Impact
Report 2025

How capital creates impact

Capital is one of the most powerful tools we have to shape the future. How we allocate it matters. In 2025, we continued increasing the share of capital allocated to investments contributing to our six solution areas.

• 56% of our capital (excluding direct participations) is now allocated to one or more of our six solution areas.

• Six new investments joined the portfolio in 2025, across two investment categories ‘Impact Funds’ and ‘Ventures’​

• Our portfolio now includes 401 direct and indirect companies contributing to our solution areas.

This steady shift reflects our commitment to directing all new capital towards impact, while gradually phasing out non-impact investments.

Through our annual Biodiversity, Climate and Social Equality (BCS) engagement process, we continued assessing how sustainability themes are integrated across the portfolio. The impact maturity continued to improve in 2025. Some areas progressed faster than expected, while others proved significantly harder to operationalise.

• Climate remained the most mature theme, achieving a score of 2.7, showing increasing integration of measurement, target setting and risk management across the portfolio. Social equality progressed to 2.3, particularly in governance and employee wellbeing. Biodiversity reached 1.7 and continued to advance, but remains the most challenging area to operationalise.

• During the year, we deepened our understanding of biodiversity dependencies across the portfolio, intensified engagement with portfolio companies, and continued using biodiversity footprint analysis to identify where action is most needed.

• At the same time, we strengthened our climate approach: Our overall carbon footprint decreased across key asset classes. All direct participations now have validated science-based targets in place. We introduced a money-for-tonne approach, enabling targeted capital allocation to high-impact climate initiatives while continuing to prioritise emissions reductions across the portfolio.

Engagement remained strong, with near-full participation and ongoing dialogue to strengthen impact practices. What 2025 reminded us above all: the areas most critical for long-term resilience – such as biodiversity and value-chain impacts – are often the hardest to measure and operationalise. That’s why we keep learning, refining our approach and improving over time.

How we generate impact as an investor

Capital alone is rarely enough. How investors behave matters too.

• Throughout 2025, we continued supporting portfolio companies through board participation, annual engagement cycles, and ongoing dialogue. Engagement remained exceptionally strong, resulting in a portfolio engagement score of 99%.

• We also continued contributing to the broader impact investing ecosystem through investor roundtables, partnerships, and knowledge-sharing initiatives, engaging with more than 100 peers during the year.

We believe meaningful change happens faster when knowledge is shared rather than protected. By bringing together investors, entrepreneurs, experts, and peers, we aim to contribute to a stronger and more effective impact ecosystem.

Philanthropy focused on system change

Some challenges cannot be solved by markets alone.

• Our philanthropic activities therefore remain an important complement to our investment activities. In 2025, our approach continued evolving towards a more strategic and system-oriented model.

• Total donations exceeded €1.6 million and focused on a combination of direct impact, ecosystem building, and initiatives aimed at addressing underlying systemic challenges.

• At the same time, we remained responsive to urgent humanitarian needs where immediate support was required.

We see philanthropy and investing not as separate activities, but as complementary tools that can reinforce one another in creating long-term positive change.

Learning by doing, sharing by default

The more we learn, the more we realise how much remains uncertain. Many of today's environmental and social challenges are complex, interconnected, and constantly evolving. Creating meaningful impact is therefore not about having all the answers. It is about continuously improving the questions we ask, the assumptions we make, and the actions we take.

• Throughout 2025, we actively sought external perspectives to challenge our thinking, sharpen our approach, and help us identify opportunities for improvement.

• Through academic courses, roundtables and partnerships, we encouraged other family offices to advance their impact strategies. We engaged in impact-related dialogues with more than 100 peers.

• We strengthened dialogue and collaboration across the portfolio and achieved a portfolio engagement score of 99%.

By combining practical experience, external insights, and ongoing reflection, we continue to evolve our approach and improve our ability to contribute to long-term positive change.

Looking ahead

2025 was a year of progress, but also a reminder that impact investing is a continuous journey rather than a destination.

Looking ahead to 2026, we will continue directing capital towards impact-aligned solutions, strengthening our focus on human rights and social foundations, and further developing our understanding of how capital can contribute to systemic change.

We do not expect the coming years to become less complex. But complexity is not a reason to retreat from long-term thinking. We remain committed to deploying capital in ways that contribute to a more resilient, inclusive, and future-proof economy.