In accordance with the audited report, JSC “Development Finance Institution Altum” (hereinafter referred to as - ALTUM) has made a profit of EUR 28.7 million in 2024.

As of 31 December 2024, JSC Development Finance Institution Altum (hereinafter – ALTUM) had the gross portfolio of support instruments of EUR 1,178 million, of which the gross portfolio of financial instruments totalled EUR 1,175 million, comprised of 38,730 contracts, including:

• loan portfolio of EUR 418 million, the total number of contracts 6,997,
• guarantees portfolio of EUR 524 million, the total number of contracts 30,240,
• investments in venture capital funds for the total amount of EUR 98 million, the total number of projects financed by funds 201,
• Land Fund of EUR 135 million, the total number of transactions 1,292.

In 2024, ALTUM’s financial instruments portfolio has grown by EUR 141 million in terms of volume and by 9.7 % (3,419 projects) in terms of the number of project. The volume of the loan portfolio increased by 16.4% in 2024 compared to 2023 (+EUR 59 million). The amount of newly issued loans in 2024 was EUR 222 million (in 2023: EUR 142 million). The guarantees’ portfolio increased in 2024 compared to 2023 up to EUR 524 million (+9.1%), while the number of transactions in the guarantees’ portfolio increased by 9 % (2,495 projects). In 2024, the amount of newly issued guarantees was EUR 143 million (in 2023: EUR 99 million). The general processes in the economy and moderate lending by banks have triggered the increase in volumes of ALTUM's portfolios and new transactions.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“Year 2024 has been another year of growth for ALTUM, with the portfolio of support instruments already reaching EUR 1.2 billion, while demonstrating good operational return and profit indicators. Over the past year, the portfolio of financial instruments expanded significantly, both in terms of volume and number of supported projects, with a notable growth in the last quarter. The growth was influenced by a steady increase in lending activity, especially within the programmes of the EU Recovery Fund. The Large Investment Loan Programme with a capital rebate also recorded faster transaction dynamics. Throughout the reporting period, there has been high demand for lending in the regions, especially for loans to companies with a ticket size up to EUR 100 thousand with reduced collateral requirements offered by ALTUM since the beginning of 2024. In 2025, which is the tenth operational year of ALTUM, we will continue to lend actively, maintaining our focus on the regions and implementing new EU funding programmes.”

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.