2023 Interogo Holding Annual Report published

In 2023, the global economic and geopolitical landscapes continued to be unsettled. Escalation of conflicts in several regions intensified global instability, adding to an already unstable macroeconomic environment. In these uncertain times, global activity proved generally resilient, as demand and supply factors supported major economies.

“2023 was yet another year marked by terrible conflicts and unrest in many regions of the world. Whilst we are continuing to hope for resolve, signs are unfortunately not positive. In these continued unsettled times, we have remained our patient and cautious approach and focused on finding the right investments in a market where opportunities have been less than average”, says Henrik Jonsson, CEO, Interogo Holding AG.

In total, Interogo Holding invested EUR 700m over 2023 in its alternative asset portfolios, about EUR 900m less than in 2022. As in 2022, M&A transactions remained subdued on the back of elevated interest rates, general economic uncertainty and persistent valuation gap between buyers and sellers.

International, our global private equity strategy, consistently committed capital to funds and co-investments managed by trusted partners for a total amount of EUR 460m (EUR 680m in 2022). Consistent with the general trend in private equity markets, for the second year in a row, capital deployment by our fund partners further contracted to reach EUR 435m (EUR 540m in 2022). In this difficult market environment, Nalka continued to look for new opportunities for our direct private equity portfolio with an increased focus on add-on investments. In total, 21 add-on investments were completed, in addition to the first platform investment of the DACH strategy (launched in 2022). Nalka and its portfolio companies made acquisitions for a total of EUR 260m (EUR 370m in 2022).

While facing a reduced deal flow, our long-term equity strategy patiently continued to build up positions in the listed companies Siegfried, a worldwide leading contract development and manufacturing organization (CDMO), and Össur (today Embla Medical), a leader in non-invasive orthopaedics solutions. In total, our long-term equity strategy deployed EUR 235m over the year (EUR 295m in 2022).

Like most other asset classes, private infrastructure weathered a slower transaction year in 2023. Nevertheless, our infrastructure team continued to evaluate renewable energy and inflation-hedged cashflow-generating assets, completing a significant minority investment (49%) in a total of 1,066 megawatts (MW) of operational and under construction solar photovoltaic assets in Spain, co-owned with Spanish renewable energy company BRUC Energy.

In a context of persisting elevated construction prices, Vastint continued to carefully assess the launch of new developments and focused on completion of the ongoing projects. In total, Vastint invested EUR 280m (EUR 465m in 2022). The developed properties portfolio benefit-ted from a continuous strong demand for residential letting and strong rebound of the hospitality sector, while facing a sluggish demand for offices. Total rental income reached EUR 147m, 17% above 2022.

Divestments in our alternative assets and properties contracted from EUR 600m in 2022 to EUR 500m in 2023, generating EUR 270m of realized investment income (EUR 310m in 2022).

Gross profit progressed by 14% to EUR 980m, driven by add-ons to the Nalka portfolio and growth of its existing portfolio companies. Dividend from Inter IKEA amounted to EUR 1bn (EUR 850m in 2022). Interogo Holding AG’s net profit of the year reached EUR 1,266m (EUR 700m in 2022).

"We would like to thank all our co-workers for their commitment and continuous hard work in 2023. Alongside our owner and our trusted partners, we stay committed to being an active and supportive owner, particularly during these uncertain times. 2024 will remain a challenging year, with persisting core inflation that could keep interest rates up longer than initially anticipated and potentially hinder economic growth. However, we hope to see an increase in investment opportunities as capital markets start to open up and the valuation gap continues to narrow", says Henrik Jonsson. 

In August of 2023, our owner Interogo Foundation demerged into two separate enterprise foundations (Unternehmensstiftung). The new Inter IKEA Foundation became the new ultimate owner of Inter IKEA Holding B.V., the IKEA related business. Interogo Foundation continued as the ultimate owner of Interogo Holding AG. The purpose of the two enterprise foundations is identical, namely to secure independence and longevity of the IKEA Concept. The demerger further strengthened the business focus of both Inter IKEA Holding and Interogo Holding. In this context, Interogo Holding made a dividend distribution in-kind of the shares held in Inter IKEA Holding BV to our owner, Interogo Foundation. Interogo Foundation contributed assets of a total value of EUR 10.8bn to Interogo Holding group's equity.

In 2023, we were also happy to welcome Erna Boogaard and Sandra Pajarola as new Interogo Holding Board members.

Key figures consolidated (under Swiss GAAP FER) 1 Jan. - 31 Dec. 

AUM per investment strategy as of December 31*

The full Interogo Holding AG Annual Report 2023 is available here.

*AUM values per investment strategy are estimated FMV (for information purposes and not audited). For liquid assets under management, Interogo Holding is the main owner with EUR 10’830m. The remaining part is owned by our owner, Interogo Foundation

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