SOFAZ group operating expenses increased from AZN 79.1 million to AZN 140.9 million in 2025, a rise of 78.2%. The main increase was in subsidiary expenses, according to the consolidated financial statements.
That line rose from AZN 42.3 million to AZN 96.4 million. Its AZN 54.1 million increase accounted for 87.4% of the total AZN 61.8 million increase, FinFly calculates.
The expense breakdown
| AZN million | 2024 | 2025 |
|---|---|---|
| Subsidiaries | 42.331 | 96.382 |
| Wages and benefits | 9.786 | 12.558 |
| Asset management | 5.617 | 7.214 |
| Short-term licences | 5.248 | 5.414 |
| Depreciation and amortisation | 4.259 | 4.299 |
| Social protection contributions | 2.097 | 2.711 |
| Custody | 3.048 | 2.544 |
| Utilities and communication | 0.839 | 0.953 |
| Other expenses | 5.877 | 8.857 |
| Total | 79.102 | 140.932 |
The other lines combined rose from AZN 36.8 million to AZN 44.6 million. Wages and benefits reached AZN 12.6 million, while asset-management expenses rose to AZN 7.2 million. Custody expenses declined.
What the disclosure explains
The note describes subsidiary expenses as including property and asset management, corporate administration and accounting, banking fees, legal fees and general expenses.
It does not provide a detailed explanation of the increase in each component. The table alone cannot identify the specific transaction or subsidiary responsible for the entire jump.
These are consolidated group operating expenses. The 78% increase should not be attributed directly to SOFAZ headquarters costs. The measure includes subsidiary activity and is distinct from the fund’s standalone administrative budget.
Source: SOFAZ Annual Report 2025, printed pages 122–123. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.