Net operating income rose by 116.2% to RON344.1 million, from RON159.2 million in H1/2025. Gross dividend income dropped by 29% to RON8 million and operating expenses climbed by 6.1% to RON19.1 million.
Gross dividend income was mainly generated by the amounts recorded from CN Aeroporturi Bucuresti SA (RON116.2 million) and Societatea Nationala a Sarii SA (RON32.4 million).
The operating income mainly comprises the gross dividend income, the changes in fair value of financial instruments at fair value through profit or loss, interest income and the net realised gains/ losses from transactions with financial instruments. The changes in fair value of the equity investments of the Fund are recognised in profit or loss. The operating income is influenced by the performance of the portfolio companies and their decisions on dividend distributions, by the changes in the share price of listed companies as well as by money market performance.
The net gain from equity investments at fair value through profit or loss during H1 2026 was mainly generated by the valuation update at 30 June 2026 for the largest unlisted holdings in the Fund’s portfolio, mainly CN Aeroporturi Bucuresti SA (increase in fair value of RON 231.1 million), netted by the fair value decrease in Societatea Nationala a Sarii SA RON (22.9 million) and CN Administratia Porturilor Maritime SA (RON 15.9 million).
Fondul Proprietatea is valued at RON2 billion, after a 50% share increase in the past year.
(English version by Catalina Apostoiu)