Fondul Proprietatea (FP) Q2 2026 earnings summary

Executive summary

• Net Asset Value (NAV) per share rose 14.0% to RON 0.9058 as of 30 June 2026, driven by portfolio revaluations and dividend income.

• Profit for H1 2026 reached RON 324.6 million, more than doubling year-over-year, with strong contributions from CN Aeroporturi Bucuresti SA and Societatea Nationala a Sarii SA.

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

• The Fund maintained a high equity exposure (91.6% of NAV), with significant holdings in infrastructure and salt mining sectors.

Financial highlights

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

• Share price rose 13.6% in H1 2026, with the discount to NAV narrowing to -32.8% from -48.3% a year earlier.

• Gross dividend income for H1 2026 was RON 149.9 million, mainly from CN Aeroporturi Bucuresti SA (RON 116.2 million) and Societatea Nationala a Sarii SA (RON 32.4 million).

• Net gain from equity investments at fair value was RON 186.3 million, primarily due to the revaluation of CN Aeroporturi Bucuresti SA.

• Ongoing Charge Ratio (OCR) was 1.71% and Total Expense Ratio (TER) was 1.58% as of 30 June 2026.

Outlook and guidance

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

• Dividend proposals are contingent on liquidity and collection of receivables from portfolio companies; a new dividend of RON 0.046 per share is proposed for approval in September 2026.

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