Dear participants of the OTP Pension and FreeFlight pension funds,
We invite you to review the performance results of OTP Capital non-state pension funds for October 2025.
GENERAL ECONOMIC SITUATION IN UKRAINE
In October 2025, Ukraine’s financial markets maintained moderate volatility amid the ongoing war and expectations regarding further economic support from international partners. Despite external challenges, OTP Capital investment funds continue to deliver stable and predictable results for their investors and unit holders.
The National Bank of Ukraine kept the key policy rate unchanged at 15.5%, in line with its strategy of maintaining controlled inflationary processes. The NBU’s Monetary Policy Committee noted that inflationary pressure remains elevated, particularly due to higher business costs related to infrastructure recovery, wages, and energy resources.
In October, demand for foreign currency increased, prompting the NBU to raise its foreign exchange interventions by 27% compared to September — from USD 2.3 billion to USD 2.92 billion.
HRYVNIA-DENOMINATED INVESTMENTS
Yields on hryvnia-denominated domestic government bonds (OVDPs) at primary auctions remained unchanged:
- 1.5-year bonds: 16.35%
- 2-year bonds: 17.1%
- 3-year bonds: 17.8%
Interest rates on time deposits in the banking sector also remained stable:
- Hryvnia deposits: 10.5%–14.5%
- US dollar deposits: up to 2.0%
FOREIGN CURRENCY INVESTMENTS
Yields on foreign-currency-denominated OVDPs during the month remained in the range of 4.1%–4.25%. On the secondary market, yields did not exceed 3.75% in US dollars and 1.85% in euros.
The hryvnia exchange rate fluctuated within the range of UAH 41.1–41.99 per USD, closing the month at UAH 41.99 per USD.
On international markets, heightened sensitivity to information signals contributed to volatility in Ukrainian Eurobonds within a range of 2%–4%. Over the month, their prices declined by 2%–6%, depending on maturity.
PERFORMANCE OF NON-STATE PENSION FUNDS
OTP PENSION
Fund Portfolio
In October, the fund’s asset structure underwent scheduled rebalancing aimed at increasing long-term returns.
OVDP transactions:
- Government bonds worth UAH 68.5 million were sold
- OVDPs worth UAH 45.5 million were purchased with longer maturities and higher yields
Deposit placements:
- UAH 1.6 million — Universal Bank JSC
- UAH 6.4 million — Sense Bank JSC
- UAH 12 million — Taskombank JSC
- Financial results
- Total NAV as of the end of October: UAH 778.0 million
- Fund assets increased by UAH 13.3 million (+1.7%)
- Contributions received: UAH 8.1 million
- Pension payments made: UAH 0.9 million
Performance
Based on September results, the fund delivered 0.3% for the month and 12.8% over the last 12 months.
FREEFLIGHT
Fund Portfolio
Throughout October, the fund continued building a balanced currency-and-bond portfolio with an emphasis on low risk.
Deposit operations:
- USD 20 thousand placed with Creditwest Bank JSC
- USD 19.7 thousand placed with Taskombank JSC
OVDP transactions:
- Hryvnia-denominated OVDPs purchased for a total of UAH 1.4 million
Financial results
- Total NAV as of August: UAH 75.4 million
- Fund assets increased by UAH 1.6 million (+2.1%) by the end of the month
- Contributions received: over UAH 0.4 million
- Pension payments made: UAH 42 thousand
Performance
- For September, the FreeFlight Fund posted a return of –0.1% in US dollars, while performance over the last 12 months amounted to 6.4% in US dollars.
In October, both OTP Capital pension funds continued to maintain stability and a focus on long-term results.
Despite macroeconomic and market fluctuations, the FreeFlight Fund maintained moderate growth in US dollars, while the OTP Pension NPF demonstrated consistent growth of pension savings.
