Storebrand Asset Management Q1 2026 Business Update

Business Highlights

• Net Q1 revenue of NOK 805 million
• Net positive flow of NOK 4 billion
• AuM of NOK 1.543 billion

The first quarter of 2026 was marked by increased market volatility, driven by geopolitical uncertainty following the escalation of the war in Iran. Global equity markets weakened, while interest rates rose amid inflation concerns. Norwegian markets proved relatively resilient during the quarter, supported by higher energy prices, and the Norwegian krone strengthened compared with recent periods.

“During the first quarter, geopolitical uncertainties continued to shape the macroeconomic environment, and markets were once again characterized by high volatility. We assess the global market decline as a normal market correction following an extended period of strong performance. Diversification remains key in building robust portfolios” - Jan Erik Saugestad, CEO Storebrand AM.

Clients staying long-term
During the quarter, institutional clients largely stayed aligned with their long-term strategies, despite heightened market volatility mainly driven by geopolitical uncertainty and inflationary pressures.

Increasing divergence across markets, sectors, and asset classes reinforced the importance of active asset allocation and diversification.

Active strategies continued to gain traction, with particular client interest in equity funds such as SKAGEN Kon-Tiki and Delphi Global. Demand for Storebrand Renewable Energy also increased, reflecting renewed focus on energy security.

Interest in index funds rebounded following weaker inflows in 2025, led by strong demand for Storebrand Indeks Norge, benefiting from Norway’s significant energy sector exposure. In Sweden, three of the most purchased funds on Avanza and Nordnet in March were Storebrand’s index-near funds with exposure to Europe, the US, and Japan.

Infrastructure: Resilience and energy security in an uncertain environment
During the quarter, our investment partner AIP Management announced an agreement to increase its ownership in Cross London Trains (XLT), a core UK electrified rail asset operating the Thameslink fleet. Thameslink is one of the UK’s most important transport corridors, carrying close to 300 million passengers annually. The investment benefits from long‑term, availability‑based contracts, reinforcing portfolio resilience while supporting end‑use decarbonisation.

While macroeconomic and geopolitical uncertainty remains elevated, the current environment continues to widen the opportunity set for high‑quality infrastructure investments, particularly in Europe. The infrastructure asset class remains well positioned, given its essential nature, long‑term cash flow visibility, and ability to provide inflation protection.

Rising demand for resilient energy systems and ongoing electrification trends further underpin long‑term fundamentals, while market dislocations are creating attractive entry points.

During the quarter, AIP Management published its Sustainability Report for 2025 highlighting strong delivery, decarbonisation impact and progress on long-term resilience.

Real Estate: Increasing investor interest and high activity across portfolios
Q1 marked another strong quarter for Storebrand Real Estate. All funds recorded net capital inflows, and the underlying portfolios continued to perform well, supported by value-accretive asset management initiatives.

Storebrand Nordic Real Estate Fund II held its third closing in March, bringing total commitments to EUR 315m against a target of EUR 400m. Investor appetite for our pan-Nordic core-plus strategy remains strong, with final closing expected in 2026.

The deployment pace has been high, with approximately 67 per cent of available capital already invested. The investment team is currently focused on opportunities in logistics and social infrastructure, and the pipeline remains encouraging.

The large Norwegian and Swedish open-end core funds, Storebrand Eiendomsfond Norge and SPP Fastigheter, also saw net investor inflows during the quarter. Our Asset management teams closed several rental agreements in Q1, while ongoing initiatives and projects across the portfolios continued to progress well.

In Denmark, Capital Investment executed several value-accretive capex initiatives, primarily within the residential portfolio. Transaction activity in the market continues to gain momentum, and Capital Investment is currently working on a number of attractive transaction opportunities.

Private Equity: Stable but Subdued M&A Markets Accelerate Shift Toward Secondaries
M&A activity has remained cautious, with transaction volumes stable but subdued. Deal-making continues to be selective, predominantly focused on small and mid-sized transactions, while large-cap deals remain limited. The IPO market also failed to rebound as expected.

This reflects a more structural shift in private equity, where sponsor-to-sponsor (“secondary”) transactions are increasingly important as an exit route, driving the growth of Continuation Vehicles (CVs). This trend is also evident in the Cubera portfolio, which continues to see a healthy level of secondary deal flow.

Sustainability: Advancing Through Engagement, Voting and Policy Dialogue
In Q1 2026, we updated our Sustainability Policies to reflect regulatory developments and clarifications to existing practice, including sanctions-related criteria.

We exercised our voting rights across a broad range of proposals, with focus on board accountability, executive remuneration, and key environmental and social issues, including support for a shareholder proposal at Volvo’s AGM on increased lobbying transparency.

Company engagement activities focused on our priority areas, climate transition, nature and biodiversity, human rights, and corporate governance through collaborative investor initiatives, and escalation through shareholder proposals, including joint filings on AI governance, user privacy, and data rights.

We completed reassessments of previously excluded companies, resulting in the re- inclusion of Volkswagen and Porsche, following remediation and governance improvements.

We also became a core participant in the newly launched Deforestation Investor Group.

For more insights on Storebrand AM's work on sustainability, read the newly published Q1 2026 instalment of our Sustainable Investment Review>>

Disclaimer: This is marketing material intended for professional investors only and note that all investments involve risk. Historical returns are no guarantee of future performance, and the value of invested capital can both increase and decrease. Full information, including the fund prospectus and legal documentation, is available on our website or upon request.