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Regulation

Energy security

What affects energy security

Geopolitical uncertainty increases focus on energy security

strengthens

Reconstruction of Ukraine strengthens energy security

strengthens

Energy security affects

Energy security increases demand for wind power

strengthens

Energy security drives the securing and expansion of power grid expansion

strengthens

Strongest quotes

Alfa Laval AB · Driver

“Samtidigt måste dagens energiförsörjning ställas om till rena energikällor.”

Annual report 2024A · The company itself

Ambu · Driver

“For Respiratory, Urology, and ENT alone, clinicians believe in a future where 70% of procedures have transitioned to single-use.1 Total Win in Respiratory Win in Urology Grow in ENT Unlock GI Global market 20252 +20% annual single-use growth The single-use market is expected to grow +20% annually from 2025-2030, supported by underlying endoscopy procedure growth and a continued conversion from reusable endoscopes to single-use endoscopes. This growth is driven by increasing procedure volumes and accelerating adoption of single-use technologies, underpinned by clear advantages in efficiency, economics, clinical performance, and sustainability.”

Annual report 2025A · The company itself

Atria Oyj · Driver

“Strategisesta näkökulmasta Atria keskittyy luonnon monimuotoisuuden osalta erityisesti epäsuoriin vaikutuksiin: merkittävimmät luontoon kohdistuvat tekijät tulevat välillisesti Atrian arvoketjun, erityisesti ilmastonmuutoksen ja maankäytön, kautta.”

Annual report 2025A · The company itself

BOLIDEN AB · Driver

“Samhällen har länge förlitat sig på metaller på grund av deras hållbarhet och förmåga att leda värme och elektricitet. Som en möjliggörare av klimatomställningen ökar efterfrågan och att säkra framtida metallförsörjning börjar bli en strategiskt viktig fråga för Europa.”

Annual report 2024A · The company itself

Companies with exposure

Alfa Laval ABSector unknown

Driver · strengthens · strength 3/3

“Samtidigt måste dagens energiförsörjning ställas om till rena energikällor.”

Annual report 2024A · The company itself

AmbuMedical devices

Driver · strengthens · strength 3/3

“For Respiratory, Urology, and ENT alone, clinicians believe in a future where 70% of procedures have transitioned to single-use.1 Total Win in Respiratory Win in Urology Grow in ENT Unlock GI Global market 20252 +20% annual single-use growth The single-use market is expected to grow +20% annually from 2025-2030, supported by underlying endoscopy procedure growth and a continued conversion from reusable endoscopes to single-use endoscopes. This growth is driven by increasing procedure volumes and accelerating adoption of single-use technologies, underpinned by clear advantages in efficiency, economics, clinical performance, and sustainability.”

Annual report 2025A · The company itself

Atria OyjSector unknown

Driver · weakens · strength 3/3

“Strategisesta näkökulmasta Atria keskittyy luonnon monimuotoisuuden osalta erityisesti epäsuoriin vaikutuksiin: merkittävimmät luontoon kohdistuvat tekijät tulevat välillisesti Atrian arvoketjun, erityisesti ilmastonmuutoksen ja maankäytön, kautta.”

Annual report 2025A · The company itself

Strategy · strengthens · strength 2/3

“Atria osallistuu valtion huoltovarmuusorganisaation toimintaan. + Positiivinen vaikutus tai taloudellinen mahdollisuus - Negatiivinen vaikutus tai taloudellinen riski ATRIA OYJ Tilinpäätös ja toimintakertomus 2025 42 Atrian tilinpäätös ja toimintakertomus 2025 E5 RESURSSIEN KÄYTTÖÖN JA KIERTOTALOUTEEN LIITTYVÄT VAIKUTUKSET, RISKIT JA MAHDOLLISUUDET VAIKUTUKSET YMPÄRISTÖÖN JA/TAI YHTEISKUNTAAN RISKIT JA MAHDOLLISUUDET ATRIALLE STRATEGISET HALLINTAKEINOT Tuotteisiin ja palveluihin liittyvät resurssien ulosvirtaukset + Teurastamoteollisuuden ja elintarviketuotannon ihmisravinnoksi kelpaamattomat sivutuotteet ovat hyödyllisiä kiertotalouden raaka-aineita monille muille teollisuuden aloille Atrian liiketoimintamalli tukee kiertotaloutta kanavoimalla tuotannon sivuvirrat arvokkaimpiin mahdollisiin myyntikanaviin.”

Annual report 2025A · The company itself

BOLIDEN ABSector unknown

Driver · strengthens · strength 3/3

“Samhällen har länge förlitat sig på metaller på grund av deras hållbarhet och förmåga att leda värme och elektricitet. Som en möjliggörare av klimatomställningen ökar efterfrågan och att säkra framtida metallförsörjning börjar bli en strategiskt viktig fråga för Europa.”

Annual report 2024A · The company itself

BOUVET ASASector unknown

Driver · strengthens · strength 3/3

“For oss som forbrukere har betydningen av en forutsigbar energiforsyning blitt tydeligere enn noen gang. Hoveddelen av Bouvets samlede aktivitet finner vi nettopp i energisektoren – og samfunnsoppdraget har aldri vært viktigere.”

Annual report 2024A · The company itself

Driver · strengthens · strength 3/3

“Hvordan håndtere kraftunderskudd i sammenheng med produksjon og distribusjon er en viktig driver for digitalisering for sektoren.”

Annual report 2024A · The company itself

Carrier GlobalSector unknown

Driver · strengthens · strength 3/3

“We believe our business segments are well positioned to benefit from favorable secular trends, including the mega-trends of urbanization, population growth and demographic shifts, food security and safety, electrification, increasing demand for climate control and accelerated digitalization.”

