keva | Investment beliefs 2 DIVERSIFICATION Diversification across return drivers improves the risk to return ratio. Invest- AND RISK ment risk is best managed at the total portfolio level rather than as a collec- tion of individual underlying sub-portfolios.

MANAGEMENT Investment risk is managed holistically by emphasising qualitative values. Quantitative measurement is considered as being a tool that sup- ports the overall risk management process. MARKET The extent to which markets are efficient varies across markets and over EFFICIENCY AND time, which allows strategies to be based on value added.

Value added when uncorrelated with market returns improves the characteristics of the invest- VALUE ADDED ment portfolio as a whole. Capturing value added requires an appropriately resourced and disciplined process. RESOURCING We seek to insource investment management in markets where we deem it is efficient given in-house expertise.

We complement insourced investment management with like-minded partners who, as much as possible, share our investment beliefs. Our work with external asset managers is based on long- term relationships, trust and transparency. COSTS Managing fees and costs is a key part of the value creation process.

We assess investment performance net of all costs. Keva | Investment beliefs 3 2017 AUTUMN VASTUULLISEN SIJOITTAMISEN PERIAATTEET HOW WE INVEST – DISCUSSION PAPER Investment beliefs HOW WE INVEST – DISCUSSION PAPER Investment beliefs Jussi Karhunen, Mikko Koskela, Pertti Lassila and Tommi Moilanen TABLE OF CONTENTS Introduction ....................................................................................................................................

3 Objective and risk appetite ...................................................................................................... 3 Investment horizon ...................................................................................................................... 4 Allocation .........................................................................................................................................

6 Diversification and investment risk management ...........................................................7 Market efficiency and added value ........................................................................................7 Resourcing and costs .................................................................................................................

8 References .................................................................................................................................... 10 Keva | How we invest – Discussion paper | Investment beliefs 2 Investment beliefs INTRODUCTION Pension fund investment operations are built around the lesser and greater choices investment decision-makers make every day on behalf of the fund.

Investing is not an exact science, however, which means that the choices we make are based not just on experiential knowledge, but also on beliefs about how capital markets work in the long term. Much theoretical or em- pirical research typically underlies these beliefs. It has become commonplace among institutional investors to write down their key investment beliefs.

This can even be seen as a necessary pre-condition for building a successful pension fund investment operation. (Koedijk and Slager, 2010, Clark and Urwin, 2007, Ambachtsheer, 2016) We wrote down our first Investment beliefs in spring 2017 at Keva. The Investment beliefs are, by nature, a concise presentation, but this paper provides more colour on our thinking behind these beliefs.

Source fold: investment-beliefs.pdf + how-we-invest---investment-beliefs.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Responsible Investment Beliefs fold

2017 Responsible Investment Beliefs PDF (aims, ESG definitions, strategy features).

2017 AUTUMN VASTUULLISEN SIJOITTAMISEN PERIAATTEET RESPONSIBLE INVESTMENT BELIEFS Responsible investment beliefs TABLE OF CONTENTS Aims................................................................................................................................................... 3 Purpose of this document.....................................................................................................................3 Background........................................................................................................................................................3 Definitions and constraints .....................................................................................................

4 Definitions.......................................................................................................................................................... 4 Nature of ESG information ...................................................................................................................5 Basic beliefs...................................................................................................................................

5 Commitments and collaboration ............................................................................................7 Main features of the strategy .................................................................................................7 Organisation...................................................................................................................................

8 References ..................................................................................................................................... 9 Keva | Responsible investment beliefs 2 AIMS PURPOSE OF THIS DOCUMENT The purpose of this document is to define Keva's responsible investment beliefs. These beliefs help both stakeholders and decision makers to under- stand the choices made in the investment operation.

They aim to increase the transparency of investment operation and to enhance stakeholder confidence. The document is based on Keva’s Investment beliefs. This document lays down Keva’s principles of responsible investing and applies to all asset classes. The operational processes and investment opportunities in the context of responsible investing depend on the charac- teristics of each asset class.

BACKGROUND The starting point to Keva's definition of responsible investment is its basic task to manage its cross-generational pension liability. The pension liabi- lity covered by the Pension Fund extends decades ahead. The Act on Keva (66/2016) lays down that Keva, in its capacity of managing local govern- ment pension funds, is a long-term investor which must ensure the security of and return on investments (Parliament of Finland, 2017).

In real terms, the net expenditures that will be covered by investments in the coming decades clearly exceed the current value of the fund. The difference between expenditure and income in real terms means that it is necessary to accept investment risks to earn higher returns (Sharpe, 1964). The long strategic time horizon and the need for future returns imply a requirement to understand the long-term risks and opportunities associated with investment decisions.

ESG (Environmental, Social, Governance) criteria for investments create a framework for assessing long-term risks and opportunities. There is strong evidence that better investments from an ESG per- spective, are also better in terms of long-term investment performance. In practice, this is often reflected in lower capital costs and higher profitability of the investees.

(Eccles et al., 2014, Khan et al., 2016, Cheng et al., 2014) In the long run, taking ESG opportunities and risks into account patiently over time, will reduce the externalities facing the natural and social environment with regard to Keva's investment assets. Keva | Responsible investment beliefs 3 DEFINITIONS AND As a diversified owner internationally, Keva is always invested in part of the CONSTRAINTS global economy and as such has exposure for example, to financial, social and economic risks.

There is a risk/return correlation on the capital market (Sharpe, 1964). From the viewpoint of Keva’s success in fulfilling its basic purpose, it is necessary to carry risk. ESG assessment is used in a bid to measure the extent of and to limit the long-term risk of investments. The letters in ESG stand for Environmen- tal (E), Social responsibility (S) and good Governance (G) criteria.

Environmental (E) refers to, for example, climate change, limited natural resources and water, the diversity of species, emissions onto the ground, into the water and air, and also to e.g. The long-term investment risks associated with this could include direct costs such as environmental fines, or indirect costs as a result of damaged reputation of the investee.

Also, environmental degrada- tion may have a negative impact on overall economic growth. From an investor's perspective, economic benefits can be gained through, for example, increased resource efficiency of the investee and in the longer term through the enhanced reputation of the entity invested in.

Source fold: responsible-investment-beliefs.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Responsible investment 2025 fold

Selected paragraphs from the long Responsible investment 2025 report (engagement, climate/TCFD, biodiversity).

Responsible investment 2025 Keva | Responsible investment 2025 2 Contents We safeguard sustainable pension funding 3 Climate change risks and opportunities in The aim is a to achieve a stable contribution accordance with TCFD 26 level taking intergenerationality into Strategy 26 account 3 Climate scenario modelling 26 Contribution level decided on the basis Risk management 29 of reports 3 Coverage of emissions data 36 The role of investment returns in funding Metrics and targets 37 pensions is growing 4 Portfolio carbon footprint indicators 43 Responsibility for investment operations 5 Financed emissions 43 Intergenerational mission 5 Weighted average carbon intensity (WACI) Biodiversity and human rights as of the portfolio 45 focus areas 6 Forward-looking indicators 48 Keva’s investment portfolio 9 Investment governance and oversight 49 Engagement 11 Biodiversity 50 Listed equity investments 11 Listed equity investments 51 Equity investments in our externally Private equity funds 53 managed portfolio 13 Corporate bonds 53 Cooperation with asset managers 15 Direct real estate investments 53 Private equity investments 16 Real estate funds 54 Corporate bonds 19 Infrastructure funds 54 Private credit funds 20 Private credit funds 54 Direct real estate investments 21 Human rights 54 Investments in real estate funds 21 Listed equity investments 55 Infrastructure investments 22 Corporate bonds 56 Monitoring of international norms 22 Private equity funds 57 Collaborative engagement 23 Real estate funds 57 CDP Non-Disclosure Campaign 23 Infrastructure funds 57 Climate Action 100+ 23 Private credit funds 57 IIGCC 24 Global investor statement to governments 25 Stewardship activities of external asset managers 25 Keva | Responsible investment 2025 3 We safeguard sustainable pension funding The aim is a to achieve a stable contribution level taking intergenerationality into account We ensure By law, Keva must carry out its funding duties in pension funding a manner that secures pension benefits.

