National Investment Fund Of The Republic Of Uzbekistan (UZNF) H2 2025 earnings summary

Executive summary

• First reporting period covered 24 Dec 2024–31 Dec 2025; Deloitte issued an unmodified opinion that the IFRS statements fairly present financial position, performance and cash flows.

• Profit for the period was UZS 1,403,150 million, with fair-value gains on equity investments the largest earnings driver.

Financial highlights

• Net operating income was UZS 1,833,835 million, comprising UZS 1,662,300 million net unrealized investment gains and UZS 171,535 million gross dividend income.

• Operating expenses were UZS 203,250 million; profit before tax was UZS 1,630,585 million and income tax expense was UZS 227,435 million.

• Total assets were UZS 30,286,541 million, including UZS 30,120,689 million of equity investments; total equity was UZS 29,861,539 million.

• Operating cash flow and ending cash were UZS 32,730 million; investment fair-value movements were non-cash transactions.

Outlook and guidance

• 2026 dividend income is expected to rise with a full year of entitlement to portfolio-company distributions; most companies pay dividends in H2.

• A short-term credit facility is being explored to bridge cash needs before dividend receipts; management expects adequate resources for obligations over at least 12 months from statement approval.

• IPOs for six portfolio companies are scheduled over the next two years, subject to market conditions and regulatory approvals; a dual listing was intended for H1 2026.