S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (September 2025)
22 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Sep 29, 2025
Slide 1: Fondul Proprietatea – General Shareholders Meeting
Fondul Proprietatea – General Shareholders Meeting 29 September 2025
Slide 2: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 3: Key Facts
Key Facts FP Adjusted Share Price (RON) vs. Fund Details Discount / Premium (%) 0.60 31 August 2025 NAV RON USD 6% Total NAV 2.13 bn 0.49 bn 0.50 -4% NAV/Share 0.7033 0.1619 -14% 0.40 Key trading figures as at 26 September 2025 -24% Price/Share 0.4315 0.0993 0.30 -34% Market Capitalization1 1.31 bn
Slide 4: Shareholder structure
Shareholder structure Evolution (% Held)1 10% 2% 2% 10% 10% 3% 8% 3% 18% 6% 12% 3% 9% 10% 11% 14% 15% 5% 37% 7% 6% 4% 3% 3% 3% 4% 3% 5% 5% 6% 6% 14% 10% 6% 3% 3% 5% 20% 6% 9% 15% 11% 5% 6% 6% 22% 17% 12% 2% 7% 16% 1% 15% 43% 25% 13% 18% 3% 16% 15% 54% 14% 13% 55% 53% 30% 28% 22% 3% 35% 37% 34% 2% 31
Slide 5: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Cumulative Performance1 Since Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD2 Inception2 NAV/ share (0.5)% 8.9% 13.3% 1.4% (0.6)% 7.3% 13.1% 19.9% 31.2% 2.2% 47.8% 19.1% (2.4)% 17.0% 6.5% 417.4% (RON) Share Price (30.3)% 38.
Slide 6: Portfolio
Portfolio — 7 = ie %
Slide 7: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 August 2025)1 (% of NAV as at 31 August 2025)1 10.8% 0.3% 10.8% 6.4% 3.0% 5.8% 12.2% 67.9% 82.8% Unlisted Listed Net Cash & receivables Infrastructure Power utilities: Generation Salt Mining Others Aluminium Net Cash & Receivables •
Slide 8: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 August 2025 as at Portfolio Company Status Shareholder Stake1 (RON mn) 31 August 2025 Bucharest Airports Unlisted Romanian State 20.0% 1,063.3 49.9% Constanta Port Unlisted Romanian State 20.0% 358.2 16.8% Salrom Unlisted Romanian State 49.
Slide 9: Largest Holdings by NAV – Net result evolution
Largest Holdings by NAV – Net result evolution Net Profit (RON mn) 2020 2021 2022 2023 2024 Top Holdings1 Bucharest Airports (146.4) 34.0 304.0 453.3 608.8 Constanta Port 130.3 130.5 114.5 195.4 256.3 Salrom 11.5 60.2 120.7 130.6 111.3 Alro SA 334.8 26.3 409.5 (561.7) 10.3 Zirom SA (4.9) (8.2) 1.5 0
Slide 10: Bucharest Airports – Update
Bucharest Airports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2024 H1 2025 % y.o.y. Operating revenues 754.7 890.9 992.6 1,066.6 405.6 578.0 999.1 1,206.8 1,434.2 613.1 764.8 24.7% (RON mn) Operating result (RON 263.6 337.6 445.9 399.0 (175.3) 40.8 345.8 499.7 663
Slide 11: Constanta Ports – Update
Constanta Ports – Update % Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2024 H1 2025 y.o.y. Operating revenues 314.0 330.5 345.2 369.0 398.8 418.9 510.4 571.2 522.0 268.4 238.8 (11.0)% (RON mn) Operating profit (RON 54.8 93.8 95.8 117.0 145.9 140.6 131.5 195.9 242.7 227.5 76
Slide 12: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2024 H1 2025 % y.o.y. Operating revenues 312.4 394.1 436.9 469.2 300.2 374.5 495.3 517.1 486.7 241.7 236.2 (2.3)% (RON mn) Operating profit (RON 36.3 107.3 93.5 84.6 15.8 70.1 134.4 140.8 119.2 66.1 12.9 (80.5)% mn
Slide 13: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 14: Distributions to Shareholders
Distributions to Shareholders Annual Distributions to Shareholders (RON mn) 1,124.3 552.7 507.7 1,499.0 1,778.5 923.6 1,190.8 1,743.7 1,870.6 1,081.3 1,483.0 1,519.9 1,931.5 11,266.8 428.8 244.8 5,500 220.00% 5,000 159.8% 170.00% 4,500 4,000 1,547.0 120.00% 3,500 3,000 269.7 70.00% 2,500 25.4% 15.5%
Slide 15: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend RON 2016 2017 2018 2019 2020 2021 2022 2023 2024 202512 Total Dividends from Listed Companies (mn) 36.0 148.1 199.6 223.0 200.2 117.0 127.7 0.9 0.5 0.2 Total Dividends from Unlisted Companies (mn) 315.2 404.5 366.9 710.0 1,007.9 532.0 80
Slide 16: Cash distributions to shareholders
Cash distributions to shareholders Gross Cash distribution Net Cash distribution Distribution Financial year Paid in (RON/share) (RON/share) Dividend 2008-2009 (aggregate) 2010 0.08160 0.06854 Dividend 2010 2011 0.03141 0.02638 Dividend 2011 2012 0.03854 0.03237 Dividend 2012 2013 0.04089 0.03435 Re
Slide 17: Buy-back programs
Buy – back programs No. of shares (to be) repurchased Average share / % of the Fund’s price Cancellation Program Period Status issued share capital (RON / share) Broker of shares1 Finalized – the 8 April – 8 Auerbach Grayson, cancellation of shares 15th October Finalized 0.36 bn / 10.00% 0.60822 Swi
Slide 18: Fourteenth Tender Offer
Fourteenth Tender Offer Size of the Offer Purchase price Subscription period 80,000,000 shares RON 0.6975 per share 11 September 2025 – 25 September 2025 Allocation method Intermediary Dealer managers and ratio • Pro-rata Swiss Capital S.A. Swiss Capital S.A. and Auerbach Grayson • 0.0555899178 Sour
Slide 19: Disclaimer (I)
Disclaimer (I) This presentation is for general information only and reflects the personal views of the presenter. Nothing herein is intended to constitute advice on investment, legal or tax matters, any form of personal recommendation nor it should be construed as, constituting or forming part of,
Slide 20: Disclaimer (II)
Disclaimer (II) No information hereof is to be considered, under any circumstances, as an information provided in accordance with Article 23 of the AIFMD as such was transposed by Article 22 of Law no. 74/2015 on managers of alternative investment funds. In addition, the list of investor rights can
Slide 21: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You 20
Slide 22: Questions & Answers
Questions & Answers
Fondul Proprietatea — Shareholder Meeting (September 2025) on 6ix