Publication of Annual Report of SSH and SSH Group for 2025
Publication of Annual Report of SSH and SSH Group for 2025
Ljubljana, 31 August 2026 – Slovenian Sovereign Holding (SSH) has published the 2025 Annual Report of SSH and the SSH Group. Despite heightened geopolitical and economic uncertainty, SSH delivered strong performance, exceeded all key targets set out in the Annual Asset Management Plan (AAMP), and ended the year with the highest net profit in its history.
Financial Results and Portfolio Return
The estimated return on equity (ROE) of companies under SSH management stood at 8.9% in 2025, significantly exceeding the 7.1% target set in the 2025 AAMP.
SSH generated EUR 85.7 million in net profit in 2025, the highest amount recorded to date. In accordance with its statutory obligations, in 2025 SSH transferred the entire 2024 distributable profit of EUR 84.7 million to the Republic of Slovenia's post-flood Recovery Fund. The entire net profit for 2025 will likewise be distributed to the owner in 2026. Between 2024 and 2026, SSH will contribute almost EUR 250 million to the Recovery Fund.
The aggregate carrying amount of equity investments under SSH management stood at EUR 14.0 billion at the end of 2025, representing growth of approximately 7% year on year. The portfolio remains concentrated primarily in the strategic sectors of energy, transport and finance, which constitute a significant part of the country's critical infrastructure and play an important role in the functioning and development of the Slovenian economy.
At the end of 2025, the fair value of financial receivables under management amounted to EUR 118.9 million, while the carrying amount of tangible assets stood at EUR 5.3 million. In the area of claims management, SSH generated EUR 42.5 million in cash inflows in 2025, more than twice the amount planned.
Dividend Policy
In setting its dividend policy in 2025, SSH continued to follow the principle of balancing dividend distributions with the development needs of the companies under its management. Dividends from companies under SSH management totalled EUR 513.1 million in 2025, the highest amount recorded to date and EUR 49 million above the target set in the 2025 AAMP. Of this amount, the Republic of Slovenia received EUR 418.2 million, the Pension and Disability Insurance Institute of Slovenia received EUR 21.9 million, and SSH received EUR 73.0 million.
Denationalisation
In 2025, SSH continued to fulfil its statutory obligations relating to denationalisation. A total of EUR 6.5 million in compensation was paid, while 142 denationalisation claims remained outstanding at year-end.
Strengthening the Resilience of Companies under Management
In 2025, asset management activities focused on strengthening the resilience of companies under management, managing business and financial risks, and supporting investments that enhance their long-term competitiveness and resilience.
Particular emphasis was placed on strengthening corporate resilience. A key focus was the implementation of the amendments to the Critical Infrastructure Act (ZKI-1) and the Information Security Act (ZInfV-1). SSH incorporated company-specific objectives into the Annual Asset Management Plan and introduced a new chapter on resilience in the SSH Recommendations and Expectations, thereby further developing its governance framework in this area.
Sustainable Development and Corporate Governance
Changes to the European sustainability reporting framework have raised the thresholds for mandatory reporting, meaning that some companies under SSH management are no longer directly subject to extensive sustainability reporting requirements. Nevertheless, sustainable business practices remain an important area of focus in asset management.
SSH will continue to focus its asset management activities on risk management and strengthening resilience, the responsible integration of generative artificial intelligence tools into business models, employee competency development, climate risk management, and the quality of corporate governance and integrity.
The results of asset management will be presented in greater detail in the Annual Report on Management of Capital Assets of the Republic of Slovenia and SSH for 2025, which SSH submits to the National Assembly of the Republic of Slovenia in accordance with ZSDH-1.
The Slovenian version of the 2025 Annual Report of SSH and the SSH Group is available at www.sdh.si. The English version will be published in September 2026.