Avain Yhtiöt
Annual report 2025
Kalliomäenkaari 3, Sipoo
Avain Yhtiöt Group
Avain Yhtiöt Group is a Finnish housing company that develops homes and provides housing services for all stages of life.
We have control over the entire value chain, from land acquisition to the maintenance of the finished home, which is why we can operate in a transparent, responsible and flexible manner. The project design, construction, maintenance and sale of new apartments are carried out by us, which allows us to offer residents the best possible outcome. In-house construction and environmentally friendly precast concrete production also provide certainty and strengthen our value chain.
With a one-stop solution, we can keep things under control – and focus on what matters most: a smooth everyday life and comfortable homes for residents.
Avain Yhtiöt has several subsidiaries. What we all have in common is social responsibility, a longterm approach and a genuine desire to do things better for people and the environment.
Vision
The Vision of Avain Yhtiöt is to be the best housing service provider in Finland in terms of price-quality ratio. To achieve this goal, we have developed a customer-oriented operating model that emphasises genuine interaction with our stakeholders, along with flexibility, cost-effectiveness and quality.
Our strategy focus areas:
• Unique value chain
• Profitable growth
• Motivated personnel
• Satisfied residents
• Responsibility and sustainable development
49 total revenue (EUR million)
1,033 balance sheet total (EUR million)
180 investments (EUR million)
3,644
Avain apartments
Avain Yhtiöt's total revenue in 2025 was EUR 49 million, and investments amounted to EUR 180 million. Of the investments, EUR 177 million concerned new production and EUR 3.2 million concerned other investments, a significant share of which was allocated to the expansion of Tenel's production facility for low-carbon precast concrete elements. During the year, 233 new apartments were completed and the total number of apartments at the end of the year was 3,644.
Housing and development services
Rental apartments | We build and own high-quality rental apartments in and around growth centres. Our rental apartments are, on average, 4.2 years old, well-equipped and suitable for different life situations.
Owner-occupied apartments | We design, build and implement highquality and well-equipped owner-occupied homes in desirable locations in the Helsinki metropolitan area and the Tampere and Turku regions.
Assisted living facilities | We provide a high-quality and safe way of living for the elderly, people with reduced mobility, and others in need of assisted living. We own the assisted living properties, while the resident and care services are provided by a separate service provider.
Construction and development | Avain Rakennuttaja specialises in residential construction and project management services. Tencon is a company specialising in new construction, working in close cooperation with Avain Rakennuttaja. Tencon operates in the Helsinki metropolitan area and has overall responsibility for site management and procurement.
Industrial production | Tenel aims to be the most environmentally friendly precast concrete plant on the market. At the heart of the operations is reducing carbon dioxide emissions and the carbon footprint of the entire Group’s construction production.
CEO’s review 2025
The housing market has been challenged by an exceptionally long period of uncertainty. In spite of this, Avain Yhtiöt has continued its determined growth and investments in the future. We have made progress while others have been hesitant. Our rental housing stock grew to nearly 3,700 apartments, and we had close to 1,800 new homes under construction at the end of 2025. The fair value of our investment properties will surpass the milestone of EUR 1 billion in 2026.
We built growth amid headwinds
The exceptional circumstances in the housing market have continued for several years now. The uncertain global situation and consumer caution have slowed down investments and construction, which has driven new housing production to a multi-decade low. Construction began on approximately 17,000 new apartments in Finland in 2025. This is the lowest level seen in 60 years.
The long-term need is still at approximately 35,000 apartments per year, and migration to growth centres is stronger than ever. This imbalance increases the pressure on the housing supply and suggests higher rents ahead. This means that a housing shortage that slows down economic growth, especially in growth centres, is a likely scenario over the coming years.
We made bold progress in spite of the market challenges. At the end of 2025, we had almost 1,800 new apartments under construction. We have deliberately increased our market share of new residential construction projects in Finland. This demonstrates the strength of our strategy and our ability to react to cyclical fluctuations. Our business model and unique value chain provide flexibility and stability in an uncertain operating environment.
Hundreds of new homes in the heart of Töölö
Our owner-occupied housing production was strengthened significantly in 2025 as we launched several new projects across the Helsinki metropolitan area. On the site of the former Töölö Hospital, next to Topelius Park, a new residential block named Helsingin Palazzo is currently under construction, with a value of approximately EUR 200 million. The project comprises three owner-occupied housing companies, two rental housing companies, and
business premises. The first residents will be able to move into their new homes in 2027. In addition to the project in Töölö, construction is also set to begin on several other new owner-occupied housing projects this year.
Our sustainability is built around a low-carbon approach
Our long-term efforts to develop the sustainability of our operations are particularly reflected in the energy efficiency of our property portfolio and the reduction of water consumption and the carbon footprint. A materiality analysis of Avain Yhtiöt's sustainability topics was completed in late 2024, and the company's first-ever sustainability report, prepared on the basis of the materiality analysis, will be published in spring 2026.
Our own precast concrete production plant, Tenel, produces the lowestcarbon precast concrete in Finland. The products improve efficiency with regard to construction schedules and reduce the carbon footprint of our construction projects. A roughly 600 m2 expansion of the Tenel production plant will be completed in spring 2026. The expansion will nearly double the plant's production capacity and allow Tenel to produce low-carbon precast concrete even more efficiently.
We are building our new office in Pasila
Low-carbon precast concrete is also being used in Helsinki's Pasila district in the most significant construction project we have ever undertaken. The laying of the foundation stone was marked with a ceremony last August. Minister of Climate and the Environment Sari Multala attended the event and underlined the project's significance and value for the city as a whole. The project comprises three high-rises with apartments, offices and parking facilities for hundreds of people, as well as the new Avain Asunnot office. The project has progressed on schedule, and we expect to move into our new office in late 2026.
Our bold approach will continue to deliver good results
We were successful in effectively deploying our extensive plot reserve in 2025, as we started construction on both owner-occupied and rental housing projects as planned. In line with our targets, the fair value of our investment properties will surpass the milestone of EUR 1 billion in 2026. We are confident that our bold strategy will continue to deliver good results as we move forward. Although the turbulent economic situation makes it difficult to predict the housing market outlook in the long term, our approach is clear: instead of just waiting for a recovery, we will build opportunities ourselves.
I want to take this opportunity to express my warmest thanks to our personnel, customers and partners for a successful year.
Perttu Liukku CEO Avain Yhtiöt
"Instead of just waiting for a recovery, we will build opportunities ourselves."
Avain Yhtiöt's value chain
From land acquisition to property maintenance – our unique value chain guarantees high-quality housing.
Avain Yhtiöt has a unique value chain. Our value chain begins with the development of land use planning and land acquisition in cooperation with the land owner.
When constructing properties for ourselves, we take into account in the planning phase the demand for different types of apartments, life-cycle costs and environmental aspects.
Our project management organises the tendering competitions for construction contracts and our own construction company operating in the Helsinki metropolitan area participates in the contract competitions.
