The Second Swedish National Pension Fund (AP2) generated a return of 4.6 per cent and a profit of SEK 20.9bn in 2025, amidst a year of significant changes, including a new management model and reforms of the AP funds.
According to AP2’s annual results, the fund capital at year-end amounted to SEK 475bn, while currency effects had a negative impact on the total return by -3.5 percentage points