Keva’s for future strategy is based on a stable contribution level generations that secures pension benefits across genera- tions. The funding position of the pension system managed by Keva is strong, and pension contri- butions have been reduced for ten consecu- payment for 2026 would be EUR 553 million, tive years.

In light of current information, the which is EUR 24 million lower than in 2025. The funding of Keva’s pensions is sustainable in the overall contribution rate decreased to 26.6 per long term at the current contribution level, and cent of the sum of wages and salaries of Keva’s there is no pressure to increase contributions.

The Ministry of Finance confirmed the contribution rates in December. Contribution level decided on the basis of reports The annual preparation of the contribution level follows the funding and payment principles Keva’s Councillors decide annually on the outlined by Keva’s Board of Directors. The start- contributions payable by Keva member ing point for the preparation is the biennial organisations based on a proposal by Keva’s Asset/Liability report, which presents a long- Board of Directors.

term assessment of the structure and develop- ment of the pension expenditure for which Keva The pension contribution of Keva’s member is responsible, the long-term financing situa- organisations consists of the wage-based tion, and the sustainable contribution level. The pension contribution paid by all members and most recent report was prepared in 2023.

a balancing payment paid by municipalities and wellbeing services counties. In Keva’s pension The Asset/Liability report is based on the most contribution structure, the average wage- recent economic and demographic data, in based pension contribution corresponds to the addition to which a wide range of assump- average TyEL contribution, and is 24.4% in 2026.

The assumptions are largely consistent with the long-term calculations of The part of the total contribution level that the Finnish Centre for Pensions. exceeds the wage-based contribution is collected through a balancing payment paid In the report, the assumptions have been by municipalities and wellbeing services coun- adjusted to some extent to correspond to the ties.

In November 2025, Keva’s Councillors special characteristics of the pension system decided that the total amount of the balancing of Keva’s member organisations, so that Keva | Responsible investment 2025 4 Sustainable contribution level and pension expenditure estimated in the autumn 2025 contribution level report 45% The estimated sustainable contribu- 40 tion level was 26.4% in autumn 2025.

35 Together with investment returns, the 30 contribution covers pension expenditure in the long term, and based on current 25 information, there is no pressure to 20 increase contributions in the near future. 15 10 5 0 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 2110  Contribution level  Estimated sustainable contribution level  Pension expenditure  Estimated pension expenditure the results describe the pension system for The role of investment returns in which Keva is explicitly responsible in the best funding pensions is growing possible way.

For example, mortality takes into In the pension system for Keva’s member account the higher-than-average life expec- organisations, pension expenditure exceeded tancy in the public sector. The Asset/Liability contribution income in 2017. Since then, part report also uses a sensitivity analysis to study of pension expenditure has been funded by the impact of key factors on the ratio between investment returns.

The sustainability of financ- pension expenditure and the sum of wages and ing therefore requires real returns on invest- salaries, the contribution level, and the fund ments, the pursuit of which requires taking amount. The risk level of Keva’s invest- ment portfolio was increased in 2023–2024. An annual report on the contribution level is prepared to support decision-making.

In the future, the importance of investment returns in funding will grow as pension It provides an estimate of a sustainable level of expenditure increases faster than contribu- contributions and describes the identified finan- tion income. However, pension contributions cial factors that should be taken into account will continue to remain the largest source of when deciding on the contribution level.

accordance with the funding and payment principles of Keva’s Board of Directors, the total The market value of Keva’s investments was contribution level will be adjusted towards the EUR 74 billion at the end of 2025. Of this, new sustainable contribution level in accor- around EUR 58 billion has accumulated from dance with the latest payment level survey by investment returns, and around EUR 16 billion taking into account 20–30% of the need for has been collected through pension contribu- contribution changes.

Keva | Responsible investment 2025 5 Responsibility for investment operations Intergenerational mission Keva’s basic mission is to safeguard the pension benefits of the pension system for its member organisations also for future generations, and investment operations play a key role in this. Sustainability has been part of Keva’s invest- ment strategy since 2002.

Keva’s investment assets are diversified glob- ally across different asset classes. The operating environment has been exceptionally volatile in recent years, but the objective of investment Chief Investment Officer Maaria Kettunen operations in all market conditions is to achieve sufficient long-term returns to safeguard the funding of the pension system.

The importance of investment returns is increasing, as contribu- tion income alone has not covered the growing emphasise the ability to recognise the signifi- pension expenditure for several years; instead, cance of sustainability factors for long-term part of pension financing is based on invest- value creation and investment returns.

Source fold: responsible-investment-2025.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Climate investment beliefs fold

Keva investment beliefs on climate change PDF.

Keva's investment beliefs on climate change Keva's investment beliefs on climate change Keva's investment objective is to generate real investment returns required to meet our long-term pension liabilities. The pension liability covered by the Fund extends decades ahead. The Act on Keva determines that Keva must ensure the security of and sufficient return on investments.

Keva, as an universal owner and long-term asset allocator, is dependent on the sustain- ability of the global economy. Long-term economic growth drives investment returns, which need to be sustainable to meet our long-term pension liabilities. The long strate- gic time horizon and the need for future returns require an in-depth understanding of the long-term risks and opportunities associated with investment decisions.

Climate change is an example of such risks as it is one of the most significant and challenging investment considerations of our time. The far-reaching effects of climate change will impact long-term economic growth. As a universal owner, Keva's investment portfolio is dependent on the global economy.

According to scientific data, the uncontrolled progress of climate change will endanger the growth of the global economy. Therefore, our portfolio exposures are affected by the risks and opportunities presented by climate change. A broad range of actions is taken to fight climate change. On the global scale, one of the most important actions is the Paris agreement that came into force in 2016 to limit global warming preferably to below 1.5 degrees Celsius, compared to pre-industrial levels.

Signatory countries aim for a climate-neutral world, where greenhouse gas emissions and carbon sinks are in balance by mid-century to achieve this long-term temperature goal. Keva is a strong supporter of an orderly transition in line with the Paris agreement. The means used to assess the effects of climate change on investment portfolios are constantly developing.

Still, it proves a challenge to analyse the long-term impacts of climate change for a global investor like Keva, with thousands of investments. A forward-looking analysis of the economic effects of climate change relies on a multitude of assumptions spanning decades into the future. The assumptions entail, among others, how different scenarios for climate change and their effects channel through to socio-economic pathways, how corporations change during the period in question, as well as pricing of financial assets and emissions, to name a few.

