National Investment Fund Of The Republic Of Uzbekistan (UZNF) H1 2026 earnings summary

Executive summary

• NAV was UZS 31.67tn at 30 June 2026, up 6.1% from year-end; H1 NAV total return was 6.05%, with portfolio revaluations lifting NAV by 9.2%.

• Unaudited H1 net profit was UZS 2.057tn, versus UZS 52.6bn in H1 2025, primarily reflecting UZS 2.175tn of unrealised portfolio gains and dividend income.

• Trading began on the Tashkent exchange and LSE on 18 May; the IPO achieved the listing objective under the investment management agreement.

Financial highlights

• Gross fair value gains were UZS 4.654tn and losses UZS 1.959tn, including a UZS 520.7bn March portfolio-swap loss; gross dividend income was UZS 341bn.

• Net operating income was UZS 2.516tn; operating expenses were UZS 158.9bn, including UZS 150.6bn of management fees, and income tax expense was UZS 300.3bn.

• At 30 June, total assets were UZS 32.46tn, including UZS 32.05tn of equity investments; liabilities were UZS 789bn and equity was UZS 31.67tn.

• Cash and cash equivalents were UZS 118.2bn; dividend receivables totalled UZS 260.7bn, of which UZS 116.9bn had been received by 30 June.

Outlook and guidance

• First-stage regulated tariffs took effect on 1 August 2026; the next adjustment is planned for H1 2027. August tariff decisions were not reflected in June or July NAV, and their valuation impact remains under assessment.

• IPO-readiness work advanced for five portfolio companies; no launch or sequencing decision had been made by 30 June, and transactions remain subject to approvals and market conditions.

• Annual targets for adjusted NAV per share and independently assessed portfolio-company values will be assessed at 31 December 2026; transformation and governance work continues.