National Investment Fund Of The Republic Of Uzbekistan (UZNF) Investor presentation summary

Fund structure and mandate

• Joint-stock structure, managed by Franklin Templeton; ~64.5% owned by the Ministry of Economy and Finance and ~35.5% by institutional and private investors as of 30 June 2026.

• Holds minority stakes of 25%–40% in 13 state-owned enterprises, independently valued at $2.66bn; listed on the London Stock Exchange via GDRs and the Republican Stock Exchange Toshkent.

• Established in August 2024 to support SOE transformation, attract international investment, develop capital markets and promote long-term sustainable economic growth.

Investment thesis and value creation

• Value-creation approach centers on operational transformation, stronger governance and preparing portfolio businesses for IPOs or strategic M&A.

• Portfolio businesses have a mandated dividend payout ratio of 50% of net profit through 2030, supporting potential investor income alongside capital growth.

• Franklin Templeton’s Fondul Proprietatea case study reports 1,011% total shareholder return in USD and $7.1bn distributed to shareholders through 30 June 2026; past performance is not indicative of future results.

Uzbekistan macro and reform outlook

• Real GDP growth averaged 6% annually in 2017–2025; reported growth was 7.7% in 2025 and 8.5% in H1 2026.

• The 2030 strategy targets GDP above $200bn, per-capita income of $5,000, inflation of 5%–6%, and $250bn of total investment, including $110bn in FDI.

• June 2026 sovereign developments included Fitch revising the outlook to Positive and Moody’s upgrading the rating from Ba3 to Ba2.

• Preliminary electricity and gas RAB framework includes an allowed post-tax nominal UZS WACC of 14%–16%; initial implementation is expected from September 2026, with a planned shift to five-year regulatory cycles.