Annual report 2025A · The company itself

CumminsSector unknown

Driver · strengthens · strength 3/3

“We are exposed to risks arising from the price and availability of energy. The level of demand for our products and services is influenced in multiple ways by the price and availability of energy. High energy costs generally drive greater demand for better fuel economy in almost all countries in which we operate.”

Annual report 2025A · The company itself

Diös Fastigheter ABSector unknown

Driver · strengthens · strength 3/3

“En tillförlitlig försörjning av grön energi, särskilt genom vattenkraft, är avgörande för den gröna omställningen. Vår marknad, med sina rika naturresurser och geografiska läge, erbjuder mycket goda förutsättningar för fossilfri energiproduktion.”

Annual report 2024A · The company itself

EQT ABSector unknown

Driver · strengthens · strength 3/3

“EQT kommer att utnyttja sin djupa expertis inom förnybar energi och infrastrukturinvesteringar för att stödja OX2:s transformation och påskynda bolagets tillväxt i takt med den ökande efterfrågan på grön el. Detta förvärv positionerar OX2 som en nyckelspelare i Europas dekarboniseringsresa, där EQT tillför ytterligare kapital för att expandera OX2:s projektportfölj och stärka bolagets marknadsledarskap.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“Under 2025 kommer EQT att fortsätta med kapitalanskaffning för sina flaggskeppsfonder inom vissa strategier, inklusive EQT Infrastructure VI och BPEA IX. EQT kommer även att fortsätta kapitalanskaffning för nyligen lanserade strategier, så som EQT Healthcare Growth och EQT Transition Infrastructure.”

Annual report 2024A · The company itself

EQUINOR ASASector unknown

Driver · strengthens · strength 3/3

“I Europa har uroen i energimarkedene etter Russlands invasjon av Ukraina ført til økt bekymring for forsyningssikkerhet og energipriser, som sentrale pillarer i “energitrilemmaet”. Økt etterspørsel etter energi i en mer usikker verden har medført at både nasjoner og industrielle partnere har erkjent at pålitelige og ansvarlige energileverandører har en viktig rolle i å opprettholde økonomisk stabilitet.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“Vi leverer energi gjennom en optimalisert olje- og gassportefølje, lønnsom vekst innen fornybar energi og nye markedsmuligheter innen lavkarbonløsninger.”

Annual report 2024A · The company itself

Etteplan OyjSector unknown

Driver · strengthens · strength 3/3

“Puolustusja energiateollisuussegmenteissä kysyntä kehittyy yhä positiivisesti.”

Annual report 2025A · The company itself

Fortum OyjSector unknown

Driver · weakens · strength 2/3

“Suunnitelma perustuu nykyisiin toimintoihin ja liiketoimintarakenteeseen. Sen toteutuminen riippuu tulevasta energiapolitiikan ja sääntelyn kehityksestä ja muutoksista, markkinarakenteesta, sähkön ja lämmön kysynnästä, polttoaineiden saatavuudesta, teknologisista innovaatioista sekä kasvihuonekaasupäästöjen laskentamenetelmien ja SBTi-standardien muutoksista. Keskeisiä oletuksia ovat muun muassa sähkön tuotannon ja myynnin kasvu.”

Annual report 2025A · The company itself

Driver · strengthens · strength 3/3

“Merkittävimmät luokitusjärjestelmän mukaiset toiminnot ovat sähköntuotanto vesivoimalla, jonka asennettu kapasiteetti on 4,7 GW (50 % kokonaiskapasiteetista) (2024: 4,7 GW, 50 % kokonaiskapasiteetista), ja sähköntuotanto ydinvoimalla, jonka asennettu kapasiteetti on 3,2 GW (35 % kokonaiskapasiteetista) (2024: 3,2 GW, 35 % kokonaiskapasiteetista).”

Annual report 2025A · The company itself

Driver · strengthens · strength 3/3

“Det är tydligt var de främsta möjligheterna för tillväxt finns. – Behovet av tillförlitliga data som driver den gröna omställningen växer snabbt, och vi ser många intressanta förvärvsmöjligheter i olika nischer i våra segment.”

Annual report 2024A · The company itself

Lifco AB (publ)Sector unknown

Driver · weakens · strength 3/3

“Klimat, miljö och resursanvändning Klimatförändringen På kort sikt kan klimatförändringen leda till ökade kostnader i försörjningskedjan genom ökade regleringar och högre miljöavgifter i leverantörsleden. På medellång sikt finns risken att höjda havsvattennivåer, brist på fossilfria bränslen och vatten, fler hårda stormar och högre temperaturer påverkar kostnaderna för och tillgängligheten till insatsvaror och transporter.”

Annual report 2024A · The company itself

NetAppSector unknown

Driver · weakens · strength 3/3

“As a global company, our business is influenced by worldwide economic and market conditions, including, among others, rising inflation, slower growth, economic downturns or recessions, changes in fiscal and monetary policies, higher interest and tax rates, economic uncertainty, political instability, ongoing international and regional conflicts (including conflicts in the Middle East), warfare, extreme weather events and effects from climate change, natural disasters and pandemics, supply chain interruptions and shortages, changes in laws and regulations, reduced consumer confidence and spending, international trade protection measures and disputes (including economic and trade barriers, tariffs, sanctions and export controls), rapid technological changes, and the threat and potential of trade control policies and retaliatory trade control policies (including retaliatory tariffs).”

Annual report 2026A · The company itself

NKT A/SIndustrials

Driver · weakens · strength 3/3

“Increased geopolitical and geoeconomic uncertainty and volatility pose a risk to NKT’s business operations. This includes new trade restrictions, local content requirements, new EU trade agreements, shifting focus from the green transition to energy- and security-independence, investments in infrastructure, uncertainty of European supply chain, affordability, and competitiveness.”

