Investments

In addition to its operating companies, the group invests its excess capital actively.

The group primarily has a portfolio of listed securities. The portfolio is concentrated in a limited number of companies, where the group engages directly with board and management.

Stakes are generally below disclosure thresholds, but there are exceptions, such as Bang & Olufsen, where the ownership is above 10%.

In addition, the group invests in early stage and growth companies, both through Noon Ventures and directly. The group prefers larger non-controlling ownership stakes.

Finally, the group has a limited real estate portfolio.