Despite a complex operating environment shaped by macroeconomic uncertainty and heightened geopolitical risk, Njord continued to broaden its ESG metrics, strengthen transparency and enhance its data and analytics capabilities, reinforcing its view that robust ESG frameworks are fundamental to resilience and long-term performance of companies it invests in.

Within our controlled investments, we implement policies and drive initiatives directly, while in non-control investments we work through documentation undertakings, board involvement and stakeholder dialogue. As a signatory of the UN Principles for Responsible Investment (UN PRI) our ESG Committee reviews and refreshes the policy annually and keeps ESG awareness embedded across the firm.

The firm continues to foster an inclusive and diverse workplace and has increased its staff retention rate to 98%, underlining its continued focus on talent development. With over €1bn in AUM and 8 control investments, Njord’s portfolio companies now employ over 5,000 people and have created more than 1,900 jobs since investment.

2025 portfolio company highlights include:

• Geoquip Marine: Corporate Partnership with Blue Marine Foundation in support of marine conservation and blue carbon projects.
• Il Lanificio: Identified two core pillars to focus on “made-in-Italy” and “short supply-chain”; and introduced electric and hybrid vehicles into its fleet.
• Ancona International Airport: Promoting ethical firms, such as Frolla micro-bakery, which employs people with disabilities; their products are served on board territorial flights.
• Ambassador Cruise Line: Ambience and Ambition vessels now enrolled in the “Green Marine” environmental responsibility scheme: elimination of single use plastic bottles on board.
• Deroma: Installed solar panels covering over 25% of its Italian plant’s electricity usage.
• Valiant: Eliminated single-use plastics across its estate and achieved a 76% recycling rate in 2025.
• euroAtlantic Airways: Ongoing fleet strategy review with focus on fuel-efficient and quieter aircraft in medium- to long-term, supported by continued investment in fleet modernization and operational efficiency improvements.
• Red Funnel: Fleet electrification underway; awarded the RoSPA Silver Award for Health and Safety Performance.

Arvid Trolle, Partner and Co-Portfolio Manager at Njord Partners, commented:
“In 2025, we continued to broaden our ESG metrics and strengthen transparency across Njord Partners and our portfolio, ensuring ESG remains embedded throughout the investment lifecycle. The substantial majority of our control investments have now formalised ESG policies aligned with evolving best practice, and we continue to prioritise diverse, effective leadership and structured talent development across the portfolio. As we look ahead, we will keep evolving our approach in step with emerging trends, regulatory developments and the expectations of our stakeholders.”