Fondul Proprietatea (FP) Q3 2025 earnings summary

Executive summary

• Net Asset Value (NAV) per share rose 5.7% to RON 0.7431 as of 30 September 2025 compared to 31 December 2024, driven by portfolio revaluations and dividend income.

• Total comprehensive income for the nine months ended 30 September 2025 was RON 139.8 million, down from RON 209.6 million in the same period last year, mainly due to lower fair value gains.

• Two dividend distributions were approved in 2025: RON 0.0409 per share (paid in June) and RON 0.0122825494 per share (to be paid in November), totaling RON 163.1 million.

• The Fund completed the 15th buy-back programme and initiated the 16th, acquiring 252.1 million shares (7.88% of share capital) by 30 September 2025.

Financial highlights

• Gross dividend income for 9M 2025 was RON 155.6 million, mainly from CN Aeroporturi Bucuresti SA (RON 103.0 million) and Societatea Nationala a Sarii SA (RON 52.0 million).

• Net loss from equity investments at fair value through profit or loss was RON 4.9 million, reflecting a RON 29.4 million gain on CN Aeroporturi Bucuresti SA and a RON 36.9 million loss on Societatea Nationala a Sarii SA.

• Interest income decreased to RON 16.2 million from RON 28.2 million year-over-year.

• Operating expenses for 9M 2025 were RON 26.4 million, slightly lower than RON 27.5 million in 9M 2024.

• Earnings per share for 9M 2025 were RON 0.0450, down from RON 0.0596 in 9M 2024.

Outlook and guidance

• The Fund aims to maintain an adjusted NAV per share above the previous year-end and to keep the share price discount to NAV at or below 15% for at least two-thirds of trading days.

• Management will continue efforts to minimize the discount to NAV through governance improvements, buy-backs, and investor relations.