Fondul Proprietatea (FP) Q1 2026 earnings summary

Executive summary

• NAV at end of April 2026 was RON 2.33 billion (USD 0.53 billion), with NAV per share at RON 0.80 (USD 0.18), reflecting a 0.4% decrease quarter-over-quarter and a 27% trading discount.

• Portfolio comprised 23 companies (5 listed, 18 unlisted), with 89.2% of NAV in unlisted holdings; largest holdings: Bucharest Airports (58.6%), Constanta Port (15.7%), Salrom (11.1%), Alro SA (4.4%), Zirom SA (1.3%).

• Q1 2026 NAV per share total return was -0.4%; local share total return was -1.5%.

• No dividend was paid for the first time; net profit allocated to reserves due to liquidity considerations.

• Major governance changes included new Board of Nominees appointments and extension of FTIS as Sole Director and AIFM for one year starting April 2026.

Financial highlights

• Q1 2026 unaudited loss of RON 10.9 million, mainly from operational expenses and fair value losses, compared to a loss of RON 2.4 million in Q1 2025.

• Total assets decreased by 2% to RON 2,549.9 million as of 31 March 2026, mainly due to distribution payments.

• Equity investments stood at RON 2,198.6 million, with net cash and receivables at RON 135.0 million; cash and deposits with banks decreased by 39.7%.

• Total dividends approved/received from portfolio companies in 2025: RON 155.6 million; for 2026: RON 153.8 million (pending/approved).

• Average daily share turnover was RON 6.5 million in Q1 2026, up from RON 1.6 million in Q1 2025.

Outlook and guidance

• 2026 budget forecasts revenue growth of nearly 20% for Bucharest Airports, with traffic expected to rise 11% year-on-year.

• Constanta Port's 2026 budget projects a 7.9% increase in operating revenues, but profitability is expected to remain under pressure.

• Salrom's 2026 budget is conservative, reflecting lower profitability due to non-recurring expenditures and operational disruptions.

• Plans to propose a dividend at the next GSM after cashing in portfolio company dividends.

• The Fund aims to minimize the discount to NAV through governance improvements and proactive investor relations.