Annual report 2025A · The company itself

Prevas AktiebolagSector unknown

Driver · strengthens · strength 3/3

“Som strategisk kompetenspartner till energi- och elkraftbranschen står Prevas i centrum när framtidens hållbara energisystem utvecklas. trender, inklusive elektrifiering, autonomi, digitalisering fossilfria ståltillverkning. och resurseffektivitet.”

Annual report 2024A · The company itself

Rejlers AB (publ)Sector unknown

Driver · strengthens · strength 3/3

“Marknaden 2024 var varierande, med en fortsatt stark efterfrågan inom energi och infrastruktur, samt relativt god efterfrågan inom industrin.”

Annual report 2024A · The company itself

3MSector unknown

Driver · weakens · strength 2/3

“These geopolitical tensions could result in, among other things, cyberattacks, supply chain disruptions (including limitations on access to rare earth minerals and other raw materials), higher energy and other commodity costs, lower consumer demand, and changes to foreign exchange rates and financial markets, and tariffs and trade restrictions may result in increased production costs and product pricing, further supply chain disruptions, limited access to end markets, lower profitability, and uncertainty related to planning long-term investments and strategies, and may have other competitive effects.”

Annual report 2025A · The company itself

AES CorporationSector unknown

Strategy · strengthens · strength 2/3

“29 | 2025 Annual Report Energy Infrastructure Our Energy Infrastructure SBU aims to provide energy security to enable the integration of new renewables and maximize the value of our gas generation and LNG business through flexible operations that support the energy transition.”

Annual report 2025A · The company itself

AFRY ABSector unknown

Driver · strengthens · strength 2/3

“Balansen mellan att fasa ut fossila bränslen och samtidigt säkerställa energiförsörjning på kort sikt är ett fortsatt viktigt fokusområde i hela den globala ekonomin. Företagen anpassar därför sina strategier och efterfrågar AFRYs tjänster inom rådgivning.”

Annual report 2024A · The company itself

Akamai TechnologiesSector unknown

Strategy · strengthens · strength 2/3

“Our deployed network of servers consumes significant energy resources, including those generated by the burning of fossil fuels. While we have invested in projects to support renewable energy development, our customers, investors and other stakeholders may require us to take more steps to demonstrate that we are taking ecologically responsible measures in operating our business.”

Annual report 2025A · The company itself

AKER ASASector unknown

Driver · strengthens · strength 2/3

“Geopolitisk usikkerhet understreker ytterligere viktigheten av energisikkerhet som en global prioritet.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“Samtidig øker behovet for sikker, kostnadseffektiv energi med lave utslipp.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“Aker investerer aktivt innen globale veksttrender inkludert energisikkerhet, -effektivitet og - omstilling, industriell digitalisering, marine proteiner og ingredienser.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“Akers investeringer er delt inn i to rapporteringssegmenter; Industrielle investeringer og Finansielle investeringer : Industrielle investeringer Den industrielle porteføljen omfatter Akers langsiktige investeringer og bestod ved utgangen av 2024 av eierskapet i ti selskaper. De fem børsnoterte selskapene var Aker BP, Aker Solutions, Aker BioMarine, Aker Horizons og Solstad Offshore, og de fem unoterte selskapene var Cognite, Solstad Maritime, Aker Qrill Company, SalMar Aker Ocean og Aize.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“Aker Solutions Beløp i millioner kroner 2023 2024 Driftsinntekter 36 262 53 201 EBITDA 1 166 4 568 EBITDA margin 3,2 % 8,6 % Resultat fra videreført virksomhet (15) 2 665 Aksjekurs (NOK per aksje) 42,02 31,10 Aksjonæravkastning, inkl. utbytte 15,0 % 28,7 % Aker Solutions er leverandør av integrerte løsninger, produkter og ingeniørtjenester til den globale energiindustrien.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“Solstad-selskapene leverer avanserte fartøy til globale offshore energimarkeder, med fokus på Brasil, Nordsjøen, Sørøst-Asia, Australia og Vest -Afrika.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“Akers eierskapsagenda fokuserer på å videreutvikle Solstadselskapene som ledende leverandører av fartøy til globale offshore energimarkeder.”

Annual report 2024A · The company itself

AKER SOLUTIONS ASASector unknown

Driver · strengthens · strength 2/3

“The energy markets continue to be impacted by the trilemma of energy security, affordability and sustainability.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“AEPTHCO JOINT VENTURE INITIATIVES AEPTHCo has established joint ventures with nonaffiliated electric utility companies for the purpose of developing, building and owning transmission assets that seek to improve reliability and market efficiency and provide transmission access to remote generation sources in North America (Transmission Joint Ventures).”

Annual report 2025A · The company itself

Arjo AB (publ)Sector unknown

Driver · weakens · strength 2/3

“Med anledning av den upptrappade konflikten i Mellanöstern, där Hormuzsundet blivit ytterligare ett konfliktdrabbat område, följer Arjo utvecklingen noga för att i största möjliga mån undvika negativ påverkan i värdekedjan.”

Annual report 2024A · The company itself

Atmos EnergySector unknown

Strategy · strengthens · strength 2/3

“•Infrastructure programs in place in all of our states that provide for an annual adjustment to rates for qualifying capital expenditures. Through our annual formula rate mechanisms and infrastructure programs, we have the ability to begin recovering approximately 95 percent of our capital expenditures within six months and substantially all of our capital expenditures within twelve months. •Authorization in tariffs, statute or commission rules that allows us to defer certain elements of our incurred cost of service such as depreciation, ad valorem taxes, pension costs, and certain safety related expenses, until they are included in rates. •WNA mechanisms in seven states that serve to minimize the effects of weather on approximately 97 percent of our distribution residential and commercial revenues.”

Annual report 2025A · The company itself

Blackstone Inc.Sector unknown

Driver · weakens · strength 2/3

“Further, many of our funds’ infrastructure investments are in critical infrastructure sectors, such as transportation systems, energy and digital infrastructure, which are generally subject to heightened regulatory scrutiny at the time of investment and ongoing compliance requirements. Such requirements are likely to expand our compliance burdens, costs and enforcement risks.”