Thanks to our own precast concrete plant, we can optimise the construction time and produce low-carbon elements for projects contracted by our own construction company.
Our in-house sales team ensures that we can quickly react to changes in the market and guarantee high-quality customer service.
Our own property management unit is responsible for the management of property maintenance and repairs. We continuously monitor customer feedback and develop our operations based on it.
1
2 3
2
5
4
6
1. Land acquisition and zoning plan development
At the end of 2025, our plot reserve stood at 320,000 m2 (gross floor area)
2. Design control
Thanks to design control, we are able to take into account the market situation, life-cycle costs and environmental aspects
3. Precast element production
Own production of low-carbon elements and optimisation of project construction time
4. Construction and contracting
Own project management, supervision and own construction company
5. Sales and rental
Our own sales organisation enables quick responses to market changes and high-quality customer service
6. Property maintenance management
Our own property management unit carries out property management, maintenance and repairs
Chair of the Board’s review
The housing market in 2025 presented another year of anomalous conditions. New housing production in Finland is at a historical low, and consumer caution continued due to the uncertain economic situation. However, the need for new, affordable apartments implemented with sustainable solutions has not disappeared — on the contrary, it is becoming even more pronounced as migration to growth centres accelerates.
In these conditions, there is a need for operators with the conviction to build for the future even when the operating environment does not make it easy. Avain Yhtiöt has once again demonstrated its ability to make carefully considered and timely decisions. The most important task of the company's Board is to ensure that Avain Yhtiöt has a durable long-term foundation in terms of its finances, sustainability and strategy. In 2025, the company managed to put its extensive plot reserve to effective use and start projects that create the conditions for growth in the coming years.
Avain Yhtiöt's consistent and concrete efforts to promote sustainability are among the company's most significant strengths. A low-carbon approach has become a basic requirement in construction, and Avain Yhtiöt is at the forefront of this development. Tenel, the company's own precast concrete production plant, produces the lowest-carbon solutions in the industry, and Avain Yhtiöt's energy-efficient property portfolio reduces both costs and negative climate impacts.
The Board has been pleased to see that the company’s long-term strategy was effective even during this challenging past year. The company is on track to achieve its target of a billion-euro housing portfolio in 2026, which shows that bold but carefully considered decision-making pays off, even in difficult times.
The future is built through action, not by waiting.
Pertti Huuskonen Chair of the Board
Avain Yhtiöt
Management Team
PETER HELLMAN
Avain Yhtiöt, Business Director, Construction, M.Sc. (Eng.)
2021–2022 Project Development Director, Avain Rakennuttaja Oy 2017–2021 Development Manager, Avain Rakennuttaja Oy
ELIAS KIVIRANTA
Avain Yhtiöt, Sales and Marketing Director, Student of Economics, LKV (Legalised Real Estate Broker)
2011–2014 Development Manager, YIT 2009–2011 Marketing Manager, YIT 2007–2009 Development Manager, YIT International Construction Services
JAN HARTI
Avain Yhtiöt, CFO, M.Sc. (Econ.)
2013–2016 Director, YIT Group Accounting 2009–2013 CFO, YIT International Construction Services
PERTTU LIUKKU
Avain Yhtiöt, CEO, M.Sc. (Econ.)
2009–2010 Director, CapMan 2002–2009 CEO, Avara Suomi 1999–2002 Deputy Managing Director, YH-Suomi Osuuskunta
MATIAS MEHTÄTALO Tencon Oy, CEO, M.Sc. (Eng.)
2020–2021 Production Director, Tencon Oy 2018–2020 Project Manager, Avain Rakennuttaja Oy
TERO PENTTINEN
Avain Yhtiöt, Real Estate Director, FMA
2022–2023 Project Manager, Avain Rakennuttaja Oy
2018–2022 Regional Director, Oiva Isännöinti Oy
Board
PERTTI HUUSKONEN
Teollisuusneuvos (Finnish honorary title), Chair of the Board since 2021
Aedifica, member of the Board
A. Ahlström Kiinteistöt, Deputy Chair of the Board Hoivatilat, Deputy Chair of the Board
KARI MÄENPÄÄ
Deputy Chairman of the Board, member of the Board of Directors since 2010
Tencon Oy, Chairman of the Board
Avain Rakennuttaja Oy, Chairman of the Board
PERTTU LIUKKU
Member of the Board since 2010
Avain Yhtiöt Oy, CEO
PIA LINDBORG
Member of the Board since 2021
A. Ahlström Kiinteistöt, Director
Financing
The
availability of financing in
the real estate sector improved
The availability of financing in the real estate sector continued to develop positively in 2024. Short-term reference interest rates decreased in line with expectations. In addition, loan margins continued to decline, and banks' willingness to finance real estate investments increased.
The European Central Bank (ECB) had already begun to lower key interest rates in late 2024 as inflation had moved towards the targeted levels. The deposit facility rate was 3.0% at the start of 2025, and the favourable inflation trends enabled interest rates to continue decreasing as expected. The deposit facility rate was lowered on four occasions in 2025.
The most recent reduction, for the time being, was seen in June 2025, when the deposit facility rate was lowered to 2.0%. This was the lowest level for the key interest rate since February 2023. Following the lowering of the key interest rate in June 2025, there was a slight expectation in the market that interest rates could be lowered further if the economic development of the eurozone demanded it, and if the development of inflation made it possible to reduce interest rates. At its meetings, the ECB also emphasised that interest rate decisions are made on a meeting-by-meeting basis, based on information available at the time of each meeting. No further changes were made to deposit facility rates during the remainder of 2025. The expectation at the turn of the year was that there would be no need for major changes in key interest rates in 2026.
However, the US attack on Iran in late February/early March 2026 significantly increased uncertainty in the market and turned longerterm interest rates to a sharp rise as inflation expectations increased. Short-term interest rates have not changed much thus far.
The availability of financing has enabled
Avain's growth
Our business is capital-intensive, and financing plays a central role in the achievement of our growth targets. According to the Group’s strategy, we will invest significantly in both rental housing production and projects sold to consumers.
Housing construction activity in Finland as a whole has remained subdued. The recovery of the Finnish economy has been delayed and the oversupply of apartments is being absorbed slower than expected. Combined, these two factors mean that a quick recovery of the housing market is not expected. The long-term need for housing production remains unchanged — on average, approximately 35,000 new apartments are needed annually in Finland, with most of these in the growth triangle formed by Helsinki, Tampere and Turku. The housing production volume has been below 20,000 new apartments started per year for three consecutive years. It is estimated that the number of new apartments started will be at similar levels in 2026.
In spite of this, Avain Yhtiöt has continued to invest strongly, and the Group had a recordhigh production volume in 2025. At its peak, the number of apartments under construction was close to 2,000 during the year. During the year, Avain Yhtiöt also started residential
projects to be sold to consumers. The projects will be completed in 2026.
Growth requires active liquidity management
Financial risk management plays an important role in long-term real estate investments. It is important to prepare for changes in economic conditions and the operating environment, and our goal is to ensure the Group's ability to operate in all circumstances.