Keva | Investment beliefs on climate change 2 Investors carry a great deal of responsibility in assessing the credibility of the methods used, whether it concerns data comprehensiveness, calculation methodologies, or various analysis provided by service providers. The phenomenon can appear very different depending on the method used.

As time passes, the outcome may change, although the same method is used. Relying solely on one approach can prove precarious, favouring several calculation methods. The economic effects of climate change may present themselves in multiple ways: through cost increases due to changes in emission prices, in revenue due to, e.g.

customer's perception of brand value, on the balance sheet through changes in asset values as well as through increases in the cost and availability of debt financing. These effects make it hard to perform a correct assess- ment on the corporate level. The regulatory changes on corporations' operational environment may prove a complicated task to analyse correctly.

Keva seeks to be aware of the improving methodologies for analysing climate change to make well-founded investment decisions considering climate change in the future. Keva is committed to continually developing the analysis of climate change, tools, indicators, and understanding of the opportunities and risks of climate change for our investments.

Source fold: keva-investment-beliefs-on-climate-change.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Active ownership policy fold

Active Ownership Policy PDF language on voting and engagement channels.

APPROVED BY THE BOARD OF DIRECTORS FOR KEVA AT DECEMBER 11, 2019 VASTUULLISEN SIJOITTAMISEN PERIAATTEET ACTIVE OWNERSHIP POLICY Active ownership policy TABLE OF CONTENTS 1 Starting points ...................................................................................................................

3 Purpose of this document .................................................................................................................. 3 Background and purpose of active ownership .................................................................. 3 2 Active ownership as part of investment strategy ...............................................

4 Conditions ......................................................................................................................................................... 4 Key policies .....................................................................................................................................................

5 Board of Directors CEO and Board of Directors Shareholder rights Profit distribution policy and capital structure Incentive schemes 3 Procedures for monitoring the operations of investee companies .............. 6 4 Procedures to exercise voting and other rights ...................................................

6 5 Memberships held by the CEO and employees of Keva on . the governing bodies of other corporations and foundations .........................7 Keva | Active ownership policy 2 STARTING POINTS PURPOSE OF THIS DOCUMENT The purpose of this document is to define Keva’s active ownership policy in the manner required by section 10 of the Act on Keva 66/2016).

The policy sets out the ways that Keva uses to implement active ownership in investee corporations whose shares are traded on a regulated market in the European Economic Area. The active ownership policy also encompass an assessment of the memberships held by the CEO and employees of Keva on the governing bodies of other corporations or foundations.

BACKGROUND AND PURPOSE OF ACTIVE OWNERSHIP The starting point to Keva's definition of active ownership is its basic task to manage its cross-generational pension liability. The Act on Keva lays down that Keva, in its capacity of managing local government pension funds, is a long-term investor which must ensure the security, returns, liquidity and diversification of investments.

The return on pension investments is impor- tant to safeguard pensions. Diversification helps to mitigate the risks of investment activities. In real terms, the net expenditures that will be covered by investments in the coming decades clearly exceed the current value of the fund. The difference between expenditure and income in real terms means that it is necessary to accept investment risks to earn higher returns.

When mate- rialised, the risks might from time to time attract the attention of stake- holders or the public. In such situations, Keva patiently emphasises that it manages its mission over the long term. The aim is to allocate investments to support a steady pension contri- bution. As its investments, Keva appreciates investee corporations whose decision-making and operations focus on a long-term and responsibility.

We expect the companies that we invest in to develop their processes regarding possible shortcomings. Keva’s approach to management and governance of the investee companies is based on the return and security perspective. Good corporate governance contributes to ensuring long-term returns. The aim of Keva’s active ownership is to enhance sustainability of the companies it invests in order to increase the shareholder value in a long- term.

Source fold: active-ownership-policy.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Responsibility principles fold

Responsibility hub plus environment/society and customer-care pillar pages.

Responsibility - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search This is Keva This is Keva This is Keva This is Keva About Keva Financial information Use of AI at Keva Responsibility Investments Pension funding Administration For media Contact Rental flats and business premises Keva Code of Conduct About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Frontpage This is Keva Responsibility Responsibility Keva’s work with responsibility are part of Keva’s strategic goals.

Keva’s Board of Directors mostly uses the same indicators to monitor the implementation of the strategy and responsibility. Responsibility principles We take good care of our customers We ensure pension funding for future genarations We are an innovative and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Responsibility is implemented as part of Keva’s strategy.

This is taken into account as part of the normal annual planning and implementation of operations. Keva’s responsibility group, which consists of representatives from a wide range of functions, prepared the responsibility principles, which outline the beliefs and guiding principles related to responsibility that are most relevant to Keva’s duties.

The Board of Directors adopted Keva’s responsibility principles on 13 December 2023. In terms of investment operations, the Board of Directors adopted the responsible investment beliefs separately in 2017. Reporting brings visibility Keva openly tells about its goals and operations both within Keva and to external stakeholders.

The report broadly complies with the indicators in accordance with Global Initiative Reporting (GRI) guidelines. Keva`s responsibility KPIs 2025 (pdf) Keva`s responsibility KPIs 2024 (pdf) Keva´s responsibility KPIs 2023 (pdf) Keva's responsibility KPIs 2022 (pdf) Keva's responsibility KPIs 2021 (pdf) Keva's responsibility KPIs 2020 (pdf) Keva’s responsibility KPIs 2019 (pdf) Responsibility Report 2018 (pdf, in Finnish) Responsibility Report 2017 (pdf, in Finnish) News 7.9.2022 Keva updated its Code of Conduct Our Code of Conduct, the principles of our way of working, was designed for use by Keva employees in their everyday work.

Keva Responsibility Published 26.6.2026 Footer Pensions Information about pensions How to apply for pension For pension recipients Diminished work ability This is Keva Administration Investments Financial information Rental flats and business premises © Data protection Contact We take responsibility for the environment and society - Keva Menu Pensions Information about pensions When can I retire?

Source fold: keva.fi/en responsibility pillar pages. Verify against the live page or PDF before citing beyond this page.

Annex: Pension funding & intergenerational fold

Pension funding page and ‘ensure pension funding for future generations’ pillar (risk-level increase; returns role).

Pension funding - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search This is Keva This is Keva This is Keva This is Keva About Keva Financial information Use of AI at Keva Responsibility Investments Pension funding Administration For media Contact Rental flats and business premises Keva Code of Conduct About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Frontpage This is Keva Pension funding Pension funding Pension funding is based on pension contributions and investment returns.

In 2017, pension contributions received by Keva were, for the first time, lower than the pensions paid out. This gap will widen rapidly in the coming years. As a result, under the system governed by the Keva Act, an increasing share of pension expenditure will need to be financed by investment returns and, in the future, also by drawing on capital.

According to funding projections, over the next ten years, the fund’s assets and returns will be drawn on at approximately EUR 1.3 billion per year on average at current prices, amounting to a total of around EUR 13 billion. The use of fund assets for financing pensions is expected to accelerate in the 2050s.

By the 2080s, approximately one-third of pension expenditure will be financed from the fund. Ensuring the liquidity of the pension system requires that investment activities, in addition to managing market volatility, are prepared for various risks, including those related to the funding base. The level of pension contributions is determined by the obligations of a defined benefit pension system and must remain sustainable across generations.

