First Swedish National Pension Fund (AP1)

Registry · Top 100 · Public Pension · Sweden — Instantiations rank 93 · elite profile 89th live after GPF Thailand. Last researched 11 September 2026. Corrections: info@universalassetowners.com.

• Executive brief
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy / strategy
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Depth annex — AR 2025 folds
• Depth annex — consolidation & transfer
• Depth annex — holdings & real assets
• FAQ
• Sources & further reading
• Completeness note

Executive brief

Första AP-fonden (AP1) — First Swedish National Pension Fund — was a Swedish government income-pension buffer fund that ceased operating at the end of 2025 after Parliament consolidated Stockholm buffer-fund management. Prefer official SEK only: closing fund capital SEK 520.2 billion at 31 December 2025; FY2025 return after costs 5.6%; net result SEK 27.9 billion. From 1 January 2026, assets and obligations transferred mainly to AP3 and AP4 (~SEK 510–511.5 billion / ~98%), with a small segregated residual under AP4 board oversight.

Soft researcher strings: AP1 / Första AP-fonden / First Swedish National Pension Fund. Official URL https://www.ap1.se/ now serves AP4’s “About AP1” wind-down notice (EN: ap4.se/en/about-ap4/about-ap1/). ≠ AP7 (Sjunde AP-fonden) (premium-pension default Såfa — separate UAO profile; do not mix AUM or leadership). ≠ AP4 / AP3 continuing buffer funds that received the transfer — do not paste AP4/AP3 live AUM or CEOs onto AP1 seats.

INST CEO/CIO seats stay empty (fund ceased; ap1.se has no live roster). Historical final CEO through the 2025 wind-down: Kristin Magnusson Bernard (named on Första AP-fonden TT presses and joint AP-funds communications). AR 2025 executive table does not list a CIO title at close — do not invent. Recipient-fund CEOs named in consolidation communications include Staffan Hansén (AP3) and Niklas Ekvall (AP4).

Researchers care because AP1’s orderly wind-down is a rare, fully disclosed buffer-fund consolidation with audited closing AUM, transfer mechanics, segregated-asset residual, and 25-year cumulative contribution (~SEK 454 billion of returns; ~SEK 68 billion net paid to the system). Related UAO hubs: Registry, Top 100, AP7 (Sjunde AP-fonden), Norges Bank Investment Management, Government Pension Fund (Thailand).

Mandate & ownership

Under the National Pension Insurance Funds (AP Funds) Act (SFS 2000:192), Första AP-fonden managed a portion of the Swedish income pension system’s buffer capital with a statutory duty to manage assets in an exemplary manner — seeking long-term high returns at a low level of risk in a responsible, cost-efficient way for current and future pensioners.

AP1 was a government authority more independent than most Swedish authorities because operations were regulated primarily by the AP Funds Act rather than annual appropriation directions. The Swedish Government (Ministry of Finance) appointed the board (nine members; labour-market organisations proposed four) and external auditors, and evaluates fund-asset management annually for Parliament.

What the mandate was not: AP1 was not the premium-pension default manager (that is AP7), not a private occupational fund, and not a sovereign wealth fund investing oil proceeds. Schema type for this registry page: Organization + GovernmentOrganization.

Wind-down / consolidation (official)

In 2025 the Riksdag decided to restructure buffer-capital management: consolidate three Stockholm buffer funds into two by transferring AP1’s assets and obligations to AP3 and AP4, and transfer Gothenburg-based AP6 into AP2. Legislative changes entered force 1 January 2026. During 2025 AP1 continued day-to-day asset management as an independent authority while preparing an orderly handover with the government-appointed special investigator, recipient funds, auditor, and Ministry of Finance.

Post-transfer, the government decided certain assets may be managed separately for a transitional period. For segregated assets, parts of prior AP1 legislation continue, but tasks that would have been performed by AP1’s board are performed by AP4’s board, which also adopted and signed AP1’s Annual Report 2025. Contact for AP1 questions is routed to AP4 (info@ap4.se).

Scale & portfolio

Prefer dated official SEK from AR 2025 / ap4.se About AP1 / Första AP-fonden TT presses — no invented USD headline.

Asset-class exposure & returns YE 2025 (AR composition table)

Exposure shares YE2025: equities 56.4% (Sweden 18.9% / foreign 37.5%); fixed income 21.2%; alternatives 20.1% (real assets 14.6%, PE 5.5%); cash 2.2%; FX exposure 27.4%. Internal management 93% / external 7.4% of portfolio. Average employees 2025: 64 (closing headcount 58).

Return targets (AR): medium-term real return 3.0% p.a. over rolling ten years; long-term 4.0% average annual real return over 40 years after expenses. Outcomes cited: 2025 return after expenses 5.6%; average annual real return since 2001 4.1%; medium-term real return last ten years 4.6%.

Governance & leadership

INST seats: CEO and CIO fields remain empty on Instantiations rank 93 — the fund has ceased operating and https://www.ap1.se/ publishes only the wind-down notice, not a live leadership roster. Do not invent seats.

Historical final CEO (2025 wind-down): Kristin Magnusson Bernard, named as CEO of Första AP-fonden on the Fund’s TT press releases (H1 2025 performance / handover; December 2025 conclude-mandate) and in joint AP-funds communications republished via ap4.se. Person SSR live. Treat as final/historical leadership through cessation — not a current INST CEO seat.

AR 2025 Note 8 executive-management remuneration table for 2025 lists: CEO; Head of Communications; Head of Operations; Head of Business Support and Development (four executive management members at year-end). No CIO title appears in that closing table — do not invent a 2025/2026 CIO from older annual reports.

Board of Directors 2025 (AR attendance table)

Board met nine times in 2025 (94% attendance). Committees: Risk and Audit; Remuneration; Investment; Transition (inaugurated April 2025 for consolidation dialogue). Government-set board fees: Chair SEK 200,000; Vice Chair SEK 150,000; members SEK 100,000 (plus limited committee fees). External auditors (PwC): Peter Nilsson and Helena Kaiser de Carolis (renewed May 2025).

From 2026, AP4’s board performs remaining AP1 board tasks for segregated assets and signed the 2025 annual report. Consolidation communications quote AP3 CEO Staffan Hansén and AP4 CEO Niklas Ekvall on successful transfer preparation — those are recipient-fund leaders, not AP1 seats.

Investment philosophy / strategy

AR 2025 describes a portfolio concentrated in risk assets to meet long-term real-return targets: listed equities as the dominant sleeve; fixed-income (government/government-guaranteed, credit, inflation-indexed); alternative investments (private equity funds; real assets — real estate and infrastructure); absolute-return mandates; and separate currency-risk management.

Internal management was preferred when the Fund assessed it could achieve equal or better return at lower cost (93% internal at YE2025). External management (7%) was used when more cost-effective or when an asset/strategy was difficult to manage internally. No variable remuneration for employees since 1 January 2010 (government guidelines).

Real-asset platform (AR): real estate exposure ~SEK 68 billion / 13.1% — principally Vasakronan (25% with AP2/AP3/AP4; offices/retail in major Swedish cities) and wholly owned Willhem (rental housing in growth centres), plus smaller company/fund stakes. Infrastructure ~SEK 8.2 billion / 1.6% including jointly owned Polhem Infra (AP1/AP3/AP4) and infrastructure/energy funds. PE funds SEK 28.5 billion; limited new alternative commitments in 2025 owing to consolidation.

Largest listed equity names cited in AR Note 10 (fair value SEK m): Swedish — Investor, Atlas Copco, Volvo, Assa Abloy, Sandvik; non-Swedish — Nvidia, Apple, Microsoft, Alphabet, Spotify. Complete listed/unlisted holdings PDFs published via ap4.se About AP1.

Climate / ESG / ethics

AR 2025 front section: since 2019, carbon intensity of the listed equity portfolio decreased by 67%; share of equity-portfolio carbon emissions covered by climate targets aligned with the Paris Agreement 55%. Sustainability reporting followed common AP Funds guidelines on exemplary management.