The Group's liquidity risk is managed by diversifying funding sources, balancing the maturity of the loan portfolio, and aligning our business volume with our liquid assets. In addition, the Group aims to arrange the refinancing of maturing loans in a timely manner. At the end of 2025, the Group’s liquid assets amounted to EUR 29.4 million. In addition, capital tied up in plots has already been released in the early part of 2026. We expect the availability of financing to continue to improve during the new financial year.
Lower interest expenses support growth investments and profitability
Financial expenses have a significant impact on the Group's profitability. At the end of 2024, longer-term Euribor rates were at approximately 2.5%. Following interest rate cuts by the ECB, they fell to approximately 2% in summer 2025 and then rose by about 0.2 percentage points during the latter part of the year. At the end of 2025, the average interest rate on the Group’s loan portfolio was 2.50% (2024: 2.51%), including new loans and interest rate derivatives used for hedging purposes.
Key figures related to financing
The expected trajectory of interest rates was relatively clear at the beginning of 2025. From the central bank's perspective, inflation had developed favourably, and interest rate cuts had already begun. The expectation was that interest rate cuts would continue until the summer or autumn, and that the deposit facility rate would end up at 2% or slightly lower. Interest rates developed in line with these expectations. The ECB made its most recent change to key interest rates in June, when the deposit facility rate ended up at exactly 2%. Since that time, the ECB has monitored the development of the economy without making changes to interest rates. During the first months of 2026, short-term reference rates have remained unchanged from the turn of the year, but the US attack on Iran raised inflation expectations and drove long-term interest rates higher. The upward pressure has not been transmitted to short-term interest rates for the time being.
We are closely monitoring the fixed interest periods of the loan portfolio as part of the Group’s interest rate risk management. At the
end of 2025, the average fixed interest period of the loan portfolio was 2.0 years, and we continued to implement interest rate hedges during the year. In addition, the Group's interest subsidy loans include an interest rate hedging component. Together, these factors provide stability and mean that any increase in interest rates would not have a significant impact on interest expenses in the coming years.
If necessary, new loans can be pegged to long-term interest rates, or new interest rate derivatives can be used. The Group’s interest rate risk is also significantly reduced by:
• some of the floating rate loans being hedged by interest rate derivatives
• some of the loans being fixed-rate
• some loans being covered by the state interest subsidy system.
Together, these measures increase the predictability of financing costs and support the Group’s stable development.
Loan portfolio structure, EUR 678 million
* Includes fair value measurement of investment properties, which improved the operating profit for 2025 by EUR 35.9 million (improved the operating profit for 2024 by EUR 21.5 million, weakened the operating profit for 2023 by EUR 5.5 million, improved the operating profit for 2022 by EUR 14.4 million and for 2021 by EUR 35.7 million) ** Financing expenses for 2023 are reduced by income from closed-end interest rate derivatives of EUR 9.8
Ounasvaarantie 4 A-B, Helsinki
Tax footprint
Tax payable for the financial period
Consolidated financial statements 2025
CONSOLIDATED BALANCE SHEET
CONSOLIDATED CASH FLOW STATEMENT
* Related to Renevo Oy, sold in 2021, which has been treated as a discontinued operation in previous years.
5
New properties (in 2024: 5)
98.8
Occupancy rate of rental apartments (%) (in 2024: 99.2)
2025 in figures
233
New apartments (in 2024: 287)
Distribution of completed apartments:
1,888
New rental residents
Distribution of balance sheet value of completed apartments:
39.2
Average tenant turnover of rental apartments (%) (in 2024: 35.6)
Rental apartments / 2,480
Assisted living apartments and long-term subsidised rental apartments / 1,164
84% Rental apartments / EUR 566 million
16% Assisted living apartments and long-term subsidised rental apartments / EUR 110 million
Helsingin Palazzo, a new residential block in Töölö (rendering)
Growth since 2010
2011
Avain Yhtiöt expands its operations by establishing Aari Isännöinti Oy and Avain Palvelukodit Oy.
2013
Total revenue exceeds the threshold of EUR 50 million.
The first nursing homes are completed.
2017
The 7,000th Avain apartment is completed in the summer.
Avain Yhtiöt establishes Tencon Oy, which specialises in new construction.
2019
The balance sheet exceeds the threshold of EUR 1 billion.
There are approximately 8,500 apartments.
The number of personnel is 221.
2015
2010
The operations of Avain Yhtiöt in their current form begin when the company acquires a 51% stake in Avain Asumisoikeus Oy. There are 2 employees.
There are approximately 5,500 apartments.
The total revenue is EUR 42 million.
2012
Avain Yhtiöt establishes Renevo Oy, which provides renovation services.
Avain Yhtiöt establishes Avain Vuokrakodit Oy to expand its operations to non-subsidised rental apartments.
Avain Yhtiöt acquires the remaining 49% of the shares in Avain Asumisoikeus Oy.
The number of completed apartments exceeds the threshold of 6,000.
The first non-subsidised rental apartments are completed.
2018
Avain Yhtiöt moves into the top 500 companies in Finland.
The 8,000th Avain apartment is completed at the end of the year.
The number of personnel exceeds the threshold of 200.
2021
A. Ahlström Kiinteistöt Oy becomes an owner of Avain Yhtiöt with a 25% stake.
Renevo Oy is sold to a new owner.
There are over 10,000 apartments.
2023
Avain Yhtiöt Oy demerges into the Avain Yhtiöt and Avain Asumisoikeus groups.
Avain Yhtiöt Oy transitions to IFRS reporting.
There are approximately 12,000 apartments.
2025
Renewed focus on owner-occupied apartments, three new properties under construction.
Record-high plot reserve.
Almost 1,800 apartments under construction.
2020
Avain Yhtiöt sells Aari Isännöinti Oy.
There are over 9,000 apartments.
There are 196 employees.
2022
Avain Yhtiöt establishes Tenel Oy, a manufacturer of concrete elements.
There are approximately 11,000 apartments.
2024
Avain Yhtiöt has, after the demerger, 3,124 apartments; more than 8,500 right-of-occupancy apartments left the Avain Yhtiöt group due to the demerger.
Record-high number of plot and building right purchases.
2026
Avain's largest-ever area development project, Annefred, for 2,000 residents in the heart of the developing Aviapolis district.
New office in Pasila.
The fair value of investment properties will exceed EUR 1 billion.
Avain Yhtiöt
VSME sustainability report 2025
VSME is the EU's voluntary sustainability reporting standard for non-listed SMEs.
An overview of 2025
This is Avain Yhtiöt's first-ever sustainability report. There were changes in reporting requirements during the preparation of the sustainability report, which affected the process to a significant degree. In autumn 2024, we started to prepare for reporting in accordance with the EU's Corporate Sustainability Reporting Directive (CSRD) by conducting a materiality analysis of sustainability topics (p. 42) and emissions calculations in accordance with the GHG Protocol (p. 49). When the legal reporting obligations changed following the introduction of the Omnibus package, we chose the voluntary VSME standard as the framework for our sustainability reporting, as it effectively serves the needs of our stakeholders.
