Novo Holdings announces 2025 Annual Results
- Total Income and Investment Returns in 2025 were DKK 21 billion (€2.8 billion). For 2025, Total Income and Investment Returns consisted of Income from dividends from the Novo Group companies (DKK 15 billion or €2.0 billion) and Returns from the Investment Assets Portfolio1 (DKK 5.8 billion or €0.8 billion).
- Novo Holdings generated returns on the Investment Portfolio2 of 2.3% in DKK, and 9.2% in Constant Exchange Rates (CER). The return for 2024 in CER was 14.8%.
- Novo Holdings’ 5- and 10-year returns are at 8.0% and 8.9%, respectively, in CER and stand well above benchmark.
- Total Income and Returns were negatively affected by the lack of proceeds from a share buyback from Novo Nordisk A/S (Novo Nordisk A/S suspended its buyback in 2025), and the significant depreciation in the US Dollar.
- Total Assets under Management amounted to DKK 694 billion (€93 billion) in 2025, down from DKK 1,060 billion (€142 billion) in 2024, primarily reflecting the significant drop in the market value of Novo Nordisk A/S. The Investment Portfolio grew from DKK 216 billion (€29 billion) in 2024 to DKK 226 billion (€30 billion) in 2025.
Copenhagen – 12 March 2026. Novo Holdings today announced its financial results for 2025. The Novo Holdings Investment Portfolio continued to perform well on both an absolute and relative basis, with a return of 9.2% in CER. However, the depreciation of the US dollar by more than 11% against the Danish krone materially offset performance in Danish kroner.