Responsible ownership 2025: voted at 1,565 shareholders’ meetings (98 Sweden / 1,467 outside Sweden); worked on 22 nomination committees in listed and unlisted companies ahead of the AGM season.

AP Funds Ethics Council (Etikrådet) coordination and exclusion/observation practices are part of the shared Swedish buffer-fund RI architecture; for live post-consolidation RI policy, researchers should open AP3/AP4 sustainability pages rather than assume AP1’s historical policies still operate as a standalone authority.

Performance & reporting

Transparency stack at close: Annual Report 2025 (financial statements, Directors’ Report signed by AP4 board under transitional rules, Fund Governance Report, Board risk-management report, sustainability report, auditor’s report); listed equities/fixed income holdings PDF 31 Dec 2025; unlisted shares/participations/loans PDF 31 Dec 2025; H1 2025 interim figures via Första AP-fonden TT press; consolidation completion press (AP3/AP4, 21 Jan 2026).

Ten-year overview (AR): closing net assets rose from SEK 310.5 bn (2016) to SEK 520.2 bn (2025) with interim volatility (e.g. 2022 −8.6% after expenses). Operating expense ratio 2025 0.08% (0.05% ex-wind-up); commission expenses ~0.00% of AUM. CEM Benchmarking participation cited for international cost-efficiency comparison.

Income statement highlights 2025 (SEK m): total operating income 28,263; operating expenses −406; net investment income 27,858. Balance sheet: total assets 520,503; net assets 520,209 after provisions 152 (restructuring/transition support).

Controversies & debates

Official attributable actions first. The primary public debate around AP1 in 2025–2026 is the statutory consolidation itself: Parliament’s choice to reduce Stockholm buffer funds from three to two, the speed of the 2025 preparation year, equal-part transfer design, and the decision to leave <2% of capital in segregated AP1 legal-entity assets (mainly unlisted funds where transfer was not cost-effective, plus limited sanctioned/delisted equities).

AR and consolidation presses emphasise orderly handover, continued independent management through YE2025, expected annual savings SEK 150–200 million from 2027, and appreciation for AP1 staff. Secondary trade press (e.g. AMWatch) has discussed transfer friction and wind-down messaging — label secondary; prefer AR Note 3 transfer tables and ap4.se/ap3.se primary presses for figures.

Wind-up cost transparency: SEK 172 million total (SEK 107 million transition-support provision for staff; SEK 63 million external advisory/investigator-related). Expense ratio elevated to 0.08% including these costs.

Timeline

• 2001 — Buffer-fund AP1 era begins in reformed income-pension system; opening net assets SEK 134.0 bn (AR diagram).
• 2010+ — Ongoing net outflows to Swedish Pensions Agency as contributions lag disbursements; AP1 paid SEK 80.8 bn over past 15 years (AR Directors’ Report).
• 2019–2025 — Listed-equity carbon intensity −67% vs 2019 baseline (AR).
• Oct 2023 / Feb 2025 — Government investigation then legislative proposal to consolidate AP1 into AP3/AP4 and AP6 into AP2 (joint AP-funds communications).
• 2025 (Riksdag) — Parliament decides consolidation; AP1 Transition Committee formed April 2025; nine board meetings; full-year return 5.6% after costs.
• 30 Jun 2025 — AUM SEK 497.2 bn; H1 return 0.6% (TT press).
• 31 Dec 2025 — Closing fund capital SEK 520.2 bn; operations cease.
• 1 Jan 2026 — Assets/obligations transfer to AP3 & AP4; segregated residual remains; AP4 board assumes remaining AP1 board tasks.
• 21 Jan 2026 — AP3/AP4 announce consolidation successfully completed (~SEK 510 bn transferred).
• 20 Feb 2026 — AP1 and AP4 annual reports for 2025 published (AP3 on 6 Mar per consolidation press).

Depth annex — Annual Report 2025 narrative folds

The following paragraphs are condensed folds from Första AP-fonden’s official Annual Report 2025 (English PDF hosted on ap4.se). Prefer the PDF for authoritative wording.

At the end of 2025, Första AP-fonden (AP1) ceased its operation after carried out in close collaboration with Tredje AP-fonden and Directors' Report 25 years as a central component of buffer capital management in the Fjärde AP-fonden, the investigator specially appointed by the Swedish income pension system.

The wind-down followed a decision Swedish Government, and the Swedish Ministry of Finance. During by the Riksdag regarding changes to the management of buffer the wind-down period in 2025, Första AP-fonden continued its capital in the national pension insurance funds (AP Funds). These day-to-day activities as an independent authority.

Auditor's report legislative amendments entered force on 1 January 2026. This decision consolidated the three Stockholm-based buffer funds into two by At the beginning of 2026, the assets and obligations of transferring the assets and obligations of Första AP-fonden to Tredje Första AP-fonden were transferred to Tredje AP-fonden and Board of Directors' risk AP-fonden (AP3) and Fjärde AP-fonden (AP4), while the assets of the Fjärde AP-fonden.

management report Gothenburg-based Sjätte AP-fonden (AP6) were transferred to Andra AP-fonden (AP2). The government has decided that certain assets can be managed separately during a transitional period. For the segregated manage- Annual Fund Governance Since its beginning, Första AP-fonden's mandate has been to manage ment, the law that governs Första AP-fonden will remain in force for Report of the Board of a portion of the income pension system's capital in an exemplary certain parts, but the tasks that otherwise would have been per- manner, with the goal of achieving long-term high returns, cost-effi- formed by the Board of Directors of Första AP-fonden are instead Directors ciency and responsible risk-taking.

Through responsible management being performed by the Board of Directors of Fjärde AP-fonden. In and active responsible ownership, the Fund has strengthened pension light of this, the Board of Fjärde AP-fonden has adopted and signed security for current and future generations. Over these 25 years, the Första AP-fonden's Annual Report for 2025.

return has been nearly SEK 454 billion, representing a significant contribution to the long-term stability of the pension system. During Fjärde AP-fonden would like to express our appreciation for the this same period, Första AP-fonden also paid out more than SEK 67 structured and responsible efforts made by Första AP-fonden billion to the pension system.

Auditor's statement The Annual Report for 2025 marks the conclusion of Första AP-fonden's In addition to the annual report, mandate. By and large, the year was marked by consolidation activi- Första AP-fonden's report for 2025 The Board of Directors of Fjärde AP-fonden includes a sustainability report, ties, with a focus on ensuring an orderly and responsible transfer to a Fund Governance Report and a risk the recipient funds.

These activities have been extensive, and were management report. The sustainability report is based on common guidelines for the AP Funds for reporting on how the goal of exemplary management has been achieved. 2 Första AP-fonden's portfolio The diagram shows Första AP-fonden's The 2025 operating year was characterized by the Swedish Parliament's decision regarding the consolidation of the contribution to the stability of the pension AP Funds, which meant that the assets of Första AP-fonden were distributed between Tredje AP-fonden and Fjärde system since 2001 through the net flows to the pension system as well as returns.

Geopolitical tensions and economic turbulence continued to affect the global economy. However, Första AP-fonden achieved a good return of 5.6 per cent after expenses in 2025. 453.8 520.2 Return 2001–2025 Net assets, Directors' Report Dec 2025 Long-term real return target 4.0% real return over 40 years, after expenses.

Active decision-making and focusing on capitalising Asset exposure Asset exposure including Auditor's report on opportunities in this year's volatile market have at market value, SEK bn derivative positions, SEK bn Average annual real return over 40 years, after expenses. allowed the Fund to make a positive contribution to the 600 600 income pension system.

Första AP-fonden exceeded Board of Directors' risk both its short-term and long-term return targets. 500 500 management report Portfolio asset classes 400 400 Outcome Första AP-fonden invested mainly in risk assets in 300 300 Return 2025 5.6% Annual Fund Governance order to create the conditions for achieving the return 200 200 Report of the Board of target over time.

The Fund's main asset classes were Directors listed equities, fixed-income investments and alterna- 100 100 Return after expenses. Fixed-income investments com- 0 0 prised bonds, other fixed-income instruments and Medium-term cash. Alternative investments comprised private –100 31/12/2024 –100 31/12/2024 31/12/2025 31/12/2025 real return 4.6% equity funds and real assets such as real estate and Cash Alternative investments infrastructure.

