Inside information, 2025

As of 30 September 2025, JSC Development Finance Institution Altum (hereinafter – ALTUM) had the gross portfolio of support instruments of EUR 1,433 million, of which the gross portfolio of financial instruments totalled EUR 1,428 million, comprised of 42,046 contracts, including:

• loan portfolio of EUR 581 million, the total number of contracts 7,775,
• guarantees portfolio of EUR 603 million, the total number of contracts 32,538,
• investments in venture capital funds for the total amount of EUR 90 million, the total number of projects financed by funds 202,
• Land Fund of EUR 154 million, the total number of transactions 1,531.

Since the beginning of the year, ALTUM’s financial instruments portfolio has grown by EUR 197 million in terms of volume and by 8.6 % (3,316 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the nine months of 2025 ALTUM generated EUR 25.8 million in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“During the first nine months of 2025, ALTUM continued very active lending – the volume of new transactions during this period increased by one-third compared with the same period last year, maintaining the upward trend in lending growth observed in previous quarters. Significantly, not only ALTUM’s direct lending volume is increasing, but so is the use of guarantee instruments. During the nine months period, the volume of new guarantee transactions grew by 50%, and for the first time guarantee exceeded EUR 600 million in ALTUM’s financial instrument portfolio. The rise in guarantee activity is also a positive indicator for the overall lending landscape in Latvia.

It is also worth noting the launch of ALTUM’s regional mortgage lending programme in October. In its first month of operation, the programme had strong interest from residents – more than 120 loan applications were submitted, amounting to a total of EUR 4.7 million. The first loans have already been granted, and interest is from residents in all regions of Latvia.

ALTUM will continue to be an active lender during the next period and will be a business partner not only in terms of funding but also offering competence and expertise.”

 JSC Attīstības finanšu institūcija Altum (JSC Development Finance Institution Altum) is a Latvian state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 28 January 2025 Moody’s Ratings affirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The rating as well as the short-term issuer rating at P-2, the same as affirmed on 2 February 2024. ALTUM is rated by Moody’s Finance Companies Methodology, published in July 2024. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.