Risk management

Swe Eng

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All business activities involve risks which affect the ability to achieve the strategic goals. Risk management is therefore a continuous process in the daily business. Proactive risk management is crucial for successful governance and operations. The Board and Executive Leadership Team frequently follow up on limits and risk exposure.

Risk management
The Board is responsible for ensuring effective risk management to reach the ultimate target of generating an attractive total return. Risk management is an integral part of the Group’s processes and is kept close to business operations. The Board has adopted policies with risk levels, mandates and limits for the parent company and its business areas, while the boards of the subsidiaries decide and follow up on policies that have been adapted to manage the risks in their respective businesses.

Uncertainty factors

Commercial and financial risks are the most significant risks and uncertainty factors affecting the Group. The global economic landscape remains uneven and subject to elevated uncertainty. Ongoing wars and armed conflicts in certain regions continue to contribute to geopolitical instability, with potential adverse effects on economic activity, energy markets, and supply chains. Trade policy remains a source of uncertainty, with tariffs and other trade measures remaining elevated and subject to change, contributing to volatility in global trade flows. In addition, the uncertainty regarding policy direction in major economies continues, with potential implications for global trade, infl ation and other fi nancial conditions. The described uncertainties may have a material adverse impact on Investor’s and the portfolio companies’ business operations, financial situations and ability to deliver on the strategies.

Risk management

Uncertainty factors

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Annual report 2025

Q4 Results