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Visual24 Oct 2025
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Fondul Proprietatea (FP) investor relations material
Fondul Proprietatea Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Aug, 2025
Executive summary
NAV at July 2025 was RON 2.13 billion, with NAV per share at 0.7039; NAV at 30 June 2025 was RON 2,125.6 million, down 5.5% from year-end 2024; shares traded at a 40.4%–48.3% discount to NAV.
H1 2025 net profit was RON 140.6 million, down from RON 212.9 million in H1 2024, mainly due to lower investment gains and higher expenses.
Dividend income for H1 2025 was RON 155.4 million, primarily from Bucharest Airport and Salrom.
Portfolio: 82.7% unlisted companies, 6.4% listed equities, 10.9% net cash/receivables; main portfolio companies represent 85.9% of NAV.
Shareholders approved a gross dividend of RON 0.0409 per share from 2024 profit, with payment starting 19 June 2025.
Financial highlights
Gross dividend income for H1 2025 was RON 155.4 million, up 7% year-over-year.
NAV per share total return for H1 2025 was 5.6%, while local share total return was 27.6%.
Share price at period end was RON 0.3605, trading at a 40.4%–48.3% discount to NAV.
Total distributions to shareholders since 2010, including 2025, reached RON 29.1 billion (USD 7.1 billion).
Operating income was RON 159.2 million, with operating expenses of RON 18.0 million.
Outlook and guidance
Bucharest Airport expects a 5% increase in traffic for 2025, reaching 16.8 million passengers.
Constanța Port faces ongoing volume declines linked to Ukraine, with no immediate recovery expected.
Salrom is preparing for a potential IPO but operations are impacted by flooding at the Praid Salt Mine.
The Fund aims to minimize the discount to NAV through governance improvements, buy-backs, and investor relations.
Dividend withholding tax will increase to 16% from 1 January 2026, and VAT will rise to 21% from August 2025.
Assess the AIFM selection process and its future
What is the impact of Praid mine flooding on Salrom?
How do new tax laws impact Fund distributions/expenses?
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Next Fondul Proprietatea earnings date
Q3 202514 Nov, 2025
Next Fondul Proprietatea earnings date
Q3 202514 Nov, 2025
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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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