Several of our sustainability-focused investments delivered strong returns in 2025. This includes the Ferd Impact Investing portfolio and our Climate Transition-portfolio in Ferd External Managers. We are also seeing a gradual shift in our dealflow, with more solution-oriented companies entering our investment pipeline. These opportunities are generated by our investment teams, and this shift in dealflow is gradually impacting our portfolio composition \u2013 driven bottom-up rather than by top-down requirements.<\/p>\n
Our portfolio companies continued to improve their sustainability performance through 2025. In some cases, progress was of a fundamental nature \u2013 stronger strategy, clearer governance, and more precise data collection \u2013 while in others it translated into into tangible operational improvements and measurable outcomes. While the portfolio overall moved in the right direction, progress slowed or stalled in some companies. Operational challenges, declining investor attention, CSRD preparations, and costs associated with sustainability measures forced difficult prioritisations.<\/p>\n
Despite headwinds, our understanding of sustainability as a value driver and risk mitigator remains unchanged \u2013 as does our commitment to improving the footprints of our portfolio. We recognise that sustainability efforts may involve difficult trade-offs, particularly in the short term, and seek to address these with a long-term perspective. While progress may vary at the company level from year to year, we expect the portfolio as a whole to move in a more sustainable direction over time.<\/p>\n
In our sustainability report, you can read more about progress and challenges in our sustainability work in 2025. The report covers both the big picture \u2013 how we as a Group approach sustainability and our aggregated results \u2013 and the details of how our portfolio companies, properties, and funds affect individuals, communities, climate, and the environment. Among other things, you can read about:<\/p>\n