Storebrand Asset Management Q3 2025 business update

Business Highlights

• Net Q3 revenue of NOK 810 million
• Net positive flow of NOK 15 billion
• AuM of NOK 1.561 billion

The third quarter of 2025 saw a strong rebound in global equities. Interest rate expectations and macro data continued to drive volatility, while markets responded positively to improved sentiment and earnings momentum. Storebrand Asset Management increased its AuM by NOK 54 billion, with NOK 15 billion in net positive flow, ending the quarter at NOK 1.561 billion.

"Diversification remains a cornerstone of robust long-term asset management, helping mitigate risk and enhance portfolio resilience across markets and economic cycles. This applies equally to our institutional clients’ portfolios as well as our own pension strategies." - Jan Erik Saugestad, CEO Storebrand Asset management.

Rise in clients’ risk appetite and continued commitment to sustainability despite mixed ESG signals
It has been a broadly positive quarter across our Nordic operations, where we are especially seeing strong results from our long-term efforts to invest in growth in Denmark and Finland.

Clients are re-engaging in strategic asset allocation, with a noticeable rise in their risk appetite, especially toward alternative investments. This shift is reflected in the growing desire we see, among municipalities, pension funds, and foundations, to achieve returns while reinforcing certain aspects of societal resilience—driving direct investment in renewable energy, infrastructure, logistics, and cybersecurity. In this context, our diverse offering of asset classes plays an important role for clients seeking to invest sustainably and in robust societies.
Across Europe we see increasing interest in our sustainable index funds and Article 9 strategies, especially our Storebrand Global Solutions. Despite pressure on policymakers globally, in the wake of US policy shifts regarding sustainable investment, we see healthy signals amidst the noise. European institutional investors remain committed to sustainable investment and collectively voicing a preference for a streamlining of regulations that retains strong ambitions on sustainability.

In the UK, demand is growing for our US Plus Strategy, a U.S. equity exposure with enhanced sustainability.

Looking ahead, we continue to build on our Nordic strengths, with a focus on delivering a diverse range of investment solutions to various client needs. Through our multi- asset platform, we offer a single point of entry to customized and dynamic asset management, making it easy for our clients to make adjustments to their strategies when needed.

Infrastructure: continued execution of strategic investments
This September, Storebrand through its investment partner AIP Management, acquired a stake in Ardenham UK, a 700MW UK battery storage portfolio. The project, which will support the electricity needs of 2.3 million homes, strengthens the country’s ability to delivery stable electricity supply on its grid with a growing share of power from intermittent renewable sources. The transaction is a strategic one with solid potential financial and environmental impact.

Infrastructure has proven resilient through recent market volatility, underpinned by stable cash flows and essential demand. With markets now largely reset, the environment is healthier for disciplined capital deployment, and a refocus on fundamentals being quality assets, reliable partners, and predictable revenues.

Real Estate sector: strong activity levels
Our second pan-Nordic real estate fund, Storebrand Nordic Real Estate Fund II, has been launched: the first close took place on October 8th. The fund targets a total capitalization of € 300 million (NOK ~3.500 million), approximately two-thirds of which is already committed. Reaching approximately two-thirds of our fundraising target at such an early stage underlines the strength of our Nordic real estate platform. We are pleased to welcome both returning investors from SNRE I and new investors, all of which are established Nordic institutions. We are therefore ready to transact based on the newly raised capital.

Norway’s largest real estate fund continues to grow, with the latest milestone being Storebrand Eiendomsfond Norge’s acquisition of the office property Youngstorget 5, sited at a prime location in central Oslo.

Significant rental renewals have been closed, and the vacancy rates of our buildings is distinctly lower than prevailing market levels. So far in 2025, we have signed close to 30000 m2 of leases in our portfolios. Across all countries, we are experiencing high levels of activities and have a significant pipeline.

Private Equity: recovery amidst a two-tier market
The private fundraising landscape remains heavily divided. While top-tier managers with strong track records and well-defined strategies continue to attract capital, young and unproven strategies, or with challenges in the predecessor fund, struggle and often fall short of targets.

Our private equity boutique Cubera continues to experience a strong deal flow in secondaries, and promising investment opportunities across both Nordic and global markets.

CIPE 25, the latest fund in the Cubera International vintage program, exceeded last year's levels before summer. The fund is on track to surpass EUR 300 million (NOK ~3.500 million), driven by strong re-up rate from existing investors and new, strategic Danish investors.

Sustainability: reinforced capabilities and rising human rights concerns over holdings in Israel and Palestine
Although we have the benefit of over a decade of experience developing our in-house methodology for mitigating human rights risks, we now see rising awareness across the sector, with clients seeking additional transparency regarding holdings in conflict-affected and high risk (CAHRA) regions, such as Israel and Palestine.

Our Risk and Ownership team has been strengthened and expended during the quarter with a restructuring to include the team from our active value strategies boutique SKAGEN, as well as the recruitment of several new team members.

For more insights on our work on sustainability read our newly published Q3 2025 instalment of the Sustainable Investment Review>>