ETF Partners releases 2025 Impact Reports

By Aleksandra Lament, Investor Relations & Sustainability Operations Manager at ETF Partners

Our portfolio companies are tackling some of the world’s most pressing challenges – including decarbonising infrastructure, increasing renewable energy availability and improving grid resilience, enhancing climate data and reporting, improving digital optimisation and facilitating circular consumption. This is the intelligence layer at the core of the tomorrow’s infrastructure.

Since 2022, our annual Impact Reports have aligned the UN’s Sustainable Development Goals with the industry-leading Impact Frontiers criteria (formerly known as Impact Management Project) to create a holistic score that both the ETF Partners’ team and portfolio boards can use to track their progress across our five pillars of investment: SDG Alignment, Impact Potential, Additionality through Innovation, Impact Performance and Financial Maturity.

ETF4 – Impact at scale in our Article 9 fund

In ETF4, classified as an Article 9 fund under SFDR, we now cover 16 portfolio companies whose solutions span satellite enabled climate intelligence, next generation climate-centric insurance, energy optimisation, circular fashion and more. The impact performance score improved from 3.7 to 3.9 in 2025, with 10 out of 16 companies scoring 4 out of 5, or 5 out of 5, which is a particularly strong result across a portfolio of this mix and maturity. Two companies stood out in 2025 as particularly strong contributors to both environmental outcomes and operational momentum: Open Cosmos and Hellas Direct.

Open Cosmos continued to expand the use of satellite data for applications such as climate resilience, infrastructure monitoring and environmental management, helping organisations make better decisions for the planet. Hellas Direct accelerated the shift toward cleaner mobility, scaling insurance products that support the adoption of electric vehicles and more sustainable driving behaviour. Together, they illustrate the kind of innovation we seek in ETF4 – solutions that are practical today, but capable of reshaping entire systems over time.

ETF3 – Normative leads a high performing portfolio

ETF3’s portfolio showed strong impact delivery throughout 2025, with many businesses now operating at meaningful scale across logistics, mobility, circularity and digital infrastructure. The overall impact performance score increased from 3.8 to 4.3, with 8 out of 12 companies scoring 5 out of 5 for impact performance, reflecting strong delivery from the more mature holdings and clear progress from those that have been scaling their solutions. A notable highlight is Normative, which again achieved the highest impact score in the fund.

In 2025, Normative’s platform was used to calculate hundreds of millions of tonnes of CO2e emissions, giving organisations a clearer view of their carbon footprint, including supply chains. This level of coverage is critical if we are to move from pledges to action, enabling companies to identify hotspots, engage suppliers for action and design credible decarbonisation pathways.

More broadly, most ETF3 portfolio companies now deliver top tier impact performance scores, showing that ideas in areas like repair and reuse, food waste reduction and sustainable transport are translating into real world impact, year after year.

ETF2 – Mature leaders, with Worldsensing as a flagship

ETF2 remains our most mature fund, with companies that have spent years proving their technologies in demanding, real world settings. The overall score for ETF2 remains very strong at 4 out of 5, the highest of all funds, reflecting the quality and maturity of the portfolio and the progress made in 2025. Among these companies, Worldsensing stands out as a flagship example of impact at scale.

By connecting hundreds of thousands of sensors across critical infrastructure assets – including mines, dams, transport corridors and urban structures – Worldsensing helps operators spot issues early, prevent failures and avoid the human and environmental consequences of catastrophic events. The growth of these sensor networks shows how digital intelligence can make infrastructure safer, more reliable and more sustainable at the same time.

Walking the talk in our own operations

Our impact does not stop at our investments. As a firm, we have maintained carbon neutral status since first achieving it in 2019 and we continue to work on a net zero trajectory. We measure and offset our direct and indirect emissions each year, while actively reducing our footprint through choices around energy use, travel and supply chain management.

We have supported projects that remove or prevent emissions, including renewable energy initiatives in threatened forest areas in the Peruvian Amazon and tree planting through TIST in Uganda.

We also hold ourselves accountable through a clear Theory of Change and impact linked carry structures, set out in our Handbook for Impact Accountability in VC, developed with EIF and a coalition of impact driven funds. This framework makes sure that the way we invest and the way our team is rewarded is directly tied to the outcomes we aim to achieve.

Looking ahead

The 2025 Impact Reports reinforce a simple message: when innovation is focused on solving environmental problems, it can deliver meaningful change at scale.

We will continue to back entrepreneurs who share this vision and to hold ourselves accountable for making our own operations part of the solution.

For the full Impact Report please email [email protected].

Aleksandra joined ETF Partners in 2019 and works across Investor Relations & Sustainability Operations. She is responsible for investor communications and ESG & impact reporting for the firm’s funds and portfolio. Reflecting her longstanding interest in foreign languages and the Balkans, she holds a degree in Serbian Philology and Translation.