Storebrand Asset Management Q3 2026 business update

Business Highlights

• Net Q3 revenue of 814 million
• Net inflows of NOK 11 billion in the quarter
• AuM of NOK 1.633 billion

Global equity markets remained resilient in the third quarter, supported by solid corporate earnings and economic growth. However, escalating tensions in the Middle East drove energy prices higher, adding to inflationary pressures and leading central banks to raise interest rates. Higher bond yields weighed on fixed income markets, while equities continued to deliver positive returns despite the more uncertain backdrop.

"While concerns around interest rates, valuations and equity market concentration remains elevated, fixed income continues to offer attractive opportunities. Higher yields provide a stronger starting point for returns, and in Nordic credit we continue to see compelling opportunities for active investors willing to be selective and disciplined" - Jan Erik Saugestad, CEO Storebrand AM.

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Focused on the long-term
Despite strong market performance, clients remained cautious during the quarter. Higher bond yields, particularly in the United States, led investors to take a more selective approach to equities, with greater emphasis on valuations and portfolio diversification.

At the same time, higher yields strengthened the case for fixed income. As bonds offered increasingly attractive return potential, we saw sustained interest in our fixed income strategies. Our clients appreciate the transparency of our approach, with clearly defined credit and interest rate exposures and a focus on generating outperformance through active positioning.

Passive strategies continued to attract inflows despite rising concentration risks. These risks are evident in US technology stocks as well as the small handful of companies that increasingly dominate emerging market indices. While index funds remain an effective way to gain market exposure, investors should be mindful that they do not necessarily equal diversification. In today's market environment, building resilient portfolios requires diversification across regions, sectors and sources of return.

Appetite for alternative investments remained measured during the quarter, reflecting a selective approach to risk-taking. At the same time, client engagement stayed strong, and we continue to see investors preparing to deploy capital as attractive opportunities emerge.

Overall, we delivered healthy net inflows across our Nordic home markets. While market volatility is likely to persist, clients remain focused on building resilient, long-term portfolios.

Infrastructure: Building scale across renewable energy
During the quarter, our investment partner AIP Management (“AIP”) announced the acquisition of two operational onshore wind farms in Sweden, establishing a 312 MW portfolio of operating Nordic renewables. Both assets are already generating renewable power and revenues. The acquisitions mark the first investments in AIP’s strategy to build a larger, diversified Nordic wind portfolio during a period of limited transaction activity and challenging new-build economics.

AIP also reached a major construction milestone at He Dreiht, Germany’s largest offshore wind farm, with all 64 turbines installed, bringing the 960 MW project closer to completion. Once operational, He Dreiht is expected to supply renewable electricity equivalent to the annual consumption of approximately 1.1 million households.

Together, these developments reflect continued progress across AIP’s renewable energy portfolio and its focus on infrastructure supporting growing electricity demand and Europe’s long-term electrification and energy transition.

Real Estate: High activity and strong transaction momentum
Activity remained high, with transactions announced in the previous quarter closing as planned during Q3.

Storebrand Nordic Real Estate Fund II held its fourth closing in July, reflecting continued strong interest in Nordic core-plus strategies. Fundraising is ongoing, with investor commitments supporting a potential fifth closing. Following two Swedish logistics acquisitions in August, the fund is 69% invested. Including an acquisition currently in progress, a further c.10% is expected to be drawn by year-end.

In Norway, the sale of City Syd for the captive portfolio and the acquisition of Metro for SEN KS were completed as planned, both reflecting strategic portfolio decisions. Another transaction is in due diligence and is expected to close before year-end. While the Norwegian letting market has softened, several new lease agreements were signed during the quarter, with vacancy rates remaining well below market levels.

In Denmark, transaction activity increased in Q3, bringing year-to-date volumes in line with the same period in 2025. Full-year volumes are expected to be broadly in line with last year. Denmark continues to attract investors as a relative safe haven, although higher interest rates may affect pricing and investor appetite. During the quarter, the acquisition of Absalon Gaard (NOK 740 million) was completed, while two potential acquisitions are currently in due diligence and expected to close in Q4. On the divestment side, four assets are being marketed, with two transactions expected to complete before year-end.

Private Equity: Further signs of recovery
Private equity markets showed further signs of recovery in Q3, with improving deal activity and increasing exit volumes. Despite this progress, the exit environment remains challenging, with constrained liquidity and realization periods continuing to exceed historical norms.

Secondary markets maintained strong momentum, driven by LP liquidity needs and growing transaction volumes across GP-led secondaries and continuation vehicles. Continuation vehicles are becoming an increasingly established part of the private markets ecosystem, providing an additional route to liquidity and value realization.

Fundraising remains competitive, favouring established managers with strong track records, while operational value creation continues to be a key driver of returns.

Sustainability: Award winning quarter
During the quarter, we honoured to receive valuable recognition for our work in sustainable investment. First, the Financial Reporting Council confirming Storebrand AM as a signatory to the UK Stewardship Code 2026. We were also named Sustainable Investment Fund Management Group of the Year at Investment Week’s Sustainable Investment Awards 2026 in London. The judges recognized our leadership in active ownership, human rights due diligence, as well as our leading role in advancing both climate- and nature-related initiatives.

For more insights into Storebrand AM's sustainability work, see our newly published Sustainable Investment Review, Q3 2026>>