Nadia Calviño, president of the European Investment Bank (EIB) Group, presented the 2025 annual results at a press conference in Brussels on 29 January, 2026.
Good morning, and thank you for being here today.
I know it's a very busy day in Brussels with the European Union foreign ministers meeting next door. There's a meeting of the College of Commissioners also today, and later a high-level event under the auspices of the European Commission's Executive Vice-president Ribera.
And important discussions and decisions will be taken in those meetings, in those events, about the situation of Ukraine, the Middle East, the European Union single market, economic competitiveness, the green transition. So in between, the presentation of our activity report fits very well to illustrate the role of the European Investment Bank (EIB) Group in powering Europe as the reshaping of the global order enters a new phase.
There is widespread agreement in the different institutions and in the member states and expert report about what Europe needs to do, what we need to do together:
- deepened integration from energy networks to capital markets,
- large-scale investment, especially in the areas of new technologies, critical infrastructure, defence,
- simplification, making the EU more efficient, more agile,
- and win-win partnerships and strong alliances around the world.
Work is picking up in all these areas, minds are focused, things are moving, and the EIB Group is playing its role as financing arm of the EU and also one of the largest multilateral development institutions in the world.
2025 was a truly historic year for the EIB Group. With a record 100 billion euros in new financing, a very large volume that will be maintained in 2026, record financing in key areas such as energy grids, water, housing, technological innovation, strengthening Europe's economic leadership, strategic autonomy and security, and a step change in the area of security and defence, with financing volumes multiplied by four, and a broader scope of flagship projects powering Europe's capabilities.
Now, before we go into the detailed numbers, let me first thank our shareholders, the 27 member states, the 27 governments of the European Union for putting their trust and supporting us. 27 countries, one vision, as shown by the unanimous endorsement of the EIB Group's strategic roadmap, the Climate Bank roadmap, the EIB Global Strategy, these two strategies we adopted in 2025 unanimously. The 27 member states have given us a clear compass to determine what are our strategic priorities. They also were unanimous in 2025 in increasing the EIB Group's financial headroom, paving the way for increased investment volumes going forward.
And all of this shows that unity is our strength and the EIB Group with a AAA rating, a 600-billion balance sheet, robust profitability and capital position is a cornerstone of the European project. Pan-European by design, as you well know, with projects and presence in every corner of our Union and in 160 countries around the world, and with a diversified portfolio that enables large-scale investments, risky innovative projects, financing for SMEs and the mobilisation of private equity.
So, at the end of the day, the EIB Group is a key engine in building a stronger Europe in a safer world. I would also like to take one minute to thank our leadership team, the Vice Presidents that are here, my colleagues at the Management Committee, the Directors Generals and other senior managers of the organization, and every EIB Group staff for going the extra mile in 2025 for making these results possible. Of course, financial results are still awaiting the approval of the account, so I will not be covering all the financial elements of the results of 2025. But let me walk you through some of the highlights, and then I'm happy to take your questions.
Almost 60% of total financing went to green projects, Group financing. And this is not only the right thing to do for our planet, but also the smart thing to do to boost growth and competitiveness, because this is about bringing clean and cheaper energy to businesses and households, and reducing Europe's dependence on fossil fuel producers.
Equally important, our financing supports industries and technologies where Europe is a global leader.
Because political rhetoric may shift, but the business case is clear. An energy revolution is in full swing. And Europe can build on its strengths as a manufacturing powerhouse to retain technological leadership in the areas of the future.
The EIB Group provided a record 33 billion euros in financing Europe's energy security, supporting 108 billion euros in total investment, which corresponds to more than a quarter of total investment in the EU last year.
- And this includes grids, with a record 11.6 billion euros for grids and storage, supporting almost half of total investment in the EU last year, including with flagship projects such as the Bay of Biscay Interconnector between the Iberian Peninsula and France. Overall, my team gave me this information, which is quite striking. Projects signed are expected to support the construction of about 56 000 kilometres of cables. So that's more than the circumference of the earth. From Italy in the south all the way up to the North Sea, and across the EU from Slovakia to Portugal.
- A second area of focus is the deployment of renewables, where support by the EIB Group has reached one fifth of all new installed solar capacity in Europe, one in three new onshore wind projects, and the vast majority of offshore wind projects in 2025. In Poland alone, the wind projects recently signed are expected to provide enough electricity to power the equivalent of 5.6 million households. And that's one third of the total country. Likewise, renewables are boosting Latvia energy independence. I don't think I need to share any more details to explain the relevance of these investments.
