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Norges Bank Investment Management (NBANK) investor relations material
Norges Bank Investment Management H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary12 Aug, 2025
Executive summary
Fund value decreased by NOK 156 billion in H1 2025, ending at NOK 19,586 billion, mainly due to negative currency effects despite positive investment returns.
Returned 5.7% in H1 2025, slightly underperforming the benchmark by 0.05 percentage points.
Equities comprised 70.6% of assets, fixed income 27.1%, unlisted real estate 1.9%, and unlisted renewable energy infrastructure 0.4%.
Ethical and responsible investment practices were reviewed, with divestments in Israeli companies and government bonds.
The fund's mission remains focused on maximizing returns after costs within acceptable risk, managed responsibly for future generations.
Financial highlights
Total market value at H1 2025: NOK 19,601.8 billion across 70 countries and 11,308 investments.
Accounting return of NOK 698 billion; negative currency impact of NOK 1,010 billion offset gains.
Net inflow from the government was NOK 160 billion; management fees paid totaled NOK 4 billion.
Net real return since 1998 annualized at 4.12%; last 12 months at 7.45%.
Management costs annualized at 4.3 basis points of assets under management.
Outlook and guidance
Further measures to reduce portfolio complexity and enhance responsible investment are expected.
Ongoing review of investments in Israeli companies in response to geopolitical developments.
Expected volatility for the portfolio is 11.4%, or NOK 2,200 billion, with relative volatility at 43 basis points, both within mandate limits.
The fund continues to commit capital to future renewable energy infrastructure projects, anticipating future income streams.
What drove financials' strong equity return?
Assess impact of currency on fixed income.
How did real estate allocation affect return?
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Next Norges Bank Investment Management earnings date
H2 20256 Feb, 2026
Next Norges Bank Investment Management earnings date
H2 20256 Feb, 2026
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Frequently asked questions
Norges Bank Investment Management (NBIM) is responsible for managing the Norwegian Government Pension Fund Global, often referred to as Norway's oil fund. This sovereign wealth fund is invested in a wide array of assets including international equity and fixed-income markets, real estate, and renewable energy infrastructure. The primary goal of NBIM is to ensure responsible and long-term management of Norway's oil and gas revenues, aiming to benefit both current and future generations by generating the highest possible return within government guidelines. NBIM is notable for being the largest single owner in the world's stock markets, holding almost 1.5 percent of all shares in listed companies globally, which translates to stakes in approximately 9,000 companies. Additionally, the fund owns hundreds of properties in major cities worldwide and an offshore wind farm. It is headquartered in Oslo, Norway.
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