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 September 2025.
General economic situation in Ukraine
In September, the NBU Monetary Policy Committee kept the key policy rate unchanged at 15.5%, in line with the regulator’s forecast. Inflation continued to decline, reaching 13.2% in September, compared to 14.1% in August and 14.3% in July. NBU interventions in the foreign exchange market decreased to USD 2.3 billion in September, while international reserves increased by USD 0.5 billion to USD 46.5 billion.
The external information environment remained relatively favorable, which positively affected Ukrainian eurobonds. In September, their prices increased by 4–8%, depending on maturity.
Hryvnia investments
Yields on hryvnia-denominated domestic government bonds (OVDPs) at primary auctions remained unchanged:
- 16.35% — 1.5-year bonds
- 17.1% — 2-year bonds
- 17.8% — 3-year bonds
Term deposit rates in the banking sector also stabilized in the range of 10.5–14.5% per annum.
During the month, the official hryvnia exchange rate fluctuated between 41.03 and 41.50 UAH/USD, ending September at 41.11 UAH/USD (an appreciation compared to 41.26 UAH/USD at the beginning of the month).
Foreign currency investments
Yields on foreign currency-denominated OVDPs remained stable at 4.17–4.25% in US dollars and around 3.25% in euros.
In the secondary market, yields did not exceed 2.5% in US dollars and 1% in euros.
Prices of Ukrainian eurobonds (Eurobonds / UZDPs) continued moderate growth amid a stable external environment and positive investor expectations.
Results of non-state pension funds
OTP Pension
Fund portfolio
In September, government bonds (OVDP) worth UAH 47.5 million were sold from the fund’s portfolio, and new issues with longer maturities and higher yields were purchased.
In the deposit segment, funds were placed as follows:
- UAH 19.5 million — Universal Bank
- UAH 15.0 million — Agroprosperis Bank
- UAH 3.4 million — Sense Bank
- UAH 50.5 million — Idea Bank
Financial results
- Total NAV as of the end of September: UAH 764.8 million
- Fund assets increased by ↑ UAH 17.8 million (2.3%)
- Contributions amounted to UAH 8.1 million
- Pension payments totaled UAH 0.7 million
Performance
In September, the fund delivered a return of 1.4% for the month and 14.4% over the last 12 months.
Freeflight
Fund portfolio
In September, the fund placed assets on deposits with reliable banks:
- USD 58 thousand — Agroprosperis Bank
- USD 47 thousand — Sense Bank
- USD 23 thousand — Tascombank
In addition, UAH-denominated government bonds (OVDP) worth UAH 926 thousand were purchased, and a number of transactions with Eurobonds (external government bonds) were carried out.
Financial results
- Total NAV as of the end of August: UAH 73.8 million
- Fund assets increased by UAH 1.7 million (2.3%) by month-end
- Contributions exceeded UAH 1.3 million
- Pension payments amounted to around UAH 15 thousand
Performance
In September, the Freeflight fund generated a return of 0.5% in US dollars, and 8.8% in US dollars over the last 12 months.
OTP Pension and Freeflight once again demonstrate stable asset management efficiency and resilience to market fluctuations, ensuring reliable growth of participants’ savings even in a changing economic environment.
