Market situation

In 2025, the MSCI Nordic Small Cap Index rose by approximately 13 percent measured in Norwegian kroner. Despite high volatility throughout the year, driven by economic and geopolitical uncertainty, 2025 proved to be a strong year for global equity markets. The technology sector, particularly related to AI investments, was an important positive contributor, while both industrials and financials supported market performance in the Nordic region. Falling inflation and increased expectations of future interest rate cuts contributed to improved risk sentiment over the course of the year, although long-term interest rates remained at relatively high levels. Currency movements also influenced markets in 2025, with the US dollar weakening against several currencies, including the Norwegian and Swedish kroner. Activity in initial public offerings increased as well, particularly in Sweden, and a number of new listings are expected in 2026.

Portfolio

Private companies

Aibel

In 2025, Aibel delivered its strongest year to date, with record-high revenue and EBITDA. The company has a broad portfolio of projects across oil and gas, electrification and offshore wind. Activity levels were high across all project areas, and electrification and offshore wind accounted for more than 45 percent of total revenue in 2025. At year-end, Aibel’s order backlog exceeded NOK 21 billion, of which more than 60 percent was related to electrification and offshore wind. In January 2026, Aibel was awarded a new five-year framework agreement with Equinor with a value of NOK 20 billion, increasing the order backlog to more than NOK 40 billion. Aibel has strong cash flow and is debt-free.

Aidian

2025 was characterised by stable underlying performance and important strategic progress for Aidian, despite a challenging market environment marked by a weaker influenza season and continued post-Covid-19 normalisation. The company maintained its strong position in patient-near diagnostics in Europe, with positive development outside China and particularly solid momentum in Central and Eastern Europe. The updated strategy was executed through strengthened commercial discipline and targeted investments in product development. The launch of QuikRead Go Plus provided Aidian with a modern technological platform and strengthened the foundation for future growth and value creation.

Benchmark Holding

2025 marked an important year of structural milestones for the Benchmark Group. The divestment of the Genetics business was completed in the first quarter, and the remaining operations were taken private in August, resulting in a simpler and more focused platform. The restructuring progressed in line with plan: the UK operations were exited, debt was reduced, and an extraordinary dividend was paid. Benchmark now consists of two units – INVE Aquaculture and Benchmark Animal Health – both of which delivered solid performance in 2025, with increased revenue and improved margins compared with 2024. The year ended particularly strongly, and the outlook for 2026 is considered positive.

Brav

Brav had a challenging year in 2025, continuing its turnaround efforts in a weak market for sports and outdoor wear. The year was affected by a late start to both the 2024/25 and 2025/26 winter seasons in the Nordics, high inventory levels in retail, and continued cautious consumer sentiment. While sales declined and profitability was negative, this partly reflected turnaround measures implemented during the year to support a return to growth over time. During the year, Brav further developed its brand-oriented operating model, with increased focus on customers and individual brands in the portfolio.

Fjord Line

2025 was characterised by growth in both revenue and volumes for Fjord Line, with an increase in the number of passengers and freight units compared with the previous year. In particular, routes from Southern Norway and domestic services delivered positive development compared with earlier periods. Although market activity in Western Norway remained relatively subdued and one-off effects weighed on EBITDA relative to expectations, the Group delivered an operating result that exceeded 2024. The company continued its efforts to strengthen the capital base and lay the foundation for further profitability improvements in the years ahead.

Fürst

Fürst delivered a solid performance in 2025, with strong operational development and continued high activity levels. The analysis volume increased to nearly 43 million tests, representing growth of 4.4 percent compared with the previous year. The growth was driven by stable underlying volumes, increased usage among general practitioners, and the successful onboarding of former Unilabs customers. Demand for respiratory diagnostics remained high, particularly early in the year, before gradually normalising. In parallel, Fürst made targeted investments in capacity, digitalisation and increased use of artificial intelligence in diagnostics. Through new partnerships and continued development of its service offering, the company strengthened its role as an efficient and reliable provider to the Norwegian healthcare system.

General Oceans

General Oceans The Group delivered solid results in 2025. Revenue increased by 35 percent to approximately NOK 1.3 billion, and growth in underlying earnings was very strong. The core businesses within Nortek and Tritech continued to develop well, while the smaller companies in the Group made significant progress in line with their respective plans. The Group is well positioned to benefit from positive end-market outlooks in marine construction, research and defence.

Interwell

Interwell delivered satisfactory results in 2025, with revenue of approximately NOK 3 billion. The company experienced solid growth in its core markets, particularly in Norway and Europe, while market conditions in the Middle East were more challenging. Interwell maintained a clear focus on cost-efficient operations, while continuing to invest significantly in product development. The company has a portfolio of innovative technologies that are expected to achieve commercial success in the years ahead. In addition, Interwell is seeing increasing interest in new solutions that support a more sustainable energy sector and is well positioned for further growth in both established and new markets.

