UzNIF NAV rises 9% m-o-m; upside pot‘l remains

Research evidence excerpt

UzNIF NAV rises 9% m-o-m; upside pot‘l remains

Uzbekistan | Financials

UzNIF EquityJulyResearch21, 2026

COMPANY UPDATEUzNIF NAV rises 9% m-o-m; upside pot'l remains

UzNIF's June 26 NAV increased 9% mom on an independent valuer's RATING BUY

assumption of RAB tariffs implementation from Jan'27 vs Jan'28 earlier, strong PRICE $33.00^

earnings from UzTelecom. Current NAV is 28% lower than our estimate and we PRICE TARGET | % TO PT $37.40 | +13%

see further upside pot'l from UGE, utilities overall. Pot'l tariff reforms in Railways 52W HIGH-LOW $34.50 - $26.00

could offer further upside. FLOAT (%) | ADV MM (USD) 35.5% | 9,495.85

MARKET CAP UZS30.8T | $2.6B

UzNIF's NAV for portfolio companies increases 9% to USD2.66bn: The uplift was primarily driven TICKER UZNF LI

by the independent valuer bringing forward the assumed implementation of the utility-sector RAB ^Prior trading day's closing price unless otherwise

noted.

framework to Jan 2027, versus Jan 2028 in the previous valuation update. NAV also benefited from

stronger-than-expected earnings at UzTelecom. RATING BUY

Key drivers of NAV change by independent valuer: TICKER UZNF ZU

PRICE UZS5.65^

1) NEGU on sooner than expected implementation of RAB framework, lower discount rate

assumptions and updated capex assumptions partly offset by higher production and operating PRICE TARGET | % TO PT UZS6.90 | +22%

costs

FY (Dec) CHANGE TO JEFe JEF vs CONS

2) UzTelecom on better than expected revenue growth and margins and favourable macro outlook

2026 2027 2026 2027

3) TPP on sooner than expected implementation of RAB framework in addition to inclusion of REV NA NA NA NA

Takhiatash TPP, the commissioning of the new 300 MW unit at Mubarek TPP from 2030 EPS NA NA NA NA