Slovenian Sovereign Holding

Slovenski državni holding, d.d. (SDH) · Slovenia · Europe · Founded 2014 · State holding company · Not an IFSWF member

Focus

Slovenian Sovereign Holding: what it invests in

Transport and logisticsEnergy: oil and gasInfrastructure and utilitiesFinancial servicesTelecoms and mediaHealthcare and life sciences

Strategic state holdingsPublic equitiesPrivate creditReal estate

Geography Mainly domestic

Scale

Slovenian Sovereign Holding: how big it is, and on what basis

EUR 14.0B

Portfolio valueAs of 2026-05-22

In US dollars: about USD 16.5B. EUR 14.0B book value at 0.85106 EUR per USD (ECB reference, 2025-12-31)

Transparency

Slovenian Sovereign Holding: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Book value, end 2025S5 S1: EUR 14.0B (about USD 16.5B); As of 2026-05-22
Companies managedS4: 82 (at 30 Sept 2025); As of 2025-09-30
Dividends 2025S1: EUR 513.1M (81.5% to the Republic); As of 2026-05-22
SSH net profit 2025S5: EUR 85.7M (highest on record); As of 2026-05-22
Energy and transportS4: Over 70% (of portfolio book value); As of 2025-09-30
Transparency scoreS2: 8.5 of 10

At a glance. Slovenian Sovereign Holding (SSH, SDH in Slovenian) is the state's central manager of company shareholdings. It runs stakes in 82 companies, from motorway operator DARS and power groups GEN and HSE to NLB, Triglav and Krka. Their book value was about EUR 14.0 billion at end 2025. In 2025 SSH posted its highest ever net profit, EUR 85.7 million, and the portfolio paid EUR 513.1 million in dividends. S4 S5 S1

Key points

Manages capital assets in 82 companies (30 September 2025): 44 owned solely by the Republic and 17 jointly with SSH. S4
Book value of managed equity rose from EUR 9.9 billion in 2020 to about EUR 14.0 billion at end 2025. S1 S5
Energy and transport make up just over 70 percent of book value; DARS, GEN, SŽ and HSE alone are just under 52 percent. S4
Strategic assets are nearly 79 percent of the portfolio, after earlier sales of portfolio stakes. S4
Portfolio dividends were EUR 513.1 million in 2025: 81.5 percent to the Republic, 14.2 percent to SSH, 4.3 percent to the pension fund ZPIZ. S1
For 2026 the plan targets ROE of 12.5 percent for important assets, 5.7 percent for strategic and 3.4 percent for portfolio assets. S4
Branko Bračko became President of the Management Board on 1 October 2026, for a term to 30 September 2030. S6 S7

Interesting facts

SSH grew out of the state compensation company SOD, set up to settle obligations under the denationalisation law. S8 S2
It gave its whole 2024 distributable profit, EUR 84.7 million, to the national flood reconstruction fund. S5
Portfolio companies earn about EUR 23 billion in revenue a year and employ almost 81,000 people, while SSH has 111 staff. S1 S9

Mandate and goals

SSH manages state capital assets, and its own, under ZSDH-1 and the State Assets Management Strategy. Holdings are classed as strategic, important or portfolio assets, each with its own goals; portfolio assets are run purely for economic return and can be sold. S2 S4

Raise the value and return on equity of state holdings. S4
Lift productivity and value added per employee in portfolio companies. S4
Secure suitable dividend policies and cash flow to the state budget. S4 S1
Push decarbonisation targets for 2030 and 2045 into company plans. S4
Manage and recover claims and dispose of non-core real estate. S4

How it invests

Industries	Transport and logistics, Energy: oil and gas, Infrastructure and utilities, Financial services, Telecoms and media, Healthcare and life sciences, Mining and metals, Tourism and hospitality S4
Asset classes	Strategic state holdings, Public equities, Private credit, Real estate S4
Stages	Buyout, Public markets, Infrastructure, Credit S4
Geography	Mainly domestic. Slovenian companies only S4
Direct / through funds / co-invest	Yes / No / Not published S4
Managed in house	100 percent S4
Ticket size	SSH manages existing state stakes and does not publish an investment ticket range. S4
Deal sizes seen	Largest holding DARS at 26.1 percent of book value; smallest top holdings around 0.2 percent
External managers	No external investment managers; D.S.U. handles real estate on contract S4
Co-investment programme	Co-owns 17 companies jointly with the Republic of Slovenia S4

Largest holdings: DARS (motorways) 26.1% of portfolio, GEN Group 10.3% of portfolio, HSE Group 9.3% of portfolio, SŽ (Slovenian Railways) 6.8% of portfolio, NLB Group 6.3% of portfolio (25.0%), Zavarovalnica Triglav 4.7% of portfolio, SID Banka 3.8% of portfolio (99.41%), Telekom Slovenije 3.3% of portfolio (62.54%), Krka 3.0% of portfolio (7.22%) (as of 2025-09-30) S4

Published criteria

Strategic assets are held long term for public goals; important assets keep a controlling stake. S4 S2
Portfolio assets may be sold after weighing performance, markets, alternatives and consolidation options. S4
Companies are expected to invest in core business, R&D, digital transformation and a low-carbon economy. S4

