S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (May 2026)
38 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, May 28, 2026
Slide 1: Fondul Proprietatea – Annual General Shareholders Meeting
Fondul Proprietatea – Annual General Shareholders Meeting 28 May 2026
Slide 2: Performance report
Performance report FONDUL | @ FRANKLIN » TEMPLETON
Slide 3: Report on the Discount objective
Report on the Discount objective
Slide 4: Discount objective
Discount objective Objective 2025 – monitoring • The discount between the closing price for each trading day on • During 2025, the discount to NAV was above 15% in 99% of the BVB, of the shares issued by the Fund and the latest reported the trading days. NAV per share at the date of calculation shou
Slide 5: Share price and Discount / Premium evolution
Share price and Discount / Premium evolution 6% 0.60 -4% 0.50 -14% 0.40 -24% 0.30 -34% 0.20 -44% 0.10 -54% 0.00 -64% 1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18 12/18 12/19 12/20 12/21 12/22 12/23 12/24 12/25 Adjusted Share Price (RON) Discount / Premium (%) Source: BVB, Bloomberg, Fund Manager calculat
Slide 6: Measures taken
Measures taken Investor Relations Proactive investor relations program to increase the visibility of the Fund to a broader base of investors Distributed RON 281.0 million to the Fund’s shareholders during 1 January 2025 – 31 December 2025 via: Dividend Distributions Buy-backs Total amount distribute
Slide 7: Creating liquidity at the portfolio level during the reporting period
Creating liquidity at the portfolio level during the reporting period $117.6 155,607,128 0 $xxx RON RON 155,607,128 RON Regular Dividends Special Dividends Received (Collected) Received (Collected) Source: Fund’s results reports. 6
Slide 8: Distributions to shareholders
Distributions to shareholders Distributions to Expenses related to % of the average shareholders in the distributions recorded % of the NAV as RON market period 1 January 2025 – in the period 1 January Total at 31 December capitalization 31 December 2025 2025 – 31 December 2024 during 2025 (excludin
Slide 9: Share buybacks
Share buybacks Buyback programme Acquisition cost of Average share shares repurchased, No. of shares price excluding transaction Cancellation No. Period Status repurchased (RON/share) costs (RON) Broker of shares The cancellation of shares was not approved by the shareholders during the 26 February
Slide 10: Investor Relations activity
Investor Relations activity Communication between the Fund Manager and investors remains our top priority as we aim to ensure that investors are informed about the latest developments and obtain feedback as we continue to focus on maximizing shareholder value During the Reporting Period, the Fund Ma
Slide 11: Report on the NAV objective
Report on the NAV objective ~o— " = bs >,
Slide 12: NAV objective
NAV objective Objective 2025 – monitoring • The Adjusted NAV per share at 31 December 2025 to be higher than • The Adjusted NAV per share as at 31 December 2025 was NAV per share as at 31 December 2024 (RON 0.7029 per share). RON 0.8518 per share, 21.2% higher than the 31 December 2024 NAV per share
Slide 13: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 14: Key Facts
Key Facts Adjusted Share Price (RON) vs. Fund Details Discount/Premium (%) 0.80 30 April 2026 NAV RON USD 6% 0.70 -4% Total NAV 2.33 bn 0.53 bn 0.60 -14% 0.50 NAV/Share 0.7911 0.1800 -24% 0.40 Key trading figures as at 27 May 2026 -34% 0.30 -44% Price/Share 0.6100 0.1356 0.20 0.10 -54% Market Capita
Slide 15: Shareholder structure
Shareholder structure Evolution (% Held)1 10% 2% 2% 10% 10% 3% 8% 3% 18% 6% 12% 3% 9% 10% 8% 8% 8% 8% 8% 37% 7% 6% 6% 4% 3% 3% 3% 4% 3% 5% 7% 6% 6% 14% 10% 6% 3% 3% 5% 20% 6% 12% 10% 10% 10% 15% 11% 13% 6% 22% 17% 12% 2% 16% 43% 25% 13% 18% 3% 16% 21% 54% 3% 14% 14% 20% 22% 55% 53% 37% 30% 28% 22% 3
Slide 16: 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% (0.4)% 492.4% (RON) Share Pric
Slide 17: Portfolio
Portfolio — 7 = ie %
Slide 18: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 30 April 2026)1 (% of NAV as at 30 April 2026)1 3.1% 5.8% 5.8% 5.0% 4.4% 11.1% 75.6% 89.2% Unlisted Listed Net Cash & receivables Infrastructure Others Salt Mining Net Cash & Receivables Aluminium • As at 30 April 2026, the portfolio i