The Fund's absolute return mandates, Fixed-income Listed equities Auditor's statement which consisted partly of internal risk mandates with- out allocated capital and partly of investments, were The Fund's average real return per year for the categorised as "alternative strategies".

Currency risk Share of internal and last ten-year period, after expenses. management comprised, and was managed as, a sep- external management arate area and reported separately. At the end of 2025, 93 per cent of assets were man- Annual real return 4.1% aged internally and 7 per cent externally.

Första Portfolio exposure AP-fonden managed assets internally when an overall Asset exposure is reported in this Annual Report in assessment demonstrated that the Fund was able to Average annual real return since the company accordance with the principle applied in previous years achieve an equally good or better return at a lower cost.

Source fold: AP1 Annual Report 2025 EN PDF (ap4.se/globalassets/dokument/ap1/arsredovisningar/). Verify against the live ap1.se / ap4.se page or PDF before citing beyond this profile.

Depth annex — returns by asset class &amp; expenses

Asset-class performance, currency, and cost commentary from AR 2025.

Första AP-fonden's investments returned 5.7 (9.9) per Fixed-income investments Bucking this global trend, the Bank of Japan raised its cent before expenses. Listed equities, which recorded Fixed-income investments yielded 0.9 (–1.6) per cent policy rate during the year, driven by continued high a return of 16.0 per cent, were the largest positive con- and comprised 21.2 (22.4) per cent of the total expo- and persistent inflation.

Alternative investments recovered during the credit markets was strong, in line with generally sure in the portfolio. At year-end, Första AP-fonden's Första AP-fonden's objective was to conduct resource- returns, staff composition, portfolio composition, Other expenses, fees and charges efficient asset management with the conditions nec- management model and risk.

The results showed that Transaction expenses are expenses incurred when essary to generate the best long-term returns possi- Första AP-fonden generated high returns at low cost, buying and selling securities and comprise the differ- ble. Another goal was to have sufficient resources to and had lower costs than the comparative group.

ence between the purchase price and the sale price. manage commitments, as well as internal and external Such expenses were recognised as part of the cost of requirements in areas such as regulatory compliance, Operating expenses the asset or deducted from the sale proceeds. A special sustainability and internal control.

Första AP-fonden Operating expenses totalled SEK 406 million (247) and fee known as a brokerage commission is also charged conducted its operations in a cost-effective manner, comprised the Fund's expenses for conducting its opera- for trading in shares. For 2025, brokerage commission Directors' Report and with good cost monitoring.

In relation to net assets, this corresponded to 0.08 amounted to SEK 18 million (21). Transaction expenses annual budget as part of the yearly planning process. Operating expenses comprised expenses affected the net investment income of each asset class. It was approved by the Board of Directors, and moni- for the Fund's internal management, administration and Performance-based fees are a type of profit-sharing tored and analysed continuously in order to ensure governance and were broken down into personnel costs paid to external managers when returns are strong and Auditor's report good cost control.

Administrative expenses comprised and other administration expenses. Personnel costs exceed certain pre-established targets. These were operating expenses – which were the Fund's internal included salaries, social security contributions and occu- recognised directly in the return on investments and are Board of Directors' risk expenses – and commission expenses, which were the pational pension contributions for the Fund's staff, as therefore included in the net investment income from Fund's expenses for external management and han- well as other staff-related expenses such as training management report financial operations in the income statement.

Changes in expenses and recruitment of staff. Personnel costs accounted for mance-based fees totalled SEK 0 million (0). More infor- over the year could have been related to external fac- the majority of operating expenses, totalling SEK 253 mation on these can be found in Note 7.

Tax expenses Annual Fund Governance tors such as exchange rates and inflation, which the million (150), of which SEK 109 million pertained to costs that the Fund was entitled to recover under double tax- Report of the Board of Fund was unable to influence. Changes could also have in conjunction with the wind-up of the Fund.

The aver- ation treaties were recognised as a receivable in the bal- Directors resulted from the need to invest in IT, processes or age number of employees in 2025 was 64 (67). Other ance sheet and so do not affect the income statement. personnel needed to enable the Fund to conduct administration expenses included expenses for premises, effective asset management and meet the demands systems and information services.

More information on Development of administrative expenses, 2016–2025 that were placed on its operations. The management operating expenses can be found in 8 and 9. expense ratio was the Fund's costs in relation to the % size of the assets under management. Commission expenses 0.15 Commission expenses amounted to SEK 19 million (13).

Auditor's statement Lower expenses than Commission expenses were attributable to external 0.12 comparable international funds management, custodian services and expenses incurred Första AP-fonden had participated in an annual analy- when holding collateral in connection with clearing.

In 0.09 sis of international funds since 2005 in order to ensure relation to net assets, commission expenses amounted that the Fund had cost-effective management from an to 0.00 (0.00) per cent. External management was used 0.06 international perspective. This analysis was performed when the Fund considered it to be more cost-effective by CEM Benchmarking in Canada.

The survey involved than internal management, or when an asset or strategy 0.03 a large number of funds from around the world. Första was difficult to manage internally for a variety of reasons. AP-fonden was compared to funds with a similar mis- At the end of the year, external management accounted 0.00 sion and size, as well as with other European funds.

More information 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Besides expenses, there were also comparisons of on commission expenses can be found in 6 and 7. Operating expense ratio Commission expense ratio 7 The end of a key Costs related to the wind-up social mandate of Första AP-fonden As a result of amendments to the National Pension Insurance Funds Act (SFS 2000:192), the operations Första AP-fonden's portfolio in Första AP-fonden ceased at the beginning of 2026.

The Board of Directors and CEO of Första AP-fonden therefore made efforts during the year to ensure that the organisation, operations and commitments of the Fund were carried out until the wind-up. This work included planning for skills supply, risk management and an orderly wind-up of operational functions.

As Directors' Report part of these activities, transition support was offered to those employees who remained in employment at the end of the year. The provision for transition sup- port amounted to SEK 107 million. Auditor's report In addition to personnel costs, other administrative expenses linked to the wind-up process were also Board of Directors' risk incurred.

These pertained to tax consultants, costs management report related to the government's special investigator, and other support and advisory services. The aggregate external costs for the wind-up amounted to SEK 63 Annual Fund Governance million during the year. Total wind-up costs amounted Report of the Board of to SEK 172 million.

Directors The expense ratio for 2025 was 0.08%. Excluding wind-up costs, the expense ratio for 2025 was 0.05%. and expense ratio 2025 Auditor's statement 2025 2024 , Expense , Expense Asset classes SEK m ratio1), % SEK m ratio1), % Personnel costs 253 0.05 150 0.03 Other administration expenses 153 0.03 97 0.02 Operating expenses2) 406 0.08 247 0.05 Commission expenses 19 0.00 13 0.00 Total expenses 424 0.08 260 0.05 1) The Fund's expenses in relation to average net assets.

Source fold: AP1 Annual Report 2025 — returns / expenses sections. Verify against the live ap1.se / ap4.se page or PDF before citing beyond this profile.

Depth annex — Directors’ Report &amp; financial statements context

Directors’ Report prepared by the Board of Fjärde AP-fonden under transitional AP Funds Act rules for AP1’s 2025 financial year, plus income/balance highlights.

Source fold: AP1 Annual Report 2025 — Directors’ Report / financial statements. Verify against the live ap1.se / ap4.se page or PDF before citing beyond this profile.

Depth annex — Fund Governance Report

Board structure, committees, remuneration policy, attendance, auditors — AR 2025 Fund Governance Report (not auditor-reviewed as noted in the report).

Attendance at Board meetings and meetings of the Remuneration Committee, Board of Directors' risk Risk and Audit Committee, Investment Committee and Transition Committee 2025 Första AP-fonden also had to provide information management report Remuneration Risk and Audit Investment Transition about the conflicts of interest and minimise the risk of Nomination/ Board meetings Committee Committee Committee Committee them arising again.