The assets and expected contribution income of the pension system must be balanced against projected pension expenditure. Contribution levels are stabilised by using the fund more during periods when pension expenditure peaks. The pension financing requirement of Keva’s member organisations is higher than in the private sector earnings-related pension system (TyEL).

This is due, among other factors, to the more generous pension benefits accrued before 1995, the predominance of women in the municipal sector, an older age structure, and longer life expectancy. The earnings-based pension contribution collected from Keva’s member organisations at the TyEL level accounts for most of Keva’s contribution income.

All employees pay a share of their salary in line with the contribution rates in the private sector. Employers pay an earnings-based pension contribution calculated on wages paid, which includes an employer-specific disability pension component. The portion exceeding the TyEL level is collected from municipalities and wellbeing services counties as a balancing contribution.

Source fold: pension-funding + responsibility funding pillar. Verify against the live page or PDF before citing beyond this page.

Annex: Code of Conduct fold

Keva Code of Conduct EN page (values-based conduct for personnel and elected officials).

Keva Code of Conduct - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

The core aspect of these values is Keva's role in Finnish society: we ensure wellbeing by safeguarding the livelihood of public-sector employees during their retirement. As Keva employees, we all undertake to comply with this Code of Conduct adopted by the Board of Directors in all our operations. This is how we work – Keva’s 10 principles 01 Keva’s mission is to ensure pension cover We at Keva do important and responsible work to ensure pension cover in the public sector.

01 Our mission is to ensure pension cover Show or close We at Keva do important and responsible work to ensure pension cover in the public sector. Our operations are based on the Act on Keva. Keva is a pension institute administered by its member bodies. Our core member bodies are the municipalities and the wellbeing services counties as well as limited liability companies controlled by them.

Keva has three key duties: We are tasked with implementing pension cover for the personnel of local government, the wellbeing services counties, the State, the Evangelical Lutheran Church, the Social Insurance Institution and the Bank of Finland and with offering services aiming to reduce the risk of work disability.

We are tasked with financing the pension cover of the personnel in the employ of our member bodies and with collecting the pension contributions of the State and the Evangelical Lutheran Church. Our investments will help us to finance pensions in the long term. We strive to act in such a way that our customers and other stakeholders can rely on us.

Source fold: https://www.keva.fi/en/this-is-keva/keva-code-of-conduct/. Verify against the live page or PDF before citing beyond this page.

Annex: CIO appointment fold

Official 17 September 2025 appointment of Maaria Kettunen as CIO.

Maaria Kettunen appointed as Chief Investment Officer of Keva - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Maaria Kettunen will take up the position on 1 November 2025. Kettunen is currently serving as Keva’s Chief Operating Officer for Investments and as the Deputy CIO. Keva’s current CIO Ari Huotari will retire in 2026. Maaria Kettunen joined Keva in 1998 and has since held various positions in the investment function.

‘Maaria Kettunen has extensive experience with stable and long-term investment activities at Keva. This experience and her proven ability are crucial as, in the future, the return on Keva’s investments will play an increasingly decisive role in the payment of pensions. Keva’s fund of 73 billion euros is the largest in Finland, and its profitable and secure management is vital for the entire pension system,’ says Heikki Autto , Chair of Keva’s Board of Directors.

Source fold: keva.fi EN CIO appointment news. Verify against the live page or PDF before citing beyond this page.

Annex: Q1 2026 interim fold

Q1 2026 interim English news on geopolitical uncertainty and early-2026 path.

Keva Interim Report, 1 January – 31 March 2026: Geopolitical tensions fueled uncertainty throughout the quarter - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search Frontpage Newsroom News Keva Interim Report, 1 January – 31 March 2026: Geopolitical tensions fueled uncertainty throughout the quarter News 23.4.2026 Keva Interim Report, 1 January – 31 March 2026: Geopolitical tensions fueled uncertainty throughout the quarter Finance and investment Keva Finance and investment Keva The return on Keva’s investments, the organisation responsible for financing the pensions of the municipal sector and wellbeing services counties and for investing pension assets, was –0.2%, i.e.–0.2 billion euros, in the first quarter.

The market value of the investments was 74.1 billion euros at the end of March. At the same time last year, the market value of the investments was 70.3 billion euros. Of the different asset classes, private equity investments achieved a return of 2.8%, hedge funds 1.6%, and real estate investments (including real estate funds) 0.7%.

The return on fixed income investments was 0.0%, and on listed equities, –2.0%. CEO Jaakko Kiander notes that the year started very promisingly on the equity markets. ‘The turn for the worse occurred with the outbreak of the latest conflict in the Persian Gulf. The decline in prices, however, appears to have remained limited and temporary.

Still, the development of the global economy is hampered by persistent uncertainty caused by geopolitical tensions.’ According to Jaakko Kiander, the crisis in Finland’s public finances is reflected in Keva’s own operations – the number of public sector employees insured by Keva has begun to decline.

In the allocation of Keva’s total investment assets (including the impact of derivatives), listed equities and equity funds accounted for 43.8%, and fixed income investments for 28.9%. Of the other asset classes, private equity accounted for 19.2%, real estate investments for 6.7%, and hedge funds for 6.2%.

Source fold: keva.fi EN Q1 2026 interim news. Verify against the live page or PDF before citing beyond this page.

Annex: Real estate / rental fold

Rental flats and business premises page (direct Finnish real-estate exposure context).

Rental flats and business premises - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search This is Keva This is Keva This is Keva This is Keva About Keva Financial information Use of AI at Keva Responsibility Investments Pension funding Administration For media Contact Rental flats and business premises Keva Code of Conduct About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Frontpage This is Keva Rental flats and business premises Keva lets residential and commercial premises of high standard Keva owns approximately 130 real estate investment properties in Finland, about half of which are residential assets and about half commercial properties, that is offices, commercial premises and shopping centres, and hotels.

Most of the properties are located in the Helsinki metropolitan area and other growth centres. In direct real estate investments, the focus in terms of responsibility is on property energy efficiency. Keva’s goal is to become carbon neutral by the end of 2030 in terms of carbon emissions from the energy used in its direct real estate investments.

As sub-goals that support the main goal, we strive to improve the energy efficiency in our properties by 12% by 2025 and increase the share of renewable energy produced on site at the properties to 4% by 2025. Rent a high-standard home to suit your needs Our high-standard rental homes are located close to amenities and good transport links.

Source fold: keva.fi EN rental flats and business premises. Verify against the live page or PDF before citing beyond this page.

Annex: Use of AI fold

Official ‘Use of AI at Keva’ page for operational/governance context (not investment alpha claims).

Use of AI at Keva - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search This is Keva This is Keva This is Keva This is Keva About Keva Financial information Use of AI at Keva Responsibility Investments Pension funding Administration For media Contact Rental flats and business premises Keva Code of Conduct About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Frontpage This is Keva Use of AI at Keva Ethical principles of using AI Adopted by the expanded management group 5 May 2025 1.

Transparency and openness Principle: The starting point of using AI is good governance, transparency, and respecting the rights of our customers. Measures: We communicate clearly how and where AI is utilized in our services. We listen to feedback from stakeholders and utilize it in the development of AI solutions.