Although the EU's regulatory priorities may shift in the short term, the long-term trajectory clearly shows growing interest and expectations regarding corporate sustainability and transparency. The expectations are evident in discussions with customers, financing providers and partners, as well as in Finnish legislation, of which the new Construction Act is a good example. The changes in regulation have also returned the focus of sustainability efforts to what is important and what creates added value for the company's own business activities and stakeholders.
Avain Yhtiöt has made long-term efforts, with good results, to improve the sustainability of operations. These developments are particularly reflected in the energy efficiency and water consumption of the property portfolio. In addition to these more conventional metrics, our report now includes, for the first time, comprehensive information on greenhouse gas emissions, materials and resources, as well as several social responsibility metrics. In addition to the VSME disclosure requirements, we present a materiality analysis of sustainability topics, which will serve as the basis for our sustainability programme moving forward.
With this sustainability report, we want to provide a comprehensive and understandable overview of the sustainability of Avain Yhtiöt’s operations and future prospects related to sustainability themes. We also hope for open dialogue and feedback on our sustainability efforts so that we can develop our reporting to serve our audience even better.
Contents — VSME index
Social responsibility
Own
(C5 & C9)
Governance
Convictions and fines for corruption and bribery (B11)
Avain Yhtiöt had no convictions or fines during the reporting year
Contents of the report and basis for preparation
Basis for preparation (B1)
This sustainability report has been prepared in accordance with the European VSME standard (Voluntary Sustainability Reporting Standard for nonlisted SMEs). The report includes the broader Basic+Comprehensive content of the VSME standard. The report also includes additional information that is not within the scope of the standard but is of material significance with regard to Avain Yhtiöt's sustainability efforts, such as the materiality analysis process for sustainability topics and a description of the company's key stakeholders.
Avain Yhtiöt is a Finnish housing company that specialises in the production, building and new construction of apartments and housing services. Avain Yhtiöt owns nearly 3,700 rental apartments and assisted living homes across Finland. Every year, we build around 1,000 new apartments in key growth areas in Finland. The Avain Yhtiöt Group includes the construction company Tencon Oy and the precast concrete producer Tenel Oy. A more detailed description of the Group’s structure and businesses is provided on page 7 of the annual report.
The content of this report has not been subject to third-party assurance. The content and presentation have been discussed and approved by Avain Yhtiöt’s Management Team and Board. The financial indicators in the report are based on the report of the Board and the financial statements, which have been verified by the audit firm KPMG.
Lahti
Kouvola Helsinki
Avain Yhtiöt’s rental properties, assisted living facilities and parking facilities
Name City Street address
Kiinteistö Oy Asikkalan Anianpellon palvelukoti
As Oy Espoon Henttaan Puistokatu 4 A-B
As Oy Espoon Henttaan Puistokatu 4 C-D
Kiinteistö Oy Henttaan Pysäköinti
Kiinteistö Oy Puustellinmetsän Pysäköinti
As Oy Helsingin Asemalaituri
As Oy Helsingin Jakomäenpolku 8
As Oy Helsingin Kiskomestari
As Oy Helsingin Kuninkaantammi
As Oy Helsingin Kuninkaantuuli
As Oy Helsingin Mellunmäki 3
As Oy Helsingin Ounasvaarantie 4 A-B
As Oy Helsingin Ounasvaarantie 4 C
As Oy Helsingin Pallaksentie 7
As Oy Helsingin Uimari
Asikkala Rusthollintie 3
Espoo Henttaan puistokatu 4 A-B
Espoo Henttaan puistokatu 4 C-D
Espoo Henttaan Puistokatu 4 pysäköinti
Espoo Puistometsäntie 2
Helsinki Veturitie 24
Helsinki Jakomäenpolku 8
Helsinki Laskumäki 1
Helsinki Taidemaalarinkatu 12 A ja B
Helsinki Taidemaalarinkatu 12 C ja D
Helsinki Korvatunturintie 6
Helsinki Ounasvaarantie 4 A-B
Helsinki Ounasvaarantie 4 C
Helsinki Pallaksentie 7
Helsinki Uimarannantie 8
Name
Kiinteistö Oy Helsingin Rataniitty
Kiinteistö Oy Helsingin Risteysasema
Kiinteistö Oy Helsingin Veturilaakso
City
Helsinki Pasilankatu 17 A
Helsinki Höyrykatu 5
Helsinki Pasilankatu 17 B-C
Kiinteistö Oy Helsingin Uimarannantien palvelukoti Helsinki Rasinkuja 4
Kiinteistö Oy Hämeenlinnan Teerentien Palvelukoti Hämeenlinna Teerentie 3 B
Kiinteistö Oy Janakkalan Palvelukoti
Janakkala Pelipihanpolku 1
Kiinteistö Oy Joensuun Niinivaaran Palvelukoti Joensuu Nepenmäenkatu 15
Kiinteistö Oy Lieksan Metsotien hoivakoti
As Oy Jyväskylän Muurimaakari
As Oy Jyväskylän Pesäpuu
As Oy Jyväskylän Savukivi
Joensuu Metsotie 3
Jyväskylä Saarijärventie 46
Jyväskylä Haukankaari 5 D
Jyväskylä Lusikkakatu 4
As Oy Järvenpään Alhotie 19 Järvenpää Alhotie 19
As Oy Kangasalan Vella Kangasala Paljetie 7
As Oy Kirkkonummen Ukonhatunkuja 3 Kirkkonummi Ukonhatunkuja 3
As Oy Kirkkonummen Ukonhatunkuja 5 Kirkkonummi Ukonhatunkuja 5
Kiinteistö Oy Kouvolan Tasankotien Palvelukoti Kouvola Tasankotie 16
As Oy Kuopion Kuikkalampi Kuopio Kuikkakuja 1
As Oy Lahden Delta Lahti Kyösti Kallion katu 9 C
As Oy Lahden Lähteenvälke Lahti Mustamäenkatu 8 and 10
