We are committed to a long-term and responsible investment strategy with the aim to deliver long-term growth of capital through attractive risk-adjusted returns of the investments. Ultimately, the purpose of KIRKBI's investment portfolio is to build a sound financial foundation to support our overall mission while contributing to a sustainable development in the world.

Investment objectives

The investment portfolio contains equity investments, real estate and fixed income investments. The purpose of KIRKBI investments is to build a sound financial foundation for the owner family’s enterprises and activities through attractive risk adjusted returns for the long term, as well as sufficient financial flexibility and diversification at all times. Based on a belief in value creation through long-term focus as well as a long-term illiquidity premium, we expect long-term investments to be a growing part of the total portfolio.

Across the portfolio, KIRKBI’s investment objectives are to:

  • Obtain attractive risk-adjusted returns and capital preservation for the long run
  • Secure financial flexibility and liquidity for the owner family, the LEGO Group and LEGO Brand Group activities
  • Ensure high environmental, social and governmental (ESG) standards in KIRKBI investments

The investment portfolio is actively managed by a dedicated team within KIRKBI, who delivers on the objectives through a set of guidelines, which define the investment approach.

Through investments and ownership, KIRKBI is:

  • An ambitious and active business owner of the companies we invest in
  • Long-term focused and value-driven
  • Making investments and driving active ownership that live up to the responsibility approach
  • Working with partners with high integrity and aiming to engage in long-term relationships with them, whenever partnerships contribute to mutual value creation
  • Focusing on transparent investment structures in order to be comfortable with the underlying risk and return factors

Furthermore, as part of the updated 2032 strategy, in the future KIRKBI will also pursue thematic investing. Such thematic investing is focused on maximizing KIRKBI’s impact and contribution towards a more sustainable development in the world.


Through investments in renewables, KIRKBI supports the LEGO Group’s commitment to balance global consumption of energy with renewable energy, while at the same time delivering attractive long-term returns.

KIRKBI’s renewables strategy targets investments in solar, onshore wind and offshore wind assets. The geographic focus is on Northern Europe and North America. Since 2012, investments into renewable energy have developed into a solid long-term business case – this is fully aligned with the sustainability as well as financial ambitions. Therefore, KIRKBI has increased its focus on renewable energy investments.

Current renewables investments include two offshore wind farms, Borkum Riffgrund 1 and Burbo Bank Extension, and solar energy developer, Enerparc Inc.

KIRKBI is represented on the Boards of Directors in all three energy providers to support the strategic development.


It is a priority for the KIRKBI Group to grow the long-term equity ownership with an aim of owning significant minority stakes of high-quality companies with a long-term potential for growth and value creation.

A part of KIRKBI’s investment strategy is focused on active ownership of significant minority stakes in high quality companies with a long-term potential for value creation. KIRKBI has a strategy of being represented on the boards of the companies we are owners of within long-term equity in order to be a strong owner and support the companies in relation to their long-term growth and ongoing development.

KIRKBI’s long-term equity portfolio amounts to DKK 13.3 billion end of 2019.

During 2019, KIRKBI has increased its ownership position in ISS, Nilfisk, and Landis+Gyr. In December 2019, KIRKBI signed a transaction to increase the ownership to 45% of the shares in Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams.

KIRKBI's portfolio of long-term equity investments is comprised by: Falck A/S (28.6%), ISS (16.6%), Nilfisk (20.3%), Välinge (48.3%), Landis+Gyr (15.4%) and Armacell (45%). 


The focus for the KIRKBI Group’s real estate investments is to maintain and increase the real estate portfolio with sound and high-quality properties with a long-term value potential.

In KIRKBI, we believe in value creation through a long-term focus, and thus, a growing real estate footprint is a strategic choice.

The focus of the KIRKBI Group in terms of real estate investments is to maintain and increase the real estate portfolio with sound and high-quality properties as well as looking at redevelopment opportunities with a long-term value potential, primarily within the office and retail sectors.