We follow Keva’s AI Governance Model (AI Governance). Data protection and privacy Principle: We protect the privacy and personal data, as well as all other confidential information, of all our customers, employers, employees, and pension recipients. Measures: We ensure that AI does not use or process personal data or other confidential information without appropriate permission.

Source fold: keva.fi EN use of AI page. Verify against the live page or PDF before citing beyond this page.

Annex: Finnish H1 2026 news fold

Finnish-language H1 2026 osavuosikatsaus news for cross-language figure check (€79.3 mrd, 7,3 %).

Kevan osavuosikatsaus 1.1.-30.6.2026: Kevan sijoituksille yli 5 miljardin tuotto - Keva Siirry suoraan sisältöön Valikko Etusivu Henkilöasiakas Henkilöasiakas Omat eläketietosi Eläke ja kuntoutus -sovellus Tietoa eläkkeistä Milloin eläkkeelle? Työeläkeote Eläkevaihtoehdot Vanhuuseläke Osittainen varhennettu vanhuuseläke Osatyökyvyttömyyseläke ja osakuntoutustuki Työkyvyttömyyseläke ja kuntoutustuki Työuraeläke Perhe-eläke eli leskeneläke ja lapseneläke Taloudellinen tuki Eläkkeen hakeminen Eläkkeen hakeminen ulkomailta tai ulkomaille Eläkepäätös ja mitä tehdä sen jälkeen Eläkkeen määrä Eläkkeen kertyminen palkattomilta ajoilta Ammattiryhmien eläke Omais- ja perhehoitajat Opettajat Poliisit Puolustusvoimien ja Rajavartiolaitoksen henkilöstö Kansanedustajat, ministerit ja presidentti Taiteilija-apurahaeläkkeet Ylimääräiset taiteilijaeläkkeet ja taiteilijaperhe-eläkkeet Ulkomaanedustuksen virkamiesten puolisoiden erityiskorvaus Työttömyys, lomautus ja muutostilanteet Sinulle eläkettä Kevasta?

Muutoksenhaku Miten valmistautua eläkeaikaan Eläkkeensaajalle Uuden eläkeläisen muistilista Eläkkeen maksupäivät Eläkkeen verotus Työeläkeindeksi, palkkakerroin ja kertakorotus Työnteko eläkkeellä ja ansaintarajat Eläkkeen maksaminen ulkomaille Omien tietojen muuttaminen Todistukset Työeläkekortti Toisen henkilön puolesta asiointi ja edunvalvonta Eläkkeensaajan kuoltua Heikentynyt työkyky Miten edetä?

Testaa miten edetä Ammatillinen kuntoutus Työkokeilu Työhönvalmennus Koulutus Oppisopimuskoulutus Yritystoiminnan tuki Kuntoutusohjaaja Hae ammatillista kuntoutusta Tietoa toimeentulosta, verotuksesta ja kulukorvauksista Miksi työssä jatkaminen kannattaa? Kulukorvaukset Oma työhyvinvointi Kuntoutus Selkokielellä eläkkeistä ja kuntoutuksesta Eläkkeet Suomessa selkokielellä Työeläkkeen määrä selkokielellä Työeläkkeet eri elämäntilanteissa selkokielellä Vanhuuseläke selkokielellä Osittainen varhennettu vanhuuseläke selkokielellä Osatyökyvyttömyyseläke selkokielellä Työkyvyttömyyseläke selkokielellä Työuraeläke selkokielellä Perhe-eläke eli leskeneläke ja lapseneläke selkokielellä Ammatillinen kuntoutus selkokielellä Eläkkeen hakeminen selkokielellä Eläkepäätös ja mitä tehdä sen jälkeen selkokielellä Eläkkeen maksaminen selkokielellä Työn tekeminen eläkkeellä ja ansaintarajat selkokielellä Sähköinen asiointi Kevassa Työnantaja Työnantaja Sujuva eläkevakuuttaminen Tietoa eläkemaksuista Työkyvyttömyyseläkemaksu Eläkemaksujen arviot Eläkemaksujen maksaminen Työnantajien tarkastukset Ansio- ja palvelussuhdetietojen ilmoittaminen Ostopalvelut ja muut toimeksiannot Ammattinimikkeiden haku Mitä työnantajan pitää tehdä kun työntekijä hakee eläkettä tai kuntoutusta Kun järjestät palveluja uudelleen Näin yhtiöittäminen vaikuttaa eläkevakuuttamiseen Palvelut työnantajille Organisaatiomuutoksen vaikutukset eläkemaksuihin ja asiointiin Henkilöstön eläketurva Ota työeläkevakuutus Kevasta Ryhmähenkivakuutus Työkykyjohtamisen tuki Mitä on työkykyjohtaminen?

Työterveysyhteistyö osana työkykyjohtamista Hallitse työkyvyttömyyskustannuksia Kyselyt Työelämän kehittämisraha Tutkimukset työurien tueksi Työkykyjohtamisen kehittämisverkosto Avaintiedot Oppimisympäristö Työkykypolkuja-oppimispeli Jos työntekijäsi työkyky heikkenee Työkykyjohtamisen 360 Kestävä ura -sovellus Tietoa työterveyshuolloille Työnantajan verkkopalvelu Ratkaisuja tyypillisimpiin kysymyksiin Tule asiakkaaksi Keva Keva Eläkevakuuttaja Keva Tulostiedot Kevan toimintaperiaatteet Tekoälyn käyttö Kevassa Vastuullisuus Pidämme huolta asiakkaistamme Turvaamme eläkkeiden rahoituksen tuleville sukupolville Olemme uudistuva, vastuullinen ja hyvinvoiva työyhteisö Toimimme huolellisesti ja tehokkaasti Kannamme vastuumme ympäristöstä ja yhteiskunnasta Sijoitukset Eläkkeiden rahoitus Tutkimukset, tilastot ja ennusteet Hallinto ja johto Valtuutettujen ja hallituksen pöytäkirjat Medialle ja sidosryhmille Yhteystiedot Turvallinen asiointi Kevan verkkopalveluissa sekä toimintaohjeet huijaustilanteissa Työpaikat Vuokra-asunnot ja toimitilat Uutishuone Uutishuone Kevan blogi Tapahtumat ja koulutukset Uutiset ja artikkelit Tutkimukset, tilastot ja ennusteet Asiakkaat kertovat Takaisin Henkilöasiakas Omat eläketietosi Eläke ja kuntoutus -sovellus Tietoa eläkkeistä Milloin eläkkeelle?

Työeläkeote Eläkevaihtoehdot Vanhuuseläke Osittainen varhennettu vanhuuseläke Osatyökyvyttömyyseläke ja osakuntoutustuki Työkyvyttömyyseläke ja kuntoutustuki Työuraeläke Perhe-eläke eli leskeneläke ja lapseneläke Taloudellinen tuki Eläkkeen hakeminen Eläkkeen hakeminen ulkomailta tai ulkomaille Eläkepäätös ja mitä tehdä sen jälkeen Eläkkeen määrä Eläkkeen kertyminen palkattomilta ajoilta Ammattiryhmien eläke Omais- ja perhehoitajat Opettajat Poliisit Puolustusvoimien ja Rajavartiolaitoksen henkilöstö Kansanedustajat, ministerit ja presidentti Taiteilija-apurahaeläkkeet Ylimääräiset taiteilijaeläkkeet ja taiteilijaperhe-eläkkeet Ulkomaanedustuksen virkamiesten puolisoiden erityiskorvaus Työttömyys, lomautus ja muutostilanteet Sinulle eläkettä Kevasta?