- Actually, it's important to bear in mind that our analysis shows that Europe saves money every time there is a wind turbine or a solar panel installed. It is cheaper than operating existing fossil fuel plants, up to 40% cheaper.
- Third area, energy efficiency, where we are on track to support more than 350 000 small and medium sized companies in lowering their energy bills, under a flagship initiative we launched last year with the European Commission.
- A fourth key area is decarbonisation of heavy industries, the development of new net zero technologies and fuels, such as Europe's largest lithium production project and synthetic fuels in Germany or nuclear in Finland.
- And clean transport is the last area of focus from railways and urban transport in Estonia to electric vehicle charging infrastructure throughout the EU, from Ireland to Cyprus.
In addition to energy security, green investment is also building resilience against climate change and its impact for cities, agriculture and infrastructures.
And one such clear case is water.
In fact, the EIB Group is amongst the world's largest financiers of water projects, from drinking water in our taps to wastewater treatment and agricultural irrigation.
We provided more than 5 billion euros in financing for water projects last year, improving sanitation and drinking water for 32 million people in the EU and beyond.
For example, we are financing critical upgrades in the water infrastructure of Malta and Athens, Europe's hottest capital, as well as of the bomb-stricken cities of Ukraine, also in Karachi, in Pakistan, in Amman, in Jordan.
So in this way, the EIB Group strengthens our societies, reinforces Europe's alliances, and it is also a good investment because every euro invested in climate adaptation and preparedness can save five to seven euros in damage repair and losses due to the impact of climate change, as we unfortunately suffer every year here in Europe.
Now, beyond clean tech, the European Union is one of the world's centres of excellence in quantum technologies and high-performance computing, a powerhouse for industrial robotics and advanced manufacturing in aerospace technologies, in biotech, health tech and medical devices, in advanced pharmaceuticals.
Our universities and research institutions are second to none, and we have a vibrant ecosystem of startups, of tech pioneers that are building the foundations for tomorrow's economy.
But Europe is also the incubator of the world because when those companies need to grow, they often go elsewhere, to the other side of the Atlantic, to get the large-scale financing and also a big internal market, where there are no barriers for them to reach and seize the economies of scale.
And that's why, in 2025, we launched TechEU, the biggest financing programme for technological innovation in Europe with the goal of mobilizing 250 billion euros in investment by 2027 in artificial intelligence, quantum computing, digital technologies, health and biotech, clean tech, security and defence, skills and talent, digital infrastructure, critical raw materials.
TechEU has a pan-European approach, focusing on projects that develop critical capabilities for Europe's strategic autonomy in the whole value chain of technologies that will shape tomorrow's world. From critical raw materials I mentioned, such as copper refining in Bulgaria, to high-risk innovation in Sweden, Luxembourg, France, Spain or the Netherlands.
We have launched four dedicated programs for clean tech, housing, space tech and biotech.
And beyond large-scale and long-term loans, which is obviously the specialty of the EIB, where probably we are unique in our European footprint and capacity to mobilize large amounts, scaling up innovative technologies mostly requires venture capital and venture debt.
The EIB Group's share in venture debt financing in the EU was around 30% in 2025.
And the EIB Group's risk finance subsidiary, the European Investment Fund, delivered close to 16 billion euros last year in guarantees and equity finance for small businesses and startups across Europe. Almost one-quarter of all venture capital raised by funds in Europe last year comes from the European Investment Fund (EIF), which is obviously an anchor investor making a difference in European capital markets.
Leveraging this strong position as the largest venture capital financier in Europe through the very successful European Tech Champions Initiative, the EIB Group has pioneered the creation of a scale-up ecosystem of mega funds, more than one billion euros in capital in Europe, almost from scratch in less than three years. And that has already anchored the creation of 12 venture capital mega funds and the scale-up of 35 startups, including nine unicorns. We are currently working on the expansion of this very successful European Tech Champions Initiative so that it can scale up and make a difference in closing the financing gap with the US, contributing to a stronger savings and investment union.
Now, growth and prosperity are only possible in an environment of peace and security for our citizens, for our businesses.
As I said earlier for the EIB Group, there has been a real step change in 2025 in this area. We outperformed our targets with investment volumes for security and defence – multiplied by four to a record level and already reaching the objective of 5% of total financing inside the EU dedicated to security and defence projects. We also expanded the scope of activities eligible for financing into pure military investments. And we have a robust pipeline of projects for 2026 in five areas.
- Large critical infrastructure, including military mobility and facilities such as the flagship military campus in Lithuania, very close to the border with Belarus, or the port expansion for military vessels in Denmark.
