The A‑Kruunu company

A-Kruunu Ltd is a special assignment company owned by the State and operating under the guidance of the Ministry of the Environment. The construction of the company's first housing projects began in the summer of 2015. In January 2026 we crossed the 3500 homes mark.

The goal set for A-Kruunu is to build 300 apartments each year. Most of the apartments are to be located in the Helsinki region and the rest in other major growth regions. In selecting the sites for construction, consideration is given to the general demand for rental housing in the residential area and the suitability of the location within the community structure. A-Kruunu also contributes significantly to the implementation of larger area project and the development of high-quality urban housing in its operating areas.

One of the set targets stated that wooden blocks of flats and other low-carbon frame structures should account for 25% of production. The company is a pioneer in developing solutions for residential construction and housing.

A-Kruunu is almost carbon neutral in terms of emissions caused by its own operations, and is also determined to reduce emissions in the value chain.

Good resident selection principles are applied to the selection of residents in order to offer the rental homes to households most in need of affordable rental housing. At the same time, a diverse profile of residents is ensured.

The company operates with a long-term perspective, complies with good practice within the field and operates in accordance with the instructions for state companies’ ownership policy.

Finance

A-Kruunu is the largest developer of Varke rental housing

At A-Kruunu, 2025 is best described by the word “change”. The operating year was marked by hard work, but it was successful by many measures. In recent years, the company has developed the highest number of Varke apartments in Finland. The Annual General Meeting confirmed the financial statements and elected the Board of Directors.

The market situation of rental housing changed dramatically last year, both in terms of the abundance of housing supply and the deterioration of residents’ financial capacity. The A-Kruunu organisation, on the other hand, underwent a major change when the Managing Director, who has successfully managed the company from the beginning, retired.

“The changes challenged our operations but guided our organisation to renew itself in the necessary direction in the changed market situation. We have been able to maintain the utilisation rate of the apartments at an excellent level,” says Tarja Lappalainen-Liipo, temporary MD, and thanks both the staff and the Board of Directors for the success.

“Thanks also go to our partners for their excellent collaboration throughout the year and to the active residents, whose contributions have significantly enhanced the quality of living in our buildings.”

Turku’s first site completed

During the year, 197 apartments were completed. At the end of the year, A-Kruunu had 3,489 finished apartments. The utilisation rate of the apartments is good.

According to the data from the Centre for State-Subsidised Housing Construction, A-Kruunu was the largest developer of housing financed through long-term low-interest loans, in 2020–2025. During that period, the company produced a total of 2,297 apartments for 44 projects.

“A-Kruunu produces high-quality apartments. Our apartments are larger on average than private-market apartments, which makes renting them out more challenging. Additional challenges stem from the income limits for state-subsidised housing, as well as from residents’ growing rent-payment and life-management difficulties. We have launched our own housing counselling to guide residents in both financial and housing counselling matters. By streamlining operations, we have managed to maintain the utilisation rate at a good level,” says Lappalainen-Liipo.

During the financial year, the construction of 190 apartments was launched, including the launch of the company’s first Turku site. At Ensi Parvi 3 and 5, in Vuosaari, Helsinki, the Greenest of the Green project was launched. The project is closely connected to a research-based concept of developing housing aimed at creating a new type of apartment building courtyard.

The company is considered a good employer

During the summer of the year under review, Managing Director Jari Mäkimattila retired. “With the leadership of Mäkimattila, A-Kruunu became a trusted and respected partner and a safe landlord for residents,” praises Lappalainen-Liipo.

The company is considered an attractive employer. Five new employees started working in A-Kruunu during the year. At the end of the year, the search for a new MD was also launched. In January 2026, the company’s Board of Directors appointed Architect Katariina Haigh as the new Managing Director as of 1 May 2026.

The employee satisfaction survey also reflects how content the staff are with working at the company. The average score given to the question measuring satisfaction in the survey was 8.3/10.

Implementation of the Responsibility Programme was assessed

In addition to the annual report, the A-Kruunu Corporate Responsibility Report 2025 was published.

“The year 2025 was meaningful to A-Kruunu in many ways. We concluded our three-year Responsibility Programme period, assessed our achievements honestly and defined the direction for the coming years. At the same time, the operating environment was exceptionally challenging: the construction industry conditions remained weak, and there are no easy or fast solutions to the challenges related to climate change, affordable housing or biodiversity loss,” says Jannica Aalto, a member of the Board of Directors, in the opening words of the report.

The Annual General Meeting confirmed A-Kruunu's financial statements on 24 March 2026, granted a discharge to the Board of Directors and the Managing Director, as well as elected the members for the Board of Directors for the following year. Matti Vatilo will continue as Chair of the Board and Teppo Salmikivi as Vice-Chair, with Jannica Aalto and Mira Haug continuing as Board Members. Juho Korpi and Julia Debbarh were elected as new members. KPMG will continue as the auditor with Mauri Eskelinen as its principal auditor.