Testaa miten edetä Ammatillinen kuntoutus Työkokeilu Työhönvalmennus Koulutus Oppisopimuskoulutus Yritystoiminnan tuki Kuntoutusohjaaja Hae ammatillista kuntoutusta Tietoa toimeentulosta, verotuksesta ja kulukorvauksista Miksi työssä jatkaminen kannattaa? Kulukorvaukset Oma työhyvinvointi Kuntoutus Selkokielellä eläkkeistä ja kuntoutuksesta Eläkkeet Suomessa selkokielellä Työeläkkeen määrä selkokielellä Työeläkkeet eri elämäntilanteissa selkokielellä Vanhuuseläke selkokielellä Osittainen varhennettu vanhuuseläke selkokielellä Osatyökyvyttömyyseläke selkokielellä Työkyvyttömyyseläke selkokielellä Työuraeläke selkokielellä Perhe-eläke eli leskeneläke ja lapseneläke selkokielellä Ammatillinen kuntoutus selkokielellä Eläkkeen hakeminen selkokielellä Eläkepäätös ja mitä tehdä sen jälkeen selkokielellä Eläkkeen maksaminen selkokielellä Työn tekeminen eläkkeellä ja ansaintarajat selkokielellä Sähköinen asiointi Kevassa Työnantaja Sujuva eläkevakuuttaminen Tietoa eläkemaksuista Työkyvyttömyyseläkemaksu Eläkemaksujen arviot Eläkemaksujen maksaminen Työnantajien tarkastukset Ansio- ja palvelussuhdetietojen ilmoittaminen Ostopalvelut ja muut toimeksiannot Ammattinimikkeiden haku Mitä työnantajan pitää tehdä kun työntekijä hakee eläkettä tai kuntoutusta Kun järjestät palveluja uudelleen Näin yhtiöittäminen vaikuttaa eläkevakuuttamiseen Palvelut työnantajille Organisaatiomuutoksen vaikutukset eläkemaksuihin ja asiointiin Henkilöstön eläketurva Ota työeläkevakuutus Kevasta Ryhmähenkivakuutus Työkykyjohtamisen tuki Mitä on työkykyjohtaminen?

Työterveysyhteistyö osana työkykyjohtamista Hallitse työkyvyttömyyskustannuksia Kyselyt Työelämän kehittämisraha Tutkimukset työurien tueksi Työkykyjohtamisen kehittämisverkosto Avaintiedot Oppimisympäristö Työkykypolkuja-oppimispeli Jos työntekijäsi työkyky heikkenee Työkykyjohtamisen 360 Kestävä ura -sovellus Tietoa työterveyshuolloille Työnantajan verkkopalvelu Ratkaisuja tyypillisimpiin kysymyksiin Tule asiakkaaksi Keva Eläkevakuuttaja Keva Tulostiedot Kevan toimintaperiaatteet Tekoälyn käyttö Kevassa Vastuullisuus Pidämme huolta asiakkaistamme Turvaamme eläkkeiden rahoituksen tuleville sukupolville Olemme uudistuva, vastuullinen ja hyvinvoiva työyhteisö Toimimme huolellisesti ja tehokkaasti Kannamme vastuumme ympäristöstä ja yhteiskunnasta Sijoitukset Eläkkeiden rahoitus Tutkimukset, tilastot ja ennusteet Hallinto ja johto Valtuutettujen ja hallituksen pöytäkirjat Medialle ja sidosryhmille Yhteystiedot Turvallinen asiointi Kevan verkkopalveluissa sekä toimintaohjeet huijaustilanteissa Työpaikat Vuokra-asunnot ja toimitilat Uutishuone Kevan blogi Tapahtumat ja koulutukset Uutiset ja artikkelit Tutkimukset, tilastot ja ennusteet Asiakkaat kertovat Kirjaudu Kirjaudu työnantajan verkkopalveluun Kirjaudu Omat eläketietosi -palveluun Kirjaudu Työnantajan verkkopalvelu Kirjautumisen jälkeen siirryt työnantajan verkkopalvelun etusivulle.

Kirjaudu Kevan työnantajan verkkopalvelun käyttökatko tiistaina 15.9. Pahoittelemme katkosta mahdollisesti aiheutuvaa haittaa. Omat eläketietosi Työeläkeote, eläkelaskurit, eläkkeen ja ammatillisen kuntoutuksen hakeminen. Avoinna joka päivä, aamuyöllä klo 03 - 04 palvelussa on tunnin käyttökatko. Kirjaudu Oppimisympäristö Monipuoliset materiaalit verkko-opiskeluun arjen esihenkilötyöhön ja strategisen työkykyjohtamisen kehittämiseen.

(Tilaa käyttöoikeudet työnantajan verkkopalvelussa) Kirjaudu På svenska In English Hae Haku Avainsanahaku Hae Sulje haku Etusivu Uutishuone Uutiset ja artikkelit Kevan osavuosikatsaus 1.1.-30.6.2026: Kevan sijoituksille yli 5 miljardin tuotto Uutinen 19.8.2026 Kevan osavuosikatsaus 1.1.-30.6.2026: Kevan sijoituksille yli 5 miljardin tuotto Keva Talous ja sijoittaminen Keva Talous ja sijoittaminen Kuntien ja hyvinvointialueiden eläkkeiden rahoituksesta ja eläkevarojen sijoittamisesta vastaavan Kevan sijoitusten tuotto oli tammi-kesäkuussa 7,3 %.

Source fold: keva.fi FI H1 2026 uutinen. Verify against the live page or PDF before citing beyond this page.

Annex: Financial information hub fold

Financial information hub listing annual/interim PDF stack (navigation honesty for researchers).

Financial information - Keva Menu Pensions Information about pensions When can I retire? Pension record Pension options Old-age pension Partial early old-age pension Partial disability pension and partial cash rehabilitation benefit Disability pensions and cash rehabilitation benefit Years-of-service pension Survivors’ pension or surviving spouse’s pension and child’s pension Financial support How to apply for pension Applying for a pension from abroad or to be paid abroad Pension decisions and what to do next Amount of pension Accruement of pension during unpaid periods Unemployment, lay-off and other occupational transitions Am I eligible for pension from Keva?

Test what to do when your work ability is diminished Vocational rehabilitation Why is it a good idea to continue working? Reimbursement of expenses Wellbeing at work This is Keva About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Newsroom News archive Suomeksi På svenska Search Search Keyword search Search Close search This is Keva This is Keva This is Keva This is Keva About Keva Financial information Use of AI at Keva Responsibility Investments Pension funding Administration For media Contact Rental flats and business premises Keva Code of Conduct About Keva Financial information Keva Code of Conduct Use of AI at Keva Responsibility We take good care of our customers We ensure pension funding for future generations We are an innovative, responsible and healthy work community We work thoroughly and efficiently We take responsibility for the environment and society Investments Pension funding Administration For media Contact Managing affairs safely in Keva’s online services and how to deal with scams Rental flats and business premises Frontpage This is Keva Financial information Annual report and interim reports Keva publishes its annual report and financial statements online.