As Oy Lahden Mustamäenkatu 4 Lahti Mustamäenkatu 4
As Oy Lahden Myrttikatu
Kiinteistö Oy Lahden Launeen Palvelukoti
Lahti Myrttikatu 2
Lahti Launeenkatu 76
Lappajärven Joelinkoti Lappajärvi Joelinkuja 2-4
Lappajärven Lintukoti Lappajärvi Vanhalantie 10 A
Kiinteistö Oy Liperin Konttilansalmen Hoivakoti Liperi Penttiläntie 4 C
Kiinteistö Oy Loviisan Maarlahden Palvelukoti Loviisa Maaherrankuja 5
Hoivakoti Hannala (Toivola) Muurame Lundintie 1
Hoivakoti Paatela Muurame Parantolantie 21
Lundintie hoivakoti (Rantala) Muurame Lundintie 3
As Oy Nokian Tokeenkadun Polka
As Oy Nokian Tokeenkadun Sonata
As Oy Nurmijärven Tilkanpolku 2
Nokia Tokeenkatu 1 A
Nokia Tokeenkatu 1 B
Nurmijärvi Tilkanpolku 2
Kiinteistö Oy Oulun Höyrymyllyntien palvelukoti Oulu Höyrymyllyntie 5
As Oy Pirkkalan Apilaniitty Pirkkala Puotikuja 5
Name
As Oy Porvoon Kajastus
As Oy Porvoon Sarastus
City Street address
Porvoo Rajakallionrinne 3
Porvoo Rajakallionrinne 1
Kiinteistö Oy Riihimäen Peltosaaren palvelukoti Riihimäki Väinö Sinisalon katu 7
Kiinteistö Oy Rauman Pyynpään Palvelukoti Rauma Sorkantie 23
As Oy Sipoon Jokipolku
As Oy Sipoon Kalliomäenkaari 7-9
As Oy Sipoon Manteli
As Oy Sipoon Niitty
As Oy Sipoon Puro
As Oy Sipoon Solina
Sipoo Uudensillantie 26 E
Sipoo Kalliomäenkaari 7-9
Sipoo Graniittitie 13 B
Sipoo Graniittitie 13 A
Sipoo Uudensillantie 26 B
Sipoo Uudensillantie 26 A
Kiinteistö Oy Seinäjoen Nurmon Palvelukoti Seinäjoki Tepontie 6
Kiinteistö Oy Sysmän Rankoon palvelukoti Sysmä Kaislatie 1
As Oy Tampereen Heittoniitynkuja 6 A-B Tampere Heittoniitynkuja 6 A-B
As Oy Tampereen Mäntyrinne
As Oy Tampereen Vuoreksen Kotiranta
Tampere Kohmankaari 9 B
Tampere Koipitaipaleenkatu 12 A
Kiinteistö Oy Tampereen Tesoman palvelukoti Tampere Kohmankaari 9 D
As Oy Turun Hovineidonkatu 7
As Oy Tuusulan Agassit
Turku Hovineidonkatu 7
Tuusula Rykmentin puistotie 11 D
As Oy Tuusulan Jägsteri Tuusula Rykmentin puistotie 11 C
As Oy Tuusulan Kesseli Tuusula Rykmentin puistotie 11
As Oy Tuusulan Kipinä Tuusula Rykmentintie 8 B
As Oy Tuusulan Sara Tuusula Rykmentin puistotie 34 A
As Oy Tuusulan Suutarintie 5
As Oy Tuusulan Suutarintie 7
Tuusula Suutarintie 5
Tuusula Suutarintie 7
As Oy Tuusulan Torni Tuusula Rykmentintie 8 A
As Oy Tuusulan Verso
Tuusula Rykmentin puistotie 36 A-B
As Oy Vantaan Graniitti Vantaa Zirkonipolku 2 A
As Oy Vantaan Hopeaniitty Vantaa Martinpolku 2 C
As Oy Vantaan Kultalaakso Vantaa Martinpolku 2 A
As Oy Vantaan Marmori Vantaa Zirkonipolku 2 F
As Oy Vantaan Ruusukvartsi Vantaa Jaspiskuja 8
As Oy Vantaan Sintteri Vantaa Zirkonipolku 2 B
Kiinteistö Oy Vantaan Kivistön Palvelukoti Vantaa Jaspiskuja 12
Kiinteistö Oy Vihdin Palvelukoti Vihti Haapaniementaival 2
Rental apartments under construction (as of 31 December 2025)
Name City Street address
As Oy Espoon Lintukorpi 9
As Oy Espoon Lintukorpi 11
As Oy Espoon Viilivati 5
As Oy Helsingin Kilparatsastaja
As Oy Helsingin Kuninkaantammenkierto 16a
As Oy Helsingin Pallaksentie 7
As Oy Helsingin Radioportti 2 CD
As Oy Helsingin Sibeliuksenkatu 10
As Oy Helsingin Tuohimaa
As Oy Helsingin Tulistimenkatu 7 A
As Oy Helsingin Tulistimenkatu 7 B
As Oy Helsingin Töölönkatu 10
As Oy Jyväskylän Paperitehtaankatu 15
Espoo Palokärjenkuja 9
Espoo Palokärjenkuja 11
Espoo Viilivati 5
Helsinki Radiokatu 20b
Helsinki Kuninkaantammenkierto 16a
Helsinki Pallaksentie 7
Helsinki Radioportti 2 CD
Helsinki Sibeliuksenkatu 10
Helsinki Ounasvaarantie 12
Helsinki Tulistimenkatu 7 A
Helsinki Tulistimenkatu 7 B
Helsinki Töölönkatu 10
Jyväskylä Paperitehtaankatu 15
As Oy Jyväskylän Kangasrinteen Yövilkka Jyväskylä Huhta 5 B
As Oy Järvenpään Lepolanväylä
Järvenpää Väärävarsi 6
As Oy Kangasalan Katriina Kangasala Tarpilankuja 3
As Oy Nurmijärven Luhtajoentie 6 Nurmijärvi Luhtajoentie 6
As Oy Oulun Uljas Oulu Kunniamarssi 4
As Oy Porvoon Dynamo Porvoo Kallenlinnankatu 3
As Oy Porvoon Kultalistankatu 7
As Oy Sipoon Kalliomäenkaari 7-9
As Oy Tampereen Suonsivunkatu 22
As Oy Tampereen Tehdaskartanonkatu 42
Porvoo Taidetehtaankatu 3 B
Sipoo Kalliomäenkaari 7-9
Tampere Nauhatehtaanraitti 13
Tampre Tehdaskartanonkatu 42
As Oy Tampereen Vuoreksen Isokuusenkatu 26 C Tampere Isokuusenkatu 26 C
As Oy Tampereen Vuoreksen Puistokatu 55 B Tampere Puistokatu 55 B
As Oy Turun Amori Turku Ruissalontie 12b
As Oy Tuusulan Verso Tuusula Rykmentin Puistotie 36 A-B
Developer-driven housing projects under construction (as of 31 December 2025)
Name City Street address
As Oy Helsingin Turkoosikulma Helsinki Turkoosikuja 3 B
As Oy Sipoon Kalliomäenkaari 3
Sipoo Kalliomäenkaari 3
As Oy Tuusulan Tsinnia Tuusula Puustellinraitti 3
Policies, actions and targets (B2)
The sustainability of Avain Yhtiöt’s operations is managed by means of various topic-specific policies. The policies are listed by topic in the table below. More information on the policies concerning climate change, water use, the circular economy and personnel-related matters is provided in the sections on each theme. Two of the topics (pollution and affected communities) have been omitted on the basis of the materiality analysis (p. 42).
Does the undertaking have policies related to the topic? Are they publicly available? Do the policies have any targets?
Strategy: Business model and sustainability (C1)
Avain Yhtiöt’s strategy and business model are described on pages 4–5 and 10–11 of the annual report. In the company’s strategy, new construction plays a key role with regard to climate change and the use of resources and materials.