Slide 19: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 30 April 2026 as at Portfolio Company Status Shareholder Stake1 (RON mn) 30 April 2026 Bucharest Airports Unlisted Romanian State 20.0% 1,366.5 58.6% Constanta Port Unlisted Romanian State 20.0% 365.4 15.7% Salrom Unlisted Romanian State 49.0%
Slide 20: Largest Holdings by NAV – Net result evolution
Largest Holdings by NAV – Net result evolution Net Profit (RON mn) 2021 2022 2023 2024 2025 Top Holdings1 Bucharest Airports 34.0 304.0 453.3 608.8 789.72 Constanta Port 130.5 114.5 195.4 256.3 118.23 Salrom 60.2 120.7 130.6 111.3 66.92 Alro SA 26.3 409.5 (561.7) 10.3 (47.0)3 Zirom SA (8.2) 1.5 0.6
Slide 21: Bucharest Airports – Update
Bucharest Airports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* % y.o.y. Operating revenues (RON 754.7 890.9 992.6 1,066.6 405.6 578.0 999.1 1,206.8 1,434.2 1,682.9 17.3% mn) Operating result (RON mn) 263.6 337.6 445.9 399.0 (175.3) 40.8 345.8 499.7 663.8 812.6 2
Slide 22: Constanta Port – Update
Constanta Port – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* % y.o.y. Operating revenues (RON 314.0 330.5 345.2 369.0 398.8 418.9 510.4 571.2 522.0 504.6 (3.3)% mn) Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 195.9 242.7 75.9 (68.7)% Net Incom
Slide 23: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* % y.o.y. Operating revenues (RON 312.4 394.1 436.9 469.2 300.2 374.5 495.3 517.1 486.7 500.0 2.7% mn) Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 134.4 140.8 119.2 71.4 (40.1)% Net Income (RON mn) 3
Slide 24: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 25: 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 26: Proposals regarding the allocation of the 2025 net audited accounting profit
Proposals regarding the allocation of the 2025 net audited accounting profit with different destinations • The approval of the allocation of the 2025 net audited accounting profit, in one of the two alternative options: 8.1. The approval of the allocation of the entire 2025 audited profit to retaine
Slide 27: 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 28: 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 shares The proposal regarding the share cancellation is Auerbach Grayson, submitted for 16th FY 2025 Finalized 0.25 bn / 7.88% 0
Slide 29: Annual dividend income – Largest Holdings by NAV
Annual dividend income – Largest Holdings by NAV Net dividends received by FP from the net profit Dividend Payout (%) of its portfolio companies for the referenced FY (RON mn) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Top Holdings1 Bucharest Airports 0 51.8 88.7 84.6 73.62 0.0 31.5 80.4 103.
Slide 30: 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 31: Financial results
Financial results FONDUL | Q FRANKLIN » TEMPLETON 3) FRANKLIN BL iinirinvoN
Slide 32: Independent Auditor Report (Extract)
Independent Auditor Report (Extract) Report on the Audit of the Financial Statements Ernst & Young Assurance Services SRL Opinion We have audited the financial statements of Fondul Proprietatea S.A. (the Fund) with official head office in 76-80 Buzesti Street, District 1, Bucharest, Romania, identif
Slide 33: Statement of Financial Position
Statement of Financial Position 31 Dec 2025 31 Dec 2024 31 Dec 2023 31 Dec 2025 vs. RON mn Audited Audited Audited 31 Dec 2024 (%) Cash and current accounts 0.1 0.2 0.1 -50.0% Distributions bank accounts 249.4 285.2 547.5 -12.6% Deposits with banks 149.2 273.7 191.4 -45.5% Equity investments 2,204.1
Slide 34: Statement of Comprehensive Income
Statement of Comprehensive Income 2025 2024 2023 RON mn Audited Audited Audited Net gain/ (loss) from equity investments at fair value through profit or loss 310.4 109.3 (1,612.3) Gross dividend income 155.6 145.8 962.8 Interest income 20.5 34.1 157.5 Net gain from non-current assets held for sale -
Slide 35: 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 36: 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 37: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You
Slide 38: Questions & Answers
Questions & Answers