VTT's year 2024 was a successful one: we exceeded our commercial sales targets despite the challenging economic situation, the defence industry opened new opportunities for us, and many VTT-based companies succeeded. VTT is one of the most reputable public administration organisations, and our customers quickly utilise the results of a project with us. This strengthens VTT's role as a lever for sustainable economic growth in Finland.
VTT strives for impact by strengthening our customers' ability to create and scale new innovations and grow their business and international networks. The impact of VTT's operations is reflected in our customer satisfaction: the already high overall score for the implementation of a project rose to 4.4 (scale 1–5, 2023: 4.3) and the Net Promoter Score (NPS) rose to an excellent score of 80 (scale -100–100, 2023: 75).
In 2024, the sales of our commercial operations increased from the previous year (2024: EUR 76.6 million, 2023: EUR 73.8 million), and we exceeded our sales targets despite the changed operating environment. Since Finland joined NATO, the rapid development of civilian technologies has changed the technological development of the defence sector and opened new opportunities not only for Finland but also for VTT. We were able to participate in several significant projects and research programmes in the United States, and through the cooperation projects, VTT's special expertise will play a key role in global technology development.
"VTT's year went well considering the circumstances. The Finnish Government has continued its investments in RDI activities, and NATO membership has opened new research and cooperation networks for VTT. VTT's most significant impact comes from our customers utilising our research and the technologies we have developed to build sustainable growth. VTT's key goal is to create sustainable growth for Finland and companies. It is entirely possible for Finland to return to the path of rapid economic growth, and VTT offers the best resources and networks in the country to support companies' innovation activities," says Antti Vasara, President and CEO of VTT.
The parent company's net sales increased and IPR revenues reached record levels
VTT's parent company's net turnover in 2024 were EUR 190 million (2023: EUR 188 million), of which EUR 121 million was generated from strategic research (2023: EUR 118 million) and EUR 69 million from commercial research conducted directly for companies (2023: EUR 70 million). The parent company received EUR 107 million (2023: EUR 97 million) other operating income, of which EUR 95 million (2023: EUR 89 million) as government grants. The parent company's profit for the financial year was EUR 2,8 million (2023: EUR 2.5 million). At VTT, the parent company represents VTT's operations.
VTT develops the capabilities of growth companies by offering expertise and technology and by investing in growth companies by commercialising IPR in-kind in exchange for shares. The total amount of IPR license income and in-kind investments in new spin-off companies amounted to a record-breaking EUR 8.1 million, and the year was exceptional in terms of innovation initiatives, as a total of 255 invention and software disclosures were received. Three new spin-off companies emerged through the VTT LaunchPad business incubator: Arctic Instruments, Happy Plant Protein and Flow Computing. Total of all in-kind investments was EUR 8,3 million.
In 2024, VTT had a total of 1105 (2023: 1135) customers, of whom 330 were foreign private sector customers and 610 were domestic. The remaining 165 customers were from the public sector, both in Finland and abroad. Public sector revenue accounted for 64% (2023: 63%) and private sector revenue for 36% (2023: 37%) of the parent company's revenue. Of the turnover, 51% was generated in Finland and 49% abroad (2023: 55% and 45%).
The net turnover of VTT's commercial activities remained nearly at the same level as the previous year. VTT has successfully secured public funding for jointly-funded projects and increased its IPR sales and licensing revenues. The jointly-funded projects are carried out in collaboration with VTT, companies, and funding bodies. The operating income grew due to strong jointly-funded activity.
We updated our sustainability targets, and our greenhouse gas emissions decreased
Sustainability is a key part of VTT's strategy. In 2024, we clarified our sustainability targets and developed their measurement. We also implemented our sustainability governance model, updated our double materiality analysis and prepared guidelines for the responsible use of artificial intelligence in research. We also assessed our nature footprint in cooperation with the University of Jyväskylä and developed data collection processes to support emission calculations. During the year, we cooperated with various stakeholders in the development of sustainability.
"The cornerstones of our sustainability programme were the development of sustainability reporting, the improvement of our safety culture, diversity, equality and inclusion, the sustainability of supply chains and the setting of new sustainability targets. We made great progress towards these targets," Vasara says.
In 2024, VTT's estimated greenhouse gas emissions decreased by 15% from the previous year. The most significant reasons for the decrease in greenhouse gas emissions were the significant decrease in emissions from purchased energy and the decrease in direct emissions from research activities. Emissions from air travel had risen slightly, as in other years after the coronavirus pandemic. In total, VTT's greenhouse gas emissions have been decreasing for several years due to the transition to fossil-free energy.
We also prepared for the transition to reporting in accordance with the EU Sustainability Reporting Directive (CSRD) and meeting the requirements of the European reporting standard ESRS, which will oblige us from 2026 onwards. In this year's Annual and Sustainability Report, we follow the standard with adjustments.
The number of VTT's scientific publications reached record levels and the doctoral programme progressed
The number of VTT's scientific articles reached a record high in 2024: we published a total of 598 scientific articles, 84% of which were published openly. The share of articles published as a result of international cooperation was higher than ever before, i.e. 59%. The number of articles published in top scientific journals also rose to a new record, accounting for 44% of all published peer-reviewed articles.
Our doctoral programme, on the other hand, had its first doctoral dissertation, which was in the field of photonics. In 2024, there were 80 participants in the PhD programme, and 14 postdoctoral researchers started in the postdoc programme during the year in clean energy and industrial biotechnology research.
In our personnel survey, our long-term work for our organizational culture was reflected in excellent results: our organisational culture index was 78, i.e. excellent (on a scale of 0–100, where 75 is the threshold for excellent performance).
"VTTers consider their work meaningful and interesting, and they feel valued. Our personnel are proud of VTT as an employer and see our reputation as good. During the year, we recruited about 260 new VTTers, and we already have representatives of 60 different nationalities among us. All about 2,400 VTT employees have worked long-term, productively throughout the year, and in addition to our customers and partners, thanks for a successful year are due to them," Vasara says.
The results for 2024 have been compiled in the Annual and Sustainability Report published on our website. The appendices, also available on the website, include the financial statements and the report of the Board of Directors, as well as a statement on the tax footprint, administration, salaries and remuneration
