Statement by the CEO
Dear readers,
The global political situation remained tense in 2025. Geopolitical developments present us all with major challenges. At the same time, we know that crises always serve as catalysts for necessary change. RAG-Stiftung, too, is undergoing a period of comprehensive transformation. We have continued to diversify our portfolio and have done our utmost to strengthen our resilience in volatile markets.
“RAG-Stiftung is gradually evolving from a holding company into a ‘normal’ investor.”
Bernd Tönjes, CEO of RAG-Stiftung
What has remained unchanged is that we were once again able to fully live up to our core mission in the past financial year: the reliable financing of the perpetual obligations of the German hard coal mining industry. In total, we have now set aside around two billion euros to meet this obligation. This is largely due to sufficient income, which enables us to cover these perpetual obligations year after year and further build up our current provisions. We have been successfully achieving both of these goals since 2018.
We intend to continue to generate a healthy return in the future. We are increasingly doing so through our investments. As a result, RAG-Stiftung is gradually evolving from a holding company into a ‘normal’ investor. Today, the Evonik shareholding accounts for only around twenty per cent of the foundation’s total assets. Overall, we are working consistently to further reduce the complexity of our investment portfolio and, to the same extent, to increase the flexibility and responsiveness of our liquid investments.
This strategic approach makes us resilient. We have little control over how the world around us will develop in the years to come. But we can do everything in our power to ensure that RAG-Stiftung is well prepared for the ups and downs of volatile markets. As a perpetual investor, we must be in a position to do so.
Bernd Tönjes
CEO of RAG-Stiftung