Inside information, 2026
In the 12 months of 2025 the new transactions of ALTUM support instruments amounted to 545 million euros, financing 9 259 new projects. In the 12 months of 2025, compared to 2024, the new transactions have increased significantly in terms of volume (+117 million euros, +27%) and number of supported projects (+1 762 transactions, +24%).
Trends characterizing the reporting period:
· In the twelve-months of 2025 ALTUM continued active crediting. The amount of new loans issued in the twelve-months of 2025 is 292 million euros (+70 million euros, 32% compared to 2024), with the total loan portfolio exceeding 600 million euros. The increase in new volumes, which started in the 2nd quarter and continues in the 4th quarter, is driven by new volumes in the EU Recovery and Resilience Facility’s programmes, with 98 million euros (+49 million euros) issued over the year. The total volume of new loans under this facility were influenced almost equally by new transactions in the multi apartment building energy efficiency programme and the affordable housing construction programme. Demand for the SME loans remains strong in the 4th quarter as well, continuing the growth trend that started in the 2nd quarter. Over the year, new SME loans reached 66 million euros (+12 million euros). In the 4th quarter of 2025 ALTUM launched the mortgage loan programme in the regions, issuing the first loans totaling 300 thousand euros.
- In the 4rd quarter of 2025, demand for the guarantee products offered by ALTUM declined compared to the 2nd and 3rd quarters. This was mainly driven by seasonality in the implementation of renewable energy (solar park) projects, alongside with decrease in demand for working capital guarantee products. The amount of new guarantees in the twelve months of 2025 reached 200 million euros (+57 million euros, 40% compared to 2024). The increased volume of new guarantees is driven by growth of guarantees issued in the SME and Midcap segment totaling 102 million euros (+32 million euros compared to 2024) in twelve-months period, supported by ALTUM’s attractive product terms as well as accelerating lending pace in banking sector. In the individuals segment, the total volume of new guarantees reached 97 million euros in the twelve months of 2025 (+29 million euros compared to 2024). In this segment, demand for housing guarantees remains high, and following the launch of the new multi apartment building energy efficiency programme, in the 4th quarter the volume of new transactions has grown rapidly.
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.