2025 was a challenging year for Norway’s export industry. Geopolitical instability, proposed tariff measures and increasingly unpredictable trade policy conditions created significant uncertainty for international trade. For Eksfin, this meant continuously assessing how Norwegian exporters would adapt to a more volatile market and whether established trading patterns would change. Overall, however, we observed few structural changes, with the EU and the UK remaining Norway’s most important markets. The need for predictable financing and risk sharing was substantial, and Eksfin’s solutions helped export companies carry out projects and contracts even during a more volatile period.
Norwegian exports excluding oil and gas continued to grow in 2025. According to this year’s Export Report, exports excluding oil and gas increased by around 6 per cent to approximately NOK 1,400 billion, the highest level ever recorded. Growth was primarily driven by increased exports of goods and high activity across several export industries. At the same time, a competitive Norwegian krone helped strengthen the position of Norwegian exporters in international markets. This development illustrates how the Norwegian economy is gradually shifting towards a broader export base.
Despite market turbulence, 2025 was a year of strong activity in the capital markets across several segments, while many projects continued to require risk mitigation. Demand for Eksfin’s guarantees and loans remained high throughout the year, and activity was broadly spread across markets and industries. In 2025, Eksfin issued new guarantees totalling NOK 18 billion and disbursed new loans amounting to NOK 8.3 billion. Eksfin played an important role as a risk mitigator, helping to secure financing where commercial actors could not assume the risk alone.
Eksfin’s operations are intended to be financially self-sustaining over time, with income covering both operating costs and losses. Earnings were strong in 2025, and by year-end the liquidity position remained solid. Adequate liquidity reserves are an important prerequisite for managing periods of heightened uncertainty and market volatility.
At the start of 2025, Eksfin adopted a new strategy. The strategy is based on the needs of Norwegian export industries and continues the organisation’s priority areas, while also reflecting changes in the global operating environment. Fisheries and aquaculture have been established as a strategic focus area. This is driven by a growing supplier market offering new Norwegian technology and solutions that are in demand internationally. The fisheries and aquaculture initiative complements the continued prioritisation of green maritime industries, green industry, offshore wind, and small and medium-sized enterprises.
Eksfin is seeing growing interest in our solutions across both established and emerging export industries. In particular, the defence industry has become increasingly important. This is a development also seen among export credit agencies in other countries and reflects changing security landscape. Eksfin offers relevant solutions for both established companies and suppliers across the value chains, and defence financing is clearly anchored in our strategy.
Eksfin also maintained a high level of activity in offshore wind during 2025, linked to project financing and Norwegian deliveries, including specialised vessels used in the construction and operation of global offshore wind projects. At the same time, we expect offshore wind activity to pick up in 2026, in line with progress across several international projects.
Sustainability and the green transition are integrated into Eksfin’s operations through our ESG framework. As part of the Clean Energy Transition Partnership launched at COP26, Eksfin further developed in 2025 a framework defining which fossil energy projects cannot be financed. A separate framework was also developed for assessing the environmental impacts associated with new aquaculture projects, in collaboration with industry stakeholders.
International visibility and collaboration were prioritised throughout the year. As part of Team Norway, Eksfin participated in key trade fairs, conferences and business delegations in Norway and internationally, with the aim of making Eksfin’s offering widely known and accessible. During the year, Eksfin took part in 180 major industry events and forums in Norway and abroad. In addition, employees held more than 2,000 meetings with companies and banks.
In 2025, Eksfin devoted considerable resources to modernising its IT systems in line with its new IT strategy. This work included both technological upgrades and organisational measures aimed at enabling more efficient work processes, better collaboration and greater system resilience.
In line with the ambition of maintaining a strong regional presence, a decision was also made to establish a new regional office in Bergen, with an expected opening in the first half of 2026.
Finally, I would like to thank Eksfin’s employees. The organisation is characterised by stability and low sickness absence, and the employee survey shows high levels of job satisfaction and strong motivation linked to Eksfin’s public mandate. The professional expertise, commitment and daily effort of our employees are essential to Eksfin’s ability to deliver high quality and safeguard the interests of both exporters and the state.
Tone Lunde Bakker
Chief Executive Officer