The CEO decided on the Fund's appointment (attendance) (attendance) (attendance) (attendance) (attendance) actions in each individual case. For conflicts of interest Annual Fund Governance Name proposed by nine meetings two meetings four meetings four meetings one meeting of particular importance, the Chair of the Board was Report of the Board of Eva Lindström Chair 9/9 Chair 2/2 Chair 1/1 consulted.

Directors Peter Hansson Member 8/9 Member 2/2 Chair 4/4 Anna Nilsson Vice Chair 4/9 Member 4/4 Member 4/9 Erik Rosenberg Nominated by Member 9/9 Member 4/4 Sjöström Confederation of Swedish Enterprise Member 1/1 Erica Sjölander Nominated by Member 9/9 Member 4/4 Swedish Trade Union Auditor's statement Confederation Annika Andersson Member 4/9 Chair 4/4 Vice Chair 5/9 Member 1/1 Lars Fresker Nominated by SACO Member 9/9 Member 2/4 Member 1/1 Linda Jonsson Nominated by SALAR Member 6/9 Member 2/2 Gunilla Hellqvist Member 9/9 Member 2/2 35 The end of a key

Source fold: AP1 Annual Report 2025 — Annual Fund Governance Report. Verify against the live ap1.se / ap4.se page or PDF before citing beyond this profile.

Depth annex — consolidation &amp; transfer mechanics

Official consolidation completion press (AP3/AP4, 21 January 2026) and AR Note 3 events after the balance sheet date describe the equal-part transfer, residual segregated assets, and accounting as a value transfer / reduction of net assets without P&L recognition.

The consolidation of the AP Funds - successfully completed by the Stockholm-based funds - Fj&#xE4;rde AP-fonden About AP4 About AP4 Our mission Our history The pension system About AP1 Our stakeholders Board of Directors Executive management Remuneration Asset management Asset management Asset management structure Investment philosophy Return targets Asset management cost Portfolio and risk Sustainability Sustainability Common values Sustainability work over time Climate &amp; Environment Corporate governance Council on Ethics of the AP-Funds AP4 does not invest in EU Sustainable Finance Disclosure Regulation (SFDR) News News Press releases and news Image bank Procurements Integrity policy Reports Reports Annual reports Interim reports Holdings All reports Archive Career Career Work at AP4 Meet our co-workers Student Available positions sv en Search Search About AP4 Menu About AP4 Our mission Our history The pension system About AP1 Our stakeholders Board of Directors Executive management Remuneration Asset management Menu Asset management Asset management structure Investment philosophy Return targets Asset management cost Portfolio and risk Sustainability Menu Sustainability Common values Sustainability work over time Climate &amp; Environment Biodiversity Corporate governance Council on Ethics of the AP-Funds AP4 does not invest in EU Sustainable Finance Disclosure Regulation (SFDR) News Menu News Press releases and news News Press releases Image bank Procurements Integrity policy Reports Menu Reports Annual reports Interim reports Holdings All reports Archive Career Menu Career Work at AP4 Meet our co-workers Student Available positions sv en Aktuellt Nyheter och pressmeddelanden Pressmeddelanden The consolidation of the AP Funds - successfully completed by the Stockholm-based funds The consolidation of the AP Funds - successfully completed by the Stockholm-based funds Press release 21 January 2026 At the beginning of 2026, the transfer of assets from the First Swedish National Pension Fund (AP1) to the Third and Fourth Swedish National Pension Funds (AP3 and AP4) was carried out.

The transfer was executed as part of the consolidation of the &#x201C;AP Funds&#x201D;, as decided by the Swedish Parliament in 2025, which came into effect on 1 January 2026. A total of approximately SEK 510 billion in listed and unlisted assets was transferred at year-end from AP1 to the AP3 and AP4.

This corresponds to just over 98 per cent of AP1&rsquo;s total assets at year-end. The transfer was made in equal parts to AP3 and AP4. Staffan Hans&eacute;n and Niklas Ekvall, CEOs of AP3 respectively AP4: &ldquo;The intense and extensive preparations for the consolidation during 2025 is now completed by the three AP Funds and has been challenging but highly successful.

We are proud to say that, in cooperation with the Government appointed special investigator, we have managed to implement the consolidation so effectively and in such a short period of time.&rdquo;&nbsp; The consolidation was prepared and executed while maintaining full focus on the core business: managing the fund capital to the greatest possible benefit of the pension system.

Furthermore, the consolidation has been implemented in a cost-effective manner for the pension system, meaning that from 2027 onwards, annual savings are expected to amount to SEK 150&ndash;200 million. Less than 2 per cent of the fund capital was not transferred and therefore remains within AP1.

AP4 will manage these remaining assets separately for the greatest benefit of the pension system. When possible and appropriate, these segregated assets will be transferred in equal parts to AP3 and AP4. The segregated assets consist mainly of unlisted funds for which it has not been deemed cost effective or otherwise beneficial for the pension system to transfer to AP3 and AP4.

Certain equities of very limited value that are subject to sanctions or delisted also cannot be transferred and will remain under separate management.&nbsp; The consolidation work has focused on ensuring an orderly and responsible handover from AP1 to AP3 and AP4. It has been carried out in collaboration with the Government appointed special investigator, the AP Funds&rsquo; auditor, and the Ministry of Finance.

During the winding down period in 2025, AP1 continued to conduct its ongoing asset management operations as an independent authority. AP3 and AP4 wish to thank AP1 and its employees for the cooperation during 2025 to implement the consolidation in a responsible manner. The mission of the Third and Fourth AP Funds is to manage the newly transferred assets from the AP1 in the best possible way for today&rsquo;s and tomorrow&rsquo;s Swedish pensioners.&nbsp; &nbsp; Background to the consolidation&nbsp; In 2025, the Swedish Parliament decided on changes to the management of the buffer capital in the AP Funds.

The decision includes consolidating the three Stockholm-based buffer funds into two, by transferring the assets and obligations of the AP1 to AP3 and AP4, while the assets and obligations of the Gothenburg-based AP6 are transferred to AP2. The legislative changes entered into force on 1 January 2026.&nbsp; &nbsp; About AP3 and AP4&nbsp; AP3 and AP4 are buffer funds within the Swedish national pension system.

As of 30 June 2025, the two funds managed just over SEK 1,100 billion, which increased to just over SEK 1,600 billion following the consolidation that came into effect on 1 January 2026. The buffer funds are mandated by the Swedish Parliament to manage the fund capital to the greatest possible benefit of the pension system by generating high returns at a low level of risk in a responsible manner.

The aim is for today&rsquo;s and tomorrow&rsquo;s pensioners to benefit from the AP Funds&rsquo; contribution to a robust pension system. During 2025, the Third and Fourth AP Funds jointly implemented new portfolio system support, ensuring the funds are well equipped to manage an even larger volume of assets for the greatest possible benefit of current and future Swedish pensioners.

The annual reports for 2025 of the AP Funds will be published on 20 February (AP1 and AP4) and 6 March (AP3).&nbsp; &nbsp; For further information, please contact: Tobias Fransson, Head of Sustainability, Finance &amp; Communications AP4&nbsp; +46 70 603 80 75, tobias.fransson@ap4.se &nbsp; Lil Lar&aring;s Lindgren, Head of Communications AP3 lil.lindgren@ap3.se &nbsp; Contact Fj&#xE4;rde AP-fonden Jakobsbergsgatan 16 Box 3069 103 61 Stockholm Sweden Phone: 08-787 75 00 E-mail: info@ap4.se Contact us Follow us on LinkedIn Integrity policy Your cookie preferences Note 3 – Events after the balance sheet date social mandate As a result of amendments to the National Pension Insurance Funds Carrying amount Act (SFS 2000:192), the operations in Första AP-fonden have ceased, at 31 December 2025 whereupon the assets and obligations of the Fund have been trans- Adjustments for assets Adjusted of assets expected to Första AP-fonden's portfolio ferred free of charge to Tredje AP-fonden and Fjärde AP-fonden as of Closing balance transferred closing balance be transferred 2026.

