annual report 2025
Gold added AZN 16.85 billion to SOFAZ’s result through revaluation
SOFAZ reported an AZN 16.85 billion gold fair-value gain for 2025. Here is why that accounting result is different from cash proceeds from selling bullion.
SOFAZ group operating expenses rise 78%: what drove the increase
SOFAZ group operating expenses reached AZN 140.9 million in 2025. Subsidiary expenses accounted for about 87% of the year-on-year increase.
Four cities, AZN 58.4 million: SOFAZ’s direct property rental income
Four SOFAZ properties in London, Paris, Tokyo and Moscow generated AZN 58.4 million in rent in 2025. Rental growth did not offset a smaller valuation gain.
SOFAZ’s US government bond holding falls by AZN 2.45 billion
The value of US government bonds held by SOFAZ fell 33.6% in 2025, although the United States remained the largest issuer in its bond portfolio.
Beyond NVIDIA: SOFAZ financial-sector equities reach AZN 5.4 billion
The value of financial-sector shares in SOFAZ’s portfolio rose 31.7% in 2025. Technology and telecom remained the largest sector allocation.
SOFAZ received almost half a billion manats in dividends in 2025
SOFAZ’s dividend income rose 19.8% to AZN 498.9 million in 2025. Total equity income was much larger, reflecting valuation and currency effects.
Seven US giants account for almost AZN 6 billion of SOFAZ equities
NVIDIA, Apple, Microsoft, Alphabet, Amazon, Meta and Tesla represented 21.3% of SOFAZ’s listed equity portfolio at the end of 2025, FinFly calculates.
NVIDIA overtakes Apple as SOFAZ’s largest listed equity holding
SOFAZ’s NVIDIA holding was worth AZN 1.335 billion at the end of 2025, moving ahead of Apple. The annual reports reveal its ten largest listed equity positions.