Mestergruppen

Mestergruppen delivered solid results in 2025, considering the challenging market conditions. The company maintained a strong focus on cost efficiency, resulting in solid margin improvement. Market conditions improved somewhat over the course of the year, although the recovery was gradual and weaker than expected at the start of 2025. Activity in the new-build segment remains at low levels and continues to weigh on the market. During the year, Mestergruppen implemented several strategic initiatives, including the relocation of its headquarters to Brynsengfaret 6 and the establishment of a new, modern logistics centre in Jönköping, Sweden. In addition, Mestergruppen acquired the remaining shares in Knatterudfjellet Trelast AS, having previously held a 37 percent ownership stake over time. Overall, Mestergruppen is well positioned for further improvement as market conditions normalise, with solid foundations for continued growth.

mnemonic 

mnemonic  faced more challenging market conditions in 2025, with lower growth in security budgets, but nevertheless delivered a robust performance with 4 percent growth in gross profit. Recurring revenues related to monitoring of IT and OT environments showed stronger growth, driven by international markets where mnemonic secured several large customers in strategic markets such as Sweden and the UK. The profit margin declined in 2025 as mnemonic continued to invest significantly in the further development of its service offering within cloud and OT environments, as well as in strengthening local organisations in international markets. mnemonic also continued to maintain its distinctive culture and low employee turnover, and once again won the Great Place to Work award in Norway within its category.

Norkart 

Norkart delivered solid growth and margin improvement also in 2025, along with a strong increase in its ARR base (+13.5 percent). In the public sector, order intake was particularly strong, with KOMTEK clearly the largest contributor to growth. A key driver was the inflow of customers that Norkart successfully attracted following the exit of competitor Norconsult Digital from the market. At the same time, Norkart participated in a large number of tenders in 2025, including a comprehensive three-part KOMTEK tender from the City of Oslo. In January 2026, it was confirmed that Norkart was awarded all three sub-contracts, representing a strategically important win and one of the largest tender awards in the company’s recent history.

In the private sector, performance was more mixed, with parts of the portfolio delivering solid growth and increased market share, while other areas experienced weaker development driven by lower activity in the construction sector. 2025 was also an important year for Norkart’s modernisation programme, as the company continued to invest in its technology platform and implemented upgrades across several core products.

Servi Group

Servi Group had a challenging year in 2025, with declining revenue and profitability. During the year, the company moved into new facilities at Vinterbro and completed a strategic review followed by a reorganisation, strengthening delivery quality and customer focus. In December, Servi completed the acquisition of Hycom, a leading hydraulic service provider based on the west coast of Norway. With a more focused strategy in place and a strong order intake secured in 2025 for delivery in 2026, Servi is well positioned for profitable growth in 2026.

Simployer

Simployer continued to deliver growth while maintaining strong profitability. The year was characterised by a major reorganisation, which particularly affected the Sarpsborg office. Sarpsborg will continue as the company’s centre of excellence for HR expertise and customer-facing services, while functions related to the company’s new technology platform are being consolidated in Oslo. The market for HR technology and expertise is growing, supporting positive long-term demand prospects for Simployer’s services.

Try

Try delivered a strong year in 2025, despite a challenging market environment. Top-line growth amounted to 3 percent for the year, while underlying earnings improved significantly. Most business areas strengthened profitability, with the most technology-focused companies in particular delivering solid results in 2025. TRY also received multiple awards and recognitions during the year, including international recognition for its work. The company continues to hold a leading position in the Norwegian market and is well positioned for further growth at the intersection of creativity, strategy and technology.

 

Listed companies

BHG Group

2025 marked a clear improvement for BHG after several challenging years, with a gradual market recovery and increased demand. Net revenue increased by 6.2 percent to SEK 10.6 billion, corresponding to organic growth of 9.4 percent. At the same time, BHG maintained a tight cost focus, and profitability strengthened further: adjusted EBIT increased to SEK 389.9 million, and the adjusted EBIT margin improved from 2.6 percent in 2024 to 3.7 percent in 2025. Operating cash flow remained solid, supported by improved earnings and disciplined working capital management. The balance sheet was further strengthened through reduced debt, and at year-end 2025, NIBD/EBITDA stood at 2.39x, below the company’s medium-term target of 2.5x.

Boozt

Boozt delivered revenue growth of 3 percent in constant currency in 2025 and maintained solid profitability despite challenging market conditions and a continued weak, though gradually improving, consumer sentiment. Growth was driven by an increase in the number of customers, combined with a higher average basket size for Booztlet.com and strong customer satisfaction. A clear focus on cost-efficient operations contributed to an adjusted EBIT margin of 5.7 percent, and the company generated a record-high cash flow of SEK 1 billion, supported by successful inventory optimisation initiatives.

