Norges Bank Investment Management (NBANK) investor relations material

Executive summary

• Fund value reached 22,683 billion kroner at the end of H1 2026, with a total return of 9.4% and a relative return of 0.22%.

• Value increased by 1,416 billion kroner from year-end 2025.

• Equity investments delivered the strongest performance, especially in technology and telecommunications sectors.

• The fund's mission is to maximize returns for future generations within acceptable risk and responsible investment guidelines.

Financial highlights

• Accounting result before currency impact was 1,753 billion kroner; inflows after costs were 89 billion kroner; currency effects reduced value by 427 billion kroner.

• Equities returned 13%, fixed income 0.9%, unlisted real estate 3%, and unlisted renewable energy infrastructure -0.2%.

• Net income for 1H 2026 was 1,321.5 billion kroner, compared to a loss of 315.8 billion kroner in 1H 2025.

• Management costs totaled 4.83 billion kroner, or 4.3 basis points of assets under management.

Outlook and guidance

• Stress testing scenarios show potential fund value declines of 20% to 37% under adverse conditions such as AI correction, fragmented world, regional debt crisis, or extreme weather events.

• Ongoing engagement with companies on climate issues in line with the 2030 Climate Action Plan.

• A government-appointed committee is reviewing the fund's ethical framework, with a report due by October 2026.