News
Annual Report – Management of Assets of RS and SSH for 2024
Slovenian Sovereign Holding (SSH), acting in accordance with Article 67 of ZSDH-1, which requires the monitoring of the performance and efficiency of state-owned enterprises (SOEs), has prepared the Annual Report - Management of Assets of RS and SSH for 2024.
The year 2024 marked an important period for SSH – one of notable developments as well as achievements. Celebrating its tenth anniversary, the Company further strengthened its position as the central manager of state assets, guided by the highest standards of professionalism, accountability and a firm commitment to sustainable business practices. With a clear focus on the long-term profitability of its portfolio, effective risk management and other key strategic priorities, SSH not only met but exceeded the objectives set out in the Annual Asset Management Plan for 2024.
Despite a challenging economic and geopolitical environment and a slowdown in economic activity, SSH achieved a 9.6% return on equity (ROE) across its managed portfolio, significantly surpassing the planned 6.7%. At the end of 2024, the book value of capital assets under SSH’s management amounted to EUR 13.1 billion, continuing the upward trend in the value of state-owned assets.
Maintaining an appropriate dividend policy remains one of the core objectives of asset management. In 2024, dividends from capital assets managed by SSH amounted to EUR 487.7 million, exceeding the planned figure of EUR 383.9 million by EUR 103.8 million. Of this total, the Republic of Slovenia received EUR 408.5 million, the Pension and Disability Insurance Institute (ZPIZ) EUR 13.7 million, and SSH EUR 65.5 million.
For 2025, dividends are expected to reach EUR 510.2 million, which is EUR 46.1 million more than the EUR 464.1 million originally projected in the Annual Asset Management Plan. As in previous years, the Energy pillar contributed the largest share of dividends, followed by companies in the Finance and Economy pillars, while firms from the Transport and Tourism pillars also made a contribution
Throughout 2024, SSH continued to pursue restructuring, consolidation and optimisation activities across the portfolio companies under its management. A key milestone was the completion of the long-standing financial restructuring of Sava, d. d., which established the foundations for the group’s further development. Among other significant achievements, it is worth noting that SSH successfully recovered outstanding debt from the T-2 Group, concluding a EUR 90 million settlement after several years of dedicated efforts. The year also saw the completion of the transfer of SSH’s real estate operations to D.S.U., d. o. o., aimed at further optimising the management of state-owned tangible assets. Furthermore, the share capital increase of EUR 1.9 million for Študentski dom Korotan reinforced the state’s strategic commitment to supporting Slovenia’s educational, scientific and cultural presence abroad.
The strategic governance framework for state asset management was also upgraded. In July 2024, the National Assembly of the Republic of Slovenia adopted a new State Assets Management Strategy, which was further amended in March 2025. The document introduces an expanded and revised classification of capital assets. The Strategy emphasises the importance of raising corporate productivity, advancing digitalisation, and further strengthening ESG and corporate governance. It also sets out measures to strengthen the Slovenian capital market and introduces new strategic directions for the management of enterprises employing persons with disabilities.
In March 2025, SSH adopted its new corporate strategy, outlining its key strategic priorities through to 2030. The strategy focuses on enhancing the performance, productivity and sustainable value of the state capital assets portfolio, while also fostering the development of SSH’s own competences and a modern, agile organisational structure. The responsible implementation of this strategy is supported by clear strategic directions, grounded in the principles of sustainable development – striking a balance between the goals of strengthening natural, human and manufactured capital.
The current environment presents a number of challenges: technological transformation driven by digitalisation and artificial intelligence, climate change and the green transition, as well as major geopolitical shifts, political and military tensions, declining European competitiveness, and the ageing of the population alongside changing social values.
Together, these trends heighten the uncertainty surrounding the business environment and the achievement of strategic objectives by both SSH and the portfolio companies. At the same time, however, they open up important new opportunities – particularly in the areas of defence, security and resilience, where investment needs within the EU are growing and Slovenian companies stand to benefit from Europe’s move towards greater strategic autonomy. In September 2025, in line with the Republic of Slovenia’s strategic orientations, SSH took part in establishing a new company focused on investing in projects and enterprises that promote the development of the defence industry, national security, and societal resilience. The company will operate as a platform for strategic partnerships with Slovenian and international stakeholders in the fields of defence, security and resilience. It will also establish new enterprises and implement development projects aligned with the objectives of the national strategy.