Annual report 2025A · The company itself

BLUENORD ASASector unknown

Driver · strengthens · strength 2/3

“While creating value for stakeholders, BlueNord helps to deliver the energy security that millions of people depend on in today’s changing world.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“• Due to the conflict in Ukraine new regulations have been imposed by the EU, United States, United Kingdom and other governments, which affect the export and import of oil and gas to and from the Russian market. • Trade restrictions on the Russian market could increase the importance of oil and gas fields in Europe, including in Denmark. Such an increase in importance could result in governments adopting new regulations that could affect the assets and the operations of the Group.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“It is also enabling BlueNord to play a meaningful role in delivering energy security and in supporting the energy transition in Denmark and Europe with a reliable, low-cost and low emission, local source of piped gas.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“A business model with purpose Our purpose is to provide Europe with the energy it needs – for today, tomorrow and in the net zero future to come.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“We achieve this by balancing the demands of energy security against the needs of the energy transition. We will make measured investments where it is economically attractive to do so, which will in turn help to ensure energy prices are affordable for residential and business consumers.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“Tyra secures energy supplies by producing 2.8 billion cubic metres of gas per year for Denmark and Europe, while reducing emissions by 30 percent compared to old facilities.”

Annual report 2024A · The company itself

BW OFFSHORE LIMITEDSector unknown

Driver · strengthens · strength 2/3

“Central to this mission is our commitment to addressing the energy trilemma—security, affordability, and sustainability—by optimising current operations and laying the groundwork for future opportunities.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“I Q1 2024 genomfördes med Byggmästarens stöd en övertecknad nyemission för att öka den finansiella flexibiliteten och stärka möjligheterna att arbeta med medelstora projekt där Infrea bedöms ha en konkurrensfördel. • Den svenska marknaden för infrastruktur är mycket stor och bedöms växa kraftigt kommande år. Energiomställning, underinvesterade trafiksystem och återuppbyggnad av försvaret är några saker som driver.”

Annual report 2024A · The company itself

DAMPSKIBSSELSKABET NORDEN A/STransport & logistics

Market · strengthens · strength 2/3

“Climate solutions”

Annual report 2025A · The company itself

EASTNINE AB (PUBL)Sector unknown

Driver · weakens · strength 2/3

“Omställning till ett fossilfritt samhälle, både till följd av ökad reglering och ökad efterfrågan på fossilfri energiförsörjning, kan leda till energibrist och höjda marknadspriser om produktionen inte utvecklas i takt med efterfrågan, eller till följd av temporär obalans mellan tillgång och efterfrågan.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“Alkuvuodesta 2025 Baltian maat irtautuivat Venäjän sähköverkosta ja kytkeytyivät manner-Euroopan kantaverkkoon, mikä vahvisti alueellista energiaturvallisuutta.”

Annual report 2025A · The company itself

EntergySector unknown

Driver · weakens · strength 2/3

“Accordingly, large uncertainty remains regarding the time frame under which the DOE will begin to accept spent fuel from Entergy’s facilities for storage or disposal. As a result, continuing future expenditures will be required to increase spent fuel storage capacity at Entergy’s nuclear sites.”

Annual report 2025A · The company itself

Driver · strengthens · strength 2/3

“I termer av ”energitrilemmat” – som handlar om balansen mellan energisäkerhet, energijämlikhet och miljömässig hållbarhet – har marknadens fokus balanserat om från en tonvikt på håll bar het till en tonvikt på säkerhet. Det här betyder inte att omställningen tappar fart – tvärtom ökar betydelsen av det Eolus erbjuder marknaden.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“Fossila alternativ är dyra och sårbara för leveransstörningar. Decentraliserade vind-, soloch batterianläggningar levererar däremot el från resurser som inte går att blockera i enheter som är lätta att reparera.”

Annual report 2024A · The company itself

EquinixSector unknown

Driver · weakens · strength 2/3

“Our international operations are sometimes located outside of developed, reliable electricity markets, where we are exposed to some insecurity in supply associated with technical, regulatory and reliability problems, as well as transmission constraints.”

Annual report 2025A · The company itself

Flügger group A/SBuilding materials

Strategy · strengthens · strength 2/3

“Vi er derfor glade for vores strategiske valg om i al væsentlighed at indkøbe råvarer fra Europa, såvel som at størstedelen af vores Flügger-produkter produceres i Danmark og Sverige. Derudover har vi sikret lagerbeholdning til hele højsæsonen, som allerede er skudt i gang.”

Annual report 2026A · The company itself

GE VernovaSector unknown

Market · strengthens · strength 2/3

“RPO December 31 Total RPO $150,238 $119,023 $115,598 As of December 31, 2025, RPO increased $31.2 billion (26%) from December 31, 2024, primarily at Power, due to increases at Gas Power due to Heavy-Duty Gas Turbine and Aeroderivative equipment and contractual services, and increases at Steam Power services, Hydro Power equipment, and Nuclear Power equipment, partially offset by a decrease at Steam Power equipment; at Electrification, primarily due to demand for alternating current substation solutions, switchgear, and transformers at Grid Solutions and synchronous condensers and energy storage at Power Conversion & Storage; partially offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our contracts and a decrease in orders at Onshore Wind as U.S. customers dealt with policy uncertainty.”

Annual report 2025A · The company itself

Gränges ABSector unknown

Driver · strengthens · strength 2/3

“Företag strävar efter att öka sin motståndskraft, förkorta leverantörskedjorna och minska beroendet mellan olika regioner. Gränges närvaro i USA, Asien och Europa, med regional produktion och nära kundrelationer, skapar effektiva, lokala leverantörskedjor.”