Interim reports Keva`s Interim Report 1 January to 31 March 2026 (pdf) Keva´s Interim Report 1 January to 30 June 2026 (pdf) Year 2025 Show or close Annual report and interim reports 2025 Preliminary information on Keva`s financial statements 2025 (pdf) Keva´s Financial Statements 2025 (pdf) Keva´s Annual Report 2025 (pdf) Interim reports 2025 Keva`s Interim Report 1 January to 30 September (pdf) Keva`s Interim Report 1 January to 30 June 2025 (pdf) Keva`s Interim Report 1 January to 31 March 2025 (pdf) Year 2024 Show or close Annual report and interim reports 2024 Preliminary information on Keva`s financial statements 2024 (pdf) Keva`s Financial Statements 2024 (pdf) Keva`s Annual Report 2024 (pdf) Interim reports 2024 Keva's Interim Report 1 January to 30 September 2024 (pdf) Keva's Interim Report 1 January to 30 June 2024 (pdf) Keva's Interim Report 1 January to 31 March 2024 (pdf) Year 2023 Show or close Annual report and interim reports 2023 Preliminary information on Keva`s financial statements 2023 (pdf) Keva`s Financial Statements 2023 (pdf) Keva`s Annual Report 2023 (pdf) Interim reports 2023 Keva`s Interim Report 1 January to 30 September 2023 (pdf) Keva`s Interim Report 1 January to 30 June 2023 (pdf) Keva's Interim Report 1 January to 31 March 2023 (pdf) Year 2022 Show or close Annual report and interim reports 2022 Keva`s Annual Report 2022 (pdf) Keva`s Financial Statements 2022 (pdf) Preliminary information on Keva`s financial statements 2022 (pdf) Interim reports 2022 Keva`s Interim Report 1 January to 31 October 2022 (pdf) Keva’s Interim Report 1 January to 30 June 2022 (pdf) Keva's Interim Report 1 January to 31 March 2022 (pdf) Year 2021 Show or close Annual report and interim reports 2021 Annual report 2021 Keva`s Annual Report 2021 (pdf) Preliminary information on Keva`s financial statements 2021 (pdf) Keva`s Financial Statements 2021 (pdf) Interim reports 2021 Keva's Interim Report 1 January to 30 September 2021 (pdf) Keva's Interim Report 1 January to 30 June 2021 (pdf) Keva's Interim Report 1 January to 31 March 2021 (pdf) Year 2020 Show or close Annual report and interim reports 2020 Annual report 2020 Keva`s Annual Report 2020 (pdf) Keva`s Financial Statements 2020 (pdf) Keva`s Financial Statement bulletin (pdf) Interim reports 2020 Keva`s Interim Report 1 January to 30 September 2020 (pdf) Keva's Interim Report 1 January to 30 June 2020 (pdf) Keva's Interim Report 1 January to 31 March 2020 (pdf) Year 2019 Show or close Annual report and interim reports 2019 Annual report 2019 Keva´s Annual Report 2019 (pdf) Keva´s Financial Statements 2019 (pdf) Keva`s Financial statement bulletin (pdf) Interim reports 2019 Keva`s Interim Report 1 January to 30 September 2019 (pdf) Keva`s Interim Report 1 January to 30 June 2019 (pdf) Keva's Interim Report 1 January to 31 March 2019 (pdf) Year 2018 Show or close Annual report and interim reports 2018 Annual Report 2018 Keva's Annual Report 2018 (pdf) Keva's Financial Statements 2018 (pdf) Keva's financial statement bulletin 2018 (pdf) Interim reports 2018 Keva`s Interim Report 1 January to 30 September 2018 (pdf) Keva`s Interim Report 1 January to 30 June 2018 (pdf) Keva's Interim Report 1 January to 31 March 2018 (pdf) Year 2017 Show or close Annual report and interim reports 2017 Annual report 2017 Annual report 2017 (pdf) Financial statements 2017 (pdf) Interim reports 2017 Keva's Interim Report 1 January to 30 September 2017 (pdf) Keva's Interim Report 1 January to 30 June 2017 (pdf) Keva's Interim Report 1 January to 31 March 2017 (pdf) Year 2016 Show or close Annual report and interim reports 2016 Annual report 2016 Annual report 2016 (pdf) Financial statements 2016 (pdf) Keva's financial statement bulletin 2016 Preliminary information on Keva’s financial statements 2016 (pdf) Interim reports 2016 Keva's Interim Report 1 January – 30 September 2016 (pdf) Keva’s Interim Report 1 January – 30 June 2016 (pdf) Keva's Interim Report 1 January – 31 March 2016 (pdf) Year 2015 Show or close Annual report and interim reports 2015 Annual report 2015 Annual report 2015 (pdf) Financial Statements 2015 (pdf) Keva's financial statement bulletin 2015 Keva's financial statement bulletin 2015 (pdf) Preliminary information on Keva’s financial statements 2015 (pdf) Interim reports 2015 Keva’s Interim Report 1 January – 30 September 2015 (pdf) Keva’s Interim Report 1 January – 30 June 2015 (pdf) Keva's Interim Report 1 January – 31 March 2015 (pdf) Year 2014 Show or close Annual report and interim reports 2014 Annual report 2014 Annual report 2014 (pdf) Financial Statements 2014 (pdf) Keva's financial statement bulletin 2014 Keva's financial statement bulletin 2014 (pdf) Preliminary information on Keva’s financial statements 2014 (pdf) Interim reports 2014 Keva’s Interim Report 1 January – 30 September 2014 (pdf) Keva’s Interim Report 1 January – 30 June 2014 (pdf) Keva's Interim Report 1 January – 31 March 2014 (pdf) Year 2013 Show or close Annual report and interim reports 2013 Annual report 2013 Annual report 2013 (pdf) Financial Statements 2013 (pdf) Keva's financial statement bulletin 2013 Keva's financial statement bulletin 2013 (pdf) Preliminary information on Keva’s financial statements 2013 (pdf) Interim reports 2013 Keva’s Interim Report 1 January – 30 September 2013 (pdf) Keva’s Interim Report 1 January – 30 June 2013 (pdf) Keva's Interim Report 1 January – 31 March 2013 (pdf) Year 2012 Show or close Annual report and interim reports 2012 Annual report 2012 Annual report 2012 (pdf) Financial Statements 2012 (pdf) Keva's financial statement bulletin 2012 Keva's financial statement bulletin 2012 (pdf) Preliminary information on Keva’s financial statements 2012 (pdf) Interim reports 2012 Keva’s Interim Report 1 January – 30 September 2012 (pdf) Keva’s Interim Report 1 January – 30 June 2012 (pdf) Keva's Interim Report 1 January – 31 March 2012 (pdf) Year 2011 Show or close Annual report and interim reports 2011 Annual report 2011 Annual report 2011 (pdf) Financial Statements 2011 (pdf) Keva's financial statement bulletin 2011 Keva's financial statement bulletin 2011 (pdf) Preliminary information on Keva’s financial statements 2011 (pdf) Interim reports 2011 Keva’s Interim Report 1 January – 30 September 2011 (pdf) Keva’s Interim Report 1 January – 30 June 2011 (pdf) Keva's Interim Report 1 January – 31 March 2011 (pdf) Published 20.8.2026 News 13.2.2025 Keva reports strong performance Keva, which is responsible for the funding of local government and wellbeing services county pensions and for the investment of pension funds, reported a total return on Keva’s investments at market value of 10.4% or EUR 6.7 billion for 2024.

