Fondul Proprietatea (FP) investor relations material

Executive summary

• NAV at end of July 2026 was RON 2.67 billion ($0.59 billion), with NAV per share at RON 0.9049 ($0.1985); NAV per share rose 14.0% to RON 0.9058 as of 30 June 2026.

• Profit for H1 2026 reached RON 324.6 million, more than doubling year-over-year, driven by strong performance from infrastructure and salt mining holdings.

• Portfolio remains heavily weighted toward unlisted infrastructure assets, with Bucharest Airports and Constanța Port comprising over 75% of NAV.

• Shareholders approved the cancellation of 252 million treasury shares and a share capital decrease, while a new AIFM selection process was initiated.

• NAV per share total return in H1 2026 was 14%, and 13.9% for the first seven months; local shares total return was 13.6% and 12.5% respectively.

Financial highlights

• Total NAV increased to RON 2,671 million, up 14.0% from year-end 2025.

• H1 2026 unaudited profit was RON 334.6 million, mainly from unrealized fair value changes and dividends from portfolio companies.

• Equity investments rose by 11.1% to RON 2.45 billion since December 2025, mainly due to Bucharest Airports revaluation.

• Gross dividend income for H1 2026 was RON 149.9 million, mainly from CN Aeroporturi Bucuresti SA and Societatea Nationala a Sarii SA.

• Market capitalization as of 14 August 2026 was RON 1.83 billion.

Outlook and guidance

• Proposed gross dividend of RON 0.046 per share for 2026, pending shareholder approval at the September GSM.

• The Fund aims to maintain NAV growth and reduce the share price discount through active portfolio management and improved governance.

• European Commission expected to announce results for Salrom's graphite project funding by October/November 2026.

• The selection process for a new AIFM is ongoing, with three candidates shortlisted and a decision expected by March 2027.

• Conservative 2026 budget for Salrom, with lower profitability due to non-recurring expenditures and restructuring.