February 26, 2026

AP3 delivers 6.0 per cent return in an eventful year

AP3 ends a year of change and strong delivery. A major focus was on preparing for the consolidation of the AP funds, as well as on future-proofing the Fund’s system infrastructure. At the same time, the Fund maintained a laser focus on its mission to deliver returns for the benefit of current and future pensioners. After the successful transfer of assets from AP1 at the year-end, the Fund’s assets under management totalled SEK 832.8 billion. Staffan Hansén, CEO of AP3, comments:

“It has been an eventful year in which the Fund’s employees delivered excellent results on several fronts at the same time. This is also true of navigating the financial markets, where after a weak return in the first half of the year, the Fund rebounded strongly in the second half, posting a 6 per cent return.”

Net result and contributions:

AP3’s net result totalled SEK 32.6 (51.3) billion

AP3’s return was 6.1% (10.4) before expenses and 6.0% (10.3) after expenses.

AP3’s assets under management stood at SEK 577.1 (549.1) billion

AP3’s asset management expense ratio was 0.08% (0.07), of which operating expenses were 0.07% (0.06)

Net payment to the pension system from AP3 totalled SEK 4.6 (2.0) billion

AP3’s annual average return after expenses was 7.5% (8.2) for the last five years and 8.3% (8.4) for the last 10 years

AP3’s listed equities asset class returned 16.0% (17.4) and was the largest contributor to the return.

Other important events:

On 31 January 2025, the Government Offices of Sweden announced that the Pension Group, in which all parliamentary parties are represented, supported the proposal for the assets of AP1 to be transferred in equal shares to AP3 and AP4. The decision to consolidate the AP Funds was prepared during the year and, at the year-end, AP1’s assets and liabilities were taken over.

Larger capital has meant that new talent needed to be recruited. There were a record number of applicants for the positions advertised, with many highly qualified candidates.

A modern, new, cloud-based, integrated system solution was implemented during the year, following intensive work by the Fund’s employees. This future-proof system infrastructure replaces several systems that support the entire business flow from analysis and order placement to portfolio management.

Stewardship work has resulted, among other things, in the target for the proportion of female Board members in large companies having been exceeded. The proportion now stands at 43 per cent. The target for the proportion of companies in the portfolio with sustainability criteria in incentive programmes was also exceeded and the proportion now stands at 43 per cent.

Summary of AP3’s earnings as at 31 December 2026

	31 Dec 2025	31 Dec 2024
Fund capital, 31 December, SEK bn	577,1	549.1
Net flow to pension system, SEK bn	4.6	2,0
Profit for the period/year, SEK bn	32,6	51,3
Return before expenses, %	6,1	10,4
Return after expenses, %	6,0	10,3
Total asset management expenses as a percentage of assets under management	0.08	0.07
Asset management expenses excluding commissions	0.07	0.06
Annualised return after expenses, 5 years, %	7,5	8.2
Annualised return after expenses, 10 years, %	8,3	8.4

For further information, please contact:

Lil Larås Lindgren, Head of Communications. Tel.: +46 (0)8 555 17 123 lil.lindgren@ap3.se

Tredje AP-fonden (AP3) /Third Swedish National Pension Fund
AP3 is one of five buffer funds that manage capital on behalf of the Swedish state pension system. At 30 June 2025, the Fund had SEK 550.6 billion under management and return after expenses of 0.7 per cent. The fund capital is managed mostly through active management and a smaller part through external management.

The Fund is tasked by the Swedish Parliament with generating the maximum possible benefit for the state pension system by managing its fund capital responsibly and delivering strong investment returns at a low level of risk.