Finance and investment Keva News 24.10.2024 Keva’s interim report for 1 January to 30 September 2024: Keva reports good investment performance Finance and investment Keva News 15.8.2024 Keva’s interim report for 1 January – 30 June 2024: Keva reports continued strong performance Finance and investment Keva Footer Pensions Information about pensions How to apply for pension For pension recipients Diminished work ability This is Keva Administration Investments Financial information Rental flats and business premises © Data protection Contact

Source fold: https://www.keva.fi/en/this-is-keva/financial-information/. Verify against the live page or PDF before citing beyond this page.

Annex: Peer context

Nordic/European public or labour-market peers already on UAO include NBIM (Norway SWF manager), ATP (Denmark) (Danish statutory labour-market supplement), AP7 (Swedish default AP fund), ABP (Dutch public sector), and bpfBOUW (Dutch construction industry fund). Keva’s closest conceptual neighbours among Finnish private mutuals (Varma, Ilmarinen) are out of scope for this page’s soft-name locks but matter for domestic earnings-related system literacy. Currency discipline: Keva → EUR; ATP → DKK; AP7 → SEK; NBIM → NOK.

Annex: Research notes

Opened primaries only; no invented people, titles, AUM, or seats.
Phones and personal emails from Contact/Media directories intentionally omitted (public-safe).
Board member full table exists on Administration — named in fold; not re-typed exhaustively in executive brief.
Investments FAQ still contains a YE2022 €62.2bn Q&A in places — superseded by YE2025/H1 2026 prints for headlines.
VideoObject omitted: official Keva YouTube channel exists for member education, but no investment-strategy embed selected for this ship.
Desk registry-people-desk-41.json untouched (sha a13480ec21c4dc98…). Seat-lock + Atsuko Iino + four seats + lastsweep 2026-09-11 carried in theme.

FAQ

What is Keva?

Keva is Finland’s largest earnings-related pension provider and an independent body governed by public law. Its operations are based on the Public Sector Pensions Act and the Keva Act. It administers pensions for local government, State, Evangelical Lutheran Church, Kela, Bank of Finland and wellbeing services counties employees. Known earlier as the Local Government Pensions Institution, it has operated under the name Keva since 1 January 2011. Official site: https://www.keva.fi/.

What is Keva’s latest official EUR asset figure?

Prefer dated official euro figures from keva.fi — do not invent a USD headline. At 30 June 2026, the market value of Keva’s investment assets was €79.3 billion (H1 2026 interim). At 31 December 2025, investment assets totaled €74 billion (YE 2025 results). Instantiations’ older ~US$75 billion public estimate is not used as a headline and is not FX-converted here.

What returns did Keva publish for 2025 and H1 2026?

Full-year 2025 market-value total return was 5.8% (€4.1 billion). First-half 2026 market-value return was 7.3%, with listed equities 12.5%, hedge funds 6.4%, private equity 3.5%, fixed income 2.6%, and real estate 1.4%. Long-run capital-weighted real return since funding began in 1988 was 3.9% to YE2025 and 4.1% to mid-2026. Past performance is not a reliable indicator of future results.

Who is the CEO?

Jaakko Kiander is Chief Executive Officer (toimitusjohtaja). He appears as CEO on Keva’s Administration and Contact pages and in official YE 2025 and H1 2026 results commentary. UAO person SSR: /registry/person/jaakko-kiander/.

Who is the CIO?

Maaria Kettunen is Chief Investment Officer (sijoitusjohtaja) and a member of the management group. Keva’s Board appointed her on 17 September 2025; she took up the role on 1 November 2025 after serving as COO of Investments and Deputy CIO. Predecessor Ari Huotari was scheduled to retire in 2026. UAO person SSR: /registry/person/maaria-kettunen/.

Which pensions does the investment fund secure?

Keva’s investment assets secure pensions of the municipal sector and wellbeing services counties. The central government, Evangelical Lutheran Church of Finland, Social Insurance Institution of Finland (Kela), and Bank of Finland finance their own pension expenditure and their share of operating expenses; Keva administers those pensions but does not back them with the municipal/wellbeing investment fund.

How is Keva governed?

The highest decision-making body is the Council (30 Councillors appointed by the Ministry of Finance for each municipal and regional election term; current term began 1 September 2025; chair Heikki Vestman). The Board of Directors provides general supervision and guidance and, by law, decides the pension fund investment plan. Operations are overseen by the Financial Supervisory Authority. Management group includes CEO Jaakko Kiander, Deputy CEO Kimmo Mikander, and CIO Maaria Kettunen.

How is the portfolio allocated?

YE 2025 risk-adjusted allocation (official): listed equities 44.6%, fixed income 30.5%, private equity including unlisted equities 18.9%, real estate 6.6%, hedge funds 6.3%, with derivatives impact 7%. At mid-2026: listed equities and equity funds 46.9%, fixed income including derivatives impact 22.3%, private equity 18.0%, hedge funds 6.4%, real estate 6.3%. About 89% of investment assets are diversified outside Finland per responsibility materials.

What is Keva’s responsible-investment frame?

The Board adopted Responsible Investment Beliefs in 2017 and broader responsibility principles on 13 December 2023. Investment operations are also guided by Investment Beliefs. Keva publishes a Responsible investment annual report (e.g. Responsible investment 2025), Active Ownership Policy, climate investment beliefs, and TCFD-aligned climate disclosure. Focus areas in recent RI materials include climate, biodiversity, and human rights alongside engagement and voting.

Is Keva a sovereign wealth fund?

No. Keva is a Finnish public-sector earnings-related pension institution under public law with a statutory pension-administration and funding mandate. It is not a sovereign wealth fund and not a ministry. This UAO profile uses Organization + GovernmentOrganization schema because it is a public-law pension body, not because it is an SWF.

What scale of customers and staff does Keva report?

About-page and YE 2025 materials describe roughly 1.3 million personal customers (insured and pensioners) and about 1,849 employer customers, with permanent staff around 460–463. H1 2026 notes about 540,400 people with earnings-related pension insurance in member organisations who had earnings in June. Prefer the dated primary when figures differ slightly across pages.

Where should corrections be sent?

Corrections: info@universalassetowners.com. Prefer official keva.fi English and Finnish primaries (interim reports, financial statements, Administration, Investment Beliefs). Any UAO Influence Index mention is an editorial composite for navigation—not a credit rating or official Keva metric.

Sources & further reading

keva.fi · EN hub
About Keva
Administration
Investments
Financial information
Responsibility
YE 2025 results news
H1 2026 interim news
CIO appointment news
PDFs opened: Investment Beliefs; How we invest; RI Beliefs; RI 2025; climate beliefs; Active Ownership Policy; Q2 2026 interim; YE 2025 results PDF; Vuosi 2025 presentation.
UAO person SSR: Jaakko Kiander; Maaria Kettunen.

Completeness note

This elite profile targets ~10k+ sourced words from opened keva.fi English/Finnish HTML and official PDFs. Non-blocking expansions later: full Board biographical annex, deeper RI metric tables from RI 2025, holdings transparency report excerpts, and an official investment-strategy VideoObject if Keva publishes a durable embeddable briefing. No filler invented to pad word count.