Fjärde AP-fonden has been tasked with managing the remaining Balance sheet 31/12/2025 at year-end 2025 01/01/2026 in 2026 and later segregated assets in Första AP-fonden that could not have been, Assets should not have been or were not transferred in time to Tredje AP- fonden and Fjärde AP-fonden at year-end.

This means that Fjärde Shares and participations, listed 293,128 293,125 3 3 AP-fonden is responsible for management and decides, on the basis Shares and participations, unlisted 100,975 94,042 6,933 6,933 of what is deemed to be of greatest benefit to the income pension system, whether assets should be transferred to Tredje AP-fonden and Bonds and other fixed-income assets 112,809 111,659 1,149 1,149 Fjärde AP-fonden or whether assets should be realised, and cash and cash equivalents transferred instead.

Any surplus after all assets have Derivative instruments 3,969 3,969 0 0 Directors' Report either been transferred to Tredje AP-fonden and Fjärde AP-fonden or Cash and bank balances 8,394 7,902 492 492 divested within the framework of segregated management will, after deduction of administrative expenses, be distributed equally between Other assets 320 142 178 178 Tredje AP-fonden and Fjärde AP-fonden.

Fjärde AP-fonden is respon- Prepaid expenses and accrued sible for the costs attributable to the discontinued Fund, if the funds income 908 799 109 109 Auditor's report received from the segregated assets are not sufficient to cover these costs. Total assets 520,503 511,639 8,865 8,865 Första AP-fonden has determined that, from a reporting perspec- Board of Directors' risk tive, the economic content of the cost-free transfer of assets to Tredje AP-fonden and Fjärde AP-fonden should be regarded as a value trans- Liabilities management report fer, which means that they are recognised as a dividend (i.e.

a reduc- Derivative instruments 109 109 0 0 tion in net assets) and with a corresponding reduction of recognised Other liabilities 30 0 30 30 assets, meaning they are stricken from the balance sheet on the same Deferred income day. Carrying amounts are based on fair value (market value) on the Annual Fund Governance date of transfer.

The determining factor for establishing the date of and accrued expenses 2 0 2 2 Report of the Board of transfer, and thereby the fair value, is the point in time at which the Total liabilities 142 109 32 32 Directors yield from the assets transferred no longer accrues to Första AP-fon- den.

This means that no profit or loss will be recognised as a result of the transfer. Provisions 152 0 152 152 This principle applied both in the transfer of assets immediately after year-end and in future transfers of assets, or cash and cash Net assets 520,209 511,529 8,680 8,680 equivalents as part of the management of segregated assets, to Tredje AP-fonden and Fjärde AP-fonden.

This means that the assets that, Total net assets 520,209 511,529 8,680 8,680 owing to technical and administrative constraints, were transferred to Tredje AP-fonden and Fjärde AP-fonden during the first working days Auditor's statement of 2026 are deemed nonetheless to have been transferred at the Total liabilities and 520,503 511,639 8,865 8,865 beginning of financial year 2026.

Source fold: ap4.se consolidation press 21 Jan 2026; AR 2025 Note 3; About AP1 EN; AP4 FY2025 PR. Verify against the live ap1.se / ap4.se page or PDF before citing beyond this profile.

Depth annex — holdings &amp; real assets

Official holdings PDFs (31 December 2025) are published from AP4’s About AP1 page: listed shares and participations; non-listed shares, participations and loans. Below: unlisted associated companies/subsidiaries fair values (MSEK) from the unlisted PDF / AR Note 11, plus a sample of the listed inventory header.

Unlisted associated companies &amp; subsidiaries (fair value MSEK)

• Willhem AB (Gothenburg) — 100% — fair value 29,893
• Vasakronan Holding AB (Stockholm) — 25% — fair value 25,613
• Polhem Infra KB — 33.3% — fair value 4,059
• Urbanea Fastigheter AB — 98.5% — fair value 1,010
• Aros Bostad IV AB — 29.5% — fair value 196
• Chapone S.à.r.l (Luxembourg) and other non-Swedish subsidiaries — see unlisted PDF / AR Note 11 for full table

Unlisted PDF / AR fold: Första AP-fonden Non-listed shares, participations and loans, 31 December 2025 Fair Value, Associated companies and subsidiaries Domicile Corp ID No Holding % MSEK Swedish shares and participations, associated companies and subsidiaries Aros Bostad IV AB Stockholm 559032-9503 29.5 196 Vasakronan Holding AB Stockholm 556650-4196 25.0 25,613 Willhem AB Göteborg 556797-1295 100.0 29,893 Polhem Infra AB Stockholm 559183-3917 33.3 0 Polhem Infra KB Stockholm 969789-2413 33.3 4,059 Urbanea Fastigheter AB Stockholm 559201-2008 98.5 1,010 4to1 AB Stockholm 559313-2490 25.0 0 4to1 KB Stockholm 969795-3033 25.0 0 Total fair value, Swedish shares and participations, 60,773 associated companies and subsidiaries Non-Swedish shares and participations, associated companies and subsidiaries ASE Holdings S.à.r.l Luxemburg B 169327 37.8 98 Anglo Scandinavian Estates III Limited Storbritannien 13518833 35.8 333 Chapone S.à.r.l Luxemburg B 200297 100.0 1,518 First Australian Farmland Pty Ltd Australien 155718013 100.0 462 Jutas Invest Finland OY Finland 2793175-3 100.0 47 OMERS Farmoor 3 Holdings B.V. Nederländerna 699691750000 100.0 0 Total Fair Value, non-Swedish shares and participations, 2 457 associated companies and subsidiaries Acquisition Other unlisted shares and participations Domicile Holding % cost, MSEK Aberdeen Asia III Property Fund of Funds Luxemburg 38.1 127 Dexus Wholesale Shopping Centre Fund Australien 2.7 402 Blackstone Strategic Capital Holdings L.P. Cayman Öarna 5.0 1,412 CITIC Capital China Retail Properties Investment L.P. Cayman Öarna 11.0 456 DigitalBridge Partners USA 2.5 886 DigitalBridge AI Infrastructure USA 10.2 430 DigitalBridge Partners III USA 0.4 102 Fifth Stockholm Global Private Equity L.P., Hamilton Lane USA 100.0 6,975 FIRST II Private Equity Invstments, L.P. Inc, LGT Guernsey 100.0 936 Fourth Stockholm Global Private Equity.L.P., Hamilton Lane USA 100.0 6,674 Harrison Street European Property Partners II, L.P. Jersey 20.0 922 HSEPP II Co-Investment, L.P. Jersey 50.0 992 Idiosyncratic AI (US) L.P. USA 99.9 1,206 Infracapital Greenfield Partners I L.P Storbritannien 6.4 947 Oaktree VIII Cayman Öarna 0.2 1 Oaktree VIIIB Cayman Öarna 0.7 22 Prologis European Logistics Fund Luxemburg 0.6 926 Quinbrook Infrastructure Partners III-NZPF LP SCSp Luxemburg 4.3 747 Quinbrook (QNZPF) U.S. Co-Investment SCSp Luxemburg 7.7 895 Resonance Industrial Water Infrastructure Ltd Guernsey 16.0 233 Sixth Stockholm Global Private Equity L.P, Hamilton Lane USA

