Changes to in­vest­ments

In the reporting year 2025, the mea­sures from the latest adjustments to the investment strategy were finally im­ple­mented. Nominal assets were reduced and further restructured, while real assets in the global real estate investment category were further increased. Some of the price gains in the gold investment category were realized. The new strategic target values of 36% nominal assets, 36% equities, and 28% real assets are a further step toward a target portfolio. In the long term, the investment strategy should comprise approximately 30% nominal assets, 40% equities, and 30% real assets.