Description of practices, policies and future initiatives for transitioning towards a more sustainable economy (C2)
The following table briefly describes Avain Yhtiöt's policies for the development of different sustainability topics. Some of the policies are described in more detail later in this report.
Description of policies
Climate change Avain Yhtiöt’s climate efforts are described in more detail in section C3 (p. 51).
Water and marine resources Principles for reducing water consumption are described in section B6 (p. 52).
Circular economy
Circular economy principles are described in section B7 (p. 53).
Own workforce Plans for personnel development and ensuring employee well-being are documented in the HR guide and legally required HR plans. Principles related to employee health and safety are described in section B9 of this report (p. 60).
Workers in the value chain
Consumers and end-users
Business conduct
The rights of value chain workers are safeguarded by means of a Supplier Code of Conduct that is incorporated into agreements with contractual partners.
Work in the customer interface is guided by internal work instructions.
The company has an internal Code of Conduct in place.
Description of targets
The targets are described in section C3 of this report (p. 51).
Targets are described in section B7 (p. 53).
Targets are described in workplace community development plans and the equality and non-discrimination plan (internal company documents).
Customer satisfaction NPS targets have been established for different functions.
Every employee has been familiarised with the Code of Conduct and adheres to it. Zero incidents of corruption and misconduct.
Materiality analysis
In our sustainability efforts, we want to genuinely focus on the topics and themes that we can influence and that have significant impacts on our surrounding society and nature. To this end, we prepared a materiality analysis in which we, together with our stakeholders, identified the key themes for our sustainability efforts. The analysis was prepared in accordance with the principle of double materiality prescribed by the EU's Corporate Sustainability Reporting Directive (CSRD). This means that the analysis examines both the impacts of Avain Yhtiöt's business activities on the environment and society across the value chain, and the risks and opportunities that the operating environment poses to the company.
The material themes are described in the matrix below. The impact of the theme on the surrounding society and nature is assessed on the horizontal axis, and the financial effect of the theme on Avain Yhtiöt’s business activities is assessed on the vertical axis. The double materiality analysis was prepared in autumn 2024, and it will be regularly reviewed and updated as necessary in connection with significant changes in business activities or the operating environment.
Materiality analysis of Avain Yhtiöt Oy’s sustainability topics
"We have prepared a materiality analysis in which we, together with our stakeholders, identified the most important and material themes on which we focus our sustainability efforts."
Stakeholders
Identifying and engaging key stakeholders is one of the starting points of our sustainability efforts. We engage in continuous dialogue with our stakeholders to increase transparency and build a stronger shared understanding of the impacts and development of our operations. In connection with the materiality analysis of sustainability topics, we conducted a comprehensive stakeholder interview that provided a strong foundation for establishing priorities for our operations. Avain Yhtiöt's key stakeholders and channels of engagement, and a summary of different stakeholders' expectations towards the company, are described below.
Stakeholder Channels of engagement
Residents
Employees
Owners
• interaction in the customer interface
• customer magazine
• electronic communications
• internal communications
• day-to-day interactions at work
• meetings
• continuous dialogue
• personnel surveys
• the Board's activities
• continuous dialogue
Financing providers
Cooperation partners
Public authorities
• regular meetings
• contract negotiations
• operational collaboration
• online communications
• contract negotiations
• regular meetings and negotiations
Expectations towards Avain
• healthy and safe living
• stable and predictable housing costs
• smooth service
• working conditions and workplace safety
• wages
• well-being at work
• professional development
• stable, growing and profitable business
• sustainability in all activities
• risk management
• reliable, sustainable and stable business
• reliability and transparency in the business relationship
• long-term and productive cooperation
• legal compliance
• transparency
• reliability of operations
"We engage in continuous dialogue with our stakeholders to increase transparency and build a stronger mutual understanding of the impacts and development of our operations."
Environmental responsibility
Activities in the real estate and construction sector have significant and long-term impacts on the environment and climate. Buildings account for a large proportion of energy consumption in society, and construction and property maintenance account for as much as half of global raw material consumption. For this reason, we in the real estate and construction sector have a particularly significant responsibility to find more sustainable solutions.
At Avain Yhtiöt, environmental responsibility is not a separate theme. Rather, it is an integral part of decision-making throughout the value chain, from land acquisition and planning to construction and property maintenance. We have identified the key climate and environmental impacts of our activities, and we focus particularly on the areas where we can have a genuine impact: energy efficiency, emission reduction, sensible use of resources, and low-carbon construction solutions.
Our aim is to minimise the adverse environmental impacts of our activities while simultaneously increasing our positive impacts by constructing buildings that are energy-efficient, long-lasting and retain their value in use. On the following pages, we present our key environmental responsibility metrics, as well as the targets and concrete measures that will take us towards lower-carbon and more sustainable housing.
Energy and emissions (B3)
Significant amounts of energy are consumed annually in the maintenance and construction of properties and the production of related materials. We closely monitor the energy consumption of our activities by means of advanced systems, and we continuously and systematically improve the energy efficiency of our property portfolio.
GHG emissions - Scope 1-3
Avain Yhtiöt has carried out comprehensive emissions calculations in accordance with the GHG Protocol since 2024. The calculation for the first year was carried out in cooperation with an expert team from Granlund Oy. In connection with this, a calculation template was prepared as a tool for emissions accounting in subsequent years. The calculations concerning 2025 have been carried out by the company’s own experts.
The calculation of emissions is based on the identification of material sources of emissions in Avain Yhtiöt's operations and processes. Following the materiality assessment and the setting of calculation boundaries, the availability of input data for key emission sources was determined, and efforts were made to use primary data whenever possible. As primary data is unavailable for some of the Scope 3 emission categories, the calculation is carried out on the basis of consumption-based emission factors. The emission calculations for 2025 have not been subject to third-party assurance.
The emission calculation is presented in the table below, divided into Scope 1, 2 and 3 categories in accordance with the Greenhouse Gas Protocol. The largest sources of emissions in Avain Yhtiöt’s operations are purchased energy needed for the use of properties (Scope 2) and materials-related emissions caused by the construction of new buildings (Scope 3).
Scope 1, 2 and 3 emissions
Emission intensity (tCO2eq/M€)
GHG emissions
Scope 1: 2%
Includes emissions from vehicles used by Avain Yhtiöt’s personnel for work-related driving. Emissions are calculated on the basis of the number of kilometres driven.
Scope 2: 0%
Includes emissions arising from the use of energy purchased for properties (electricity and heating energy). The emissions are at zero from 2025 onwards, as electricity and district heat have been purchased with guarantees of origin.
Scope 3: 98%
Includes all other emissions in the value chain. Some are calculated using euro-based general emission factors (e.g. property services), and some are calculated at a more precise level according to actual consumption (e.g. materials-based emissions of new construction). These emission categories represent the greatest emission reduction potential for Avain Yhtiöt.
