2025 was a volatile year on the financial markets. Trade tensions, geopolitical uncertainty and fluctuating interest rates regularly affected investor sentiment. Despite these developments, SNPS achieved a positive investment result of €69 million over the full year.

The Return Module delivered a particularly strong performance. This module represents the largest share of invested assets and generated a return of 11.8%. Equities in both developed and emerging markets contributed positively to this result.

The Interest Module also delivered a positive return of 1.6%.

The Matching Module recorded a negative return because of rising interest rates. While this may appear unfavourable, the purpose of the module is to reduce the impact of interest-rate movements on participants who are approaching retirement. As a result, changes in interest rates have less impact on pension outcomes than would otherwise be the case.

Supported by both positive investment results and pension contributions, invested assets continued to grow during 2025 and amounted to €803 million at year-end.