Listed holdings file header sample: Första AP-fonden Listed equities and fixed income, 31 December 2025 Instrument Market Nominal/ type Name value, KSEK No of shares ISIN Bond ABB FINANCE BV 3.375 2034-01-15 21,621 2,000,000 XS2747182181 Bond ABB FINANCE BV 3.375000 2031-01-16 10,995 1,000,000 XS2575556589 Bond ABB FINANCE USA INC 4.375000 2042-05-08 19,481 2,370,000 US00037BAC63 Bond ABBVIE INC 2.950000 2026-11-21 27,461 3,000,000 US00287YBV02 Bond ABBVIE INC 4.8 2027-03-15 4,659 500,000 US00287YDR71 Bond ABBVIE INC 4.875000 2048-11-14 16,843 2,000,000 US00287YBD04 Bond ABBVIE INC 5.05 2034-03-15 4,743 500,000 US00287YDU01 Bond ACEF HOLDING SCA 1.250000 2030-04-26 9,893 1,000,000 XS2401704189 Bond ACHMEA BANK NV 2.75 2027-12-10 7,599 700,000 XS2958382645 Bond ADECCO INT FINANCIAL SVS .125000 2028-09-21 10,104 1,000,000 XS2386592484 Bond ADECCO INT FINANCIAL SVS .500000 2031-09-21 7,411 800,000 XS2386592567 Bond ADOBE INC 2.300000 2030-02-01 41,524 4,810,000 US00724PAD15 Bond AGILENT TECHNOLOGIES INC 2.750000 2029-09-15 44,038 5,000,000 US00846UAL52 Bond AIB GROUP PLC 3.75 2033-03-20 54,853 5,000,000 XS3027988933 Bond AIR LIQUIDE FINANCE .375000 2033-09-20 17,400 2,000,000 FR0014005HY8 Bond AKZO NOBEL NV 3.75 2034-09-16 15,996 1,500,000 XS2901993019 Bond ALCON FINANCE CORP 5.375000 2032-12-06 9,635 1,000,000 USU01386AE82 Bond ALCON FINANCE CORP 5.750000 2052-12-06 4,675 500,000 USU01386AF57 Bond ALEXANDRIA REAL ESTATE E 4.750000 2035-04-15 8,890 1,000,000 US015271BA64 Bond ALEXANDRIA REAL ESTATE E 5.150000 2053-04-15 8,065 1,000,000 US015271BB48 Bond ALFA LAVAL TREASURY INTL 3.125 2031-09-18 21,340 2,000,000 XS3096165025 Bond ALLSTATE CORP 3.850000 2049-08-10 10,575 1,500,000 US020002BG56 Bond AMADEUS IT GROUP SA 3.375 2030-03-25 10,892 1,000,000 XS3029558676 Bond AMADEUS IT GROUP SA 3.5 2029-03-21 11,010

Source fold: ap4.se About AP1 holdings PDFs 31 Dec 2025; AR 2025 Note 10–11.

Depth annex — Första AP-fonden TT presses (H1 2025 &amp; conclude mandate)

Official Första AP-fonden press releases distributed via TT (via.tt.se) during the wind-down year. These name CEO Kristin Magnusson Bernard and publish H1 2025 SEK figures used above.

Första AP-fonden delivers a good performance despite these turbulent times and prepares for a responsible handover | Första AP-fonden Sök nyheter Abonnera Sök pressrum Om tjänsten Bli kund Första AP-fonden delivers a good performance despite these turbulent times and prepares for a responsible handover 29.8.2025 09:00:00 CEST | Första AP-fonden | Press Release Share Geopolitical tensions and trade policy turbulence dominated the first half of 2025.

In a challenging market climate, Första AP-fonden remained stable and delivered net investment income of SEK 2.7 billion, corresponding to a return of 0.6 per cent. The Fund exceeded its long-term return target. Assets under management totalled SEK 497.2 billion as of 30 June 2025.

All asset classes contributed positively to net investment income. The Fund increased currency hedging during the period to protect the return on foreign assets in pace with the Swedish krona strengthening. This measure proved effective and helped offset an otherwise negative impact on net investment income.

The exposure to North American equities was reduced in favour of European equities, and holdings in US treasury bonds with longer maturities were adjusted downward. The Fund transferred SEK 2.4 billion to the income pension system in the period. The expense ratio remains very low at 0.05 per cent.

The Fund exceeded its long-term target of a 3.0 per cent real return over rolling ten-year periods. The average five-year return now amounts to 8.2 per cent, compared with 5.8 per cent over the previous five years. "We continue to deliver healthy returns, despite these turbulent times, using a clear focus on a long-term approach, responsible management and cost-efficiency.

The results we see today are the fruit of five years of determined and extensive work with change management involving the entire organisation. I am grateful for the commitment, competence and responsibility invested by our employees, not least in connection with the important and complex handover work that is currently ongoing," says Kristin Magnusson Bernard, CEO of Första AP-fonden.

Given the Riksdag's May decision to consolidate the AP Funds from five to three, Första AP-fonden's operations will cease at the end of the year. Implementation of an orderly transfer to AP3 and AP4 is proceeding according to plan. The Fund has full responsibility for the portfolio until the year end and has ensured access for the recipient funds to relevant data and contacts with external managers and companies.

Key ratios 30 Jun 2025 30 Jun 2024 31 Dec 2024 Closing net assets, SEK bn 497.2 476.2 496.9 Net investment income for the period, SEK bn 2.7 22.7 44.6 Net flows for pension system, SEK bn -2.4 -0.9 -2.0 Opening net assets, SEK bn 496.9 454.4 454.4 Expense ratio, Operating expenses, %* 0.05 0.06 0.05 Expense ratio, Commission expenses, %* 0.00 0.00 0.00 Total expense ratio, %* 0.05 0.06 0.05 Return after expenses, % 0.6 5.0 9.8 Real return after expenses, % 0.5 4.3 4.4 Annualised return after expenses, 5 years, % 8.2 7.7 7.7 Annualised return after expenses, 10 years, % 7.0 7.8 7.5 Real annualised return after expenses, 10 years, % 3.9 4.8 4.4 * In the six-month interim report, the expense ratio is calculated as the full-year effect.

&nbsp;The CPI for June 2025 is an estimate as this figure was not available at the time of the half-year closing. &nbsp; Contacts Kristin Magnusson Bernard AP1 Tel: +46 (0)8-566 202 00 Sara Christensen AP1 Tel: +46 (0)70-968 12 50 sara.christensen@ap1.se Images Download Documents AP1 Interim report 2025.pdf Links https://www.ap1.se/en/news-and-publications/financial-reports/ About Första AP-fonden Regeringsgatan 67 111 56 Stockholm 08-566 202 00 https://www.ap1.se/ Första AP-fonden (AP1) Första AP-fonden (AP1) is one of five pension funds in the Swedish national income pension system (the AP Funds).

AP1 has assets under management of SEK 497.2 billion (30 June 2025) in a portfolio consisting of listed equities, fixed income securities, currency, real estate, private equity funds and infrastructure. AP1 is a long-term investor and an active, engaged owner. As an owner the Fund imposes stringent demands in the areas of Environment, Social and Governance.

www.ap1.se Subscribe to releases from Första AP-fonden Subscribe to all the latest releases from Första AP-fonden by registering your e-mail address below. Första AP-fonden concludes its mandate – strong results after several years of focused transformation 10.12.2025 09:00:00 CET | Press Release At the turn of the year, Första AP-fonden will cease its operations, in accordance with the decision taken by the Swedish parliament.

Första AP-fonden levererar ett gott resultat i en osäker omvärld och förbereder för ett ansvarsfullt överlämnande 29.8.2025 09:00:00 CEST | Pressmeddelande Första halvåret 2025 präglades av handelspolitisk osäkerhet och geopolitiska spänningar. I ett utmanande marknadsklimat stod Första AP-fonden stabil och levererade ett resultat på 2,7 miljarder kronor, motsvarande en avkastning på 0,6 procent.

Fonden överträffade sitt långsiktiga avkastningsmål. Det förvaltade kapitalet uppgick till 497,2 miljarder kronor per den 30 juni 2025. Stable execution and US stock market records contributed to strong performance 21.2.2025 09:00:00 CET | Press Release The year 2024 was impacted by the strong US economy and new record levels in the US stock markets.

Easing inflationary pressures and weaker real economic growth prompted more central banks to cut policy rates in 2024 than the world has seen in many years. Through a carefully considered portfolio positioning and focused execution, Första AP-fonden&#x27;s return landed at 9.9%. Stabil verksamhet och amerikanska börsrekord bidrog till ett starkt resultat 21.2.2025 09:00:00 CET | Pressmeddelande 2024 präglades av den starka amerikanska ekonomin och nya rekord på USA-börserna.

Avtagande inflationstryck och svagare realekonomisk utveckling fick fler centralbanker att sänka styrräntorna under 2024 än världen sett på många år. Med en noga övervägd portföljpositionering och ett fokuserat genomförande landade Första AP-fondens avkastning på 9,9 %. Vill du skicka ett pressmeddelande genom Via TT?

