Fondul Proprietatea (FP) Q4 2025 earnings summary

Executive summary

• NAV at end-December 2025 was RON 2.34 billion, with NAV per share at RON 0.7944 and a 16.79% trading discount; profit for 2025 was RON 447.9 million, up from RON 251.5 million in 2024.

• Portfolio comprised 23 companies (5 listed, 18 unlisted), with unlisted holdings representing 88.7% of NAV; main holdings accounted for 90.8% of NAV.

• Delisting of GDRs from LSE completed in April 2025, focusing trading on BVB.

• Major buybacks and two dividend distributions in 2025, with continued focus on shareholder value and governance improvements.

• Significant board and management changes, including new CEO/CFO at Bucharest Airport and Board of Nominees restructuring.

Financial highlights

• Total equity at year-end was RON 2,342.5 million, up 8.3% year-over-year; NAV per share at RON 0.7944, up 13% from 2024.

• Net gain from equity investments was RON 308.3 million; gross dividend income reached RON 155.6 million in 2025.

• Share price at year-end was RON 0.5360, up 70.2% year-over-year, with a total return of 94.7%.

• Operating expenses decreased to RON 35.4 million in 2025.

• Dividend income in 2025 was RON 10 million higher YoY, mainly from Bucharest Airport and Salrom.

Outlook and guidance

• Dividend proposals depend on available cash from portfolio companies, with Bucharest Airport and Salrom as main payers.

• Buyback program for up to 294.8 million shares proposed for 2026, pending shareholder approval.

• Ongoing focus on minimizing NAV discount, maximizing shareholder value, and transparent communication.