TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of nearly 29.2trln UZS across 27,483 transactions.

Stocks accounted for 57.3% of turnover, equal to 16.7bln UZS. The largest contribution came from O’zbekiston sanoat-qurilish banki (SQBN), which generated 10.3bln UZS, representing 35.1% of total turnover. O’zRTXB (URTS) represented 1.7bln UZS, equal to 6% of turnover, and recorded the highest number of transactions at 2,507. O’zmetkominat (UZMK) contributed 1.6bln UZS, or 5.5% of turnover, from 1,265 deals. Janubsanoatmontaj (JASM), from T1 board added 1.1bln UZS, while the remaining stocks collectively accounted for 2bln UZS, equal to 6.9% of market activity.

Bonds comprised 42.7% of turnover, totaling 12.5bln UZS. Agat Credit (ACMT2B4) registered 6.2bln UZS, representing 21.1% of total turnover or nearly half of bond turnover. Another Agat Credit bond (ACMT1B) contributed 3.6% of total turnover. Makesense (UZUMN2B2) registered 1.5bln UZS, equal to 5.2% of turnover. Both Delta (DMMT2B3) and Biznes Finans (BFMT2B5) represested approximately 1.1bln UZS in trading volume, or 3.8% of turnover each. Finally, Contact Finans (CTFB3B2) accounted for 1bln UZS, equal to 3.4% of turnover.

By price performance, O’zmetkombinat (URTS) posted the strongest gain at 29.7%. O’zRTXB rose by 3%, and O’zbekiston sanoat-qurilish banki (SQBN) advanced 1.6%. On the downside, Biznes Finans (BFMT2B5) recorded the steepest decline at 5.4%, followed by Delta (DMMT2B3) with a 1.7% drop.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Imkon Finans JSC approved the issuance of 5mln new shares worth 5bln UZS (1000 par value), with placement via preferential rights and open subscription;

• Uzbekistan Airways JSC updated its list of Supervisory Board members, removing three and adding two - Ungbaev Otabek Toshtemirovich and Pavel Mkhitaryan Igorevich;

• O‘zbekgeofizika JSC (UZGF) disclosed that Uzbekneftegaz JSC (UZNG) acquired 1,269,164,055 shares, representing a 97.22% stake in the company, valued at 362,980,919 thousands UZS;

• O‘zRTXB JSC (URTS) Supervisory Board issued a recommendation on net profit distribution, proposing dividends of 780 UZS per ordinary share (123.8% of the nominal value);

• Click JSC Supervisory Board issued a recommendation on net profit distribution, proposing dividends of 1,800 UZS per ordinary share (180.0% of the nominal value);

• TBC Bank JSCB signed a major credit agreement with DEG (Germany) for $45mln (21.78% of net assets); and with Space International JSC (Georgia), valued at 37.94mln (18.5% of net assets), to expand licenses and services;

• O‘zbekinvest Hayot Insurance JSC received a license for life insurance activities from NAPP (perpetual validity);

• O‘zRTXB JSC (URTS) updated its supervisory board, appointing Matthew John Ansell (Senior Investment Manager, Franklin Templeton Asset Management / UzNIF) and Kalinov Vladimir Nikolov (former Board Member, Raiffeisen Bank S.A., Romania), as well as others;

• Agat Credit JSC approved the issuance of 1mln corporate bonds with a total value of 100bln UZS, at a nominal price of 100,000 UZS each, to be placed via open subscription;

• NBU Invest Group JSC reduced its charter capital by 353,601,600,000 UZS through asset transfers to NBU JSC and the UzSAMA, including stakes in Uzmetkombinat JSC (UZMK), Navro’z Bog’i LLC, and others, with 353,601,600 shares subject to cancellation;

• KDB Bank Uzbekistan JSC acquired short-term securities of the CBU for 2.8trln UZS;

• O‘zbekekspertiza JSC (UZEK) updated its list of affiliated persons, excluding UzSAMA (82.56%), and adding the Industrial Cooperation & Public Procurement Agency (82.56%), as well as Ulugbek Muradov and Digital Transformation Center LLC;

• “Toshkent” RSE JSC advanced 2025-2026 development measures: establishing a foreign currency bond platform, drafting rules for foreign securities listings (indices, bonds, ETFs), and modernizing exchange software via functional requirements, RFI, tender, vendor selection, and timely implementation;

• InFinBank JSC (INFB) updated its list of affiliated entities, adding Sofa Marva Tour LLC, UzTEX Tashkent LLC, and Terassa LLC;

• Norin Paxta Tozalash JSC transferred 0.65% stake in Baraka Paxta Tex LLC to Namanganpaxtasanoat JSC, and extended voluntary liquidation by six months, while Ziyovuddin Paxta Tozalash JSC transferred its 0.53% stake in Baraka Paxta Tex LLC to Samarqandpaxtasanoat JSC;

• Jizzaxpaxtasanoat JSC resumed operations and approved merger into Sirdaryopaxtasanoat JSC (which also resumed operations) via share swap and asset transfer;

• O’zIQMK JSC approved issuance of corporate bonds worth 300bln UZS (300,000 units at 1mln UZS each), with 5‑year maturity, and 22% annual coupon paid quarterly.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 410.7bln UZS across 28,557 transactions. Trading was dominated by Makesense (UZUMN2B3), with the newly issued bond accounting for 375.7bln UZS, representing 91.5% of total turnover.

Bond segment represented 95.9% of total turnover. Microfinance sector remained the core of market activity. Agat Credit (ACMT2B4) generated 12.8bln UZS, equal to 3.1% of turnover, while its other series (ACMT1B2 and ACMT1B) contributed 1.8bln UZS and 642.8mln UZS, respectively. Delta (DMMT2B3) added 823.9mln UZS, and Makesense (UZUMN2B2) registered 604.6mln UZS. Contact Finance (CTFB3B2) followed with 567.7mln UZS, accounting for 0.14% of turnover.

Stock market accounted for 4.1% of total turnover. In particular, O’zbektelekom (UZTL) led with 8.1bln UZS, equal to 1.97% of turnover. O’zRTXB (URTS) followed at 3.1bln UZS, contributing 0.76% turnover. Yo’lreftrans (YRFS) registered 3bln UZS, equal to 0.73% of total turnover.

In performance terms, O’zbektelekom (UZTL) was the standout gainer, at 0.8%, among the listed equities, while Yo’lreftrans (YRFS) posted the sharpest decline by 4.3%. Within bonds, Makesense (UZUMN2B3) showed marginal growth (0.12%), whereas Agat Credit series fell between --0.2% and -1.4%. Delta (DMMT2B3) gained slightly (0.4%), and Contact Finance (CTFB3B2) rose nearly 1%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• UzNIF acquired 2.92bln shares of O‘zbekgidroenergo JSC, equal to a 40% stake (292.4bln UZS);

• TBC Digital JSC concluded a major transaction with TBC Bank Group PLC on February 4, 2026, valued at 1.6trln UZS (37.58% of net assets);

• Elektrqishloqqurilish JSC (EQQU) signed a major deal with Hamkorbank JSCB (HMKB), opening a 50bln UZS bank guarantee line (40.97% of net assets) to support tenders for power line construction; and pledged its building complex as collateral for a 39.7bln UZS facility (32.5% of net assets), under mortgage agreement;

• Hamkor Invest Lizing LLC (HKILN3) received approval to issue its third tranche of corporate bonds worth 6.8bln UZS (6,800 units at 1mln UZS each), placed via closed subscription to Gross Insurance JSC and MY‑Insurance JSC;

• Best Pipe and Parts JSC approved a major deal on August 5, 2025 to acquire 100% of the state’s stake in Avto Climate Control LLC from UzSAMA, valued at 230bln UZS (196.31% of net assets);

• Gidroproekt JSC’s May 2025 issuance of 125,615 ordinary shares (nominal 1,450 UZS; total 182.1mln UZS) was declared invalid on February 9, 2026 by the regulator due to non‑placement within the subscription period;

• Hamkorbank JSCB (HMKB) signed a major credit line agreement with FMO (Netherlands Development Bank) worth $100mln (1.23trln UZS), equal to 18.38% of net assets, to finance micro, small, and medium enterprises, with 80% directed to women and youth entrepreneurship and 20% to green economy projects;

• Makesense LLC issued 1,000 corporate bonds, each with a nominal value of 300mln UZS, placed via closed subscription through a licensed trading organizer;

• Suvsanoatmash JSC resolved to re-auction its Tashkent property complex (40,129 m² buildings and 500 assets) after multiple failed auctions in late 2025-early 2026, reducing the starting price by 10% to 210.35bln UZS including VAT;

• M K Leasing LLC approved a 100bln UZS corporate bond issue (1mln bonds at 100,000 UZS each), listed on the Tashkent RSE Main Board, placed via open subscription with yields set in the 18-20% range and fixed 20% coupon over 1,095 days;

• O‘z‑SeMyung Ko. JSC, under Presidential Decree on reducing state participation in the economy, amended its charter, following the sale of the state’s 38.54% stake in the Uzbek‑Korean joint venture;

• Issiqlikta’minot JSC was registered with an authorized capital of 328.84bln UZS, fully held by the state, with shares to be placed at 1,000 UZS each via privatization platforms for future divestment;

• Agrobank JSCB (AGBA) elected Yan Tavrovskiy Leonidovich, who is also President and Board Member at J.P. Morgan Bank International, as an independent member of its Supervisory Board;

• Andijonkabel JSC majority shareholder G’ayrat Muxtarov, holding over 50%, offered to sell his shares to the remaining shareholders at the market price of 20,000 UZS per share;

• Xorazm Paxta Tozalash JSC and Xonqa Paxta Tozalash JSC entered voluntary liquidation, while Turaqurgon Paxta Tozalash JSC advanced its liquidation process;

• Prestige Insurance JSC majority shareholder Kapital Sug‘urta JSC (KASU), holding over 50%, offered to sell its shares to remaining shareholders at market price of 1 UZS per share;

• Raqamli Biznes Agregator JSC shareholder Azizbek Xodjayev acquired 20mln shares (100% of capital), becoming sole owner, while OFB Lizing LLC (with 19.35mln shares), was excluded from the list of affiliated persons;

• Oltin Yulduz Plus MFO LLC approved a third corporate bond issue of 23,000 units (nominal 1mln UZS each, total 23bln UZS), placed privately via Hamkorbank JSCB (HMKB), Hamkor Sug‘urta JSC, Trust Insurance JSC, and HBCapital LLC;

• Aloqabank JSC (ALKB) received a new license from the CBU, authorizing banking activities on a perpetual basis;

• Bog‘ot Paxta Tozalash JSC initiated voluntary liquidation effective February 12, 2026;

• Raqamli Biznes Agregator JSC had its payment organization license No. 51 suspended by the CBU until 18 August 2026 under clause 47 of the licensing regulation for payment system operators;

• Trastbank JSC (TRSB) shareholders approved an increase in authorized capital to slightly over 1bln shares (including 23,000 preferred), set 100% annual dividends on preferred shares, allocated 192bln UZS for ordinary share dividends (192 UZS per share).

