We contribute to the financial security of current and future pensioners in Sweden

Annual Report 2025

About us

An important mission

The Fourth Swedish National Pension Fund (AP4) was founded in 1974 to manage part of Sweden's public pension capital. Over time, through long-term high returns, we have strengthened the public pension system. We manage the fund capital in an exemplary manner through responsible investments and ownership. In this way, we have contributed to financial security for today's and tomorrow's Swedish pensioners.

Climate & Environment

Our view on sustainability

Climate and environment is a focus area in AP4's asset management and includes both climate change and climate transition, as well as areas such as biodiversity, resource efficiency and waste. In 2024, AP4 reduced its carbon footprint by 15% and by 70% since 2010.

If you as an investor want to take real responsibility and contribute to the climate transition in a powerful way, you must drive transition even in the most CO2-intensive parts of the economy.
CEO Niklas Ekvall
  • 578.1
    SEK billion in fund capital 2025-12-31
  • 34.4
    SEK billion net result 2025-12-31
  • 6.3
    % return after cost 2025-12-31
News
AP4 50 years
  • News

    Annual report 2025: The Council on Ethics summarises an eventful year

    The year 2025 was characterised by turbulence and a complex global environment, marked by increased levels of conflict, growing polarisation in key sustainability areas, and rapid technological development. For the Council on Ethics of the Swedish National Pension Funds, this has led to a strong focus on extensive analysis based on international norms and conventions, as well as on systemic issues linked to the mining industry and the impact of big tech companies on human rights.

  • Press release

    2025 – Good return during a special year for AP4

    AP4 reported a return for the full year 2025 of 6.3% after costs and the net result for the year was SEK 34.4 billion. The fund capital increased to SEK 578.1 billion at the end of the year after net payments from AP4 to the pension system of SEK 4.6 billion during the year. Following the transfer of assets from AP1 at the turn of the year, the fund capital increased to SEK 833.8 billion at the beginning of 2026.

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