Haavisto conceded defeat after a projection by the Finnish public broadcaster YLE showing a win for Stubb was released Sunday night.
"This has been a fair, great race," Stubb told Haavisto after the result was clear.
Several polls indicated Stubb, who has also served as Finland's foreign, finance and European affairs minister, was the favorite to win the presidency.
During the election campaign, Stubb and Haavisto largely agreed on Finland's foreign policy and security priorities.
Haavisto was Finland's top diplomat in 2019-2023 and the main negotiator of its entry into NATO.
Persons:
Alexander Stubb, Pekka Haavisto, Haavisto, Stubb, Sauli Niinistö, Volodymyr Zelenskyy, Zelenskyy
Organizations:
Nordic, NATO, National Coalition Party, YLE, Helsinki City Hall, Union, Washington, Kyiv, United Nations
Locations:
Ukraine, Finland, United States, Russia, China, Moscow, Europe