Annual Report and Accounts 2026
This year marked the fifth full year of the Scottish National Investment Bank's operations. Results demonstrate continued growth of the development bank while reflecting a challenging environment for early-stage businesses.
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Annual Report and Accounts 2026
David Ritchie
Chief Executive Officer
Introduction from the CEO
The Scottish National Investment Bank has reached an important stage in its development. Since launching five years ago, the Bank has received nearly 1,700 enquiries, built a portfolio of 53 investees, committed more than £1.2 billion of capital and helped attract £1.9 billion of third-party investment.
As the Bank enters its next phase, it will sharpen its focus on deploying capital in a more targeted and consistent way, concentrating on opportunities where it can add the greatest value. Through patient, mission-led investment, the Bank will continue to support Scotland’s long-term priorities while delivering economic, social and environmental outcomes alongside financial returns.
The Bank’s three missions – Innovation, Place and Net Zero – remain central to its approach. In 2025/26, its most active year for investment commitments to date, the Bank continued to back high-potential businesses, scale housing investment activity and support projects that strengthen Scotland’s energy resilience and accelerate the transition to net zero.
Operating as a patient-capital investor means accepting an appropriate level of risk in pursuit of long-term impact. Against a challenging economic backdrop, the Bank recorded realised losses of £65.1 million and unrealised losses of £84.7 million in 2025/26.
These outcomes are regrettable and disappointing. An element of loss, however, is consistent with the mandate we hold, the risk we accept in pursuit of impact, and the macroeconomic conditions in which we are operating. These results underline the importance of being explicit about the level of risk we take, why we take it, and the safeguards we apply when deploying public capital
Looking ahead, we are focused on strengthening the Bank’s long-term capability: improving our ability to retain and recycle capital to sustain investment over time; entering the market to raise and manage third party capital and continuing to build and retain a
highly performing team. With sustained support, we will seize the opportunities we see across housing, innovation and energy resilience - and will aim to demonstrate that a mission-led, commercially disciplined development bank can deliver for Scotland.
Financial highlights
- The Bank has committed £374m for the year in Scottish businesses and projects, the most since it was established in November 2020.
- To date it has committed over £1.2bn to 53 businesses and projects and crowded in a further £1.9bn of capital into Scottish businesses and projects.
- Alongside its own capital, it crowded in £445m of outside investment, up 37% from the previous year at £324m, making a total of £1.9bn since launch.
- Income of £32m was ahead of forecast while costs of £20m were below budget
Our investment strategy
Read more about the Bank's investment strategy for 2026-27