Norges Bank Investment Management

... and just like that, #Arendalsuka is a wrap!

Record high krone return in the first half of the year 📈 The fund returned 9.4 percent, or 1,753 billion kroner, in the first half of 2026. Performance breakdown by asset class: 👉 Equities: 13.0% 👉 Fixed income: 0.9% 👉 Unlisted real estate: 3.0% 👉 Unlisted renewable energy infrastructure: -0.2% The value of the fund increased by 1,416 billion kroner in the first half of the year. Currency movements reduced the value by 427 billion kroner as the krone strengthened against major currencies. After management costs, capital inflow contributed 89 billion kroner. The fund’s return was 0.22 percentage points above the benchmark index. The fund stood at 22,683 billion kroner as of 30 June 2026 💰 📊 Asset allocation: 72.1% equities 25.8% fixed income 1.6% unlisted real estate 0.5% unlisted renewable energy infrastructure #Oljefondet

🇳🇴 Meet us at Arendalsuka, often called Norway's "democracy's dance floor”, and one of the country's most important meeting places. Politicians, business leaders and civil society gather in Arendal, Norway, to debate the issues shaping the country’s future. This week, we're on the floor! Monday 10th 19:00, Langbrygga — Den store havvindkvelden 2026 Harald von Heyden Tuesday 11th 09:30, DN-teltet — Investorstaten Norge: rik, melting – og uten kompass? Carine Smith Ihenacho 10:30, Torvet 10 — Digital suverenitet: Har Norge gitt bort kontrollen? Birgitte Bryne 11:00, Bankgården — Digitalt trussellandskap – fra sikkerhetstrusler til sabotasje Haakon Fjelberg 12:00, Kopano Café — KI og ledelse: Må topplederen være en KI-maniac? Nicolai Tangen 14:30, Store Torungen — Finanstalen 2026: «Oljefondet kan forsvinne, og det er mer sannsynlig enn vi liker å tro» Nicolai Tangen Wednesday 12th 10:00, Sparebanken Norge — Half-year reporting 2026, press conference 13:00, RS IDUN (Storebrand) — Snikende markeder, skjulte maktskifter Trond Grande 15:30, Kanalplassen — The fund 30 years: looking back, looking forward 17:00, Fornybarteltet — The battle for the grid Harald von Heyden 17:00, Thon Hotel Arendal — Fondspodden live: Hvordan skape verdi i en verden som ikke virker? Trond Grande Thursday 13th 16:00, Grid Arendal — We know what hurts nature - why do we keep funding it? Carine Smith Ihenacho 👉 Come say hello — see you in Arendal. #oljefondet

🎉 Celebrating 30 years - LIVE! 🥳 📆 In 1996, the first krone went into the fund. Three decades later, it has become the world's largest sovereign wealth fund – the nation's savings, managed for the benefit of both today's and future generations. 🏦 Join us in-person in Arendal, Norway where we are marking the 30th anniversary with a one-hour journey through the fund's past, present and future. How did it all begin? Who actually manages the nation's savings today? And how will artificial intelligence and new technology shape the way the fund is managed in the years ahead? #ARENDALSUKA 2026 - Wednesday 12 August from 15:30-16:30 at Kanalplassen during Arendalsuka. If you can't make it, the event will also be live streamed on our website 👩💻 https://lnkd.in/e97qz6uE #Oljefondet #Arendalsuka

Hi LinkedIn 👋 I’m Symeon, a summer intern on the Research and Corporate Access team at NBIM in New York. 🍎 My main project this summer has been automating parts of NBIM’s research payment process. I mapped the existing workflow, connected data across systems, and built an automated solution using Python, APIs, Snowflake, GitHub and AI coding tools — replacing manual steps with a more efficient and scalable process. Alongside my project, I’ve spent time sitting in on meetings with companies considering going public and seeing how our portfolio managers evaluate businesses before they reach the public markets.🏦 One of my biggest takeaways from the summer has been seeing how closely investing, data and technology increasingly intersect — and how much can be built when you combine investment judgment with the right tools. A big thank you to Monty and the Research and Corporate Access team for an incredible summer, and to everyone across NBIM who took the time to share what they do and let me learn from them 🙏

