Tredje AP-fonden reports 7.6% return amid Polhem Infra debt concerns

Tredje AP-fonden (AP3) reported a 7.6 percent return for the first half of 2026, resulting in a profit of nearly 63 billion SEK for the Swedish income pension system. This performance brought the fund's total capital to 891 billion SEK, following the successful integration of assets transferred from Första AP-fonden.

In contrast, Polhem Infra, a private equity company jointly owned by the third and fourth AP funds, is facing significant financial challenges. Annual reports for 2025 reveal substantial losses and a debt mountain reaching 19.5 billion SEK. One of its primary investments, Solör Bioenergi, reported a loss after financial items of 1.5 billion SEK in 2025, with cumulative losses since 2019 totaling 5.8 billion SEK. The company has repeatedly breached loan covenants, requiring capital injections from its owners.

Additionally, Arelion, Polhem Infra's largest single investment, continues to operate at a loss.