Dear investors, dear business partners,

Allow me to summarise the performance of the Penta Equity Fund and the Penta Real Estate Fund for 2025.

The group achieved a record net profit of EUR 714 million whilst making capital investments in excess of EUR 1 billion, directed towards both new acquisitions and the development of existing assets.

Despite an environment of heightened geopolitical uncertainty, our diversified portfolio has demonstrated a high degree of resilience and stability.

Active management of portfolio companies, in collaboration with experienced management teams, contributed to the continued growth of the Penta Group.

The year 2025 also marked a milestone – in the first quarter, we opened our investment platform to external investors for the first time through Penta Fund. The performance of the portfolio companies was also reflected in the funds’ results.

In the nine months since the end of the subscription period, the Penta Equity Fund has achieved a return of 11.6% (CZK, Class D) and 8.82% (EUR, Class C). Classes A and B recorded a return of 9.10% in EUR and a maximum appreciation limit of 10% in CZK.

Over the same period, the Penta Real Estate Fund generated a return of 16.05% in CZK and 13.25% in EUR for investors, with Classes A and B also achieving the maximum possible return of 10%.

The main drivers of performance were the retail, healthcare and property development sectors. Dr. Max remained the Group’s largest contributor to profit, whilst Penta Hospitals continued to expand its activities in the health and social care sector. Fortuna also played a significant part in these results, as it continued to expand into new markets.

Penta Real Estate also achieved strong results, delivering a record number of property development projects and entering the London market. We also saw positive developments in financial services and health insurance.

Almost 8,000 investors placed their trust in us, committing more than EUR 600 million to the funds. Total total value of assets under management thus reached nearly EUR 1.6 billion.

As we enter 2026, our aim is to further develop our investment platforms, seek out new opportunities and deliver long-term value for our investors.

Thank you for placing your trust in us.

Yours faithfully,
Tomáš Hochmeister
CEO of Penta Fund

---

Penta Group portfolio of companies in 2025

 

The performance of the portfolio companies in 2025 once again confirmed the strength and diversification of the Penta Group’s assets and their ability to generate long-term value. It is precisely this portfolio of companies that forms the foundation of the Penta Fund’s investment strategy and the primary source of long-term value growth.

 

Dr. Max
In 2025, Dr. Max was the Group’s largest contributor to profit and further strengthened its position as one of the largest pharmacy chains in Europe, with more than 3,200 locations. The Group continued to strengthen its position in key markets and accelerated its expansion in Serbia and Italy. A significant milestone was the completion of vertical integration across all markets, including the launch of our own supply chain in Serbia. In Italy, the Group continued to build a scalable platform through process development, e-commerce and integration of NeoApotek.

 

Penta Hospitals
Penta Hospitals significantly expanded its portfolio through the acquisition of Group Mediterra and the completion of the takeover of the SeneCura network. In Poland, it entered the elderly care sector and established a leading market position with more than 1,300 beds.

 

Penta Real Estate
Penta Real Estate had a very strong year and significantly contributed to the Group’s overall profitability. In 2025, it completed and handed nearly 650 apartments over to customers, whilst also developing projects in the Czech Republic, Slovakia and the United Kingdom – the highest number of projects under construction at any one time in the company’s history. At the end of the year, the Group announced its entry into the London market, where it will develop more than 1,000 new apartments through a joint venture with Ballymore, with the total project value exceeding GBP 1 billion. The value of Penta Real Estate’s assets exceeded EUR 2.1 billion.

 

Fortuna Entertainment Group
Fortuna posted strong financial results and reactivated its acquisition strategy, including the acquisition of Montenegro’s second-largest operator. Over the course of the year, it also significantly strengthened its management capabilities and continued to invest in technology and digitalisation, with online sales accounting for almost 80% of the total. The company is also considering further growth opportunities in Europe and Asia.

 

Primabanka
Primabanka achieved excellent results, supported by growth in net interest income and a recovery in the mortgage market. The volume of new mortgages returned to long-term averages, while the quality of the loan portfolio remained high and the non-performing loan ratio remained low. At the same time, the bank strengthened its liquidity, which will enable further growth in the coming years.

 

Privatbanka
Privatbanka had a record year and significantly exceeded its business targets. It placed a significant volume of Penta Group investment products with clients while continuing to modernise its operations, strengthen its market position and expand its client offer. A strengthened management team supports the bank’s further growth and expansion.

 

Dôvera Health Insurance Company
Dôvera Health Insurance Company continued to develop premium services for both healthcare providers and policyholders, with a focus on prevention, chronic diseases and mental health. This strategy led to further growth in the client base and a strengthening of its market position.

 

Penta Group’s media assets
The media companies in the Penta Group’s portfolio in the Czech Republic and Slovakia achieved EBITDA in excess of EUR 20 million, despite weaker performance in the advertising market in Slovakia. ‘Deník’ the flagship title in the Czech Republic, has become one of the most-visited online news platforms on the Czech market.

 

 

Penta Fund already has over
7,900 investors

Funds raised from external investors
600+ million EUR (2025)  (2025)

Assets under Penta Fund management
EUR 1.6  billion

Penta Group net asset value
EUR 5.6 billion (2025)

 

Penta Group net profit
EUR 714 million (2025)