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
Not published	DARS. Motorway company and the largest holding. S4	State asset transfer	Transport and logistics	Infrastructure	26.1% of book value
Not published	GEN and HSE energy groups. Nuclear, hydro and thermal generation groups. S4	State asset transfer	Energy: oil and gas	Infrastructure	19.6% of book value combined
Not published	NLB Group. Listed bank; 25 percent stake held as an important asset. S4	Direct investment	Financial services	Public markets	6.3% of book value	25%
Not published	Telekom Slovenije. Listed telecom group; 62.54 percent combined stake. S4	Direct investment	Telecoms and media	Public markets	3.3% of book value	62.54%
Not published	Krka. Listed generic drug maker; 7.22 percent stake. S4	Direct investment	Healthcare and life sciences	Public markets	3.0% of book value	7.22%
2025	Flood reconstruction fund contribution. Whole 2024 distributable profit paid to the flood recovery fund. S5	State asset transfer	Infrastructure and utilities	Not stated	EUR 84.7M

Case studies

Profits for flood recovery S5 S1

What: SSH paid its full 2024 distributable profit to the national fund for rebuilding after the 2023 floods.
When: 2025
Size: EUR 84.7M
Why: To channel state holding returns to an urgent national need.
Outcome: Contributions of about EUR 249 million for 2024 to 2026 once the 2025 profit is paid.

Concentrating the portfolio S4

What: Past sales of portfolio stakes left a book dominated by strategic infrastructure and energy assets.
When: 2014 to 2025
Size: Not published
Why: The state strategy separates strategic holdings from purely economic stakes that can be sold.
Outcome: Strategic assets near 79 percent; top 10 companies 76.5 percent of book value.

Investment process

A two-tier system: the Management Board runs SSH and the Supervisory Board oversees it. The Government acts as the General Meeting. Each year SSH adopts an Annual Asset Management Plan with targets per company. S2 S4

Committee	Role
Supervisory Board	Oversees the Management Board and appoints its members S2
Management Board	Runs SSH and implements the annual plan S2

The State Assets Management Strategy classes each holding as strategic, important or portfolio. S4
The annual plan sets ROE, dividend and productivity targets per company and pillar. S4
SSH votes as shareholder, approves or consents to company strategic and business plans. S4
Any sale follows a transparent, competitive process under takeover rules. S4
Results and dividends are reported each May and to the National Assembly. S5 S4

How to approach: No investment application route; SSH publishes its asset management policy and governance code. Sales of state stakes are run as public processes. S10

Size and returns

Headline size: EUR 14.0B (Portfolio value, as of 2026-05-22) S5 S1
In US dollars: about USD 16.5B. EUR 14.0B book value at 0.85106 EUR per USD (ECB reference, 2025-12-31)
Book value, end 2024: EUR 13.1B (Portfolio value, as of 2026-05-22) S1
Claims managed, Sept 2025: EUR 126.6M (Portfolio value, as of 2025-09-30) S4
Return, 2025: 8.9 percent (estimated net profitability of portfolio companies; plan was 7.1 percent) S1 S9

Leadership

Name	Title	Since
Branko Bračko	President of the Management Board S6 S7	2026-10-01
Janez Tomšič	Member of the Management Board S2	Not published
Suzana Bolčič Agostini	Chair of the Supervisory Board S7	Not published

Governance and transparency

Legal basis: Slovenian Sovereign Holding Act (ZSDH-1) and the State Assets Management Strategy S2 S4
Oversight: Supervisory Board; Government as General Meeting; annual reporting to the National Assembly S2 S4
Publishes an Asset Management Policy, a Corporate Governance Code and the Annual Asset Management Plan. S10
Recommendations and expectations to companies cover governance, dividends and sustainability. S4

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: annual return, long-term returns, asset allocation, holdings or deal list, governance and mandate documents, named leadership, regular reporting schedule. S1 S2 S4 S10
Partly published: total assets, geographic or sector split, audited financial statements. S4 S5

History

Date	Event
2014	SSH begins operating under ZSDH-1. S1
2022-09	Žiga Debeljak becomes president. S11
2025	Full 2024 profit paid to the flood reconstruction fund. S5
2026-05-22	Record 2025 net profit of EUR 85.7 million reported. S5
2026-07-03	Agreed early end of the president's mandate on 30 September 2026. S11
2026-09-03	Branko Bračko appointed president. S6
2026-10-01	New president takes office. S7

For family offices

SSH does not take outside capital or co-invest with private investors. Private investors meet it as a fellow shareholder in listed companies or as bidders when state stakes are sold. S4

Minority shareholders sit alongside SSH in listed holdings such as NLB, Krka and Telekom Slovenije. S4
Divestments of portfolio assets are run through competitive public processes. S4

Reports

Annual Asset Management Plan 2026: https://sdh.si/fileadmin/web_files/documents/novice/SDH_LNU_EN_2026.pdf S4
Key asset management documents: https://sdh.si/en/asset-management/strategic-insight/key-ssh-asset-management-documents S10

Common questions

How big is SSH?

About EUR 14.0 billion of equity holdings at book value at end 2025, around USD 16.5 billion. S5

Who leads SSH?

Branko Bračko, President of the Management Board since 1 October 2026. S6 S7

What are its biggest holdings?

DARS, the GEN and HSE energy groups, Slovenian Railways and NLB. S4

What did it earn in 2025?

Net profit of EUR 85.7 million, its highest to date. S5

Is it an IFSWF member?

No. S3

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Sources

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