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EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

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THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

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TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of nearly 1.1trln UZS across 27,172 transactions. ASAK4B5 newly issued bond dominated the market with 1trln UZS in trading volume.

Bonds accounted for 99.3% of total turnover. ASAK4B held 94.5% out of that, from one transaction. Excluding this outlier, active bond trading accounted for 51.8bln UZS in total. Makesense (UZUMN2B2) registered nearly 32bln UZS, equal to 3% of total turnover. Biznes Finans (BFMT2B5) contributed 10.1bln UZS, comprising nearly 1% of total turnover. Agat Credit (ACMT2B4) generated 4.1bln UZS, accounting for 0.4% of overall turnover, while Contact Finans (CTFB3B2) totaled 3.7bln UZS, representing 0.4%. Delta (DMMT2B3) registered 902.5mln UZS, equal to 0.1% of turnover. Without Asakabank (ASAK4B), bonds accounted for 88.2% of total turnover.

Stocks accounted for just 0.7% of turnover, equal to 6.9bln UZS. O’zbektelekom (UZTL) led equity trading with 2.4bln UZS, representing 0.2% of total market turnover. O’zRTXB (URTS) followed with 1.3bln UZS, contributing 0.1% of turnover. Hamkorbank (HMKB) generated 1.1bln UZS, equal to 0.1% of total activity. O’zbekiston sanoat-qurilish banki (SQBN) common shares added 489.8mln UZS, accounting for nearly 0.1% of turnover. Remaining stocks collectively contributed 1.6bln UZS, representing 0.2% of market activity.

In the equity market, O’zRTXB (URTS) posted the strongest gain at 4.9%, while Hamkorbank (HMKB) declined 0.8% and O’zbekiston sanoat-qurilish banki (SQBN) fell 0.6%. O’zbektelekom (UZTL) dropped sharply by 2.91%. Bond market performance was mixed: Biznes Finans (BFMT2B5) led gains at 2.3%, followed by Agat Credit (ACMT2B4) at nearly 1% and Contact Finans (CTFB3B2) at 0.1%. Makesense (UZUMN2B2) declined nearly 3%, and Delta (DMMT2B3) fell -1.4%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Asakabank JSC (ASBU) included in the listing of the Republican Stock Exchange “Toshkent” on 3 Feb 2026;

• Hamkormazlizing LLC approved the third issue of corporate bonds worth 22.5bln UZS (22,500 units at 1mln UZS each), placed via closed subscription to Hamkor Sug‘urta, Apex Insurance, and Kafolat Insurance;

• Contact Finance LLC included in the listing of the Republican Stock Exchange “Toshkent” on 2 Feb 2026;

• Ipoteka‑bank JSCB added OTP Avtosanoat Finance LLC in its list of affiliated persons;

• O‘zenergota’minlash JSC sold goods worth 150bln UZS to Navoi IES JSC (245.01% of net assets), 100bln UZS to Toshkent IES JSC (163.34% of net assets), and collectively around 148bln UZS to Taxiatosh IES JSC;

• IT UNISOFT GROUP JSC disclosed the voluntary return and annulment of its CB license for operating a payment system;

• O‘zbekiston temir yo‘llari JSC excluded Temir yo‘l ekspress LLC from its list of affiliated entities;

• Andijonkabel JSC approved the sale of its 100% stake in AnSam Kabel LLC (Kazakhstan), with a nominal value of 200,000 KZT, for 5,000,000 UZS;

• Navoiy kon-metallurgiya kombinati (NKMK) JSC reduced its registered ordinary shares from 77.79mln to 73.68mln and total issue volume from 77.79bln UZS to 73.68bln UZS;

• TBC Bank JSC removed David Gabelashvili as Deputy Chairman of the Management Board and Chief Financial Officer;

• Uychi Paxta Tozalash JSC approved voluntary liquidation measures, including the transfer of its 2.07% stake in Baraka Paxta Tex LLC to Namanganpaxtasanoat JSC, settlement of creditor obligations, and allocation of unpaid dividends to the Central Securities Depository;

• KDB Bank Uzbekistan disclosed a purchase of 2.2trln UZS in bonds from the CBU;

• Ipoteka-bank JSCB (IPTB) added OTP Avtosanoat Finance LLC as an affiliated entity.

• Andijonkabel JSC updated its list of affiliated entities, excluding Samarskaya Kabelnaya Kompaniya LLC (Russia), while shareholder Muxtarov G‘ayrat Erkinovich acquired 1,120,100 shares (96.41% of charter capital, valued at 12bln UZS).

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EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

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TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 24.5bln UZS across 37,334 transactions.

Bonds accounted for 59.7% of total turnover. The newly issued Agat Credit bond (ACMT2B4) dominated this segment at 53.3%, generating over 13bln UZS in trading volume across 374 transactions. Another Agat Credit bond (ACMT1B) represented 2% of turnover with 494.4mln UZS in trading volume, while the Imkon Finans bond (IFMT4) registered 235mln UZS, equal to nearly 1% of total turnover. Other bonds collectively represented 3.4% of turnover.

Stocks accounted for 40.3% of total turnover. O’zbektelekom (UZTL) led the equity segment with 3.2bln UZS in trading volume, representing 12.9% of turnover. O’zRTXB (URTS) captured 8.8% of turnover from 2.2bln UZS in trading volume. Hamkorbank (HMKB) led in transaction volume with 4,125 deals totaling 1.2bln UZS, or 5.1% of total turnover. O’zbekiston sanoat-qurilish banki (SQBN) showed 457.4mln UZS in trading volume before trading was temporarily suspended on the TSE due to a sharp share price increase, pending analysis of underlying factors. O’zmetkombinat (UZMK) held a 1.8% share of total turnover, O’zbekinvest (UZINP) 1.6%, and Chilonzor buyum savdo kompleksi (CBSK) 1%.

During the period, all top 10 securities by volume posted price increases except for Imkon Finans (IFMT4) bonds, which declined 0.3%. O’zbekiston sanoat-qurilish banki (SQBN) registered a substantial 80.3% share price increase before trading was suspended. O’zmetkombinat (UZMK) gained nearly 18%, while Hamkorbank (HMKB) rose 16%. The newly issued Agat Credit bond (ACMT2B4) showed a 0.8% price increase within two weeks of commencing trade.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• UzNIF approved amendments to its securities issuance, reducing ordinary shares from 6.53trln to 3.91trln units, with total issue volume adjusted accordingly;

• Guliston paxta tozalash JSC approved transfer of its 1.99% stake in Baraka Paxta Tex LLC to Sirdaryopaqtasanoat PJSC to settle creditor obligations, with shareholder buyback rights set at 34,000 UZS per share;

• Tadbirkorlikni rivojlantirish kompaniyasi JSC directed 95% of its 2024 net profit (123.2bln UZS (https://openinfo.uz/facts/6/13538)) toward raising charter capital, with the new shares subscribed by the Ministry of Economy and Finance;

• Temiryolekspress JSC approved merger with Temir yo‘l ekspress LLC, assuming all contractual obligations as legal successor;

• Toshkent shahar suv ta’minoti JSC approved 2026 preservation cost allocations totaling 44.2bln UZS, to be reflected in water service tariffs and transferred daily to Uzsuvta’minot JSC accounts;

• Beshkent paxta tozalash JSC approved transfer of its 3.34% stake in Baraka Paxta Tex LLC (valued at 9.17bln UZS) to Uzpaxtasanoat JSC or Qashqadaryopaxtasanoat PJSC;

• Kapitalbank JSC (KASU) updated its list of affiliated persons to include Kapital Securities LLC as a direct holding entity effective 16 Jan 2026;

• Asakabank JSC (ASBU) issued 2,000 corporate bonds totaling 1trn UZS, registered 20 Jan 2026, via public subscription;

• Contact Finance LLC approved issuance of 100,000 corporate bonds totaling 10blnUZS, registered 20 Jan 2026, via public subscription;

• Tad Industries JSC approved acquisition of 50% stake in TAD INVEST LLC for 50mln UZS from Baxtiyor Umarov;

• Semurg Insurance LLC had its insurance license (No. 1081744) suspended by the NAPP on 16 Jan 2026 due to regulatory violations; suspension effective until 28 Jan 2026;

• NBU Invest Group JSC approved charter capital reduction by transferring claims worth 48.6bln UZS and 3.74bln UZS in cash to NBU, tied to full and partial stakes in Zominsоy Development Invest 2 and 3 LLCs;

• Yangi Bank JSC had its operations terminated by resolution of the CBU on 15 Jan 2026, with creditor claims accepted until 16 Mar 2026;

• Orgres JSC disclosed that Eurasian Engineering Company LLC acquired a 25.37% stake (169,153 shares) as of 15 Jan 2026;

• Beruniy Paxta Tozalash JSC and Tortkol Paxta Tozalash JSC approved transfer of its 3.64% stake in Baraka Paxta Tex LLC to Qoraqalpoqpaxtasanoat LLC to settle creditor obligations;

• Asakabank JSC (ASBU) approved its 5th corporate bond issuance worth 1trln UZS (2,000 bonds, 500mln UZS each, 18% yield, 5‑year maturity);

• O‘zIQMK JSC (IQMK) shareholders approved a 40bln UZS affiliated loan agreement with Oʻzmilliybank JSCB to refinance the mortgage portfolio;

• Biznes Finans Mikromoliya Tashkiloti LLC issued 100,000 corporate bonds worth 10bln UZS;

• Andijonpaxtasanoat JSC shareholders approved the transfer of minority stakes in affiliated cotton-processing entities to settle creditor obligations, with subsequent consolidation into Uzpaxtasanoat JSC;

• Hududgazta’minot JSC approved the issuance of 31.8mln corporate bonds worth 31.8bln UZS, to be listed on Tashkent RSE;

• Toshkent Viloyati Suv Ta’minoti JSC merged with Musaffo Obi Hayot Magistral Suv Ta’minoti JSC, exchanging shares at a 2,500:1 ratio and issuing 1.42mln new shares worth 7.12bln UZS to sole shareholder O‘zsuvta’minot JSC;

• Kapital Sug‘urta JSC (KASU) disclosed acquisition of a 55.17% controlling stake (36bln UZS) in Prestige Insurance JSC;

• Dashtobod Paxta Tozalash JSC shareholders resolved to cease operations effective Dec 31, 2025, with creditor claims accepted until Jun 30, 2026;

