Letter from the CEO

Long-term thinking and credibility are core values for us. That means investing when others hesitate, or choosing not to invest if the risk does not match the opportunity. As a family-owned investment company, Ferd has always had ambitions that go beyond next year. This gives us a certain freedom, but also a significant responsibility for how we manage our capital. 

At the end of 2025, Ferd had increased its value-adjusted equity by 11 percent, to more than NOK 55 billion. Ferd Capital’s listed portfolio was up almost 27 percent, and Ferd’s largest investment, Elopak, increased its value by more than 27 percent. At the same time, we have solid liquidity, giving us strong investment capacity going into 2026. 

The numbers tell one part of the story. The choices we made tell the rest. We chose to increase our exposure to the stock market despite volatile market conditions in the spring of 2025. We supported our portfolio companies even when conditions were demanding, including through capital injections and active ownership. We chose to invest more in some of them – not because it was easy, but because we believed it was right. This, too, is courage. 

Ferd creates value in different ways. The companies we own create jobs, develop expertise and build long-term value. At the end of 2025, our portfolio companies employed more than 20,000 people. Several of these companies showed real courage in 2025. They did so by making responsible decisions and setting the right priorities, even when uncertainty was high. 

Through Ferd Eiendom, we are a responsible, long-term urban developer. At year-end, our property portfolio was valued at more than NOK 5 billion. In 2025, the Marienlyst project entered an important phase as we submitted our planning proposal to the Planning and Building Authority in Oslo. Our ambition is to retain Marienlyst’s history and identity, while opening up the area to everyone. We believe cities become better when they are developed with care.

In 2025, fewer voices spoke about climate-related investments. For us, that was an important signal – not to step back, but to stay the course on a path that is necessary in the long term. When collective enthusiasm fades, opportunities for long-term investors often increase. For us, the energy transition is not a trend, but a structural change that will shape capital markets for decades. We also continue to invest in social entrepreneurship and in projects that contribute to a more inclusive city. 

As we enter 2026, uncertainty and unrest have in many ways become the new normal. Increased rivalry between major powers and rapid technological development are placing new demands on leadership, ownership and cooperation. 

AI is influencing the investments and assessments we make today. We have declined projects where technological and regulatory uncertainty was greater than the commercial upside. In other cases, AI has made it possible to scale faster and increase the potential for profitability. We must also ensure that we, and the companies we own, remain at the forefront when it comes to understanding and using AI. 

Well into the new year, there is no doubt that much has already changed. For us at Ferd, it is natural to see this as an opportunity. At the same time, we will stand firm on certain principles that may be more important than ever. 

We will continue to act responsibly. We will invest for the long term. We will make the right decisions, even when they are difficult or unpopular. 

That is what courage is about.