Statement from the Chairmanship
In 2025, our portfolio companies, once again, demonstrated their resilience and adaptability to challenges. Thanks to their agile and innovative mindsets, they delivered solid performances despite a mixed market environment.
Statement from the Chairmanship
Despite a mixed and at times challenging market environment in 2025, UIE’s portfolio companies demonstrated robustness and generally delivered solid operational performances throughout the year
Despite the aforementioned, our portfolio companies demonstrated strong adaptability in 2025. Their performance during the year reflected a steadfast focus on innovation, operational discipline, and execution to maintain long-term competitiveness within their fields of business.
Financial performance in 2025
In 2025, UIE’s net result was USD 139.9 million compared to USD 75.6 million in 2024, primarily driven by strong financial and operational performance from UP, along with a significant positive fair value adjustment of the investment in Schörling.
In 2024, the net result included a one-off, non-cash contribution of USD 6.2 million, which was related to the reversal of a provision for unclaimed proceeds from UIE shares taken over by the company in 2021. Excluding this one-off item, the net result in 2025 is twice the net result in 2024.
UP
UIE’s largest investment, UP, delivered another record net profit of MYR 829.7 million (USD 193.9 million) - the highest result in the Group's 119-year history. This strong performance was driven by increased production volumes and higher selling prices of crude palm oil (CPO) and palm
kernel (PK), strong cost discipline and, most importantly, the highest-ever average CPO yield of 6.58 tonnes per hectare. The result reflects UP’s consistent application of highly focused management and key agronomic practices to optimise yields, supported by superior planting materials
developed by UP’s research department. In recent years, UP has implemented various innovations, also within the field of mechanisation, that are bearing fruit in terms of productivity enhancements, including the ability to contain the risk of crop losses.
UP’s downstream refinery segment operated in a highly competitive environment throughout the year, facing strong competition from Indonesian producers and ongoing margin pressure across the industry. Despite these challenges, the segment delivered a solid performance, thanks to UP's
unwavering focus on product quality, sustainability, and long-standing customer relationships.
Since its inception, UP has continuously focused on economic development, combined with social and environmental care. These efforts will continue, reaffirming UP's commitment to sustainable practices that exceed the standards recommended by the Roundtable on Sustainable Palm Oil (RSPO).
In today’s market, consumers, along with reputable brand manufacturers and retailers, increasingly demand full traceability of raw materials/commodities to ensure that these are produced in a responsible manner. This trend is expected to accelerate in the coming years, presenting new market opportunities for UP. With all of its Malaysian CPO processed in its own refineries, UP’s integrated setup
facilitates full control of production, offering certified sustainable, high-quality products with the lowest practicable greenhouse gas (GHG) emissions and contaminant levels, grounded in principles of full traceability and responsible sourcing.
As one of the 185 companies on the Malaysian Stock Exchange with a market capitalisation above MYR 1 billion, UP was once again included in the Edge Billion Ringgit Club's 2025 annual evaluation. The company received recognition for having the highest return on equity (ROE) and the highest returns to shareholders over three years within the plantation sector. Additionally, UP was awarded the Company of the Year across all sectors. These recognitions reflect UP's ongoing commitment to creating value for its shareholders.
Effective from 1 January 2026, UP expanded its land bank through the acquisition of nearly 600 hectares of brownfield plantation land. Strategically located approximately 30 kilometres from UP’s headquarters, this land is expected to make a positive contribution to the UP Group in the coming
years. Replanting and other rehabilitation activities are already well underway.
Looking ahead, UP will continue to prioritise improvements in yields, productivity, and cost efficiencies - without compromising on quality or sustainability. We see these as essential focus points that will not only help our core investment remain competitive but also facilitate the foundation for creating long-term value for shareholders - even in difficult times.
Schörling
In 2025, Schörling’s portfolio companies once again demonstrated resilience and adaptability amid a challenging macroeconomic and market environment. Although global equity markets experienced periods of heightened volatility throughout the year - driven by geopolitical tensions, tariff concerns, and shifting expectations around inflation and interest rates - the underlying performance of Schörling’s investment portfolio remained relatively steady.
Over the course of the year, the fair value of our investment in Schörling saw a modest decline of 1% when measured in SEK. However, due to the appreciation of the SEK against the USD, the fair value increased by 19%, when measured in USD, amounting to USD 247.3 million.
Our investment in Schörling is long term, and we intend to continue building on it. The companies within the Schörling portfolio stand on solid foundations, being amongst the leaders in their respective markets and business segments, and we remain confident that they are well-positioned to increase in value in the coming years.
Greenbridge
In 2025, Greenbridge’s portfolio companies continued to progress. The portfolio focuses on technology and AI-driven innovations across various industries and geographies, positioning it well to capitalise on the accelerating adoption of advanced technologies.
During the year, UIE invested an additional SEK 30 million (USD 3.1 million) in Greenbridge through an oversubscribed rights issue, which raised a total of SEK 240 million from existing shareholders. A portion of these proceeds was allocated to increase Greenbridge’s investment in Divergent
by participating in its Series E funding round, during which Divergent raised a total of USD 290 million.
Looking ahead, Greenbridge will focus on further developing its existing six portfolio companies through a longterm, active ownership approach. This includes providing hands-on support, strategic guidance, and problem-solving expertise to drive lasting value creation.
In 2025, the fair value of UIE’s investment in Greenbridge increased by USD 1.4 million, reflecting continued growth within the portfolio companies.
Overall strategy of UIE
In UIE, sustainability is deeply rooted in our DNA, reflecting our longstanding commitment and focus on long-term value creation through active engagement with our portfolio companies and investments in evolving and leading businesses.
Our strategy is to invest in the agro-industrial sector as well as industrial and technology businesses that have the potential to uphold or gain leading positions in their respective markets. Therefore, our priority for the following years is to nurture and advance our well-established investment in the agro-industrial sector through UP and to further develop our other investments with trusted partners.
Looking ahead
We acknowledge the ongoing uncertainties in the macroeconomic landscape and remain mindful of the challenges that our portfolio companies may face in the coming year. However, we remain confident in the companies in which UIE has invested and believe they are well-positioned within
their respective fields of expertise to weather any headwinds that may arise.
In closing, we would like to thank all Directors for their commitment and wise counsel, as well as to Management for their dedication and contributions throughout the year. We also extend our appreciation to all other stakeholders for their continued support and confidence in UIE.
Carl Bek-Nielsen Martin Bek-Nielsen
Chairman Deputy Chairman