• Buxoro viloyat Agrokimyohimoya JSC shareholders extended voluntary liquidation by six months, and confirmed disposal of obsolete assets.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 6.3 bln UZS across 19,467 transactions. Stocks accounted for 77.2% of total turnover.
O’zbekkimyomash zavodi (UZHM) dominated the equity market with 1.3 bln UZS in trading volume, representing 20.4% of total turnover. Neft va gaz quduqlarini sinash (NGQS) followed with 12.6%, totaling 802 mln UZS in trading volume.
O’zRTXB (URTS) held 10.7% of total turnover. Hamkorbank (HMKB), with the second-largest number of transactions, accounted for 7.8% of total turnover, while O’zparavtotrans (UPAT) accounted for nearly 7%. O’zbekiston sanoat-qurilish banki (SQBN), with the highest number of transactions during the period, accounted for 6.4% of total turnover, totaling 403.2 mln UZS. The bond segment represented 22.8% of total turnover. Agat Credit bonds (ACMT1B and ACMT1B3) collectively registered 12% of total turnover, with 475.1 mln UZS and 287.7 mln UZS in trading volumes respectively. Imkon Finans (IFMT4) held 4.9% of total turnover, equaling 312.1 mln UZS, while Delta (DMMT2B3) registered 239.8 mln UZS, representing 3.8% of total turnover. Price analysis revealed that Imkon Finans (IFMT4) declined 2.6%. While one Agat Credit bond (ACMT1B) declined 1.5%, another Agat Credit bond (ACMT1B3) increased 1.8%. The most notable price increase was shown by O'zbekiston sanoat-qurilish banki (SQBN) at 78.2%, rising from 10.8 UZS to 19.3 UZS per share, followed by O'zparavtotrans (UPAT) at 38.9%. Hamkorbank's price increased by 15.2%, from 42.97 UZS to 49.5 UZS per share.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• AGAT Credit JSC corporate bonds will accrue 2,378.08 UZS per bond, equal to 2.37% of par value; payments are scheduled between 22 November and 5 December 2025 in cash.

• Agat Credit JSC MFO disclosed issuance of 400,000 corporate bonds with nominal value of 100,000 UZS each, totaling 40 bln UZS, registered on 30 December 2025.

• Paxtakor Paxta Tozalash JSC approved transfer of assets, including 13.25% stake in Mirzachul Tikuvchilik Majmuasi LLC, 0.39% stake in Baraka Paxta Teks LLC, and 2,453 shares of Agrobank JSCB, to Jizzakhpaxtasanot JSC to settle creditor obligations.

• InFinBank JSC (INFB) disclosed acquisition by a shareholder of a block of shares constituting 20% or more of its charter capital, and updated its list of affiliated persons, registering Tadbirkorlikni rivojlantirish kompaniyasi JSC as an affiliated company holding 300,000,000 preferred shares.

• Delta Mikromoliya Tashkiloti LLC disclosed reorganization by transformation, with state registration of the new entity completed on 30 December 2025.

• UZBAT JSC disclosed a related-party transaction with BRITISH AMERICAN SHARED SERVICES (GSD) LIMITED for provision of general business services totaling 4.38 bln UZS.

• Makesense LLC corporate bonds will accrue income of 30,821,917.81 UZS per bond, equal to 6.16% of par value; payments are scheduled between 24 November and 1 December 2025 in cash.

• O’zsanoatqurilishbank JSCB (SQBN) disclosed acquisition by a shareholder of a block of shares constituting 20% or more of the total charter capital.

  Uchtepa Paxta Tozalash JSC (UTPT) approved transfer of assets, including 8.25% stake in Mirzachul Tikuvchilik Majmuasi LLC, 0.44% stake in Baraka Paxta Teks LLC, and 600 Agrobank JSCB shares, to Jizzakhpaxtasanot JSC to settle creditor obligations.

• KDB Bank Uzbekistan JSC purchased government bonds from the Central Bank of Uzbekistan totaling 2.1 trln UZS.

• Navoiy kon-metallurgiya kombinati (NKMK) JSC updated its list of affiliated persons, registering Antonov Evgeniy Aleksandrovich.

• Kapital Sug’urta JSC (KASU) disclosed a related-party insurance transaction with Anorbank JSC totaling 50 bln UZS.

• Asia Insurance JSC shareholder VIVETEKS LLC acquired 20.49% of the company’s charter capital.

• Hamkorbank JSCB (HMKB) disclosed a major transaction with the EBRD totaling $100 mln (1.21 trln UZS) to finance micro, small, and medium enterprises, including $30 mln for green economy projects.

• Renesans mikromoliya tashkiloti JSC disclosed a major credit agreement with Xalq Banki JSCB totaling 30 bln UZS (44.88% of net assets).

• Makesense JSC approved acquisition of 100% stake in ARHAT GRAVURE LLC for 3 bln UZS, resulting in indirect ownership of 100% in subsidiary TEZCOIN MFO LLC.

• Makesense LLC approved issuance of 1,000 registered interest-bearing corporate bonds in uncertificated form, each with nominal value of 300 mln UZS, totaling 300 bln UZS, to be placed via closed subscription with 22% annual coupon.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 133bln UZS across 12,665 transactions.

Bonds accounted for 70.7% of total turnover. O’zIQMK (IQMK5B6) dominated with a massive 68.2% share of total turnover, recording 90.7bln UZS in trading volume from a single transaction. Makesense (UZUMN2B2) generated 2.2bln UZS in trading volume across 2 transactions, representing 1.6% of total turnover. The remaining 0.9% was distributed among other bonds outside the top 10 by trading volume.

Stocks represented 29.3% of total turnover. O’z-Tong Hong kompani (UTHK) led with a 17.3% share, registering 23bln UZS in trading volume. Inson (INSN) recorded 7.4bln UZS and Yuggazstroy (YGSY) nearly 2bln UZS in trading volume, accounting for 5.6% and 1.5% of total turnover, respectively. O’zRTXB (URTS) posted the highest number of deals for the period at 1,454, totaling 1.9bln UZS in trading volume. Hamkorbank (HMKB) followed with 916 deals, generating 1.3bln UZS in trading volume. O’zbekiston sanoat-qurilish banki (SQBN) recorded 931.1mln UZS, Xorazmsuvqurilish (XOSQ) 699.7mln UZS, and Maxsuselektrtarmoqqurilish (METQ) 541.1mln UZS, each with less than 1% share of total turnover.

Price movements showed that Hamkorbank (HMKB) and O’zbekiston sanoat-qurilish banki (SQBN) both declined approximately 3.7%. O’zRTXB (URTS) posted the strongest gain at nearly 28%, followed by Yuggazstroy with a 20% increase and Maxsuselektrtarmoqqurilish (METQ) with an 8.1% rise. Among bonds, O’zIQMK (IQMK5B6) and Makesense (UZUMN2B2) increased 0.8% and 0.9%, respectively.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Elektrqishloqqurilish JSC (EQQU) approved a major 50bln UZS guarantee line with Hamkorbank JSCB (HMKB), secured by company real estate;

• Goodwill Capital JSC reported a one‑time reduction of assets exceeding 10%, with quarter‑end assets at 30,800,868.72 UZS thousand, and announced dividend payments of 17,860,584.57 UZS to shareholders;

• UZBAT JSC JV approved annulment of 86 shares, reduced charter capital to 5,668,918,330 UZS, set dividends at 14,203 UZS per share payable Dec 11 2025-Feb 9 2026;

• Bektemir-Spirt Eksperimental Zavodi JSC concluded a major factoring deal with Garant Bank JSC worth 20bln UZS, equal to 28.36% of its net assets;

• Renesans Mikromoliya Tashkiloti JSC concluded a major credit agreement with Enabling Microfinance Fund AGmvK worth 24bln UZS, equal to 35.9% of its net assets;

• Agro Finans Lizing JSC was acquired by Leader Finance Capital LLC for 1,442,314,525 UZS, giving it 99.92% ownership and full control;

• AVO Bank JSC issued 10 deposit certificates with a total value of 500bln UZS (each at 50bln UZS nominal), the issuance was registered on December 4 2025

• IT Unisoft Group JSC approved termination of activities under its Central Bank license №56 with voluntary return, adopted a new version of its charter, and confirmed the business plan for 2026;

• OʻzIQMK JSC (IQMK) approved issuance of 200,000 corporate bonds with a total value of 200bln UZS (nominal 1mln UZS each);

• Renesans Mikromoliya Tashkiloti JSC disclosed a major credit agreement with Grameen Crédit Agricole Fund, valued at 14.2bln UZS and equal to 21.25% of its net assets;

• O’zIQMK JSC (IQMK) disclosed that its securities are listed for trading on the Republican Stock Exchange “Toshkent”;

• KDB Bank O’zbekiston JSC disclosed a major transaction with CBU involving the purchase of bonds valued at 2.1trln UZS, equal to more than 10% of its assets;

• Qo’shkopir Paxta Tozalash JSC and Xonqa Paxta Tozalash JSC approved the liquidation commission’s report, the transfer of long‑unsold assets, shares, and receivables to Horazmpaxtasanoat JSC;

• O’zIQMK JSC disclosed a credit agreement with O’zmilliybank JSC, valued at 50bln UZS (for refinancing the mortgage portfolio), representing 9.95% of the bank’s equity stake in the issuer;

• Suvsanoatmash JSC approved a new organizational structure. The decision included selling the company’s buildings and 500 fixed assets via the E‑auction platform, noting that production activity has ceased;

• O’zbekiston Respublikasi Milliy Investitsiya Jamg’armasi JSC disclosed changes in its list of affiliated persons, adding Uzpromstroybank (SQBN) JSC (holding 30% of ordinary shares);

• Contact Finance LLC annulled prior bond‑issuance resolutions and authorized a new 10bln UZS insured bond program (100k bonds, 25% coupon, 1,080‑day maturity);

• O’zRTXB JSC (URTS) extended a 100bln UZS term deposit with Trustbank PJSB, equal to 18.84% of net assets;

• TBC Bank JSCB approved a credit agreement with affiliated entity TBC Bank Group PLC (London) for $20mln.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 465.6bln UZS across 12,601 transactions.

Bonds accounted for 69.7% of total turnover. O’zIQMK (IQMK5B6) led the market with 200bln UZS in trading volume from 3 transactions, representing nearly 43% of total turnover and successfully placing its entire bond issuance. Makesense (UZUMN2B2) recorded 122.2bln UZS in trading volume across 5 transactions, capturing 26.2% of total turnover. Delta (DMMT2B3) accounted for 1.2bln UZS in trading volume, representing 0.3% of total turnover.

Stocks comprised 30.3% of total turnover. InFinBank (INFBP) recorded the highest trading volume in the equity market at 60bln UZS, representing 12.9% of total turnover. O’z-Tong Hong Kompani (UTHK) followed with 46bln UZS in trading volume, accounting for 9.9% of total turnover. Hamkorbank (HMKB) generated 15.4bln UZS in trading volume, equal to 3.3% of total turnover, while Inson (INSN) recorded 12.3bln UZS, representing 2.6% of total turnover. Remaining stocks held minimal shares of less than 1% each.

