Letter from the CEO
“As 2025 drew to a close, I found myself thinking more and more about one word. A word that felt more important than it has in a long time.
Courage.”
Morten Borge, CEO
Preliminary summary 2025
Key figures
55.3 NOK bn.
Ferd's total value-adjusted equity
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Ferd’s financial results for 2025
Ferd’s value-adjusted equity totalled NOK 55.3 billion as of 31 December 2025, up from NOK 50.4 billion as of 31 December 2024. In total, Ferd achieved a return on value-adjusted equity of 11.1 percent. The return in NOK terms was NOK 5.6 billion.
Read moreReturn since Ferd was launched
Business Areas
Velg områder:
CapitalPortfolio value 2025 37.9 NOK bn.
Ferd Capital is a long-term, flexible and value-adding partner for Nordic companies. The business area has two mandates and makes investments in private and listed companies.
Year SummaryPortfolio value 2025 5.1 NOK bn.
Ferd Real Estate is a responsible and long-term urban developer. With diligence, innovation, and a strong commitment to sustainability, we create value beyond economic returns.
Year SummaryAssets under management 2025: 8.6 NOK bn.
Ferd External Managers is responsible for the group’s investments with external managers. The business area invests in funds exposed to markets that complement the rest of Ferd.
Year SummaryInvestments
34 within energy transition, sustainable cities, and the ocean.
Ferd Impact Investing invests in early-phase companies with the potential to deliver both a positive impact on the UN’s Sustainable Development Goals as well as a robust risk-adjusted return.
Year SummaryThe social impact results show that 100 400 people have been positively impacted.
Ferd Social Entrepreneurs invests in social entrepreneurs who create social and financial results. Through a combination of capital, competence, and networks, the goal is to strengthen the companies’ opportunities for success.
Year SummarySustainability
Since 2001, Ferd has been guided by a vision of creating enduring value and leaving clear footprints. Our broad perspective on what constitutes value creation has been a cornerstone for the group and is the foundation of our work on sustainability. Over time, the connection between our vision and sustainability has become clearer, leading to a more systematic and targeted approach. Measuring sustainability outcomes is a key tool in this work.
Sustainability at Ferd