Today, Uzbekistan National Investment Fund JSC (UzNIF) held a press conference to present the Fund’s financial results for the first half of 2026, developments across its portfolio companies, and ongoing efforts to improve corporate governance.

Representatives of the Republican Stock Exchange “Toshkent” also attended the press conference and took part in the Q&A session.

Key Indicators

As of 30 June 2026, UzNIF’s net asset value (NAV) amounted to UZS 31.67 trillion, or USD 2.63 billion, representing an increase of 6.1% compared with the end of 2025. According to the Fund, the majority of this growth was driven by the revaluation of portfolio assets.

In the first half of 2026, the Fund’s net profit amounted to UZS 2.057 trillion, or USD 170 million. During the same period, approximately UZS 341 billion in dividend income was received from Thermal Power Plants JSC, Uzbek Commodity Exchange JSC, and Uzbektelecom JSC.

The increase in the portfolio value was also positively supported by the revaluation of assets in National Electric Grid of Uzbekistan JSC, Uzbektelecom JSC, Thermal Power Plants JSC, Uzpromstroybank, and Regional Electric Networks JSC. This performance was attributed to the operating results of portfolio companies, changes in tariff mechanisms in the energy sector, as well as macroeconomic factors.

Stock Exchange Performance

Between 18 May and 30 June 2026, the price of UzNIF shares on the Republican Stock Exchange “Toshkent” increased by 21.5%, from UZS 4.65 to UZS 5.65.

Over the same period, the price of UzNIF’s global depositary receipts (GDRs) on the London Stock Exchange rose by 26.4%, from USD 25.00 to USD 31.60.

Corporate Governance

The press conference also placed particular emphasis on strengthening corporate governance and independent oversight mechanisms at UzNIF and its portfolio companies.

At the extraordinary General Meeting of Shareholders of UzNIF held on 16 September 2026, Hugh van Cutsem was elected as an independent member of the Fund’s Supervisory Board. As a result, the Supervisory Board now consists of five members.

It was also announced that, in the first half of 2026, independent directors and directors appointed by Franklin Templeton formed the majority on the supervisory boards of 11 out of 13 UzNIF portfolio companies.

UzNIF’s post-IPO financial results, the performance of its securities on the stock exchanges, and developments in corporate governance demonstrate the continued progress towards greater transparency for investors and the implementation of modern corporate governance standards in the capital market.