Publication of the Annual Report on the Management of Capital Assets of the Republic of Slovenia and SSH for 2025

Ljubljana, 23 October 2026 – Slovenian Sovereign Holding (SSH), has submitted the Annual Report on the Management of Capital Assets of the Republic of Slovenia and SSH for 2025 to the National Assembly of the Republic of Slovenia. SSH prepares the report in accordance with Article 67 of ZSDH-1, which requires SSH to report annually to the National Assembly on its asset management activities in the preceding year, no later than 31 October. 

The year 2025 was marked by heightened geopolitical and security risks, considerable uncertainty, subdued economic activity, persistent cost pressures and labour market challenges. Despite these conditions, the companies under SSH management met or exceeded the key targets set out in the Annual Asset Management Plan for 2025 (AAMP 2025). At the same time, 2025 highlighted the fact that asset management performance can no longer be measured solely by financial results. Equally important is the ability of companies to continue providing safe and reliable services to businesses, the State and the public in the face of uncertainty, while adapting to disruptions in their operating environment. Resilience is therefore a cornerstone of the Republic of Slovenia's future financial stability, operational reliability and strategic autonomy, as well as an integral part of responsible corporate governance.

Return on Equity and Portfolio Value

In 2025, the companies under SSH management achieved a return on equity (ROE) of 8.8%, exceeding the target of 7.1% by 1.7 percentage points. Estimated value added per employee reached EUR 90,900, exceeding the target of EUR 86,000.

Performance varied across the asset management pillars. The Energy and Finance pillars recorded the highest returns, at 11.8% and 10.6%, respectively, followed by Economy at 7.7% and Tourism at 7.0%. The Transport pillar, which accounted for the largest share of the portfolio by book value (39.3%), achieved a return of 5.9%. This reflects the nature of the activities undertaken by companies that manage extensive public infrastructure and carry out long-term investment programmes.

At the end of 2025, the total book value of capital assets under SSH management stood at EUR 13.9 billion, an increase of 6.6% compared with the previous year. The fair value of financial receivables under management amounted to EUR 118.9 million, while the book value of tangible assets stood at EUR 5.3 million. Inflows from claims management reached EUR 42.5 million, more than double the target of EUR 20.1 million.

Dividend Policy

In 2025, SSH continued to pursue a balanced approach to dividend distributions, taking into account the development needs and financial position of individual companies. The Republic of Slovenia, the Pension and Disability Insurance Institute of Slovenia (ZPIZ) and SSH received a combined EUR 513.1 million in dividends, the highest amount on record and EUR 49 million above the target set out in the Annual Asset Management Plan for 2025. Of this total, the Republic of Slovenia received EUR 418.2 million, the Pension and Disability Insurance Institute (ZPIZ) EUR 21.9 million, and SSH EUR 73.0 million.

The Annual Report on the Management of Capital Assets of the Republic of Slovenia and SSH for 2025 will be available in November 2026.