Fondul Proprietatea (FP) investor relations material

Executive summary

• NAV at end of July 2026 was RON 2.67 billion ($0.59 billion), with NAV per share at RON 0.9049–0.9058 ($0.1985), up 14% from year-end 2025, 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 infrastructure and salt mining holdings.

• Portfolio remains heavily weighted to unlisted infrastructure assets, with Bucharest Airport and Constanța Port comprising over 75% of NAV.

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

• Equity exposure remained high, with significant holdings in infrastructure and salt mining sectors.

Financial highlights

• Equity portfolio increased 11.1% to RON 2.45 billion since December 2025, driven by Bucharest Airport and Constanța Port appreciation.

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

• Total distributions since 2010, including 2026, reached RON 29.3 billion ($7.1 billion).

• Market capitalization as of 14 August 2026 was RON 1.83 billion.

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

Outlook and guidance

• Proposed gross dividend of RON 0.046 per share for 2026, pending shareholder approval at the September GSM.

• Management expects continued focus on infrastructure and unlisted assets, with ongoing legal and corporate actions potentially impacting future results.

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

• European Commission decision on Salrom's graphite project expected by October/November 2026.

• Dividend proposals are contingent on liquidity and collection of receivables from portfolio companies.