During the period, Hamkorbank (HMKB) shares posted the strongest gains, rising 18%, followed by O’zRTXB (URTS) at 11.7% and O’zIQMK (IQMK) ordinary shares at 10.8%. The Makesense bond (UZUMN2B2) appreciated nearly 1%, while the Delta bond (DMMT2B3) declined 2.7%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• AGAT CREDIT JSC corporate bonds will accrue 2,378.08 UZS per bond, equal to 2.37% of par value; payments are scheduled between 22 Nov and 5 Dec 2025 in cash;

• O‘zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi (O’zIQMK) JSC created subsidiary UMRC SPV LLC with 100% ownership;

• Tadbirkorlikni Rivojlantirish Kompaniyasi JSC acquired 100% of Biznesni Kafolatlash Milliy Kompaniyasi JSC, equal to 100mln ordinary shares worth 100bln UZS;

• Biznes Finans Mikromoliya Tashkiloti LLC approved issuance of 100,000 corporate bonds with par value 100,000 UZS each, totaling 10bln UZS, at 27% annual coupon; maturity set at 720 days, coupon payments every 30 days, redemption at par on day 721;

• Imkon Finans Mikromoliya Tashkiloti JSC set income payments on corporate bonds at 23,013.7 UZS per bond, equal to 2.3% of par value;

• O‘zbekekspertiza JSC repurchased 23,323 ordinary shares from 8 shareholders at 78,986 UZS each, totaling 1.842bln UZS; meanwhile, the proposal to allocate 10bln UZS for construction of a modern Exhibition Center in “Yangi Namangan” was deferred pending instructions from the State Assets Agency;

• Gidromaxsusqurilish JSC disclosed that O‘zbekgidroenergo JSC acquired 227,329 shares, equal to 97.44% of its charter capital (valued at 9.999bln UZS);

• O‘zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi (O’zIQMK) JSC corporate bonds are set at a nominal value of 1,000,000 UZS per bond, with a total issuance of 200,000 bonds (200bln UZS). Bonds carry a 5‑year maturity, with a coupon rate not exceeding 17.5% annually, payable quarterly (20 periods). Early redemption is not envisaged except in cases of reorganization, liquidation, or invalid issuance;

• Makesense LLC corporate bonds will accrue income of 30,821,917.81 UZS per bond, equal to 6.16% of par value; payments are scheduled between 24 Nov and 1 Dec 2025 in cash;

• Saxovat Broyler JSC disclosed that Servolux SB LLC acquired 186,792,933,629 shares, equal to 51% of its charter capital (valued at 44.83bln UZS);

• Simurg JSC disclosed that shareholder Igor Vladimirovich Nenashev acquired 1,335,188 shares, equal to 97.12% of its charter capital (valued at 667.59bln UZS);

• Delta Mikromoliya Tashkiloti LLC corporate bonds will pay income of 21,369.86 UZS per bond (2.14% of par value, payable 23 Nov - 3 Dec 2025 in cash) and 23,013.70 UZS per bond (2.30% of par value, payable 22 Nov - 2 Dec 2025 in cash);

• O‘zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi (O‘zIQMK) JSC concluded a related‑party credit agreement with Agrobank JSCB on 18 Nov 2025 for 85.2blnUZS;

• UzMRC JSC (IQMK) securities were officially listed for trading on the Tashkent Stock Exchange on 5 December 2025, and the company concluded an affiliated‑party transaction with O‘zsanoatqurilishbank JSCB (SQBN) on 3 December 2025 under a term deposit agreement worth 50bln UZS;

• Samarqand Konserva JSC concluded a major transaction with Biznesni Rivojlantirish Bank JSCB (BRBN), pledging assets under a collateral agreement valued at 31.5bln UZS (274.4% of net assets) and obtaining a credit agreement valued at 19.35bln UZS (168.5% of net assets);

• Prestige Insurance JSC obtained a license for voluntary life insurance from the National Agency for Perspective Projects of Uzbekistan, with license issued 25 Nov 2025 (No. 1181185), and registered on 1 Dec 2025;

• Asia Insurance JSC’s shareholder VIVETEKS LLC acquired 20.49% of the company’s charter capital;

• Contact Finance LLC corporate bonds will pay income of 1,726.03 UZS per bond, equal to 1.73% of par value; payments are scheduled between 23 Nov and 2 Dec 2025 via non‑cash transfers;

• O‘zmilliybank JSCB declared dividends on ordinary shares at 28.49 UZS per share;

• Temiryolekspress JSC approved reorganization by merger with Temir Yo‘l Ekspress LLC, increasing charter capital proportionally to the merged entity’s equity, issuing 100 uncertificated ordinary shares at 1,000 UZS par value (total 100,000 UZS) via closed subscription to Uzbekistan Railways JSC, and mandating state registration of the merger and additional share issue;

• Tadbirkorlikni rivojlantirish kompaniyasi JSC acquired a 19% stake in Invest Finance Bank JSCB (INFB);

• Invest Finance Bank JSC (InFinBank) disclosed dividend payments total 62bln UZS accrued and fully paid to shareholders, with no outstanding debt; payout period ran from 22 Sep to 21 Nov 2025;

• Indorama Kokand Fertilizers and Chemicals JSC approved a major transaction to obtain a $70mln loan from Uzsanoatqurilish Bank JSCB (SQBN) at an average 3M SOFR + 2.5% rate for five years, and elected Ram Kishor Laddha to the Supervisory Board for three years replacing Rahul Singh;

• UzAuto Motors JSC (UZMT) allocated 1.26trln UZS to dividend payments for 9M 2025 results, setting 4,642 UZS per share to be paid via the Central Securities Depository.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 226.2bln UZS across 14,850 transactions.

The bond segment accounted for 77.2% of total turnover. Makesense (UZUMN2B2) led the segment with 105.9bln UZS in trading volume across 14 transactions, capturing 46.8% of total turnover. M K Leasing (MKLS3B2) was next with 50bln UZS from 17 transactions, equal to 22.1% of total turnover. Agat Credit (ACMT1B3) contributed 17.3bln UZS in trading volume, representing a 7.7% share. Another Agat Credit bond (ACMT1B) recorded 899mln UZS in volume, comprising 0.4% of total turnover.

The stock segment comprised 22.8% of total turnover. Qo’qon yog’-moy (KUYM) held a 17.1% share, trading 38.7bln UZS. Minora qurish ekspeditsiyasi (MIQE) followed with 8.1bln UZS, or 3.6% of total turnover. The remaining stocks registered minimal shares below 1%.

Among the top ten by trading volume, only Qo’qon yog’-moy recorded a weekly price decline of 10%. M K Leasing bonds remained flat. All other securities posted gains, with Minora qurish ekspeditsiyasi (MIQE) recording the strongest performance at 33.7%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Mikrokreditbank JSCB (MCBA) approved meeting regulations and terminating early the mandate of independent Supervisory Board member Giorgi Otarovich Paresishvili;

• Xorazmpaxtasanoat JSC approved meeting regulations and vote commission composition, authorizing voluntary liquidation of the company;

• O‘zmetkombinat JSC (UZMK) concluded credit agreement with affiliated entity National Bank for Foreign Economic Activity of Uzbekistan for €25mln, 12‑month term;

• Uzbekistan Airports JSC declared dividend of 0.87 UZS per ordinary share (0.87% nominal), with no payout on preferred.

• Milliy Kliring Markazi JSC approved placing 5.5bln UZS of temporary funds on a one‑year deposit at Uzum Bank at 20% annual interest, effective November 14, 2025;

• Tayanch Mikromoliya Banki JSC changed its name from Tayyab Finance Mikromoliya Tashkiloti JSC following shareholder approval and registration of amendments on November 6, 2025;

• O‘zbekiston Metallurgiya Kombinati JSC (UZMK) signed a 72.6bln UZS spot contract with affiliated Li Da Metal Technology LLC to supply 10,000 t of steel billets;

• O‘zbekiston Respublikasi Milliy Investitsiya Jamg‘armasi JSC approved increase of authorized shares from 3.64trn to 8.64trn units, adoption of new charter edition, and mandating Franklin Templeton Asset Management LLC as trustee manager to register amendments and execute related measures;

• O’zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi JSC (UzMRC) issued 200,000 corporate bonds with a total value of 200bln UZS, registered on November 20, 2025, each bond having a nominal value of 1mln UZS, placed through open subscription;

• KDB Bank Uzbekistan disclosed a major transaction with the CBU involving a 1.5trln UZS bond purchase;

• Milliy banklararo protsessing markazi JSC signed a loan agreement with Asterium LLC on November 19, 2025 for 200bln UZS;

• Norin paxta tozalash JSC decided on voluntary liquidation, appointed a liquidation commission, set creditor claim procedures and asset distribution rules October 22, 2025;

• Mingbuloq paxta tozalash JSC decided on voluntary liquidation, appointed a liquidation commission, set creditor claim procedures, and approved related expenses effective October 7, 2025;

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 230.2bln UZS across 15,250 transactions. The bond market demonstrated particularly strong activity, comprising 85.5% of total turnover, with the majority representing newly issued securities during the reporting period.

The Makesense bond (UZUMN2B2) led the market, contributing 64.6% of total turnover with a trading volume of 148.7bln UZS across 24 transactions. This bond was issued as 4,000 unsecured corporate bonds at 24% annual interest, totaling 400bln UZS. Biznes Finans (BFMT3V4), another newly issued bond, registered a trading volume of 25bln UZS across 421 transactions, representing 10.9% of total turnover. The Agat Credit bond (ACMT1B3) recorded 22.9bln UZS in trading volume from 310 transactions, accounting for 9.9% of turnover. This issue comprises 400,000 corporate bonds with a total nominal value of 40bln UZS.

Stocks comprised the remaining 14.5% of total turnover. Yo’lreftrans led the equity segment with an 8.1% share of total turnover, generating 18.6bln UZS in trading volume across 121 transactions. Elektrqishloqqurilish (EQQU) recorded a trading volume of 10.2bln UZS, representing 4.4% of total turnover. The remaining stocks comprised minimal shares of less than 1% of total turnover each.

