Andra AP-fonden (AP2) reports a result of SEK 48.0 billion for the first half of 2026. The return amounted to 9.6 per cent after costs, driven mainly by listed equities, and fund capital totalled SEK 550.5 billion at the end of the period. During the period, the Fund also continued its work to develop its asset management and incorporate assets from AP6.

“AP2 reports a strong result for the first half of the year in a continued uncertain external environment. Markets were at times characterised by geopolitical tensions and trade policy uncertainty, meanwhile the global economy has shown resilience. The Fund’s return was driven primarily by listed equities,” says Eva Halvarsson, CEO of AP2.

“During the period, we continued to implement important changes in the asset management of the Fund, while also assuming responsibility for assets from AP6. The incorporation has been carried out fully according to plan, with good progress and cost control,” says Eva Halvarsson.

“During the first half of the year, we strengthened the organisation and welcomed around ten new colleagues. We are now well equipped for the continued work of developing our management operations and taking responsibility for the expanded mandate,” says Eva Halvarsson.

• Fund capital increased during the first half of the year from SEK 475.2 billion to SEK 550.5 billion. In addition to the result for the period of SEK 48.0 billion, the Fund received SEK 31.8 billion from AP6 during the first half of the year, comprising fund investments valued at SEK 25.8 billion and SEK 6.0 billion in cash. Net flows to the pension system amounted to SEK -4.5 billion.
• The strong return for the first half of the year, 9.6 per cent after costs, was driven largely by listed equities, not least the exposure to emerging markets, which returned 51 per cent. Real assets continued to develop weakly and affected the portfolio by a total of -0.2 per cent during the first half, including a write-down of the previous holding in Stegra by SEK 0.33 billion compared with its acquisition value. Foreign currencies made a positive contribution to the result.
• During the first half of the year, AP2 continued its work to develop the Fund’s asset management model. The aim is to strengthen the conditions for high long-term returns while giving the Fund better opportunities to act in a more complex and changing external environment.
• The incorporation of AP6 has continued fully according to plan. The assets that are to be included in AP2’s private equity portfolio have been transferred and are now managed within the Fund’s ordinary operations.
• The remaining assets from AP6 are managed separately in a transition portfolio, and the liquidity generated by this portfolio will be transferred gradually to AP2. The transition portfolio’s fund capital, which amounted to SEK 52.3 billion at the end of the first half of the year, is not included in AP2’s reported fund capital in the report. The total capital for which AP2 is responsible, including the transition portfolio, amounted to SEK 602.8 billion at mid-year.

Key figures for the first half of 2026 compared with the corresponding period in 2025:

Key ratios	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Fund capital carried forward, SEK billion	550.5	458,0	475.2
Net result for the period, SEK billion	48.0	1.6	20.9
Assets transferred from AP6, SEK billion	31.8	–	–
Net outflows to the national pension system, SEK billion	-4.5	-2.4	-4.6
Fund capital brought forward, SEK billion	475.2	458.9	458.9
Asset management costs: operating expenses, %	0.06	0.06	0.06
Asset management costs: commission expenses, %	0.02	0.02	0.02
Total asset management costs, %	0.08	0.08	0.08
Return after costs, %	9.6	0.4	4.6
Real return after costs, %	8.6	-0.2	4.3
Annualised return after costs, 5 years, %	5.3	6.3	5.4
Annualised return after costs, 10 years, %	7.0	5.8	6.4

Read the full half-year report on the Fund’s website www.ap2.se

For further information, please contact:

Eva Halvarsson, Chief Executive Officer of Andra AP-fonden, eva.halvarsson@ap2.se or
Åsa Norman, Head of Communications and Sustainability, asa.norman@ap2.se

AP2 manages the Swedish people’s pension capital and works to ensure a good pension for both current and future pensioners. We strive to be a leading pension fund manager in a changing world. To achieve good long-term returns and balance risks, we choose to invest responsibly worldwide in a wide range of assets. We create value, both through good returns and by promoting sustainable development for people and the environment. This contributes to a good retirement for all generations.​​ www.ap2.se