Annual report 2024A · The company itself

Hartford (The)Sector unknown

Strategy · strengthens · strength 2/3

“In product development and related areas such as claims and risk engineering, the Company has expanded its capabilities in industry verticals, such as energy, construction, media arts & entertainment, technology and life science.”

Annual report 2025A · The company itself

Driver · strengthens · strength 2/3

“Alternative fuels are essential to the global energy mix As the world’s energy needs change, we are confident that our solutions will continue solving global energy demand, energy security, energy independence and decarbonization challenges.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“Our Mobile Pipeline modules are in use as mobile refueling units, for users and industries lacking pipeline infrastructure and as solutions to energy demand, energy security and energy independence challenges.”

Annual report 2024A · The company itself

HEXATRONIC GROUP ABSector unknown

Driver · strengthens · strength 2/3

“Det rådande omvärldsläget innebär också att alltmer fokus ägnas åt säkerhetsfrågor. Infrastruktur inom kommunikation är idag lika viktigt som till exempel den inom energi, och vi bedömer att vi kommer se mer investeringar utifrån ett säkerhetsperspektiv i framtiden.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“Säkerhet har blivit en allt tydligare drivkraft. För kritiska samhällsfunktioner som sjukvård, försvar och transport är säkra och pålitliga fibernät med tillräcklig kapacitet och redundans avgörande.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“Center bedöms marknaderna vara fortsatt starka under lång tid framöver, främst pådrivet av investeringar inom försvar, energi och AI.”

Annual report 2024A · The company itself

HEXPOL ABSector unknown

Strategy · strengthens · strength 2/3

“Vi har fokus på energi och klimat, säker arbetsmiljö, god affärsetik samt utvecklingen av produktionsprocesser och produkter som direkt eller indirekt bidrar till minskad miljöpåverkan.”

Annual report 2024A · The company itself

HP Inc.Sector unknown

Driver · weakens · strength 2/3

“Examples of such risks include the availability and cost of low- or non-carbon-based energy sources, evolving regulatory requirements affecting product circularity, environmental or societal standards or disclosures, evolving consumer protection laws, the availability of materials and suppliers that can meet our environmental, societal and other related goals and the availability of funds to invest in environmental and societal initiatives in times where we are seeking to reduce costs.”

Annual report 2025A · The company itself

Huntington BancsharesSector unknown

Driver · weakens · strength 2/3

“Additionally, transitioning to a low-carbon economy may entail extensive policy, legal, technology, and market initiatives. Transition risks, including changes in consumer preferences and additional regulatory requirements or supervisory expectations or taxes, could increase our expenses and undermine our strategies.”

Annual report 2025A · The company itself

HYDROGENPRO ASASector unknown

Driver · strengthens · strength 2/3

“In addition to directly reducing greenhouse gas emissions, green hydrogen plays a crucial role in enabling a decentralized and resilient energy system that can be completely based on renewable sources. Hydrogen can be produced and stored domestically, thereby reducing reliance on foreign energy sources and decreasing society’s vulnerability to energy supply shortages.”

Annual report 2024A · The company itself

Instalco ABSector unknown

Driver · strengthens · strength 2/3

“Svensk industri investerar i hållbar teknik, särskilt i norra Sverige, där era stora projekt redan genomförts. Basindustrins omställning kräver eektivare energilösningar och investeringar i infrastruktur.”

Annual report 2024A · The company itself

Driver · weakens · strength 2/3

“In addition, the uncertainty related to the transition to clean and renewable energy and away from fossil fuels, including regulatory, legislative or policy changes by the U.S. government with regard to energy policy and related subsidies, incentives or penalties, may negatively impact trading on our markets and have an adverse effect on the activities of our customers or third-party vendors, which could negatively impact our revenues. Furthermore, lawmakers in many jurisdictions have proposed or adopted laws, regulations or policies on sustainability-related topics that diverge from, or potentially conflict with, laws in other jurisdictions in which we operate.”

Annual report 2025A · The company itself

Jacobs SolutionsSector unknown

Market · strengthens · strength 2/3

“Infrastructure & Advanced Facilities (I&AF) In fiscal 2025, Jacobs' Infrastructure & Advanced Facilities business provided end-to-end solutions for our clients’ most complex challenges related to energy security, environmental resilience, safe and reliable transportation, buildings and infrastructure, integrated water management and biopharmaceutical manufacturing.”

Annual report 2025A · The company itself

Kalmar OyjSector unknown

Driver · weakens · strength 2/3

“Maailmankaupassa ja kansainvälisissä toimitusketjuissa tapahtuvat muutokset, geopoliittiset jännitteet ja sodat, energian saatavuus, sanktiot ja kauppasodat voivat vaikuttaa globaaleihin tavaravirtoihin ja siten Kalmarin ratkaisujen kysyntään.”

Annual report 2025A · The company itself

KONGSBERG GRUPPEN ASASector unknown

Driver · strengthens · strength 2/3

“Bærekraftig forvaltning av havressurser er en viktig driver for flere av forretningsområdets områder. Kongsberg Discovery er eksponert mot disse driverne i store markedssegnmenter som havbasert energiproduksjon, kommersielt fiske, havbunnskartlegging, sikkerhet og overvåking av kritisk infrastruktur.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“Kongsberg Discovery er eksponert mot disse driverne i store markedssegnmenter som havbasert energiproduksjon, kommersielt fiske, havbunnskartlegging, sikkerhet og overvåking av kritisk infrastruktur. Etterspørselen etter løsninger for bedre forståelse av havrommet, fra kommersielle aktører, offentlig forvaltning og forsvarskunder, er økende.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“Naxys Technologies AS - gjennomføring av oppkjøp Kongsberg Discovery inngikk avtale om kjøp av Naxys Technologies 20.12.24 og oppkjøpet ble gjennomført 20.01.25. Selskapet har 30 ansatte i Bergen og hadde en omsetning på MNOK 100 i 2024.”