Significant price movements were observed during the period. Janubsanoatmontaj (JASM) experienced the largest increase, gaining 56.3%, followed by Yo’lreftrans (YRFS) with a 33% increase. Conversely, Qizilqumsement (QZSM) saw a notable price decline of 15.4%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• MK Leasing LLC approved issuance of 500,000 corporate bonds with a total value of 50bln UZS (100,000 UZS per bond) via public offering. The issue was registered on 27 October 2025;

• Makesense LLC approved listing of its securities on regulated financial markets, with registration confirmed by the Tashkent Republican Stock Exchange;

• Tadbirkorlikni rivojlantirish kompaniyasi JSC approved acquisition of a 15% stake in Invest Finance Bank JSC (INFB);

• Shohrud JSC (SHRD) approved a €2.1mln loan from Biznesni Rivojlantirish Banki JSC (BRBN) to finance raw materials for expanding alcoholic beverage production, secured by a 42bln UZS insurance policy and a corporate guarantee from Jondor Sharob Savdo LLC;

• Zirabuloq Paxta Tozalash JSC approved voluntary liquidation and appointed a termination commission under a shareholder resolution dated 31 October 2025;

• Uychi Paxta Tozalash JSC approved voluntary liquidation, appointed a termination commission, and confirmed inventory, debt write-offs, and interim balance sheet totaling 18.74bln UZS in net assets as of 1 October 2025;

• Qumqo‘rg‘on Paxta Tozalash JSC approved merger with Sherobod Paxta Tozalash JSC and authorized asset transfer, inventory, and shareholder buyback procedures;

• Toshkent Index ETF JSC approved voluntary liquidation due to business infeasibility;

• Imkon Finans mikromoliya tashkiloti JSC (IMKF3) declared income of 23,013.7 UZS per corporate bond (2.3% of face value) for the period ending 1 October 2025, with payments scheduled from 27 October to 5 November 2025 via non-cash settlement;

• Portlatishsanoat JSC (PLST) acquired a warehouse in Bukhara region from Redd Dynamics LLC for 5.9bln UZS, representing 45% of its net assets;

• Ellikqal’a Paxta Tozalash JSC resolved to cease operations effective 22 Apr 2026, with creditor claims accepted until 22 Dec 2025;

• O‘zbekinvest Hayot JSC extended its fifth share placement period from 30 to 90 days and approved amendments to its issuance resolution;

• Milliy Investitsiya Jamg‘armasi JSC updated its list of affiliated parties, adding O`zbekgidroenergo JSC;

• O‘zbekinvest JSC updated its executive and supervisory board composition, appointing new members from Franklin Templeton, BancTrust, SynFiny Advisors, and Uzbek government agencies;

• Milliy banklararo protsessing markazi JSC issued a 79.4bln UZS loan to its affiliate Humotech LLC, representing 100% ownership by the issuer;

• Andijon Mexanika Zavodi JSC approved asset-backed debt transfer measures under a 2023 credit agreement involving O‘zbekiston Temir Yo‘llari JSC and the National Bank of Foreign Economic Activity JSC;

• AVO Bank JSCB approved the issuance of 500bln UZS in deposit certificates with a 22% annual rate, 3-year maturity, and legal-entity-only circulation, including non-residents;

• O’zsanoatqurilishbank JSCB (SQBN) disclosed a 30% stake acquisition by the Ministry of Economy and Finance of Uzbekistan, totaling 73,088,556,755 UZS in shares;

• Ohongoron Sement MS JSC disclosed that its 500.2bln UZS ordinary share issuance was annulled due to 100% placement failure;

  Hamkorbank JSCB (HMKB) disclosed dividend payments totaling 161.66bln UZS for 2024, fully paid via the Central Securities Depository

• Agat Credit JSC registered a 40bln UZS corporate bond issue on 23 Oct 2025, with 400,000 securities at 100,000 UZS par;

• Portlatishsanoat JSC (PLST) approved a 100mln share increase in authorized capital and the auction sale of three real estate assets valued at 50.7bln UZS;

• UzAssets Investment Company JSC terminated the powers of First Deputy CEO Adamas Ilkyavichyus effective 31 Oct 2025, following expiration of his contract;

• Biznes Finans Mikromoliya Tashkiloti LLC disclosed income accruals on corporate bonds at 2,219.18 UZS per bond (2.22% of face value), payable in cash from 3 to 14 Nov 2025;

• Agat Credit JSC MFO disclosed income accruals on corporate bonds at 2,383.56 UZS per bond (2.38% of face value), payable in cash from 1 to 14 Nov 2025;

• Invest Finance Bank JSCB (INFB) established a new subsidiary: Flash Money Finance Mikromoliya tashkiloti LLC, located in Tashkent. The bank holds a 100% stake;

• O’zenergota’minlash JSC disclosed a 97.99% stake acquisition by O’zbekenergota’mir JSC, totaling 4,714,950 shares valued at 9.43trln UZS;

• Mitan paxta tozalash JSC will cease operations effective 3 May 2026, following a shareholder resolution dated 25 Oct 2025. Creditor claims will be accepted until 3 Dec 2025;

• Norin paxta tozalash JSC will cease operations effective 22 Oct 2025, following a shareholder resolution disclosed on 31 Oct 2025. Creditor claims will be accepted until 31 Dec 2025;

• Uch-tepa paxta tozalash JSC (UTPT) will cease operations effective 31 Oct 2025. Creditor claims will be accepted until 31 Dec 2025.

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EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the week, the Tashkent Stock Exchange recorded a total turnover of 910.9bln UZS across 15,373 transactions. Orient Finans (ORFI) accounted for 80.8% of the total, with a trading volume of 736.4bln UZS derived from the private issuance of 589,147,188 ordinary shares.

The stocks segment maintained their dominant position during the period, accounting for 97.7% of total turnover. Following the leading performer, Orient Finans (ORFI), InFinBank (INFBP) preferred shares generated the second-highest trading volume at 60bln UZS, which accounted for 6.6% of the total market activity. Uz-SaeMyung Ko (USMK) closely followed, recording a trading volume of 58.9bln UZS and a 6.5% share of the turnover. Another notable contributor from the automotive industry was O’z-Tong Hong Kompani (UTHK), which registered a trading volume exceeding 23bln UZS, representing 2.5% of the total.

The bond segment represented 2.3% of total turnover. Delta’s (DMMT2B4) new issuance of 20,000 corporate bonds generated 20bln UZS from 19 transactions, representing 2.2% of turnover. Agat Credit (ACMT1B) bonds contributed 0.02% with 172mln UZS in trading volume.

Weekly price analysis shows that 50% of the top ten companies by trading volume recorded no price changes, while the remainder trended upward, except for Agat Credit (ACMT1B), whose bond price fell nearly 1%. The highest gain was posted by O’zRTXB (URTS), up almost 10%, followed by Hamkorbank (HMKB) at 9.8%. O’zbektelekom (UZTL) rose 6.9%, while Biokimyo (BIOK) advanced 1.3%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Makesense LLC resolved to issue 4,000 interest‑bearing corporate bonds worth 400bln UZS at 24% annual interest via open subscription;

• EOPC JSC (UzCard) disclosed a major transaction with BTECH LLC valued at 320bln UZS (40.48% of net assets) for investment in real estate construction;

• O’zbekiston Temir Yo’llari JSC approved transfer of its 15% stake in Temiryo‘linfratuzilma JSC (55.7mln shares at par 1,000 UZS) to the Ministry of Economy and Finance, in line with Presidential Decree PQ‑289 of 19 Sep 2025, thereby reducing the state share proportionately;

• IMKON FINANS mikromoliya tashkiloti JSC (IMKF3) approved income accruals on corporate bonds at 23,013.7 UZS (2.3% of par), with payments scheduled from 16-25 Oct 2025 via non‑cash transfers;

• Mingbuloq Paxta Tozalash JSC resolved to cease operations effective 7 Oct 2025, with creditor claims to be accepted until 31 Dec 2025, following shareholder approval of liquidation;

• Andijon 1‑son Paxta Tozalash JSC approved reorganization via merger at the shareholders’ meeting on 11 Oct 2025; state registration of the new entity is set for 29 Nov 2025, with creditor claims accepted until 16 Nov 2025;

• Samarqandpaxtasanoat Regional JSC endorsed the merger of Juma Cotton Cleaning JSC into the association despite negative net assets (‑634.4mln UZS);

• Angren Logistika Markazi JSC (ANLM) resolved on 8 Oct 2025 to delist 1,302,803 ordinary shares with total par value 6,519,015,000 UZS from the Tashkent Stock Exchange quotation list;

• Ellikqal’a Paxta Tozalash JSC resolved to cease operations effective 22 Apr 2026, with creditor claims accepted until 22 Dec 2025;

• Paxtakor Paxta Tozalash JSC resolved to cease operations effective 21 Oct 2025, appointing a liquidation commission and accepting creditor claims for two months from the public notice date;

• Andijon 1-son Paxta Tozalash JSC approved the merger of Andijon-3, Paytug, Sufi Qishloq, and Asaka Paxta Tozalash JSCs into its structure, with dissenting shareholders entitled to request buyback at 2,334.02 UZS per share;

• Xo‘jaobod Paxta Tozalash JSC approved voluntary liquidation effective 21 Apr 2026; creditor claims accepted until 21 Dec 2025 per shareholder resolution dated 13 Oct 2025;

• Angren Logistika Markazi JSC (ANLM) delisted its shares from the “Privatization” segment of the Toshkent RFB stock market on 20 Oct 2025; securities were transferred to the off-list trading platform;

• Agat Credit JSC approved its transformation into Agat Credit Microfinance Bank JSC, with 73.72bln UZS authorized capital and full board appointments; charter and business plan registered with the Central Bank;

• NBU Invest Group JSC signed a 319.35mln CNY affiliated-party loan agreement with the National Bank of Uzbekistan to finance internal projects; full ownership confirmed;

• Sherobod Paxta Tozalash JSC shareholders approved a merger into Kumqo‘rgon Paxta Tozalash JSC with 77.83% voting in favor; dissenting shareholders may request buyback at 24,333.13 UZS per share;

• Agat Credit JSC registered a 40bln UZS corporate bond issue on 23 Oct 2025, with 400,000 securities at 100,000 UZS par;

• Contact Finance LLC registered a 10bln UZS corporate bond issue on 22 Oct 2025, with 100,000 securities at 100,000 UZS par;

• Biznes Finans Mikromoliya Tashkiloti LLC registered a 25bln UZS corporate bond issue on 21 Oct 2025, with 250,000 securities at 100,000 UZS par;

• Paresishvili Georgiy Otarovich was elected as an independent member of the supervisory board of Kapitalbank JSCB (KPBA) for a three-year term, effective upon approval by the CBU;

• Goodwill Capital JSC shareholder Anvar Irchayev offered to buy out remaining shares at 0.05 UZS each on 24 Oct 2025, under Article 40 of the JSC Law, citing ownership of over 50%;

• Agrobank JSCB (AGBA) approved D&O insurance coverage of $4.5mln for its supervisory board and committed to comply with state corporate governance guidelines from 1 Jan 2026;

• To‘rtko‘l Paxta Tozalash JSC shareholders approved a merger with Beruniy Paxta Tozalash JSC with 87.7% voting in favor; dissenting shareholders may request buyback at 23,469 UZS per share;

• Apex Insurance JSC received a perpetual insurance activity license from the National Agency for Perspective Projects on 20 Oct 2025.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

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TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of nearly 28bln UZS across 13,847 transactions.

