UzNIF Net Asset Value Rises 6.1% in First Half of 2026

Tashkent, Uzbekistan (UzDaily.uz) — The National Investment Fund of the Republic of Uzbekistan (UzNIF) increased its net asset value (NAV) by 6.1% in the first half of 2026 to 31,670 billion soums (US$2.63 billion) as of 30 June, the Fund said in a press release published in London and Tashkent on 28 August.

The Fund, whose shares are traded on the London Stock Exchange and the Republican Stock Exchange “Toshkent”, reported unaudited financial results for the six months ended 30 June 2026. NAV per share stood at 6.2659 soums. Adjusted for the five-for-one share consolidation carried out in April 2026, comparable NAV per share increased by about 6.1% from 5.9082 soums as of 31 December 2025. The Fund attributed the increase mainly to a portfolio revaluation in June 2026.

Since its listing on 18 May 2026, UzNIF’s share price has increased 21.5%, from 4.65 to 5.65 soums, while the price of its global depositary receipts (GDRs) rose 26.4%, from US$25.00 to US$31.60.

The Fund identified shares in Thermal Power Plants JSC (+114%), National Electric Grid of Uzbekistan JSC (+81%) and Regional Electric Power Networks JSC (+50%) as the key drivers of portfolio value growth. The increase in the value of these companies was linked to positive regulatory changes in the electricity generation and distribution sector, including the introduction of the regulated asset base (RAB) mechanism.

Uzbektelecom JSC also recorded a 30% increase in value, while SQB JSCB rose 9%, amid improving operating performance and favorable macroeconomic prospects.

During the reporting period, the Fund received gross dividends of 340,996 million soums from three portfolio companies: Thermal Power Plants JSC, Uzbek Republican Commodity Exchange JSC and Uzbektelecom JSC.

Events after the reporting date

After 30 June, the Interagency Tariff Commission approved revised regulated tariffs for electricity generation, transmission, distribution and supply, as well as for natural gas transportation and supply services. The new tariffs took effect on 1 August and were published by the Ministry of Economy and Finance on 7 August.

The tariffs apply to settlements between entities in the regulated energy sector and do not affect tariffs for households, businesses or other final consumers. The Fund’s financial statements as of 30 June did not reflect these tariffs, and their impact on portfolio companies is currently being assessed.

On 13 August, the UzNIF Supervisory Board convened an extraordinary general meeting of shareholders, scheduled for 16 September. The agenda includes a proposal to elect Hugh van Cutsem as an independent member of the Supervisory Board and approve the terms of his remuneration.

UzNIF’s stake in Uzbekhydroenergo JSC temporarily declined to 37% following the company’s issuance of additional shares. After the reporting date and before publication of the first-half report, the stake increased again to 40%.

On 11 August, the Supervisory Board of Temiryulinfratuzilma JSC approved the appointment of a new chief financial officer, whose candidacy was recommended by UzNIF. The new executive is expected to take up the position in early September.

Trustee’s commentary

Marius Dan, CEO of Franklin Templeton Asset Management LLC and the Fund’s trustee, said the first half of 2026 was a period of strengthening corporate governance and laying the groundwork for value creation at portfolio companies following the Fund’s successful IPO in May 2026.

According to Dan, as of 30 June, independent non-executive directors and directors appointed by Franklin Templeton constituted a majority on the supervisory boards of 11 of the Fund’s 13 portfolio companies, including 10 newly elected independent non-executive directors.

Dan added that significant work remained to transform the portfolio companies, but the Fund was already seeing positive momentum and remained focused on creating long-term value for shareholders.

UzNIF was established under Presidential Resolution No. PP-303 of 27 August 2024 as part of Uzbekistan’s economic reform programme. The Fund has a diversified portfolio comprising stakes of between 25% and 40% in 13 state-owned enterprises operating in transport, financial services, energy, utilities infrastructure and telecommunications.