- A second area of focus is homegrown industrial capabilities, working with household names in the European defence industry like Thales or the drone manufacturer Quantum Systems. Research and development is the third area covered by our pipeline of projects.
- Research and development for new security and defence technologies. Only a couple of weeks ago we signed another agreement with an innovative Dutch company developing a pioneering fibre optic sensors technology to protect Europe's seabed and underwater assets such as high voltage grids. I don't need to emphasise here either the importance of these developments.
- Fourth, we are supporting small and medium sized enterprises in the supply chain of European defence contractors by partnering with commercial banks. We have already signed such agreements with Deutsche Bank, with Banque Populaire et Caisse d’Epargne, with the Piraeus Bank. And today I can announce that we have signed another agreement with Santander in Spain to support European companies operating in security and defence, also clean technologies and digital infrastructure.
- Finally, the European Investment Fund is acting as an anchor investor to nurture the emerging venture capital ecosystem that is dedicated to investments in European security and defence.
These defence investments obviously can also have a multiplying effect on other economic sectors and the wider economy. This is very important, but European security extends beyond border defence.
The fight for Europe's future is, at its core, a fight for our values. It's about what defines us as Europeans, like the social infrastructure that underpins our way of life from good homes to high quality health care and education. It's about the things that make us proud, like equal opportunity, social cohesion, the best agricultural products, the best food in the world, by the way, we're also investing in innovative food products in a number of countries around Europe.
Financing for housing in the areas of innovation, renovation, and new construction grows by 50% to a record 5 billion euros in 2025. And we aim to further increase these amounts this year, with the goal of helping deliver one million homes across Europe by 2030. Very important for European citizens.
Only last week, we announced a landmark €1.7 billion loan facility to boost availability of social housing in Flanders, here in Belgium. And this follows affordable housing investments in the Czech Republic, Portugal, Ireland, and Austria, to name just a handful.
In addition, almost half of the EIB Group's EU financing went to projects in cohesion regions, where per capita income is lower, contributing to equitable growth and the convergence of living standards and by extension to stronger democracies. This includes better trends in Hungary, motorway upgrades in Slovenia, improved access to financing for small and medium-sized businesses in Croatia, support for agricultural businesses in the cohesion regions of southern Italy.
Rural communities were among the main beneficiaries of the EIB Group's increased financing for agriculture and the bioeconomy, which also exceeded targets in 2025, approaching 8 billion euros overall. We focused especially in supporting young farmers with targeted, intermediated operations in, for example, Romania, Italy, and France.
Finally, around 10% of our financing was dedicated to operations outside the EU, supporting human development and shared prosperity and also strengthening Europe's voice, expanding our alliances, diversifying supply chains, and opening new markets for European companies.
The EIB Group met its target to mobilise 100 billion euros in the Global Gateway initiative two years ahead of schedule, with flagship investments from clean energy in Central America to metro lines in Asia and vaccination against cervical cancer in Africa. The recent trade agreements with Mercosur and India highlight why such investments are critical components of Europe's foreign policy. And we have very strong partnerships with the World Health Organization, the Vaccine Alliance, other UN agencies, other multilateral development banks, and private philanthropies that really enable us to make a difference, to have impact on the ground.
Outside the EU, our top priority is support to Ukraine. One of our most recent projects is financing to adapt the train system in Ukraine to the rail track system in Europe. That's also, you know, hitting a milestone when it comes to bringing the country closer to the European Union. The EIB Group is the main investment partner to the government of Ukraine and municipalities, with a new project signed or inaugurated every second week.
Total financing for the country since the start of the war now exceeds 4 billion euros, rising to a record last year, with projects ranging from energy grids, replenishment of gas storage, heating, schools, railroads, hospitals, clean water and homes, as well as supporting the private sector through local banks, and also supporting European SMEs exporting to Ukraine through the network of export credit agencies.
As temperatures in Ukraine drop to -20°C, I am proud to announce that today we have increased support to Naftogaz by topping up the loan of 300 million euros – alongside the 127 million euros grant from Norway – by an additional 50 million euros to replenish gas storage damaged by Russian attacks and help keep people warm.
I want to conclude by repeating my deepest gratitude from the heart to EIB Group’s shareholders, our board members, our leadership and management team, but most of all to the EIB and the EIF staff. Let me ask you for a round of applause for them.
Every one of the projects that we finance are actually turning the idea of Europe into a tangible reality with impact that people feel and partners trust. And they show how the European Union is and will remain a firm defender of shared prosperity, security and democratic values in this shifting global order.
In a world of walls, we're building bridges and we consider that this is the good fight.
As you can see, the EIB Group is all in.