Stocks comprised approximately 77% of the total turnover. Angren logistika markazi (ALMZ) alone represented more than half of the total turnover, accounting for 61.3% and a trading volume of 17.2bln UZS. Hamkorbank (HMKB) contributed over 1bln UZS in trading volume, equivalent to 3.7% of total turnover. Neft va gaz quduqlarini sinash (NGQS) followed with a trading volume of 802.1mln UZS, representing 2.9% of the period’s total turnover.

The bond segment comprised approximately 23% of total turnover. Agat Credit bonds constituted the principal share of bond trading, representing 20.9% of overall turnover. Two Agat Credit bonds, (ACMT1B2 and ACMT1B), accounted for trading volumes of 5.2bln UZS and 617.6mln UZS, respectively. Contact Finance (CTFB3) registered a trading volume of 225.4mln UZS, equal to 0.8% of total turnover, placing it last among the top-ten companies by volume.

W-o-w price changes across the listed entities were positive on balance. Only Agat Credit bond (ACMT1B) registered a w-o-w decline of 2.7%. Notable price movements included Maxsuselektrtarmoqqurilish (METQ), which rose by 20% from 15,000 UZS to 18,000 UZS per share, Neft va gaz quduqlarini sinash (NGQS), which gained 12.4%, and Hamkorbank (HMKB), which showed 7.5% increase over the reporting period.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown (September 29 – October 10, 2025)

FINANCIAL NEWS

ECONOMICS

• CLICK JSC approved the listing of its securities on regulated financial markets, including the Toshkent RSE;

• Tenge Bank JSC approved the listing of its securities on regulated financial markets, including the Toshkent RSE;

• Apex Bank JSC approved a 135bln real estate purchase agreement with Apex Insurance JSC, equal to 31.8% of its net assets;

• Payme JSC signed a 144bln UZS surety agreement with TBC Fin Service LLC, equal to 24.6% of its net assets;

• Payme JSC signed a 250bln UZS credit agreement with TBC Bank JSC, equal to 45.7% of its net assets;

• Delta Mikromoliya Tashkiloti LLC approved income payments of 23,013.70 UZS per corporate bond (2.3% of par value), with payouts scheduled from September 28 to October 7, 2025;

• Invest Finance Bank JSC (INFB) approved a 268.4bln UZS subordinated deposit agreement with Uztex Tashkent LLC, equal to 15.7% of its net assets;

• Open Bank JSC approved a cooperation agreement with affiliate Open Tijorat LLC for goods trading;

• Yo‘lreftrans JSC (YRFT) confirmed that its bank account at O‘zmilliybank JSC (Mirobod branch) was frozen, affecting 12.27bln UZS in cash holdings;

• O‘z-Tong Hong Kompani JSC JV rejected proposals to acquire a 75% stake in Andijon viloyati PFK LLC;

• Anor Bank JSC appointed a new supervisory board, adding Maximilian Edward Johnson and Stéphanie Rivoal as members;

• Delta Mikromoliya Tashkiloti LLC approved the issuance of 20,000 corporate bonds totaling 20bln UZS;

• O‘zbekneftgaz JSC (UZNG) proposed dividends of 32.65 UZS per ordinary share (6.53% of par) and 125 UZS per preferred share (25% of par);

• O‘zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi JSC approved the issuance of 200,000 corporate bonds totaling 200bln UZS. The bonds will be placed via public subscription over 90 days, with a 5-year maturity and 17.5%;

• Ipoteka-bank JSC (IPTB) listed its securities on regulated market, including Vienna MTF operated by the Vienna Stock Exchange;

• O‘zmetkombinat JSC (UZMK) signed a €132.5mln syndicated loan agreement with Standard Chartered Bank and KFW IPEX-Bank to finance and refinance its casting and rolling complex project;

• Agat Credit JSC declared income of 2,463.01 UZS per corporate bond (2.46% of face value), payable in cash between 2–15 October 2025.

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EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

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TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 129.8bln UZS across 15,591 transactions. The market was overwhelmingly dominated by InFinBank stocks.

Stocks accounted for 97% of the total turnover. Within the segment, a significant 93% of the total turnover belonged to InFinBank stocks (INFB and INFBP). Specifically, INFB led with a trading volume of 60.8bln UZS, followed by INFBP with 60bln UZS. Other issuers contributed marginally, each below 1% of turnover. O‘zRTXB (URTS) represented 0.7% of turnover from 893 trades totaling 921.8mln UZS, while Elektrqishloqqurilish (EQQU) posted a nearly similar share with 883.1mln UZS in trading volume.

The bond segment made up the remaining 3% of the total turnover. In this segment, Contact Finance (CTFB3) led with 1.2% of total turnover, trading volume exceeding 1.5bln UZS. This was closely followed by Hamkor invest lizing (HKIL3), also registering 1.5bln UZS. Agat Credit (ACMT1B2) held 0.4% of total turnover, representing a trading volume of 528.2mln UZS. Notably, AGAT Credit JSCM plans to issue 40bln UZS in corporate bonds at a 27% annual interest rate soon.

The weekly price analysis showed that 40% of companies, all the top four by volume, recorded no w-o-w price change. On the upside, Elektrqishloqqurilish (EQQU) registered the highest price appreciation at 21.3%, while O’zRTXB saw a 5.3% price increase. Conversely, O’zparavtotrans (UPAT) showed the steepest decline at 23.6%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• AGAT Credit JSCM will issue 400,000 corporate bonds worth 40bln UZS at 27% annual interest, listing them on the Tashkent exchange;

• Kapitalbank JSCB (KPBA) approved contract changes with Uzum Technologies and an additional agreement with Uzum Auto;

• AKFA Medline LLC will fully redeem its first corporate bond issue early, paying 262.16bln UZS, and annul the bonds;

• Poytaxt Bank JSCB appointed Dilshod Pulatov as Chairman of the Management Board, with Abror Turgunov becoming Deputy Chairman, alongside other executive changes;

• Milliy banklararo protsessing markazi JSC replaced Ulugbek Bakhadirov with Dilshod Sarikhodjaev as Chairman of the Supervisory Board;

• Eski‑Juva Dehqon Bozori JSC reduced charter capital by 107.9mln UZS through transfer of the Ibn Sino LLC branch to state ownership;

• Uzkabel JSC JV obtained a 24.5bln UZS loan from KDB Bank Uzbekistan JSCB, exceeding 340% of charter capital;

• Juma Paxta Tozalash JSC shareholders approved merger into Samarkandpaxtasanoat JSC, endorsed the transfer act, and confirmed share swap terms based on appraised values;

• Tenge Bank JSC shareholders approved listing 229.8mln ordinary shares (nominal 5,000 UZS) on the Republican Stock Exchange “Toshkent”;

• Payme JSC concluded a 36bln UZS surety agreement with affiliated entity TBC Fin Service LLC;

• Alfa Invest Insurance JSC approved a $8.3mln surety deal with Trastbank JSCB (TRSB) (114% of net assets).

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EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

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THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

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TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 74.5bln UZS across 12,923 transactions. The activity was dominated by InFinBank (INFBP), which accounted for an overwhelming 80.5% of total turnover, with a trading volume of 60bln UZS.

Excluding InFinBank (INFBP), the remainder of the stock segment contributed just 1.2% of total turnover. Hamkorbank (HMKB) led with 0.4% of total turnover, equaling 298.2mln UZS trading volume, followed by Elektrqishloqqurilish (EQQU) at 290.2mln UZS and O‘zRTXB (URTS) at 282mln UZS.

The bond segment comprised 18% of total turnover. Makesense (UZUMN2B) dominated this segment with a trading volume of 11.6bln UZS, representing 15.6% of total turnover and securing second place among the top ten companies by trading volume. This performance was supported in part by an affiliated transaction in which Uzum Bank JSC acquired bonds valued at 4.04bln UZS from Makesense LLC, as approved by its Supervisory Board on 11 September. Delta (DMMT2B3) ranked third in the bond segment with a trading volume of 432.6mln UZS, equivalent to 0.6% of total turnover. Agat Credit bonds (ACMT1B and ACMCT1B2) collectively accounted for 0.7%, while Biznes Finans bonds (BFMT3V3 and BFMT3V2) represented 0.5% of total turnover.

W-o-w price movements were predominantly negative. Elektrqishloqqurilish (EQQU) recorded the sharpest decline, with its closing price falling by 11.1%. Hamkorbank (HMKB) and O‘zRTXB (URTS) each experienced a 2.8% decrease. On the upside, Delta (DMMT2B3) saw the highest price increase of 6.1%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Toshkent Republican Stock Exchange appointed Fayzulla Tashov as acting chairman of the board, replacing Georgiy Paresishvili;

• Uzum Bank JSC entered a 4.04bln UZS affiliated transaction to acquire bonds from MAKESENSE LLC, approved by its Supervisory Board on September 11, 2025;

• Hayot Bank JSC signed a 100bln UZS subordinated loan agreement with affiliated entity Hayot Birja LLC on 29 August 2025;

• AKFA Medline LLC approved early redemption of its first bond issuance at 102.9% of indexed nominal value plus accrued interest, totaling over 262bln UZS;

• Sino JSC shareholders approved full liquidation on 22 August 2025, including termination of securities, asset transfer to SAXARI LLC, and payout of 2.24bln UZS to minority shareholders.

• Yevroosiyo Bank JSC sold government securities worth 24.35bln UZS to Ipak Yuli Bank JSC (IPKY), a transaction amounting to 22.41% of its net assets;

• TBC Bank JSC entered a 20bln UZS affiliated transaction with Payme JSC, providing a guarantee under a surety agreement approved by its Supervisory Board on June 30, 2025;

• Ipoteka-bank JSC (IPTB) approved creation of a new joint venture with UzAutoMotors’ subsidiary;

• NBU Invest Group JSC approved a 353.6bln UZS charter capital reduction via cancellation of 353.6mln shares, reflecting asset transfers from Uznaсbank and the State Asset Management Agency;

• Hamkorbank JSCB (HMKB) approved dividends totaling 161.7bln UZS (1.25 UZS per share), payable September 6 – November 5, 2025;

• O‘zikkilamchiranglimetall JSC (UVCM) approved a 14.2bln UZS issuance of 5.4mln ordinary shares at 2,634 UZS each.

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EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

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TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a turnover of 19.6bln UZS, resulting from 25,805 transactions. Stocks accounted for 83% of all transactions. Among the top ten trades, Ipak Yuli (IPKY) was the leading contributor, with a 38.3% share of the total turnover, equivalent to a trading volume of 7.5bln UZS. Elektrqishloqqurilish (EQQU) followed with a 21.1% turnover, representing a trading volume of 4.1bln UZS. Biznes Centr Samarkand (BCSK) secured the third place with a trading volume of 1.8bln UZS, constituting 9.6% of the total turnover. Hamkorbank (HMKB) was the last in the list with a 1.2% of turnover.

Bonds comprised the remaining 17% of total turnover. Imkon Finans (IFMT4) led the bond segment with a 7.4% share, corresponding to a 1.4bln UZS trading volume. Contact Finance followed with a 5.2% turnover, and Agat Credit with a 3.2% turnover.

