As of 30 June 2025, JSC Development Finance Institution Altum (hereinafter – ALTUM) had the gross portfolio of support instruments of EUR 1,357 million, of which the gross portfolio of financial instruments totalled EUR 1,352 million, comprised of 40,841 contracts, including:
- loan portfolio of EUR 536 million, the total number of contracts 7,515,
- guarantees portfolio of EUR 571 million, the total number of contracts 31,647,
- investments in venture capital funds for the total amount of EUR 94 million, the total number of projects financed by funds 192,
- Land Fund of EUR 152 million, the total number of transactions 1,487.
Since the beginning of the year, ALTUM’s financial instruments portfolio has grown by EUR 122 million in terms of volume and by 5.5 % (2,111 projects) in terms of the number of projects.
According to the unaudited interim condensed reporting data, in the six months of 2025 ALTUM generated EUR 8.8 million in profit.
Reinis Bērziņš, Chairman of the Management Board of Altum:
“During the first half of 2025, ALTUM continued very active lending - in the first six months of this year, the volume of new transactions was a third higher than during the same period a year earlier. Moreover, during this half-year, the pace of lending grew rapidly in the second quarter of the year in particular. Overall, this highlights the growing activity of businesses in financing growth projects using state aid instruments. Significantly, both ALTUM’s lending volume as well as the use of its guarantee instruments have been increasing, which is a positive indicator for the overall lending landscape in Latvia.
It is also worth noting that two new support programmes have been launched during the reporting period: loans with capital rebate are available for manufacturing innovations, including dual-use products for security and defence, while loans with low fixed-interest available for R & D. A total of up to EUR 100 million in funding is available for both support programmes. This is an important tool that helps businesses to be more competitive, innovative and bold in their future plans, especially in these geopolitical circumstances. These programmes are being implemented under the EU Cohesion Policy programming period for 2021-2027. Within this framework, ALTUM is also implementing a programme to improve the energy efficiency of multi apartment buildings, which has attracted considerable interest. Following the submission of applications, the EUR 173 million in total funding available under the programme was all reserved in a short period of time.
ALTUM will continue to be an active lender during the next period and will be a business partner not only in terms of funding but also offering competence and expertise.”
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.