Annual report 2024A · The company itself

Kreate Group OyjSector unknown

Market · strengthens · strength 2/3

“Yritysosto: Vahva asema kalliorakentamisessa Kreate toteutti vuoden 2025 viimeisenä päivänä SRV Infra Oy:n oston. Kaupan myötä Kreate sai vahvan jalansijan maanalaiseen kalliorakentamisen markkinaan, jonka tulevien vuosien näkymiä vahvistavat geopoliittiseen tilanteeseen liittyvät turvallisuus-, valmius- ja huoltovarmuusnäkökulmat.”

Annual report 2025A · The company itself

Market · strengthens · strength 2/3

“Huoltovarmuuden ja turvallisuuden käyttökohteita ovat muun muassa väestönsuojat, pelastus- ja johtokeskukset sekä kriittisen infrastruktuurin suojatilat.”

Annual report 2025A · The company itself

Lennox InternationalSector unknown

Driver · weakens · strength 2/3

“Additionally, the effects of extreme weather events and natural disasters, long-term changes in temperature levels, water availability, increased cost for decarbonizing process heating, supply costs impacted by increasing energy costs, or energy costs impacted by carbon prices or offsets, as a result of climate change or other factors, may exacerbate supply chain constraints and disruption.”

Annual report 2025A · The company itself

LOOMIS ABSector unknown

Strategy · strengthens · strength 2/3

“Att vara ledande inom hållbarhet i vår bransch är en av Loomis fyra strategiska prioriteringar. Loomis tjänster bidrar till säkra, effektiva och fungerande betalningsflöden. De är samhällsbärande och stödjer centralbankernas arbete för att säkerställa tillgång till kontanter.”

Annual report 2024A · The company itself

MicrosoftSector unknown

Driver · weakens · strength 2/3

“Environmental regulations or changes in the supply, demand, or available sources of energy or other resources may affect the availability or cost of goods and services, including natural resources, necessary to run our business. Changes in climate where we operate may increase the costs of powering and cooling computer hardware we use to develop software and provide cloud-based services.”

Annual report 2026A · The company itself

Strategy · strengthens · strength 2/3

“The Company’s fleet strategy is aimed at supporting the long-term sustainability and robustness of its fleet operations.”

Annual report 2024A · The company itself

Neste OyjSector unknown

Driver · weakens · strength 2/3

“Kansallisen energiaturvallisuuden painottaminen voi johtaa kotimaisten toimitusketjujen ja yritysten priorisointiin, mikä voi vähentää raaka-aineiden saatavuutta ja aiheuttaa painetta raaka-aineiden hintoihin sekä luoda epäreilun kilpailuympäristön ja siten vaikuttaa Nesteen liiketoimintaan.”

Annual report 2025A · The company itself

NIBE Industrier ABSector unknown

Strategy · strengthens · strength 2/3

“Våra hållbara energilösningar i världsklass ska bidra till en snabbare omställning till ett  · 18 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB VARUMÄRKES LÖFTE Hållbara energilösningar i världsklass AFFÄRSIDÉ Att erbjuda marknaden hållbara, högkvalitativa, innovativa och  systemlösningar inom de tre  UPPDRAG Att varje dag arbeta engagerat och klokt för att utveckla hållbara ener-  · 20 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB Vår ledningsfilosofi är djupt förankrad i åtta grundidéer som utgör fundamentet för hela vår verksamhet och skapar förutsättningarna för vår fortsatta framgång.”

Annual report 2024A · The company itself

Driver · weakens · strength 2/3

“Nightingale Healthin strategia vaatii yhtiön asiakaskunnan laajentamista ja sen saavuttamiseksi yhtiön on kasvatettava merkittävästi sen veritestauksen ja tulosten toimittamisen kapasiteettia. Testauskapasiteetin kasvattaminen vaatii uusien yhtiön verianalyysiteknologian sisältävien laboratorioiden perustamista, ja on olemassa riski siitä, ettei laajennus etene odotetusti esimerkiksi myöhästymisten, lisäkustannusten, keskeisiin toimittajiin ja logistisiin yhteistyökumppaneihin kohdistuvien riippuvuussuhteiden ja toimitusaikojen samoin kuin sopivien paikkojen ja infrastruktuuripalveluiden löytämisen vaikeuden vuoksi.”

Annual report 2025A · The company itself

Nordea Bank AbpSector unknown

Market · strengthens · strength 2/3

“Det var glädjande att se ett så starkt intresse för vår nya fond Nordea 1 – Empower Europe, som investerar i områden som bidrar till den europeiska omställningen: oberoende och effektiv energiförsörjning, återförande av industriproduktion samt försvar och cybersäkerhet. Sedan lanseringen i juni har fondens förvaltade kapital växt till över 500 mn euro.”

Annual report 2025A · The company itself

NORSKE SKOG ASASector unknown

Strategy · strengthens · strength 2/3

“During a panel discussion with Minister of Trade and Industry, Cecilie Myrseth, Carsten Dybevig, VP of Communication and Public Affairs at Norske Skog, outlined four key strategies to boost Norway’s energy-intensive industries: - Secure competitive power contracts for industrial players - Prioritize energy efficiency to release more energy for other uses - Maintain the CO2 compensation scheme (offsetting the CO2 surcharge in energy prices) to prevent carbon leakage - Enhance investment incentives for the green mainland industry BCTMP AT SAUGBRUGS Norske Skog plans to enter the pulp market, and initiated a main study aiming to enter the bleached chemi-thermomechanical pulp (BCTMP) market by starting production at Norske Skog Saugbrugs in Halden.”

Annual report 2024A · The company itself

NOVOZYMES A/SBioscience

Driver · strengthens · strength 2/3

“Performance also benefited from customers ramping up second-generation ethanol production, as well as increased penetration of biosolutions for more efficient biodiesel production.”