Här hittar du mer information om tjänsten Via TT, en tjänst från TT Nyhetsbyrån 105 12 Stockholm Östgötagatan 100 Stockholm Vill du nå TT Nyhetsbyrån? Kontakta oss Via TT på X © Via TT 2026 Svenska English World Globe A line styled icon from Orion Icon Library. Hidden A line styled icon from Orion Icon Library.

Source fold: via.tt.se Första AP-fonden presses; joint AP-funds 2024 results PR on ap4.se. Verify against the live ap1.se / ap4.se page or PDF before citing beyond this profile.

Depth annex — provisions, ten-year overview & financial risks

Additional folds from AR 2025 Note 2 (provisions/transition support), the ten-year overview table narrative, climate intensity callouts, and Note 21 financial-risk metrics. Official SEK only.

Note 2 – Provisions Financial statements under Net gains/losses on foreign exchange movements, while other changes in value are recognised under Net gains/losses on derivative Taxes Notes As a result of amendments to the National Pension Insurance Funds instruments. Första AP-fonden was exempt from all income tax on domestic invest- Act (SFS 2000:192), the operations in Första AP-fonden have ceased ments in Sweden.

The dividend and coupon taxes imposed in certain Auditor's report and were discontinued at year-end 2025. As a result, the Fund has laid Repurchase transactions countries are recognised net in the income statement under the rele- off all its staff and a large number of contracts – for example, for rental In a true repo (repurchase) transaction, the sold asset remains in the vant income item.

With effect from 2012, the Fund was registered for premises, license agreements for various systems and the IT environ- balance sheet and the proceeds received are recognised as a liability. value added tax and is therefore liable for VAT on acquisitions from Board of Directors' risk The divested security is recognised in the balance sheet as pledged.

The Fund did not have the right to recover paid VAT. The staff were released from work as of year-end 2025, and the obligations that are management report The difference between proceeds in the spot and forward legs is apportioned to periods over the maturity of the security and rec- Expensed VAT is included in the relevant expense item.

Amounts are in SEK million (SEK m), unless otherwise stated. included in the recognised provision are directly attributable to the cessation and discontinuance of operations and are unrelated to the ognised as interest. activities that the Fund will carry out going forward. Transfer of assets to Tredje AP-fonden and Fjärde AP-fonden In the year-end accounts on 31 December 2025, a provision of SEK Annual Fund Governance Securities lending As a result of amendments to the National Pension Insurance Funds 152 million for the restructuring of operations for the above obligations Securities on loan are recognised in the balance sheet at fair value, Act (SFS 2000:192), the operations in Första AP-fonden ceased at the Report of the Board of while compensation received for securities on loan is recognised end of the year, whereupon large portions of Första AP-fonden's was recognised, of which SEK 152 million was recognised as current Directors as interest income in the income statement.

Collateral received for assets and obligations were transferred to Tredje AP-fonden and and an equivalent costs was recognised in profit and loss. Of that rec- ognised cost, SEK 107 million comprised personnel costs and SEK 45 securities on loan may consist of securities and/or cash.

To the extent possible, the assets were divided million comprised other administration expenses. The provision rec- AP-fonden had a right of disposal over the received cash collateral, equally between Tredje AP-fonden and Fjärde AP-fonden. ognised has not been subject to any discount, since this effect is not this is recognised in the balance sheet as an asset and a correspond- Första AP-fonden has determined that the economic content of Sustainability report ing liability.

In cases where the Fund does not have a right of disposal the asset transfers should be regarded as a contribution, which means consider Net investment income and inflow, SEK bn 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Returns by asset class Net assets, 31 December 520.2 496.9 454.4 421.2 465.8 392.6 365.8 323.7 332.5 310.5 Expenses Net flow pension system –4.6 –2.0 –4.3 –4.7 –7.5 –7.9 –6.5 –6.8 –7.4 –6.6 Profit/loss for the year 27.9 44.6 38.0 –39.9 80.7 34.8 48.6 –2.1 29.3 27.0 Ten-year overview Return, expenses and risk, % Return before expenses 5.7 9.9 9.1 –8.5 20.8 9.8 15.3 –0.6 9.7 9.5 Financial information Operating expenses, annualised, % of AUM 0.08 0.05 0.06 0.05 0.05 0.06 0.07 0.07 0.07 0.06 Directors' Report Commission expenses, annualised, % of AUM 0.00 0.00 0.00 0.01 0.02 0.02 0.05 0.07 0.07 0.09 Return after expenses 5.6 9.8 9.1 –8.6 20.8 9.7 15.1 –0.7 9.6 9.3 Financial statements Market returns1) 9.7 15.1 16.5 –14.2 17.9 6.8 19.7 –3.4 9.1 8.0 Notes Net investment income and expenses in total portfolio, SEK bn Auditor's report Net investment income before expenses 28.3 44.8 38.3 –39.6 81.0 35.1 49.0 –1.6 29.8 27.4 Operating expenses2) 0.4 –0.3 –0.3 –0.3 –0.3 –0.3 –0.4 –0.5 –0.4 –0.5 Board of Directors' risk Exposure, % management report Equities 56.4 56.3 61.2 47.9 61.4 49.2 36.3 34.1 37.9 34.1 Sweden 18.9 20.5 22.1 18.8 18.6 17.3 10.5 11.2 12.9 12.3 Foreign3) 37.5 35.9 39.2 29.1 42.9 32.0 25.8 22.9 24.9 21.7 Annual Fund Governance Fixed-income securities4) 21.2 22.4 24.9 24.1 22.9 24.2 32.3 33.3 31.7 29.8 Report of the Board of High Yield 0.0 – – 0.3 1.1 1.9 3.0 2.8 4.5 4.5 Directors Alternative investments 20.1 22.3 Real assets 14.6 15.3 15.8 19.6 17.7 16.2 17.8 18.0 16.2 15.6 Private equity funds 5.5 7.1 6.9 7.9 6.0 4.9 5.4 5.5 4.6 4.7 Sustainability report Hedge funds – – – 0.5 0.8 3.8 4.3 4.6 4.0 5.0 1) Market returns and Market volatility refer to the returns and the Events and outcomes of the year Alternative strategies – – 0.3 0.3 0.2 – 1.1 0.9 1.0 5.0 volatility of the overall allocation of assets that the Board of Directors has decided on, for which each asset class is repre- Employees Systematic strategies – – – – – – – 3.2 3.0 4.5 sented with a market index.

In 2025, equities comprised 75 per cent and fixed income 25 per cent of the weights. The ongoing Auditor's statement Special investments – – – – – carbon intensity carbon emissions covered by Employees of the listed equity portfolio has climate targets in line with the Paris decreased by Agreement Auditor's statement 67% 55% 134.0 –67.6 Responsible ownership Net assets, Flows* In the spring of 2025, Första AP-fonden Ahead of the 2025 AGM Jan 2001 voted as a responsible owner at 1,565 season, Första AP-fonden shareholders' meetings, of which 98 worked on 22 nomination *Including flows from were in Sweden and 1,467 outside committees in listed and liquidation funds/special unlisted companies.

2001 Net asset performance, SEK bn 2025 3 The end of a key Första AP-fonden's portfolio social mandate The year in brief Target Första AP-fonden's portfolio Long-term return target responsible for operations in 2025. This principle Medium-term real The Board of Directors of Första AP-fonden deter- meant that asset exposure was reported on the basis return target 3.0% Returns by asset class mined the return target and the financial risk the Fund of the market value of individual instruments.

tion, derivatives positions created an increased expo- Ten-year overview sure, primarily to listed equities, and a corresponding The Fund's average real return per year over The Fund's medium-term real return target was 3.0 per negative exposure to cash. The difference in reported rolling ten-year periods.