During the period, 30% of listed companies experienced no change in their w-o-w prices. O’zbektelekom (UZTL) demonstrated the highest price increase at 7.1%. Imkon Finans (IFMT4) bonds appreciated from 900,000 to 930,000 UZS, resulting in a 3.3% increase. Hamkorbank (HMKB) and O'zRTXB (URTS) saw price increases of 1.9% and 0.25%, respectively. Conversely, Elektrqishloqqurilish (EQQU) showed the most significant decline, at 10%. Ipak Yuli (IPKY) and Agat Credit (ACMT1) experienced price decreases of 4.4% and 1.3%, respectively.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• On August 11, 2025, the UzNIF held an extraordinary meeting where shareholders approved Franklin Templeton Asset Management as the fund’s official manager. Bobur Abdinazarov’s interim role ended, and Marius Dan was appointed to lead and register the changes;

• Uzmetkombinat JSC (UZMK) signed a 39.24bln UZS spot deal with 49%-owned Li Da Metal Technology for 5,000 t of steel billets;

• Uychi Paxta Tozalash JSC decided to cease operations effective 12 Aug 2025, with creditor claims accepted until 31 Dec 2025;

• O‘zmetkombinat JSC (UZMK) announced changes in its executive and supervisory board composition, dated August 19, 2025. Abdullayev Baxodir Tojimirzayevich has been appointed as Acting Chairman and CEO, replacing Dilshod Axmedov;

• Uzbek Commodity Exchange JSC (URTS) placed a 200bln UZS term deposit with Trastbank JSCB on August 25 2025, a deal equal to 43.16% of its net assets, approved by the supervisory board;

• Payme JSC has entered into a material transaction with its affiliate, TBC Fin Service LLC, involving a 36bln UZS surety agreement;

• Trastbank JSCB (TRSB) signed a 5.49bln UZS contract with affiliated Inco-Construction LLC for capital repairs of its “Digital” office.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

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TASHKENT STOCK EXCHANGE

During the week, turnover on the Tashkent Stock Exchange reached 27.9bln UZS, while the number of transactions accounted for 16,571.

During the period, stocks comprised nearly 84% of the total turnover.

This dominance was largely driven by Hamkorbank (HMKB), which contributed 49.8% of the total turnover with a trading volume of 13.9bln UZS. Ohangaronshifer (OHSF) followed as the second-largest contributor, trading 6.4bln UZS, equivalent to 22.9% of the total turnover. O’zRTXB (URTS), while having the highest number of transactions among the listed companies, contributed only about 1% to the total turnover.

The bond market made up the remaining 16% of turnover. Biznes Finans (BFMT3V3) led this segment, securing third place overall with a trading volume of about 1.8bln UZS, representing 6.3% of total turnover. In contrast, Imkon Finans (IFMT4) had the lowest trading volume in the bond market among the top ten, at 283.9mln UZS, accounting for just around 1% of the total turnover. Toward the end of the period, CBU suspended Imkon Finans operations for three months.

Half of the listed companies experienced w-o-w declines. Universal Bank (UNVB) saw the steepest drop, falling 26%, followed by Elektrqishloqqurilish (EQQU) with an 18.7% decrease. On the upside, Hamkorbank (HMKB) posted the strongest gain, rising 4.3%, while O’zRTXB (URTS) appreciated by 3.7%.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• TBC Bank JSC signed a $58.95mln agreement with Space International JSC (Georgia) to expand licensed services, approved on 24 July 2025 by the Supervisory Board, and representing 28.64% of net assets;

• Biznes Finans Mikromoliya Tashkiloti LLC approved the issuance of its fifth series of corporate bonds totaling 25bln UZS, with each of the 250,000 bonds valued at 100,000 UZS and offering a 27% annual interest rate, with public placement via the Tashkent RSE and a 720-day term. Interest is paid monthly;

• Turonbank’s (TNBN) supervisory board approved the issuance of 88.2mln ordinary shares worth 150bln UZS, with preferential rights for existing shareholders;

• Uzum Bank JSB to increase charter capital by issuing 100mln ordinary shares worth 100bln UZS via private placement to sole shareholder UB Assets Holding;

• Anor Bank JSB updates its list of affiliated persons: removes Madina Nurutdinova and adds Maximilian Edward Johnson as supervisory board member; revised list includes board members, executives, and six related legal entities;

• Barabanova Angelina Sergeyevna acquired 50% stake in Whirl JSC, becoming majority shareholder;

• Contact Finance LLC registered a 3bln UZS corporate bond issuance (30,000 units at 100,000 UZS each) via open subscription; state registration completed on August 6, 2025;

• Dehqonobod Kali Zavodi JSC confirms full transfer of share ownership to Asian Chemical Group LLC, approves new charter, and mandates disclosure and registration actions;

• Navoiy kon-metallurgiya kombinati (NKMK) JSC registers a closed issuance of 77.79mln ordinary shares at 1,000 UZS each (totaling 77.79bln UZS), following supervisory board approval on June 24, 2025; state registration completed on August 6, 2025;

• Anor Bank JSB added Rent Accounting LLC to its list of affiliated persons on July 22, 2025, sold non-residential buildings (№0005, 0011, 0007, 0010, 0006, 0009, 0008, 0003, 0004, 0002 (inventory asset)) to total sum of 96.5bln UZS, and removed Rent Accounting LLC from its list of affiliated persons as of July 30, 2025;

• On August 6, 2025, Hamkorbank’s (HMKB) supervisory board recommended a dividend payout of 1.25 UZS per ordinary and preferred share (25% of par value), with no income on other securities. The proposal awaits shareholder approval;

• Prestige Insurance JSC has officially changed its name from Humo Sug'urta JSC;

• Delta Mikromoliya Tashkiloti LLC approved the issuance of corporate bonds via open subscription on the “Toshkent” RFB, with unlimited quantity and placement under exchange rules, as resolved at its July 31, 2025 extraordinary meeting;

• O‘zenergosotish JSC signed a 118bln bilateral deal with affiliated party O’zsanoatqurilishbank (SQBN) JSCB on August 8, 2025, to obtain a bank guarantee, as approved by its sole shareholder.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the week, turnover on the Tashkent Stock Exchange reached 201.3bln UZS, while the number of transactions accounted for 10,821.

In this period, stocks accounted for about 33% of the total turnover. Aloqabank (ALKB) was the primary contributor, representing 22.9% of the total turnover with a trading volume of over 46bln UZS. Angren logistika (ALMZ) was the second-largest contributor from this segment, trading over 17.9bln UZS in a single transaction, and its turnover accounted for 8.9% of the total market. Other listed stock securities had comparatively minimal shares in the overall trading volume.

Bonds, all originating from the microfinance sector, comprised about 67% of the total turnover. The leading bond was from Makesense (UZUMN2B), which contributed 41.9% of the total market turnover, totaling 84.3bln trading volume. Other significant contributors from the microfinance sector included Agat Credit (ACMT1B2) and Delta (DMMT2B3), which collectively represented over 22% of the total turnover. During the period, they issued 45bln UZS in bonds with 28% annual coupon rate.

An analysis of weekly price changes reveals that four of the listed companies experienced an increase in their w-o-w prices. Agat Credit (ACMT1B2) recorded the highest appreciation in value, with its shares rising by 14% to 114,000 UZS. Aloqabank (ALKB) followed with a 2.2% increase, moving to 0.46 UZS per share. The most substantial decline was recorded by Biznes Finans (BRBN), with its shares dropping by 16% to 80 UZS.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• TBC Bank JSC signed a $58.95mln agreement with Space International JSC (Georgia) to expand licensed services, approved on 24 July 2025 by the Supervisory Board, and representing 28.64% of net assets;

• Hayot Bank JSC issued 10 deposit certificates at 500mln UZS each via open subscription, totaling 5bln UZS;

• To‘raqo‘rg‘on Paxta Tozalash JSC ceased operations effective 31 July 2025, following a shareholder resolution; creditor claims will be accepted until 30 September;

• AVO Bank JSC updated its list of affiliated parties on 1 August 2025, adding board member Ondrej Grich;

• Ipak Yo‘li JSCB (IPKY) announced on 31 July 2025 the creation of Ipak Yuli Technologies LLC (100% owned) and reaffirmed full ownership of Osiyo Sarmoya Depo LLC;

  Payme JSC signed a 30bln UZS loan agreement with affiliated entity TBC FIN Service LLC

• Agat Credit LLC unanimously approved its transformation into a Joint Stock Company (JSC), set a charter capital of 73.7bln UZS and appointed Anton Dmitriev as General Director;

• Shareholders of Kapital Sugurta JSC (KASU) approved a dividend payout of 0.0006 UZS per preferred share, with no payments on ordinary shares.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

The total trading volume on the Tashkent Stock Exchange for the week reached 135.3 bln UZS across 5,519 transactions. Leading the market was Makesense (UZUMN2B), which accounted for 84.3 bln UZS through three large block deals. The stock added 1.06%, closing at 520,205,479.5 UZS.

Agat Credit (ACMT1B2) ranked second with 47.9 bln UZS in turnover, gaining 2.20% to 104,963.50 UZS. Its first line, ACMT1B, also showed solid growth, advancing 2.00% to 102,000 UZS with 88.6 mln UZS traded.

Biznes Finans (BFMT3) recorded 1.06 bln UZS in trades and rose 1.78% to 1,017,753.42 UZS. Its third line, BFMT3V3, added 0.51% to 101,627.40 UZS on a volume of 941.5 mln UZS.

Among notable movers, OʻzRTXB (URTS) fell 4.71% to 4,002.00 UZS with 218.3 mln UZS in weekly turnover, while Qizilqumcement (QZSM) edged down 0.53% to 1,044.40 UZS. In contrast, O‘ztеmiryo‘lkonteyner (UTYK) surged 20.00%, reaching 300,000 UZS on 101.6 mln UZS traded.

In the banking sector, SQB Bank (SQBN) slipped 0.52% to 9.50 UZS, whereas Hamkor Bank (HMKN) jumped 8.78% to 28.87 UZS, finishing as one of the week’s strongest performers with 70.5 mln UZS in trades.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Avesta Investment Group named “Uzbekistan’s Best Investment Bank” at Euromoney Awards for Excellence 2025.

• Chinese company Baibuting Group has launched a $1.8bln green energy project in Ahangaran. The first phase includes the construction of two 240 MW solar power units, with future stages adding wind, hydro, and biomass energy to reach a total capacity of 2 GW.

• Uzbekistan’s real estate market grew by 10.6% in the first half of 2025, with 136,500 housing units sold, according to the Center for Economic Research and Reforms. Despite higher transaction volumes, average secondary housing prices fell by 4.8% year-on-year, with Tashkent showing the sharpest decline.IMF:

• In the 1H2025, over 1,800 foreign-invested companies were established in Uzbekistan, with China, Russia, and Turkey leading investor nations—most active in trade, industry, and construction.

