Storebrand Asset Management Q4 2025 business update

Market Outlook February 2026
AMWatch Saugestad: "Resilience" front and center in both investment and society in 2026

Growing client demand for active and alternative strategies
The fourth quarter delivered strong momentum as markets rebounded from the temporary downturn that followed the US government’s imposition of a broad slate of import tariff’s (Liberation Day). While political uncertainty persisted, sentiment improved, and clients increasingly engaged with us on long-term capital allocation. Risk allocations rose, supported by growing interest in alternatives, particularly high-performing real estate.

During the quarter, active strategies regained traction across markets, with renewed interest in equity funds such as SKAGEN Kon-Tiki and Delphi Global. In a climate of geopolitical uncertainty and rapid market shifts, investors increasingly value the flexibility that active strategies can give. The growth into active strategies was also driven by a desire to diversify away from U.S. exposure and capture opportunities in i.e. Europe and emerging markets. Fixed income also continued to grow, reinforcing the broader trend toward diversification. Our Storebrand Global Solution fund remains a key choice for our most sustainability-focused investors. As assessed by Nordnet, it was one of the best-performing sustainable investment funds in 2025.

Looking ahead, alternatives, especially real estate and infrastructure, are expected to remain in focus for clients, alongside active management strategies aimed at reducing concentration risk and capturing regional opportunities. Diversification continues to be a compelling approach for long-term investors.

Infrastructure: New Addition Strengthens UK Battery Storage Portfolio
Through our investment partner AIP Management, we acquired stakes in two UK Battery Energy Storage System (BESS) projects: Ardenham UK, a portfolio of assets located across the Midlands and South East England, and Coalburn 2, a large-scale BESS facility in South Scotland. These projects are situated in key UK sub‑markets with strong and growing demand for flexible storage capacity. Once operational, the combined UK BESS portfolio, comprising four assets with a total capacity of 1,200 MW, will provide substantial system flexibility, supporting both the integration and continued expansion of renewable energy generation.

During the quarter we also completed a first close of AIP V at EUR ~2bn, representing around 2/3 of the EUR 3bn fund target, marking an important milestone in our first broader fundraise since the firm was established in 2012.

Infrastructure as an asset class continues to demonstrate resilience in the current market environment. Stable cash flows, the essential nature of underlying assets, and long‑term electrification trends remain strong fundamental drivers. The investment landscape is increasingly attractive, with a growing pipeline of attractive opportunities across core markets available at compelling valuations.

As market conditions in Europe have reset, the opportunity set for high-quality, long-term infrastructure investments has widened. AIP aims to steward capital responsibly and generate attractive, risk-adjusted returns with measurable climate impact.

Real Estate: Streamlined Structure and strong second closing of Storebrand Nordic Real Estate Fund II 
In response to growing investor interest in the Nordic real estate market, we have streamlined our corporate structure by consolidating all real estate expertise into a new independent entity, Storebrand Real Estate. This move brings investment, asset management, and property management capabilities together into one company, strengthening efficiency and sharpening our focus on the real estate segment. 

For the second consecutive year, SPP Fastigheter, managed by Storebrand Real Estate in Sweden, has been awarded MSCI’s prestigious European Property Investment Award. The portfolio achieved the highest annual total return over the three‑year period ending December 2024, within the Sweden Balanced Fund category, outperforming the All Property Benchmark in Sweden. The portfolio remains well diversified, comprising 53 properties with a total market value of SEK 14.6 billion.

Storebrand Nordic Real Estate Fund II (SNRE II) has achieved a strong start, completing its second closing on 19 December 2025, just two months after launch. Having reached nearly 90 percent of its original capital raising goal, the fund has increased its target size toward the hard cap of EUR 500 million. More than 80 percent of the funds available capital is now invested. SNRE II enters 2026 with significant momentum and will continue expanding its Nordic core plus portfolio, with a particular focus on logistics and social infrastructure. 

In Denmark 2025 has been a year of strong progress for Capital Investment. The team completed property acquisitions and divestments totalling EUR 300 million, secured four new retail and office leases in the +1 m EUR rent segment, and refurbished and let more than 200 residential apartments. Capital Investment now manages 139 properties valued at approximately EUR 2.6 billion. To support the growth in the Danish market, we welcomed six new colleagues during the year, bringing the Capital Investment team to 32 professionals in Denmark.

In Norway, we had an exceptionally active year throughout 2025, marked by numerous portfolio additions and adjustments in both our institutional real estate fund SEN KS and the captive portfolio. Both portfolios delivered satisfactory results, thanks to excellent operational management and successful project development. We also received important clarifications regarding zoning decisions. In addition, several negotiations concluded positively, resulting in vacancy rates for both portfolios that are well below the market average. Tenant satisfaction remains high, and we achieved a top rating of 5 stars in GRESB. Overall, we completed transactions totalling more than NOK 2.7 billion in the Norwegian portfolios. The portfolios in Norway now comprise 50 properties valued at NOK 42 billion.

Private Equity: Strong Capital Raising in International and Nordic Programs
Private equity exit markets continued to improve through Q4 2025, supporting a constructive outlook into 2026. During the quarter, Cubera Private Equity, part of Storebrand AM, completed the largest capital raises in its history across its international and Nordic primary programs.

Cubera raised EUR 334m for Cubera International Private Equity 2025 (CIPE 25) and EUR 166m for Cubera Nordic PE V (PE V). Both programs saw solid re‑ups from existing investors and attracted a meaningful number of new investors from both new and established markets. The successful fundraisings reflect continued progress in broadening and institutionalizing Cubera’s global investor base.

Sustainability: Global Recognition for Climate and Biodiversity Leadership
In Q4, Storebrand’s sustainable investment efforts were recognized by several external organizations.