Preliminary summary 2025
Ferd’s value-adjusted equity totalled NOK 55.3 billion as of 31 December 2025 (after dividend payment), up from NOK 50.4 billion as of 31 December 2024. In total, Ferd achieved a return on value-adjusted equity of 5.6 billion or 11.1 percent in 2025. The return exclusive of currency effects was 13.1 percent.
The return on Ferd Capital’s combined portfolio was 15.1 percent. Ferd’s return on its real estate portfolio was 11.4 percent, a considerable improvement compared to the previous two years. Ferd External Managers generated a total return of 16.5 percent (in USD terms) on its mandates. Measured in Norwegian kroner (NOK), the return was 3.5 percent, due to the strengthening of the NOK against the US dollar (USD).
In 2025, Ferd made investments of NOK 4.0 billion and received NOK 3.6 billion from divestments and dividends. Ferd received a total of NOK 1.2 billion in dividends from the investments in Ferd Capital’s portfolio during 2025.
As of 31 December 2025, Ferd had cash and cash equivalents totalling NOK 2.7 billion. The value of Ferd’s listed investments and liquid fund investments was NOK 19.7 billion. In total, the value of Ferd’s cash and liquid investments was NOK 22.4 billion as of 31 December 2025. In addition, Ferd had undrawn credit facilities totalling NOK 7.0 billion. Interest-bearing debt in the parent company stood at NOK 1.0 billion on 31 December 2025.
Composition of Ferd’s value-adjusted equity on 31 December 2025:
Ferd Capital
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. On 31 December 2025, Ferd Capital’s portfolio of privately owned companies consisted of Aibel, Aidian, Benchmark Holdings, Brav, Fjord Line, Fürst, General Oceans, Interwell, Mestergruppen, Mnemonic, Norkart, Simployer and Try. The largest listed investments were Boozt, BHG Group, Elopak, Lerøy Seafood, Nilfisk and Trifork.
The combined return on Ferd Capital’s mandates was 4.9 billion kroner or 15.1 percent in 2025. The portfolio of listed investments had a return of 2.6 billion (26.6 percent). The listed investments in Elopak, BHG Group and Nilfisk saw a significant increase in value. Aibel, General Oceans, Mestergruppen and Norkart were the companies that contributed the most to the increase in value within the privately owned companies.
Ferd Capital’s portfolio had a total value of NOK 37.9 billion on 31 December 2025. The allocation between the two main mandates and other investments was as follows:
Ferd Real Estate
The return on Ferd Real Estate’s combined portfolio was 11.4 percent in 2025. The year was characterized by high activity across the portfolio, with progress in major urban development projects and successful sales launches contributing positively to value development.
The commercial real estate portfolio ended with a return of 11.3 percent. The commercial investment, Hieronymus Heyerdahls gate 1, had a positive development after new leases were signed. Several projects are in an active phase of planning and regulatory clarification, and value development is therefore expected to materialize over time.
In 2025, the zoning proposal for Marienlyst project was submitted. The plan comprises approximately 1 200 apartments, the current broadcasting house of around 40 000 square metres (“Radiohuset”), and approximately 20 000 square metres designated for commercial use. Successful sales launches and construction starts were completed in 2025 for the residential project Kobberkvartalet in Asker and Kleven Gård in Bærum.
Ferd Real Estate invested a net NOK 280 million in their existing commercial and residential projects during 2025.
At the end of 2025, Ferd Real Estate’s portfolio had a property value of NOK 12.5 billion and an equity value of NOK 5.1 billion. As of 31 December 2025, the value was distributed between the segments as follows:
Ferd External Managers
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.
Ferd External Managers had an aggregate return of 16.5 percent (measured in USD) for their mandates in 2025. The portfolios are accounted for and managed in USD. Measured in NOK, the return was 3.5 percent as a result of the significant strengthening of NOK against the USD during 2025.
The Global Equity mandate, which is made up solely of long-only equity funds, had a value increase of 19.0 percent measured in USD. This was below the return for the benchmark index this portfolio is measured against.
The Global Fund Opportunities portfolio consists of investments in hedge funds and illiquid funds. The mandate had a return of 12.8 percent measured in USD in 2025.
The allocation to Global Equity was unchanged for 2025. Within the period, allocations were made both into and out of the mandate. Exposure was increased right after the major stock market declines at the beginning of April, and later reduced again when the markets had recovered. This provided Ferd with an attractive return. Ferd External Managers established a new investment theme with focus on European investments in 2025. The Global Equity portfolio now consists of five different themes.
The value of Ferd External Managers’ combined portfolio as of 31 December 2025 was NOK 8.6 billion.
Allocation of the Ferd External Managers portfolio between the mandates on 31 December 2025:
Ferd Impact Investing
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. The business area primarily invests through funds, but also makes direct investments in individual companies in partnership with others.
To date, Ferd Impact Investing has invested in and made commitments for 34 investments – 19 funds and 15 direct investments. During 2025, they committed and invested capital for a total of NOK 258 million.
As of 31 December 2025, Ferd Impact Investing had invested NOK 0.9 billion in current investments and committed a further NOK 0.5 billion. The fair value of Ferd Impact Investing’s portfolio was NOK 1.1 billion, and the return in 2025 was 16.8 percent. The main reason for this was a significant increase in value for one of their direct investments.
Ferd Social Entrepreneurs
Ferd Social Entrepreneurs (FSE) invests in social entrepreneurs who create social and financial results. FSE’s work is structured around three strategic pillars: Social innovation, Social impact investing and Early-stage support through Impact StartUp. In the business area summary these pillars are described in more detail.
At the end of 2025, there were 10 companies and five fund investments in FSE’s portfolio. The largest investment is in Auticon, which is the world’s largest company where the majority of the employees have an autism diagnosis.
FSE also manages Ferd’s “Oslo initiative.” In this initiative, they gather businesses and foundations for a joint effort in four vulnerable boroughs in Oslo. Together, they aim to contribute to creating more youth employment, promote educational equity and widen access to opportunities in sport, culture, arts and music. Since its inception in 2022, it has grown from supporting 12 organizations to working with 21 partners.
Other Activities
Other activities mainly consist of money market funds, bank deposits, and investments in prior mandates under liquidation.