S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (February 2026)
24 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Feb 26, 2026
Slide 1: Fondul Proprietatea – General Shareholders Meeting
Fondul Proprietatea – General Shareholders Meeting 26 February 2026
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 January 2026 NAV RON USD 6% 0.50 -4% Total NAV 2.34 bn 0.55 bn -14% 0.40 NAV/Share 0.7939 0.1858 -24% 0.30 Key trading figures as at 25 February 2026 -34% 0.20 Price/Share 0.6630 0.1533 -44% 0.10 -54% Market Capi
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% 8% 8% 8% 37% 7% 6% 4% 3% 3% 3% 4% 3% 5% 5% 6% 7% 7% 14% 10% 6% 3% 3% 5% 20% 6% 11% 15% 11% 5% 6% 13% 12% 6% 22% 17% 12% 2% 16% 1% 43% 25% 13% 18% 3% 16% 15% 14% 54% 14% 12% 14% 55% 53% 30% 28% 22% 3% 35
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 2025 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% 22.4% (0.1)% 494.5% (RON) Share Pric
Slide 6: Portfolio
Portfolio — 7 = ie %
Slide 7: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 January 2026)1 (% of NAV as at 31 January 2026)1 3.1% 5.9% 5.9% 5.3% 4.7% 11.1% 75.2% 88.8% Unlisted Listed Net Cash & receivables Infrastructure Others Salt Mining Net Cash & Receivables Aluminium • As at 31 January 2026, the portf
Slide 8: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 January 2026 as at Portfolio Company Status Shareholder Stake1 (RON mn) 31 January 2026 Bucharest Airports Unlisted Romanian State 20.0% 1,366.5 58.4% Constanta Port Unlisted Romanian State 20.0% 361.6 15.5% Salrom Unlisted Romanian State 4
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 9M 2024* 9M 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 1,020.1 1,226.8 20.3% (RON mn) Operating result (RON 263.6 337.6 445.9 399.0 (175.3) 40.8 345.8 499.
Slide 11: Constanta Ports – Update
Constanta Ports – Update % Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2024 9M 2025 y.o.y. Operating revenues 314.0 330.5 345.2 369.0 398.8 418.9 510.4 571.2 522.0 401.2 367.6 (8.4)% (RON mn) Operating profit (RON 54.8 93.8 95.8 117.0 145.9 140.6 131.5 195.9 242.7 264.4 118
Slide 12: Salrom – Update
Salrom – Update % Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2024 9M 2025 y.o.y. Operating revenues 312.4 394.1 436.9 469.2 300.2 374.5 495.3 517.1 486.7 350.1 329.5 (5.9)% (RON mn) Operating profit (RON 36.3 107.3 93.5 84.6 15.8 70.1 134.4 140.8 119.2 87.5 20.8 (76.2)% 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 11,266.8 428.8 281.0 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 2017 2018 2019 2020 2021 2022 2023 2024 20254 Total Dividends from Listed Companies (RON 162.5 232.1 223.0 200.2 117.0 127.7 0.9 0.5 0.2 mn) Total Dividends from Unlisted Companies (RON 575.3 533.9 710.0 1,007.9 532.0 800.5 954.9 145.3 1
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 Submitted for Auerbach Grayson, shareholders’ approval 16th FY 2025 Finalized 0.25 bn / 7.88% 0.46762 Swiss Capital duri
Slide 18: Key commercial terms of the proposed Management Agreement
Key commercial terms of the proposed Management Agreement 17
Slide 19: Key commercial terms of the proposed Management Agreement (Item 1)
Key commercial terms of the proposed Management Agreement (Item 1 on the OGSM agenda) Proposed Management Agreement 1 April 2026 – 1 April 2030 This item represents Franklin Templeton’s preferred option, i.e. a 4-years mandate, reflecting its long-term commitment to the Fund. Base Fee Rate per year/
Slide 20: Key commercial terms of the proposed Management Agreement (Items 2 & 3)
Key commercial terms of the proposed Management Agreement (Items 2 & 3 on the OGSM agenda) Proposed Management Agreement 1 April 2026 – 1 April 2027 Item 3 represents Franklin Templeton’s counter-proposal to the Ministry of Finance’s proposal, clarifying the acceptable terms of a 1-year mandate. Fra
Slide 21: 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 22: 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 23: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You 22
Slide 24: Questions & Answers
Questions & Answers
Fondul Proprietatea — Shareholder Meeting (February 2026) on 6ix