2025 Interogo Group Annual Report published
The Interogo Group reports its financial results for 2025. In a year marked by geo-political unrest, uncertain markets and foreign exchange volatility, Interogo Group maintained its selective and disciplined approach to capital deployment, across all strategies.
2025 was defined by policy uncertainty, uneven growth, and currency shifts as recurring themes. Early pressures from renewed trade tensions and geopolitical developments weighed on activity, before a more supportive backdrop later emerged, helped by solid corporate performance and gradually easing financial conditions. In this environment, Interogo Group remained selective and disciplined in its capital deployment.
- While this year’s financial results reflect a more challenging environment, our portfolio and strategy remain strong. Our long-term approach allows us to support businesses through cycles and continue building sustainable value. This is made possible by the commitment, discipline and professionalism of our co-workers,” says Martin van Dam, CEO, Interogo Group.
In total, the Interogo Group deployed EUR 2.1bn gross into illiquid strategies (2024: EUR 1.7bn) and EUR 0.5 bn net into its liquid portfolio (2024: 3.5).
- The Interogo Global Private Equity strategy, focusing on fund of funds and co-investments, committed EUR 560m (2024: EUR 530m). Fund partner deployment stood at EUR 475m, up from EUR 360m in 2024.
- In our direct private equity portfolio, Nalka acquired Airteam, a provider of advanced, energy-efficient ventilation systems. In total, Nalka and its portfolio companies completed acquisitions of EUR 300m (2024: EUR 450m), reflecting a more challenging M&A environment.
- An Interogo Group milestone in 2025 was the listing of Asker Healthcare Group on Nasdaq Stockholm. Asker was added to the Nalka Invest and Interogo private equity portfolio in 2019 and has since grown significantly. As part of the IPO, Nalka reduced its ownership from ~60% to ~40% and late in the year, Asker was added to the Interogo Long-Term Equity portfolio, reflecting both the maturity and scale achieved by Asker and Interogo’s long-term approach as owner.
- In addition to integrating Asker into the portfolio, the Interogo Long-Term Equity team deployed EUR 530m during the year (2024: EUR 195m). A notable new investment was the minority stake in Fortnox, a leading Swedish business administration software provider. The team also continued to build positions in existing holdings.
- Interogo Infrastructure remained highly active in 2025, completing a significant minority investment in a portfolio of data centers owned and operated by Data4. Total capital deployed within the infrastructure strategy amounted to EUR 365m (2024: EUR 460m).
- In real estate, Vastint increased its investment activity to EUR 425m (2024: EUR 300m), as selected development projects gained traction. While office letting activity remained challenging, the strategy saw gradual improvement over the year.
- The Interogo Global Markets portfolio saw solid returns in both equities and fixed income, overcoming FX challenges. Gains came from corporate earnings and AI-related stocks, while disciplined fixed income management capitalised on steady rates. The portfolio delivered strong yields, liquidity, and diversification despite market turbulence.
Divestment activity within our alternative assets and property portfolios increased, with total proceeds reaching EUR 1.0bn (2024: EUR 0.4bn), primarily driven by the partial divestment of Asker. Supported by this transaction and the solid contribution from our liquid asset portfolios, investment income reached EUR 2.4bn (2024: EUR 1.8bn).
Gross profit contracted to EUR 1,101m (2024: EUR 1,280m), reflecting continued operational performance and acquisitions within the portfolio. Net profit for the year reached EUR 922m (2024: EUR 1,412m).
The year’s result was significantly impacted by foreign exchange volatility, particularly the depreciation of the U.S. dollar. Net foreign exchange losses amounted to EUR -752m (2024: EUR 383m), driving a negative financial result of EUR -662m (2024: EUR +605m).
- In an increasingly volatile and complex world, we remain on course. Together with our owner, Interogo Foundation, our co-workers, and our long-standing partners, we have a strong platform to support high-quality businesses and continue building sustainable value over time”, says Martin van Dam.
Download the 2025 Interogo Group Annual Report here.