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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Fondul Proprietatea
Fondul Proprietatea (FP) investor relations material
Fondul Proprietatea Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Jan, 2026
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.
Detail strategy for CNAB minority stake repurchase
Reconcile Constanta Port cash, no dividends, acquisition
Outline implementation of enhanced transparency standards
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Next Fondul Proprietatea earnings date
Q1 202615 May, 2026
Fondul Proprietatea
Next Fondul Proprietatea earnings date
Q1 202615 May, 2026
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Frequently asked questions
Fondul Proprietatea S.A. is a Romania-based closed-end investment fund focused on managing a diversified portfolio of assets, primarily in the energy, infrastructure, and utilities sectors. The fund was established to compensate former property owners whose assets were confiscated during the communist era. It holds minority stakes in various publicly and privately owned Romanian companies, including those in power generation, oil and gas, and transportation. The company is headquartered in Bucharest, Romania, and its shares are listed on the BVB and LSE.
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