Annual report 2025A · The company itself

Strategy · strengthens · strength 2/3

“They strengthen energy security, improve resource efficiency in industrial processes and livestock production, and support job creation through the production of homegrown fuels, food and feed. By increasing ethanol yields and side streams, we are also helping accelerate the transition to low-carbon transportation fuels.”

Annual report 2025A · The company itself

NP3 Fastigheter ABSector unknown

Driver · strengthens · strength 2/3

“Över tid kommer tillgången till el, mineraler, skog, arealer och kyla utgöra viktiga tillväxtfaktorer. Även om den gröna omställningen har drabbats av bakslag ser jag, även fortsättningsvis, stor potential för norra Sverige i en framtida omställning till ett mer hållbart samhälle, ekonomiskt och miljömässigt.”

Annual report 2024A · The company itself

NRC GROUP ASASector unknown

Driver · strengthens · strength 2/3

“There is broad political commitment in Norway, Sweden and Finland to increase spending on developing, maintaining and modernising railroad, light rail and metro lines in major cities, as well as improving other key components of the national infrastructure such as defence, water and energy.”

Annual report 2024A · The company itself

NucorSector unknown

Strategy · strengthens · strength 2/3

“Energy Consumption and Costs Steel manufacturing is an energy-intensive, trade exposed industry. As a result, we continuously strive to make our operations in all three of our business segments more energy efficient.”

Annual report 2025A · The company itself

Strategy · strengthens · strength 2/3

“We believe that a thoughtful approach to domestic energy policy can help ensure that steel and steel products manufactured in the United States remain competitive in the global marketplace.”

Annual report 2025A · The company itself

Driver · strengthens · strength 2/3

“Risk review Operational and industrial risk factors The Group provides services primarily for the oil and gas industry, which historically has been cyclical in its nature.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“As energy security is increasingly important for our clients, we remain committed to supporting safe, efficient, and cost-effective offshore operations.”

Annual report 2024A · The company itself

Omnicom GroupSector unknown

Driver · weakens · strength 2/3

“Current or future geopolitical events, international hostilities or acts of terrorism could impact global economies through, among other things, disruption of business operations and demand for client services, disruption in the credit markets, heightened risk of cybersecurity attacks and disruptions to our information technology infrastructure, increased energy costs and labor and supply chain disruptions.”

Annual report 2025A · The company itself

ON SemiconductorSector unknown

Driver · weakens · strength 2/3

“Generally, our agreements with suppliers of raw materials impose no minimum or continuing supply obligations, and we obtain our raw materials and supplies from a large number of sources. However, shortages could occur in various essential raw materials, and if we are unable to obtain adequate supplies of raw materials in a timely manner, the costs of our raw materials increase significantly, their quality deteriorates or they give rise to compatibility or performance issues in our products, our results of operations could be materially adversely affected.”

Annual report 2025A · The company itself

Pandox AktiebolagSector unknown

Driver · weakens · strength 2/3

“Brist på naturresurser, råvaror och energi kan uppstå, med dyrare insatsvaror som följd (marknadsrisk).”

Annual report 2024A · The company itself

Peab ABSector unknown

Driver · strengthens · strength 2/3

“Ett sådant är det samarbete vi har med SSAB kring fossilfritt tillverkat stål och där vi under 2024 bland annat kunde använda SSAB Zero i våra projekt.”

Annual report 2024A · The company itself

Input · weakens · strength 2/3

“Effekten af disse tiltag afhænger af en række forhold uden for vores direkte kontrol, fx tilgængeligheden af biobrændstoffer, udviklingen i el-mikset og markedets udbud af eldrevne køretøjer.”

Annual report 2025A · The company itself

Strategy · strengthens · strength 2/3

“Omstillingsplan for scope 1 og 2 For scope 1 og 2 har vi fastlagt en målsætning om en absolut reduktion på 70 % fra 2023/24 til 2030/31, inklusive den forventede vækst. En væsentlig del af reduktionen forventes at komme gennem øget brug af certificerede biobrændstoffer som erstatning for konventionel diesel i maskiner, samtidig med at vi gradvist overgår til eldrevne køretøjer.”

Annual report 2025A · The company itself

Pinnacle West CapitalSector unknown

Strategy · strengthens · strength 2/3

“APS’s sources of energy by type used to supply energy to Native Load customers during 2025 were approximately as follows: APS has a diverse portfolio of existing and planned resources, including biomass, biogas, coal, energy storage, geothermal, natural gas, solar, and wind. APS has an aspirational goal to be carbon-neutral by 2050, meaning that for any GHG emissions still produced by generation resources in 2050, APS will aim to offset these emissions elsewhere. In 2025, the share of APS’s energy supply derived from clean resources was approximately 58%, which includes energy from nuclear, renewables, and DSM as well as PPAs with clean resources.”

Annual report 2025A · The company itself

PROFILGRUPPEN ABSector unknown

Strategy · strengthens · strength 2/3

“För att säkerställa försörjningen har ProfilGruppen byggt upp en robust försörjningskedja som bygger på avtal med leverantörer på Island och i Norge kompletterat av leveranser från Indien. Vi har valt att samarbeta med dessa leverantörer då verksamheten finns i demokratiskt styrda länder och leveranserna kan ske med fossilfri elenergi.”

Annual report 2024A · The company itself

Market · strengthens · strength 2/3

“In addition to energy sales, we earn revenue from capacity payments for our generating assets. These payments are compensation for committing our generating units to PJM for dispatch at its discretion.”

Annual report unknown yearA · The company itself

REACH SUBSEA ASASector unknown

Driver · mixed effect · strength 2/3

“Reach Subsea is well-positioned to navigate this evolving landscape, with strong investments across ocean space sectors. We support industries like oil & gas, offshore wind, offshore cables, and emerging markets such as carbon storage, environmental monitoring, and subsea minerals.”