I'm William, summer intern in People Development, with a background in psychology and business administration from NTNU 🎓 So what does People Development actually do? The fund invests with a long-term horizon, and they do the same with their people. This team works on how ~700 already excellent people keep getting better and keep thriving at work. AI upskilling, leadership development and career progression all come out of that 🌱 My project sits right in the middle of it. The world moves fast, and we all have to keep learning — quickly, and well. So I've worked on how AI can personalize learning down to the individual: what's actually relevant for you, and how you prefer to learn 🤖 The best part has been how short the line is between having an idea and actually building something with AI. That openness applies to everyone here, whatever your background 💡 Big thanks to my team — Iselin and Warsame in Oslo, Alex in London — for every resource I needed and great sparring along the way 🙏 Final week now, and we get to present our projects to the leadership group and our colleagues ⭐ William Solberg

📊 The fund's 2026 half-year results - LIVE 📊 Join us in-person in Arendal, Norway, for a presentation of the fund’s half-year results! This is a great opportunity to dive into the details of the fund’s performance over the past six months. Whether you have a keen interest in economics or are simply curious about the fund, this event will offer valuable insights. Save the date and we look forward to seeing you there! #ARENDALSUKA 2026 - Wednesday 12 August from 10:00-11:00 at Kirkebakken 2, Sparebanken Norge (Sør) during Arendalsuka. If you can't make it, the event will also be live streamed on our website www.nbim.no #Oljefondet #results

🏢 We're acquiring a 92% stake in eight Spanish shopping centres 🛍️   The fund signed on July 31st an agreement to buy into a Spanish retail portfolio, in partnership with Sonae Sierra, a specialist operator with a long track record across Iberia. 📊 In short 👉 €1.4 billion for our 92% share 👉 258,000 square metres of retail space across eight shopping centres, including Madrid's La Vaguada and Barcelona's Gran Vía 2 👉 Sonae Sierra takes the remaining 8% and will manage the portfolio for the joint venture 💬 "This transaction grows our retail real estate exposure in Europe and aligns with our strategy of investing alongside specialist operators.  We are pleased to partner with Sonae Sierra, who bring a strong platform and a long track record in Iberia, and we look forward to working with their team," says Jayesh Patel, Co-Head of European Real Estate at Norges Bank Investment Management. Completion is expected in the fourth quarter of 2026 🏗️ #oljefondet

Hello LinkedIn 👋   We're the seven Investment Risk interns at NBIM this summer — and with one week left, here's what we've been up to. 👩💻   So what is Investment Risk? The fund is invested in thousands of companies, bonds and properties across the world. Investment Risk measures the risk in all of it, and asks the questions that rarely have clean answers: what could go wrong, how badly, and how likely is it? And then turns that into something the people making the decisions can actually use 💡   The seven of us are spread across four teams: market risk measurement, performance measurement, real assets, and credit and counterparty risk, and our projects reflect that spread. We've been putting numbers on scenario probabilities and tail risk, building anomaly detection that catches portfolio performance figures which don't look right, making the valuation of the fund's properties faster and sharper while digging into the real estate transactions behind them, and developing a methodology to credit-rate infrastructure counterparties that no agency covers. Very different problems,  and in every single one of them, a healthy dose of AI agents 🤖   Seven very different projects, but one thing we're all leaving with: a much better sense of how AI can actually be used as a tool. It does the heavy lifting, while the judgment stays with us.   Next week wraps up the internship, and we can't wait to present our projects to the leader group and the rest of the organization 🌟   A big thank you to our teams for trusting us with real problems, and for patiently answering every question along the way 🙌 Erling Fjelstad Endre Brekke Steen Henrik Lindeman Christian Stensøe Pablo Hendriks Elise Kulkarni Aslaug Seim Gunstad

We're Thomas and Theodor, the resident Computer Science/AI nerds on the Risk Business Delivery team, and we'd love to share a bit about our internship so far 🤓    The Risk Business Delivery team sits right in the middle of risk measurement and technology, where we focus on building solutions for the different risk teams across the Fund. It's been super exciting to see how AI and technology can improve quality checks and efficiency in the risk domain ⚙️🤖   Our project is DRIFT, an end-to-end data quality assurance pipeline powered by AI agents, aimed at making data testing faster, more consistent, and easier to verify within risk measurement.    Pro tip: Data is everything for AI. Feed it garbage and you get garbage out, so quality data and good context matter enormously!   We're now heading into the final stretch. The next few weeks will be hard work, building toward presenting our project to the whole Fund in the last week. We can't wait! 🚀