Full Year 2025 Fondul Proprietatea SA Earnings Call Transcript
Key Points
- The fund's NAV per share total return in 2025 was 22.4%, while the total return for local shares was 94.7%.
- Bucharest Airports posted strong financial performance with operating revenues up 20% year on year and operating results reaching RON752.2 million.
- The fund's total equity portfolio increased by 11.1% year-on-year, driven mainly by the strong performance of Bucharest Airports.
- The 16th buyback program was finalized in December, and a new 17th buyback program is planned, aiming to repurchase up to 294,868,717 shares.
- The fund ended 2025 with an unaudited profit of RON448 million, a significant increase from RON252 million in the previous year.
- Constanta Port's operating revenues decreased by 8% year on year, and net income was down 42.3% compared to the previous year.
- Salrom's operating revenues decreased by 6% year on year, with net income down 71% due to the flooding of the Praid Salt Mine.
- The fund is involved in litigation regarding the valuation process for the share capital increase at Baneasa Airport.
- The fund has challenged the legality of recent CEO and CFO appointments due to irregularities in the selection process.
- The fund did not execute the buyback program in full in 2025 due to cash management considerations.
Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the Fondul Proprietatea 2025 preliminary annual results conference call. (Operator Instructions)
I would now like to turn the conference over to Daniel Naftali, Portfolio Manager. Daniel, please go ahead.
Hello. Thank you. Good afternoon, and welcome, everyone, to our conference call to discuss the 2025 preliminary annual results on end of December 2025 NAV development. Catalin Cadaru, Financial Reporting Manager, and I are pleased to host today's call.
The 2025 prelim annual results report can be found on the fund's website in the Financial Results section and the presentation that will be discussed is available on our website at fondulproprietatea.ro in the Investor Relations Call section. After the presentation, we will have a 30-minute Q&A session. As a reminder, this conference call is being recorded, and the recording
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