Annual report 2024A · The company itself

SCANA ASASector unknown

Driver · strengthens · strength 2/3

“Energy security remains high on the global agenda and provides strong market fundamentals for all business areas in Scana Group.”

Annual report 2024A · The company itself

Driver · strengthens · strength 2/3

“OFFSHORE is also having attractive market fundamentals as energy security remains a top priority across geographies.”

Annual report 2024A · The company itself

Sitowise Group OyjSector unknown

Strategy · strengthens · strength 2/3

“In 2025, Sitowise sought growth in several future-oriented areas, including energy, circular economy, biodiversity, security, smart life-cycle management of buildings and digital services.”

Annual report 2025A · The company itself

Southwest AirlinesSector unknown

Driver · weakens · strength 2/3

“For example, fuel prices can be impacted by geopolitical, environmental (including those related to climate change), and economic factors, such as (i) dependency on foreign imports of crude oil and potential or actual hostilities or other conflicts in oil producing areas or along global trade routes; (ii) limitations and/or disruptions in domestic refining or pipeline operations or capacity due to weather, natural disasters, or other factors; (iii) worldwide demand for fuel, particularly in developing countries, which can result in inflated energy prices; (iv) changes in U.S. governmental policies on fuel production, transportation, taxes, and marketing; (v) imposition of economic sanctions on oil-producing countries or specific industry participants; and (vi) changes in currency exchange rates.”

Annual report 2025A · The company itself

Driver · strengthens · strength 2/3

“Storskogen fortsätter sitt arbete för att säkerställa tillgången på fossilfri el över alla sina marknader.”

Annual report 2024A · The company itself

Strategy · strengthens · strength 2/3

“En annan långsiktig trend inom automation är hemtagning av produktion från lågkostnadsländer till Sverige och Europa (reshoring) . Automationslösningar möjliggör högre produktivitet, vilket tillsammans med minskade transportkostnader kompenserar för de högre produktionskostnaderna.”

Annual report 2024A · The company itself

SWECO AB (publ)Sector unknown

Driver · strengthens · strength 2/3

“Det försämrade säkerhetsläget i flera regioner ökar behovet av stärkt totalförsvar och krisberedskap vilket resulterar i investeringar i infrastruktur, energiförsörjning, dricksvatten hantering och såväl fysisk säkerhet som informations- och cybersäkerhet.”

Annual report 2024A · The company itself

TELE2 ABSector unknown

Strategy · strengthens · strength 2/3

“Huvudposition: Maximera användningen av fossilfri reservkraft i statligt finansierade resiliensprogram.”

Annual report 2024A · The company itself

Vestas Wind SystemsRenewable energy

Driver · strengthens · strength 2/3

“The need for European-produced offshore turbines has never been more evident, in a world where the focus on energy independence and security has greatly escalated.”

Annual report 2025A · The company itself

Driver · weakens · strength 2/3

“Volatile fossil fuel prices and geopolitical risks have further underscored the need for energy solutions that are not only clean but also affordable and secure.”

Annual report 2025A · The company itself

Viking Line AbpSector unknown

Driver · weakens · strength 2/3

“För den europeiska sjöfarten innebär förordningen i praktiken att en blandning av biobaserade eller alternativa bränslen och fossila bränslen kommer att användas. Priset och tillgängligheten på alternativa och förnyelsebara bränslen kommer att vara nyckelfrågor i framtiden.”

Annual report 2024A · The company itself

Driver · weakens · strength 2/3

“Nedgång i konjunkturen eller oro i samhället orsakat av exempelvis krig och energikris eller effektbrist kan leda till ökade av- och omflyttningar med ökade vakanser samt fallande hyror som följd.”

Annual report 2024A · The company itself

Williams-Sonoma, Inc.Sector unknown

Driver · weakens · strength 2/3

“Many key inputs and processes in our raw material supply chain are resource and carbon intensive, introducing risk of scarcity due to disruption in availability, price volatility, and drought or other supply issues. As more companies increase their use of organic, recycled, lower emission or related materials in their product assortments, the availability of raw materials that meet and further our initiatives may be reduced. As a result, our business and operating results could be negatively impacted.”

Annual report 2026A · The company itself

Driver · strengthens · strength 2/3

“A purified biogas made from sugarcane waste, biomethane can seamlessly replace fossil natural gas and reduce greenhouse gas (GHG) emissions from production by up to 75 percent.”

Annual report 2024A · The company itself

ØrstedRenewable energy

Driver · strengthens · strength 2/3

“Meanwhile, geopolitical conflicts, reliance on gas imports, and increasing global competition underscore the need for energy security and independence.”

Annual report 2025A · The company itself

BioArctic ABSector unknown

Driver · weakens · strength 1/3

“(J) Klimat- och miljörisker Klimatförändringar påskyndar ny lagstiftning vilket riskerar att driva kostnader utanför företagets kontroll, till exempel ökade energikostnader, transportkostnader, koldioxidskatt samt ökade rapporteringskrav.”

Annual report 2024A · The company itself

Creades AB (publ)Sector unknown

Driver · weakens · strength 1/3

“Med facit i hand är det lätt att peka på betydande snedsteg i vår nutidshistoria – en överdriven tilltro till migration utan tanke på integration, nedmontering av försvar utan tanke på grundberedskap, avveckling av kärnkraft med beroende av rysk gas som följdkonsekvenser, utopiska ESG-regelverk utan beaktande av realism och konsekvenser för konkurrenskraft.”

Annual report 2024A · The company itself

Driver · weakens · strength 1/3

“Det finns även ett internationellt krav om att rederierna ska använda ett bättre bränsle. En god relation med speditörer och leverantörer underlättar utmaningar i transportledet.”

Annual report 2024A · The company itself