Assets under management decreased by 13% to EUR 5.5 billion at the end of 2022. The net outflow of the investment funds was 2%. The investment funds overall lost 11% of their value following market developments in 2022. The operating income increased by 8% to EUR 55.6 million (2021: EUR 51.5 million). Expenses in 2022 increased by 3% to EUR 44.0 million (2021: EUR 42.7 million), primarily because of higher co-worker related costs following an increase in FTE and changes in the Collective Labour Agreement, increasing costs for market data and costs related to complying with increased regulation. Furthermore, a provision has been made to account for the company’s plans to make changes to its operating model in 2023.

Taking corporate income tax, financial income and costs into consideration the net result over 2022 amounts to EUR 8.7 million (2021: EUR 6.5 million). Due to latest insights on litigation for a potential tax obligation, a provision reversal of EUR 2.2 million has been made for the carried interest amount received in 2019 in relation to the sale by Hivos-Triodos Fund Foundation of the equity investment in Centenary Bank, Uganda (this provision was made in 2021). Triodos Investment Management’s balance sheet consists mostly of cash, short term debtors on managed entities and short-term liabilities to Triodos Bank.


If the past years have made one thing clear, it is that many of our global economic systems are vulnerable and not resilient enough. Both the COVID-19 pandemic as the energy crisis resulting from the war in Ukraine, have shown us that there is an urgent need for sustainable transitions on multiple levels: energy transition, food transition, wellbeing transition, to name a few. Investors have an important role to play in redirecting capital towards these sustainable transitions.

Within this context Triodos Investment Management will continue to build on over 30 years’ experience in bringing together values, vision, and financial returns on investment, helping to meet the European demand for values-based investment solutions that are key in the transition to a more sustainable society. Through its funds, Triodos Investment Management aims to further increase its impact in key areas related to its mission and the SDG’s.

In 2023, Triodos Investment Management’s strategic focus will continue to be on retail investors through distributors, High Net Worth Individuals, family offices and (semi-) institutional investors.

Although market conditions will likely remain challenging in 2023, Triodos Investment Management will continue to pursue development and growth, both through expansion and further development of existing funds and by creating new impact investment products.

To ensure robustness for future growth, Triodos Investment Management is implementing changes to its operating model in 2023. By doing so, Triodos Investment Management will improve its efficiency levels and increase cost efficiency, making the organisation more future-proof and well equipped to respond to external developments.