• Uzbekistan’s 1H2025 GDP rose 7.2%, inflation eased to 4.2%, income growth slowed to 9.5%, and exports surged 29.2%.

• In June 2025, average rent in Tashkent was $8.1/m²—down 2.6% y-o-y, with Mirabad highest at $10.8/m² and Bektimir lowest at $5.6/m².

• Kazakhstan's Halyk Bank agreed to purchase 49% shares of Click, Uzbekistan's largest fintech, for combination of cash and 49% in its Uzbek subsidiary, Tenge Bank.

• Agat Credit and Delta issued 45 bln UZS in bonds with 28% annual yield, now trading on the Tashkent Stock Exchange.

• A modern tourism cluster will be built along the Aydar-Arnasay lake system as part of $662mln in regional investments transforming Jizzakh into a key hub for agriculture, industry, and innovation.

• In 1H2025, Uzbekistan became a net electricity exporter for the second time since 2020, earning $100.6mln from exports and importing just $65.3mln.

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EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

During the week, turnover on the Tashkent Stock Exchange reached 1.23trln UZS, by 40% lower than the previous period, while the number of transactions accounted for 9,952 and remain stable.

In this period, stocks accounted 99.6% of the total turnover, primarily due to Xalq Bank (XKBK) which represented 99.1% of the total turnover, totaling 1.2trln UZS trading volume. Yo’lreftrans (YRFS) followed, however at much smaller scale of over 3bln UZS, with 27 transactions, and the total turnover of around 0.2%. Other listed stock securities held comparatively minimal shares in the overall trading volume.

Bonds compromised only 0.3% of the total turnover, all of which originating from the microfinance sector. Top 3 in the list, Makesense (UZUMN2B) contributed over 0.1% of the total turnover, leading the bond segment. Other significant contributors from the microfinance sector included Imkon Finans Mikromoliya Tashkiloti bonds (IFMT3 and IFMT4) collectively representing approximately 0.1%, Biznes Finans Mikromoliya (BFMT3V3) and Agat Credit (ACMT1B), both below 0.1%.

An analysis of weekly price changes reveals that 50% of the top 10 listed companies experienced increase in their w-o-w prices. O’zRTXB (URTS) recorded the highest appreciation in share value, rising by 5%, to 4,200 UZS. Biznes Finans Mikromoliya (BFMT3V3) followed with around 1% increase, moving from 100,074 to 101,110 UZS per share. Makesense (UZUMN2B) saw a slight increase in its weekly percentage change of around 0.6% led to a 3,082,192 UZS increase in its w-o-w closing price. Yo'lreftrans (YRFS) recorded the most substantial decline, with its shares dropping by 7.7%, to 3,415 UZS.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• O‘zmetkombinat JSC (UZMK) signed a €6.7mln credit agreement with the NBU for a 12-month loan;

• Agat Credit LLC registered 30bln UZS corporate bonds issue with 1 year maturity and 28% interest paid on monthly basis

• Uzauto Motors Powertrain JSC approved 2024 dividends—0.4469 UZS per share for ordinary shares; no payments on preferred shares or bonds;

• O‘zmetkombinat JSC (UZMK) will pay 300 UZS per preferred share for 2025, no dividends for ordinary shares;

• O‘zsanoatqurilishbank JSCB (SQBN) will pay dividends of 4.37 UZS per preferred share for 2024FY; no payments on ordinary shares;

• O‘zbektelekom JSC (UZTL) will pay dividends of 76.3 UZS per ordinary share and 288.5 UZS per preferred share for 2024FY;

• Ipak Yo‘li Bank JSICB (IPKY) will pay 0.152 UZS share dividends on both ordinary and preferred shares;

• Future Open Technology Group issued a 100bln UZS (https://new.openinfo.uz/facts/21/14958) loan to affiliated party Mr.Tashpulov Sh.A.;

• DELTA MIKROMOLIYA TASHKILOTI (DMMT2B) issued 15bln in corporate bonds, 2 years maturity with 28% annual coupon payable on the monthly basis;

• Gulamov Bexzod Shuxratovich acquired a 43.51% stake in MULTIPAY AJ;

• TBC Bank JSB signed a $10mln credit agreement with its affiliate TBC Bank Group PLC;

• NBU Invest Group LLC handed over the stakes in NBU Green House Dream LLC and Kattakurgan Business Services LLC. According to a state register, the 100% stake in the first company is now controlled by Ko'hna Khorazm Agro Eksport LLC, and in the second by UzSAMA;

• Biokimyo JSC (BIOK) will pay 1,000 UZS dividends per ordinary share;

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

TASHKENT STOCK EXCHANGE

Total trading volume on the Tashkent Stock Exchange during the period reached 81.3bln UZS, with 9,426 deals made. Most of the activity came from a small group of companies. Universal Bank (UNVB) had the highest trading value among stocks and its price increased by 4.4%. Minora qurish ekspeditsiyasi (MIQE) rose by 6.5%, and Janubsanoatmontaj (JASM) traded flat at 12,480 UZS per share. In contrast, O‘zparavtotrans (UPAT) dropped by 23.6%, though this was based on only one deal.

Other notable names included O‘zRTXB (URTS), which had the most transactions — over 1,100 — despite falling by 11.1%. Maxsuselektrtarmoqqurilish (METQ) decreased by 4.6%, while Neft va gaz quduqlarini sinash (NGQS) and BIZNES FINANS MIKROMOLIYA (BFMT3V3) remained stable. Trading volumes were relatively low across the board, and price movements were mostly tied to isolated transactions.

Bond trading was focused mainly on microfinance companies. Makesense (UZUMN2B) made up 63.9% of total turnover, with three trades totaling 51.9bln UZS. Agat Credit (ACMT1B) followed with over 300 trades and 2.0bln UZS in volume. Bond prices stayed mostly unchanged throughout the period.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• NavoiyUran SE places 5-year USD-denominated $300mln Eurobond at record-low coupon of 6.70% on LSE with $1.3bln oversubscription, which enabled to decrease the rate from the initial level of 7.250-7.375%.

• Following the upgrade of sovereign rating, Fitch upgrades to BB the ratings of the three state-owned banks: NBU, SQB (SQBN) and Asakabank.

• AIIB is considering to provide Uzbekistan with $71.1mln loan to upgrade rural roads in Khorezm and Karakalpakstan.

• IMF: Uzbekistan’s PPP portfolio grows to $31bln, but fiscal risks remain elevated

• Renesans Microfinance signed a 15bln UZS loan agreement with affiliated firm Renesans Credit;

• Hamkorbank (HMKB) signed a 15bln UZS loan deal with affiliated firm Hamkormazlizing;

• Renesans Microfinance signed a 24.1bln UZS loan agreement with affiliated firm Orient Capital Management, with a 14-month term at 27% interest;Renesans Mikromoliya Tashkiloti JSC obtained a 10bln UZS loan from Universal Bank JSCB (UNVB);

• Trade turnover of Central Asian states with China is growing, which will reach $100bln this year according to estimations.

• China Eximbank signs $500mln deal to finance Uzbek telecom infrastructure.

• TBC Bank Uzbekistan JSCB attracted $12.5mln from the Dutch Triple Jump.

• WB to provide $150mln to support development of hydro power systems.Tashkent.

• IT Park Ventures invested over $1.56mln in five Uzbek startups.

• Gold made up 44% of Uzbekistan’s exports in early 2025, totaling $6.5bln—up 54.8% y-o-y.

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ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

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TASHKENT STOCK EXCHANGE

During the period, trading volume on the Tashkent Stock Exchange totaled 2,07trln UZS, out of which 97.9%, equivalent to 2.03 trln UZS was derived from a M&A activity involving Microcreditbank (MCBA).

Among the stocks, Boshtransloyiha (BTRL) led with a trading volume of 31.18bln UZS, representing 1.51% of the overall trading volume. Other notable performers included Muborak paxta tozalash (MKPT), Uzbek Commodity Exchange (URTS), and Portlatishsanoat (PLST), each with shares below 0.2%. Despite lower individual volumes, the top 10 entities collectively shaped nearly the entire market activity during the week.

Out of the three bonds from the list, Makesense (Uzum Nasiya) UZUMN2B and Agat Credit MMT ACMT1B recorded significant trade turnovers of 4.06bln and 2.97bln UZS respectively, placing them at top 3 and 4. Muborak Paxta Tozalash (MKPT) generated trading volume of 2.56 bln UZS just from single transaction, while Uzbek Commodity Exchange (URTS) generated 816.7mln UZS from 1,047 transactions, which is the highest for the period.

On the price font, the Uzbek Commodity Exchange (URTS) also was the week’s outperformer, rising 15.93% from 3,880 UZS to 4,498 UZS per share, while PLST grew by 10.64%. On the downside, Microcreditbank (MCBA) posted the sharpest decline, falling 11.83%, to 611 UZS.

The AVEX (Avesta Equity Index) decreased by 2.4% over the two-week period.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Apex Insurance JSC concluded a real estate purchase agreement with an affiliated party, Aziz Mahmadaminov, for a total amount of 990bln UZS;

• Universal Bank JSCB (UNVB) established a subsidiary company — Finhelp Solutions LLC;

• Uzbekistan Pochtasi JSC (UPOS) approved a capital increase through the issuance of 7.6mln common shares with a nominal value of 1,905 UZS each. The shares will be privately placed with the Ministry of Economy and Finance of Uzbekistan at a placement price of 10,150 UZS per share. Payment will be made via an in-kind contribution of 50 postal branch buildings valued at 77.3bln UZS;

• Uzmetkombinat JSC (UZMK) signed related-party transactions with Metallurgiya Servis Markazi LLC for equipment repair services worth 160bln UZS, and with Bekobod Sanoat Qurilish-Montaj Tresti LLC for design and construction works totaling 30bln UZS;

• Farrukh Nigmatov, a shareholder of Universal Sug'urta JSC (UNSU) acquired an additional 30.71% stake in the company for approximately 6bln UZS;

• Renesans Mikromoliya Tashkiloti JSC obtained a 10bln UZS loan from Universal Bank JSCB (UNVB);

• Alskom Sug'urta Kompaniyasi JSC (ALSM) declared dividends of 483 UZS per preferred share.

• O'zqishloqelektrqurilish JSC (UQEQ) obtains commercial real estate worth 27.86bln UZS from the shareholder Mr.Mukhammadiev Tulkundzhon;

• O'zbekekspertiza JSC invests 20bln UZS (https://new.openinfo.uz/facts/20/2612) into the construction of a modern exhibition center in Yangi Namangan area;

• Renesans Microfinance attracted 10bln UZS loan from Universal Bank JSCB (UNVB);

• Tashkent Commodity Exchange JSC leases non-residential real estate from Global Skillhub;

• Apex Bank JSCB purchases ATMs worth 100.44bln UZS from Hyosung TNS

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