Scope 2 and Scope 3 breakdown (tCO2eq)
Emission reduction targets and climate roadmap (C3)
Our climate targets have been set on the basis of the material and most significant sources of GHG emissions identified in our emissions calculations in 2025. The targets and outcomes are reviewed annually and updated as necessary.
1. Emissions from purchased energy (Scope 2): 0.
2. Reducing project-specific emissions from new construction (Scope 3) by 30% by 2030 (16.0 -> 11.2 kgCO2eq/m2/a).
3. Developing emissions calculations together with the partner network.
4. Implementing the targets at the business and process levels.
No reduction target has been set for total emissions, as the amount of emissions varies significantly from one year to the next depending on the volume of new construction.
The key means of achieving the emission reduction targets are described in the table below.
Numerical emission target
Emissions from purchased energy: 0
Reducing emissions from new construction by 30%
Key means of achieving the target
• acquiring guarantees of origin for electricity and district heating
• increasing the use of low-carbon concrete
• reducing site emissions
• increasing the use of wood
• optimising material efficiency
Biodiversity (B5)
Biodiversity has been identified as a material sustainability topic in Avain Yhtiöt’s own operations and particularly in the construction value chain. The natural resources required for the production of building materials create a burden on the environment and cause adverse impacts on biodiversity. New construction also has an impact on biodiversity in the completed urban environment.
Avain Yhtiöt does not, for the time being, have an action plan or targets for promoting biodiversity or minimising adverse impacts. We actively monitor industry practices and development, and will implement business-compatible best practices on an accelerated timeline.
Water consumption (B6)
The majority of Avain Yhtiöt’s water consumption consists of water consumed by the residents and other users of the properties. Water used on construction sites and in the production of precast concrete has a lower impact on total consumption.
We aim to reduce water consumption through concrete measures. Key measures to save water include technical solutions, such as apartmentspecific water metering, systematic monitoring of consumption and taking action to address deviations, as well as active communication with residents and encouraging good water consumption habits.
Resource use, circular economy and waste (B7)
We recognise that operations in the real estate and construction sector are highly material-intensive. Significant quantities of materials are used in new construction and property maintenance, and residential communities generate large amounts of household waste each year. We have established circular economy principles for different functions. The principles and new practices aligned with the circular economy are reviewed annually.
Information on household waste is collected annually from the waste management partners of the properties. The weight data for different waste fractions is estimated on the basis of the collection frequency of waste containers.
Construction materials
The table shows estimates of key materials and waste streams for new construction projects completed during the reporting year. The calculation has been carried out by establishing type coefficients for key construction materials based on three built projects. The coefficients will be updated annually as more accurate calculations are carried on completed projects.
Materials used in precast concrete production
The significant material inflows in precast concrete production consist of ready-mixed concrete and steel. Water and formwork materials are also used in production. In Tenel Oy's precast concrete production, material waste is minimised by reusing formwork and using long-life aluminium formwork. A wastewater treatment and recycling system has been implemented at the plant. The wash water is treated at the plant and reused.
Household waste (t)
The table shows the household waste generated during the year by residents and users of properties owned by Avain Yhtiöt. The calculation is based on reports of estimated waste volumes prepared by regional waste management companies.
Avain Yhtiöt - waste sorting (2025)
Avain Yhtiöt’s circular economy principles
Avain Yhtiöt promotes the circular economy in construction and property maintenance through proven and cost-effective practices. Significant material flows include materials used in new construction, materials used in repair and maintenance activities, waste generated from these operations, and household waste.
Construction and property maintenance
Waste generated at new construction sites is sorted and recycled in accordance with the applicable legislation, building permit and municipal waste management regulations.
In renovation projects, the aim is to direct household appliances that are in good condition to reuse in cooperation with residents or a circular economy partner.
Treatment and recycling of household waste
The amounts of household waste generated by residents are monitored at the annual level on the basis of data received from waste management companies. Residents are provided with encouragement and instruction regarding the sorting of waste through regular resident communications and campaigns.
Property managers monitor the level of waste sorting and optimise the emptying intervals of waste containers. Property maintenance companies look after the cleanliness and tidiness of waste collection points, waste containers and their surroundings, and monitor the condition of the waste containers.
Social responsibility
Housing is a basic human need and a key cornerstone of well-being. Avain Yhtiöt owns and builds homes for thousands of people across Finland — homes that must be healthy, safe and functional in all life situations. Smooth everyday life for residents, easy access to services and trust in the predictability of housing are at the core of our social responsibility. Housing construction also has broader significance in society. By building diverse, well-planned and comfortable living environments, we strengthen local vitality and prevent segregation. New construction creates the foundation for safe daily life, supports the controlled growth of urbanisation and promotes the sustainability of society as a whole.
Social responsibility also extends to the company’s internal operations and the entire value chain in a broad sense. Highly competent and motivated personnel are Avain Yhtiöt's most important asset. We invest in well-being at work, a safe working environment, competence development and long-term employment relationships. Occupational safety is especially important in the construction industry, and we take an uncompromising approach to it both in our own operations and on our construction sites. As is typical in the construction industry, the gender distribution of Avain Yhtiöt’s personnel is male-dominated.
In addition to our own personnel, the employees of the companies in our partner network also play a key role in the success of our operations. We have identified the position of value chain workers as a material sustainability topic, and we require transparency, responsibility and good working conditions in our own operations and from our partners. We continuously develop practices to ensure the realisation of social responsibility even more effectively throughout the value chain. Avain Yhtiöt donates a significant amount to charity each year. In 2025, Avain Yhtiöt’s total donation amount of EUR 30,000 was divided between three charities. Cancer Foundation Finland, Save the Children Finland and UNICEF Finland each received a donation of EUR 10,000.
Key figures related to Avain Yhtiöt’s personnel
Total number of employees
Own workforce, general characteristics (B8)
The general characteristics of Avain Yhtiöt's employees are presented in the tables below.
Additional workforce characteristics (C5)
The additional information describes the gender distribution of supervisors in the Avain Yhtiöt organisation and the company’s Management Team.
Gender distribution of the Board (C9)
Own workforce, health and safety (B9)
Employee health and safety are key principles for Avain Yhtiöt. Safety management is based on proactive risk management, transparent reporting, continuous monitoring and the development of operations. Preventing accidents and strengthening the safety culture are part of the day-to-day activities of all units.
Accident monitoring
The number of accidents is monitored separately in the office environment, on construction sites, and in the Tencon and Tenel units. Every incident and near miss is documented, analysed and processed appropriately. The information is reviewed regularly at the unit and Group levels, which enables the identification of safety-related trends and the implementation of targeted improvement measures.
In office work, the focus is on work ergonomics, process safety and employee well-being. The key measures are:
• Occupational safety and health committee activities: The committee looks after the safety of working conditions on a continuous basis, processes observations from the personnel and promotes a safety culture throughout the organisation.
• Regular risk assessments in collaboration with the occupational health care provider: The working environment and work ergonomics are regularly assessed, and the identified risks are discussed with both the occupational safety and health function and supervisors.
