We are concluding 2025, a year that brought many important changes to our capital market, from a new strategy to development novelties, products, and broader investor inclusion. We are entering 2026 with the ambition to continue strengthening the market and creating new opportunities together with our stakeholders.

In 2025, the Ljubljana Stock Exchange operated in line with a clear focus on long-term growth and capital market development, presenting a new strategy for the period 2025–2028 at the beginning of the year. The strategy defines key strategic goals, including increasing market capitalization, developing new products, strengthening stakeholder trust, improving business excellence, and focusing on long-term profitability.

The Ljubljana Stock Exchange carried out activities aimed at greater inclusion of the population in the capital market, strengthening international recognition, and developing products and partnerships. The March issue of the second series of retail bonds was an important step. Despite the uncertain international environment and lower interest rates on financial markets compared to the previous year, the issue was successful. The second issue contributed to the opening of 2,940 new trading accounts.

In the debt instruments segment, the listing of the retail bond was followed by the listing of the first European government bond linked to the achievement of sustainability goals on the Sustainable Financing Market. Also in the second half of the year, a new ETF, ICGRO, was listed, offering investors exposure to Romanian government bonds denominated in euros.

Throughout the year, the Ljubljana Stock Exchange actively participated in foreign investment conferences with the aim of increasing the international visibility of the Slovenian capital market.

The year 2025 was also marked by the introduction of several new products. The stock exchange began cooperating with pension funds and organized a joint conference about future of the capital market and the pension system. In addition, a pilot program entitled Training on Financial Instruments for Growth, Development, and Transformation of Companies 2025 (FI-MSP 2025) was launched in cooperation with the public agency SPIRIT Slovenia and the Ministry of Economy, Sports, and Tourism.

In the area of recognition and promotion of development activities on the market, the stock exchange also introduced new awards in 2025, expanding the existing set of standard awards. In addition to the traditional categories, an award for the greatest contribution to the development of the capital market, an award for the exchange member of the year in the bond segment and an award for the largest exchange movement were introduced.

The enforcement of the Individual Investment Accounts Act (INR), planned for March 2026, also represents an important systemic shift for future savings by the population. The Act introduces a new form of long-term savings for individuals, with the key features being the simplification of investment in financial instruments and significantly lower or potentially zero taxation of returns.

The SBITOP index grew by 50.3 % in 2025 and ended the year at 2,505.44 points. It reached its highest value on 22. 10. 2025, with 2,536.10 points, and its lowest on 6. 1. 2025, with 1,672.52 points. The SBITOP TR index, which also includes dividends yield, rose by 57.6 % and reached 3,771.96 points at the end of the year. A positive trend was also observed in the ADRIAprime and CEEplus indices.

Total turnover on the Ljubljana Stock Exchange in 2025 reached EUR 834.6 million, which is 65.1 % more than in 2024. Turnover excluding blocks reached EUR 722.7 million, which is 55.5 % more than in the previous year. The highest turnover was recorded in shares, amounting to EUR 798.7 million, followed by bonds with EUR 24.3 million, ETFs with EUR 6.8 million, and treasury bills with EUR 4.7 million.

In the past year, Salus (SALR) also joined the group of shares with a liquidity provider after carrying out a 1:78 split in the spring, with the share capital remaining unchanged.

Among the most traded shares in 2025 were the shares of Krka (KRKG), which reached EUR 348.7 million in turnover, representing 41.8 % of the total turnover on the stock market. Second place went to the shares of NLB (NLBR), which reached EUR 179.9 million in turnover, or 21.5 % of the total turnover. This was followed by the shares of Zavarovalnica Triglav (ZVTG) with EUR 79.8 million in turnover, representing 9.6 % of the total turnover.

The total market capitalization of the stock market at the end of the year reached 56 billion EUR, which is 11.4 % more than at the end of 2024. The market capitalization of shares reached 17.6 billion EUR, which is 47.9 % more than in the previous year. At the end of the year, a total of 58 instruments were listed to on the stock exchange market (17 shares, 26 bonds, 10 treasury bills, and 5 ETFs).

On the SI ENTER (MTF) market, total turnover in 2025 amounted to EUR 0.6 million, which is 35.8 % less than in the previous year. At year-end, a total of 53 instruments were listed on the stock exchange market (37 shares, 11 bonds, and 5 commercial papers).

An important step forward for the SI ENTER market was the optimization of settlement, which led to a reduction in transaction costs. None of the members charge additional settlement fees anymore, and the transaction costs for individual exchange members are the same as for the stock market.

The year 2025 was marked by the continuation of the Ljubljana Stock Exchange's development activities aimed at increasing investor participation, expanding the product offering, and strengthening the international recognition of the Slovenian capital market. The activities carried out and the results achieved confirm the gradual strengthening of the market and further improvement of the conditions for its operations.