The share buyback programme was expanded during the year, and Boozt repurchased shares for SEK 452 million in 2025.Throughout the year, Boozt has focused on integrating artificial intelligence into core functions and the customer journey to strengthen decision support, streamline workflows, and create more personalised customer experiences. This will remain a key priority going into 2026.

Elopak

Elopak delivered a very strong performance in 2025, with solid execution across all key strategic priorities. The company continued to realise global growth—driven in particular by the US, but also by strong development in MENA and India—while further strengthening its market-leading position in Europe through stable demand, favourable price/mix effects and margin improvements in its core segments. Revenue in 2025 amounted to EUR 1206 m, corresponding to organic growth of ~6 percent, and EBITDA was EUR 185 m with a margin of 15.3 percent In 2025, Elopak made strong progress in the US, where the Little Rock facility completed its first year of operations. High demand led the company to decide on further investments in a third production line with start-up planned for 2027 (line 2 is scheduled to start up in 2026). The Americas was thus the largest contributor to Elopak’s growth and margin expansion in 2025. Leverage ended the year at 2.1x EBITDA, supported by strong cash flow generation despite significant investments and dividend payments. In 2025, Elopak also continued to expand and strengthen its product portfolio, including through new fibre-based Pure-Pak® formats and solutions that support the transition from plastic to more sustainable alternatives.

Lerøy Seafood

Lerøy experienced a challenging market environment in 2025, with low prices for salmon and trout following strong global volume growth driven by improved biology and high sea temperatures, particularly in Norway. Lerøy delivered solid volume growth in 2025, with slaughter volumes increasing by 14 percent, but the Group’s operational operating profit declined by 15 percent, mainly explained by lower prices and reduced margins in the farming segment. The company delivered strong results in processing and sales, demonstrating the strength of Lerøy’s integrated value chain, and results from wild catch also improved despite reduced cod quotas. Lerøy continued its efforts to improve biological performance through genetics, roe, smolt and new farming technologies, achieving both higher growth and lower mortality compared with the five-year average, despite a challenging autumn with high sea lice pressure. Following strong growth in slaughter volumes in 2025, Lerøy expects flat development in 2026. 

Nilfisk

The company delivered stable operating performance in 2025, with 0.2 percent organic growth and an EBITDA margin of 13.0 percent, despite challenging macroeconomic conditions, including tariffs. Positive progress was made in the implementation of cost initiatives and simplification measures, including the divestment of the high-pressure water business in the US and the announced consolidation of manufacturing operations in North America. On 12 December, Freudenberg announced a cash, board-recommended tender offer for all Nilfisk shares at DKK 140 per share. Ferd has signed a pre-acceptance to tender all of its shares, subject to certain customary conditions.

Trifork

In 2025, Trifork delivered a clear improvement in underlying operations following a challenging 2024. The company navigated a still-demanding market environment through increased sales activity, targeted cost measures and a clear strategic shift towards platforms and products with a higher share of recurring revenues. This resulted in improved profitability and growth. Performance was strong within the public sector, while the private sector continued to be affected by postponed new projects due to increased economic and geopolitical uncertainty. The companies within Trifork Labs developed well, and Trifork completed partial divestments that contributed to value realisation. Trifork is well positioned for further improvement in the Nordic IT services market, with solid foundations for increased growth and a gradual strengthening of margins over time.

Transactions

During 2025, Ferd Capital completed a successful partial divestment in Boozt, while increasing its ownership stake in Trifork. We also divested our entire ownership interest in XXL when the company was taken private.

In the autumn of 2025, Benchmark Holdings was taken private and is now part of our private portfolio. Within the private portfolio, several add-on transactions were completed for portfolio companies, including Knatterudfjellet Trelast and XL Bygg Sørvest for Mestergruppen, Envitech for Norkart, as well as Frend and MadePeople for Try. General Oceans initiated an IPO process with the aim of a listing in the first half of 2026.

Organisation

Ferd Capital had a dedicated team of 19 employees at year-end 2025. Two new hires joined the team during 2025, starting in March and August, respectively. Towards the end of the year, we also recruited a new Investment Professional who will join the team in March 2026.

Future prospects

In 2026, we expect companies to continue operating in a challenging macroeconomic environment, characterised by geopolitical uncertainty and structural changes across markets. Ferd Capital has a diversified portfolio across sectors, which we believe provides a solid foundation for managing uncertainty and creating long-term value.

Looking ahead, our primary focus will be on active ownership and close engagement with our portfolio companies, while also assessing new investment opportunities where we see attractive long-term potential. This will be pursued both through further development of the existing portfolio and through selective new investments. Our ambition is to be a long-term and predictable owner, supporting our companies through a period that continues to require adaptability and capital discipline.