Tencon Oy (construction contracting)
At Tencon’s construction sites, safety is based on active monitoring, clear work planning and effective reporting:
• occupational safety issues addressed in the site induction
• daily safety monitoring
• weekly TR measurement (Finnish construction safety metric) and immediate remedy of any observed deficiencies
• discussing accidents and near-miss incidents in regular meetings
Tenel Oy (precast concrete production)
In Tenel’s operations, safety is based on the comprehensive combination of occupational health, risk management and detection systems.
Occupational
health and risk assessment
• workplace surveys conducted by the occupational health care provider
• regular risk assessments
• pre-employment examinations (assessment of physical limitations)
• health examinations (monitoring changes in health status)
Induction and working methods
• Workstation-specific instructions and ensuring the correct tools are used
• ergonomic tools and equipment that make work easier
• workload management
• daily employee meetings to review observations
• continuous training and strengthening risk awareness
Observations,
audits and reporting
• The Kiwa Impact system for safety, cleanliness and quality observations and audits.
• Observations can be reported via an application or QR code.
• QR code signs on the plant premises make reporting observations as easy and effortless as possible.
• The responsible persons process the observations on a weekly basis.
• The number and severity of observations are monitored in a separate Excel table.
• regular internal audits (safety, quality, maintenance)
• external audits (Regional State Administrative Agency, Kiwa)
• clear responsibilities and an easy-to-use channel for reporting deficiencies
• an incentive system is under development to increase safety observations
Operating model in the event of accidents
• acute treatment takes place immediately
• a report is made to the immediate supervisor
• the incident is documented, analysed and processed to identify the root causes and prevent similar incidents
Policies and targets
Avain Yhtiöt promotes a safe and healthy work environment in all of its units. The company’s targets include:
• zero accident target
• clear definition of safety-related responsibilities
• an open and encouraging safety culture
• strong management commitment to safety development
• systematic measurement, analysis and continuous improvement.
Avain Yhtiöt develops safety practices in cooperation with the personnel, occupational health care provider and external parties to ensure risk-free and healthy working conditions in all operations.
Reporting hazardous incidents and near misses
Incidents are documented in the internal reporting system, after which the necessary corrective actions are taken.
Accidents and sickness absences
One work-related accident occurred in the operations of Avain Yhtiöt during the reporting year. The lost time injury frequency rate (LTIFR) during the year was 1.1. The LTIFR indicates how many work-related accidents have occurred per million hours worked.
There were no fatalities caused by work-related injuries or ill health during the reporting year.
At Avain Yhtiöt, safety management is based on proactive risk management, transparent reporting and continuous improvement.
Own workforce – remuneration and training (B10)
All employees of Avain Yhtiöt are paid wages that correspond to, at least, the minimum specified by the applicable collective agreement.
The starting points of Avain Yhtiöt's personnel policy are fair remuneration, competence development and supporting the personnel's long-term work ability. Remuneration and training practices support the company’s strategic targets and ensure a competent and motivated workforce in all functions.
Principles of remuneration
In remuneration, Avain Yhtiöt complies with the applicable collective agreements, legislation and general industry practices. 100% of Avain Yhtiöt’s personnel are covered by collective agreements.
Remuneration is based on the employee's job complexity, competence and training, and the responsibility required. Work experience and performance are also taken into account.
Employee training is carried out in the following ways, for example:
• Induction: New employees are provided with comprehensive induction training that covers their work tasks, safety and operating practices.
• Development of professional competence: The competence required for the tasks is maintained and developed through internal and external training.
• Legally required training and training related to specific qualifications: For example, occupational safety, first aid, hot work and other industry-specific qualifications.
• Supervisor and leadership training: Supervisors are offered training in personnel management, well-being at work and responsible leadership.
• Digital training solutions: The employees have access to the Chamber of Commerce’s KoulutusOnline platform, which enables the development of competence regardless of time and place.
• Training related to the development of operations: Training related to new systems and operating models is carried out in connection with their deployment.
An annual target level has been set for training: at least two training days (> 15 hours) per person per year on average.
Employees record the actual training hours in the HR system.
Additional information related to own workforce – human rights practices and related processes (C6)
Avain Yhtiöt has a Code of Conduct in place. It applies to both the company's own personnel and the employees of its contractual partners when the Code of Conduct is incorporated into the agreement.
Avain Yhtiöt has a whistleblowing channel in place for both its own personnel and, on an open basis, for all value chain workers.
Severe negative human rights incidents (C7)
During the reporting year, Avain Yhtiöt did not observe any confirmed negative incidents within its own workforce related to child labour, forced labour, human trafficking, discrimination or other themes. Avain Yhtiöt is also not aware of any confirmed negative incidents during the reporting year related to value chain workers, affected communities, or consumers and end-users.
VSME Voluntary additional information concerning customers
and end-users
Avain Yhtiöt offers homes to thousands of residents in different life stages and situations across Finland. The health and safety of residents and the comfort of homes are key values for us. We also build and maintain many assisted living facilities where specialised service providers offer dignified housing services for the elderly.
We recognise our role and responsibility with regard to sustainable urban development. We prevent segregation, for example, through joint projects in which a diverse mix of housing types is implemented on a large-scale development site.
Information on residents 31 December 2025
It is important to us that our residents feel comfortable in their homes. That is why we actively collect feedback and use it to develop our operations. We focus on providing personalised service to our customers and collect information on customer satisfaction related to various service events by means of Net Promoter Score (NPS) surveys.
Governance
Good and reliable corporate governance is the foundation of Avain Yhtiöt’s operations. We operate in a long-term and responsible manner, and we require honesty and high ethical standards from our own personnel as well as our partners. Our ethical principles are clearly defined and they apply to everything we do, from day-to-day decision-making to contractual practices.
Our Code of Conduct is incorporated into our agreements. We also monitor the number and processing of reports and potential misconduct as part of the development of our corporate governance. The company’s reliability is based on transparency, risk management and regulatory compliance.
Financial stability is an important part of governance. Avain Yhtiöt is a long-term and reliable operator for apartment buyers, residents, financing providers and other stakeholders. Stable finances create the conditions for responsible investments, high-quality construction and maintaining trust even in changing market conditions.
Convictions and fines for corruption and bribery (B11)
The numbers of confirmed incidents of misconduct and reports received via the whistleblowing channel during the reporting year are shown in the table below. During the reporting year, Avain Yhtiöt was not the subject of any convictions, nor did the company pay any fines for corruption or bribery.
The company also did not have any pending incidents or investigations related to corruption or bribery on the reporting date.
Avain Yhtiöt is a Finnish provider of housing services. We have close to 3,700 rental apartments and assisted living homes.
Every year, we build around 1,000 apartments in key growth areas in Finland. We offer affordable housing for urban residents who value quality and ecology. We believe that comfortable homes create happy residents.
Helsinki | Jyväskylä | Kouvola | Lahti | Tampere
The Group's head office: Lautatarhankatu 8 B, 00580 Helsinki
Tel: +358 20 7624 700 | avainasunnot.fi