Financial information cent per annum over the coming ten-year period. exposure between the principle applied in relation to The long-term target was 4.0 per cent average annual when derivative positions are i Note 21 – Financial risks social mandate Financial assets and liabilities, closing balance 31/12/2025, SEK m Level 1 Level 2 Level 3 Total Sensitivity analysis: Reporting of market risk Financial assets The year in brief Realised risk Shares and participations, listed 293,125 3 293,128 Realised risk is calculated based on a joint standard that has been Första AP-fonden's portfolio agreed on by the Första AP-fonden, Andra AP-fonden, Tredje AP-fon- Shares and participations, unlisted 100,975 100,975 Returns by asset class den and Fjärde AP-fonden.

The table below shows the realised volatil- Bonds and other fixed-income assets 109,463 3,346 112,809 ity of the total portfolio expressed at an annual rate calculated based Expenses Derivatives 3,969 3,969 on quarterly valuations realised over the past ten years, and on the daily valuations realised over the past year.

The latter metric is also Ten-year overview Total assets valued at 402,588 3,969 104,324 510,881 presented for the part of the portfolio for which a market value is obtained daily, this is called Liquid portfolio in the table, which Financial liabilities amounted to 80 per cent of the total portfolio at the end of 2025.

Financial information Derivatives –109 –109 Volatility annualised, % Directors' Report Realised market risk, Total liabilities valued at – –109 – –109 at 31 December 2025 2024 Financial statements Financial assets and liabilities 402,588 3,860 104,324 510,772 Total portfolio, 10 years 7.5 7.7 Notes Total portfolio, 1 year 9.4 7.3 Financial assets and liabilities, closing balance 31/12/2024, SEK m Level 1 Level 2 Level 3 Total Auditor's report Liquid portfolio, 1 year 12.0 9.5 Financial assets Shares and participations, listed 279,251 – 3 279,254 Forecast risk Board of Directors' risk Shares and participations, unlisted

Source fold: AP1 Annual Report 2025 — Note 2, ten-year overview, climate callouts, Note 21. Verify against the PDF before citing beyond this profile.

FAQ

What is the First Swedish National Pension Fund (AP1)?

Första AP-fonden (AP1), English First Swedish National Pension Fund, was a Swedish government buffer fund in the national income-pension system under the National Pension Insurance Funds (AP Funds) Act. Soft strings: AP1, Första AP-fonden, First Swedish National Pension Fund. Slug: first-swedish-national-pension-fund. Official site https://www.ap1.se/ now hosts AP4’s About AP1 wind-down notice.

Is AP1 the same as AP7 or AP4?

No. AP1 was an income-pension buffer fund. AP7 (Sjunde AP-fonden) manages the premium-pension default AP7 Såfa and is profiled separately at /registry/institution/ap7/ — do not mix AUM or leadership. AP4 (Fjärde AP-fonden) is a continuing Stockholm buffer fund that, with AP3, received most of AP1’s transferred assets from 1 January 2026 and now hosts AP1’s closing disclosures.

Did AP1 cease operations?

Yes. Per official ap1.se / ap4.se About AP1 and the Annual Report 2025, AP1’s operations ceased at the end of 2025 after the Riksdag decided to consolidate buffer-fund management. From 1 January 2026, AP1’s assets and obligations were transferred primarily to AP3 and AP4; certain residual assets remain under segregated management with AP4’s board performing former AP1 board tasks.

What is the latest official AP1 AUM?

Prefer official Swedish kronor — do not invent a USD headline. Closing fund capital / net assets SEK 520.2 billion at 31 December 2025 (AR 2025; ap4.se About AP1). Mid-year: SEK 497.2 billion at 30 June 2025 (Första AP-fonden H1 2025 press). Early-2026 transfer of about SEK 510–511.5 billion (~98%) to AP3 and AP4; residual segregated assets about SEK 8.7 billion (AR Note 3 / consolidation press).

What returns did AP1 report for 2025?

Official AR 2025: return after expenses 5.6% (5.7% before); net investment income after expenses SEK 27.9 billion; net payments to the pension system SEK −4.6 billion. Wind-up costs SEK 172 million (expense ratio 0.08% including wind-up; 0.05% excluding). H1 2025 press: return 0.6%, net income SEK 2.7 billion.

Who was the CEO of AP1?

INST CEO/CIO seats stay empty because the fund has ceased operating and ap1.se no longer publishes a live leadership roster. Historical final CEO through the 2025 wind-down: Kristin Magnusson Bernard (named on Första AP-fonden TT presses and joint AP-funds communications hosted on ap4.se). Person SSR: kristin-magnusson-bernard. Do not invent a current CEO seat.

Who was the CIO of AP1 at wind-down?

Do not invent. AR 2025 Note 8 lists the 2025 executive management as CEO plus Head of Communications, Head of Operations, and Head of Business Support and Development — no CIO title in that closing table. Older-year CIO names (e.g. Mikael Angberg in prior reports) are not verified as 2025 closing CIO on opened primaries. Keep INST CIO empty.

Who sat on AP1’s board in 2025?

AR 2025 Fund Governance attendance table: Chair Eva Lindström; members Peter Hansson, Anna Nilsson, Erik Rosenberg Sjöström, Erica Sjölander, Annika Andersson, Lars Fresker, Linda Jonsson, Gunilla Hellqvist. Nine government-appointed members. From 2026, AP4’s board adopts/signs AP1’s 2025 annual report and handles remaining board tasks for segregated assets.

How was AP1’s portfolio composed at year-end 2025?

AR 2025: listed equities 56.4% exposure (market value SEK 293.6 billion; return 16.0%); fixed-income securities 21.2%; alternative investments 20.1% (real assets 14.6%, private equity funds 5.5%); currency exposure 27.4%. About 93% internal / 7% external management. Major real-asset holdings included Willhem (100%) and Vasakronan (25% with other AP funds).

What happened in the AP Funds consolidation?

Swedish Parliament 2025 amendments (in force 1 January 2026) consolidated three Stockholm buffer funds into two by transferring AP1 to AP3 and AP4 (equal parts where possible) and transferring Gothenburg-based AP6 into AP2. AP3/AP4 consolidation press (21 Jan 2026): ~SEK 510 billion transferred; annual savings expected SEK 150–200 million from 2027; <2% residual stays segregated under AP4 management.

Where are primary sources for this profile?

https://www.ap1.se/ (AP4-hosted About AP1); https://www.ap4.se/en/about-ap4/about-ap1/; AP1 Annual Report 2025 EN PDF on ap4.se; listed and unlisted holdings PDFs 31 Dec 2025; AP4 consolidation press 21 Jan 2026; AP4 FY2025 results press (includes AP1 closing figures); Första AP-fonden TT H1 2025 and conclude-mandate presses. No official AP1 YouTube VideoObject candidate folded.

What should researchers not invent about AP1?

Do not invent USD AUM headlines when official disclosures are in SEK. Do not fill empty INST CEO/CIO seats. Do not conflate AP1 with AP7 (premium pension) or with continuing AP4/AP3 buffer funds’ live AUM/leadership. Do not treat Nordnet Sparpodden interviews as official AP1 VideoObject embeds. Prefer dated AR 2025 / ap4.se / TT primaries.

Sources & further reading

• https://www.ap1.se/ — wind-down notice (AP4-hosted)
• AP4 About AP1 (EN)
• AP1 Annual Report 2025 (EN PDF)
• Listed holdings 31 Dec 2025
• Unlisted holdings 31 Dec 2025
• Consolidation completed press (21 Jan 2026)
• AP4 FY2025 results press (includes AP1 closing figures)
• Första AP-fonden H1 2025 TT press
• Första AP-fonden conclude-mandate TT press
• AP7 (Sjunde AP-fonden) — disambiguation (premium pension ≠ buffer AP1)
• Kristin Magnusson Bernard — person SSR (historical final CEO)

Completeness note

This profile targets ~10k+ sourced words from opened primaries (AR 2025, holdings, consolidation/About AP1 presses, TT wind-down presses). Non-blocking expansions if later useful: full Swedish AR cross-check; Ethics Council case list for 2025; older multi-year AR time series beyond the ten-year table; recipient-fund post-transfer portfolio footnotes on AP3/AP4. No filler. No official VideoObject (Nordnet Sparpodden interview is third-party, not an AP1 embed). Daily-refresh disabled. Desk untouched.