The company said dividends and fund management fees drove earnings, marking a shift from earlier profits largely generated by investment revaluations.

O3 Partners, which invests in ownership stakes in fund managers through a general partner, or GP-stake, strategy, published its half-year report on September 11.

Dividend income from investments rose to EUR 2.64 mln from EUR 590,000 a year earlier, while management fee income from related parties increased to EUR 320,000 from EUR 80,000. Changes in the fair value of financial assets reduced earnings by EUR 60,000, meaning the company recorded its profit without revaluation gains.

Operating expenses increased to EUR 1.42 mln from EUR 1.06 mln. Operating profit before depreciation reached EUR 1.54 mln, compared with a EUR 350,000 loss in the first half of 2025.

Total assets grew 14% from the end of 2025 to EUR 29.89 mln. Equity increased 19% to EUR 27.52 mln, representing approximately 92% of total assets, up from 88% at year-end. Liabilities fell to EUR 2.37 mln from EUR 3.16 mln.

“O3 Partners also closed last year with a profit, but most of those earnings still came from the revaluation of our portfolio,” said founder and CEO Péter Oszkó. “In the first half of 2026, this reversed: the EUR 1.45 mln profit came entirely from dividends received from our holdings and fund management fees, without fair-value gains. This is exactly what we expect from the GP-stake model: predictable, recurring income.”

During the first half, O3 Partners acquired a 30% stake in Romanian venture capital fund manager Catalyst Advisory SRL through a EUR 3.03 mln capital increase announced in February and amended in April.

The transaction involved the issuance of 381,369 ordinary shares, increasing registered capital to EUR 6.43 mln from EUR 5.66 mln. The European Investment Fund and Romania’s Ministry of Investments and European Projects approved a EUR 45 mln commitment to Catalyst’s next venture capital fund under the Recovery Equity Fund of Funds program.

O3 Partners also established O3 Investments B.V., a wholly owned Dutch subsidiary, in June. The subsidiary is intended to serve as the central manager of the group’s newly established investment funds, initially managing the planned O3 Secondary Fund.

On June 30, the group established O3 Secondaries N.V. with EUR 18.53 mln in equity. O3 Partners contributed its stakes in five existing portfolio companies to the new entity, reorganizing its direct investment portfolio into a dedicated vehicle pursuing a secondary investment strategy.

A fundraising campaign launched through a regulated crowdfunding platform on May 18 subsequently closed with approximately EUR 1.07 mln subscribed by 81 investors. The board approved the issuance of 132,481 ordinary shares at EUR 8.10 each. The proceeds are intended to support new fund launches, further GP-stake acquisitions and investment commitments.

Since the end of the reporting period, O3 Partners has also advanced its fund management and capital market plans.

On August 20, the Dutch financial regulator, AFM, registered O3 Investments as an alternative investment fund manager and O3 Secondaries as a fund under its management.

The company signed a nonbinding agreement in principle with Hungary’s Impact Ventures fund manager and its owner on August 26. Under the proposed transaction, O3 Partners could initially acquire a 10% minority stake in the impact investment specialist, which manages three funds.

An extraordinary general meeting on September 4 approved transferring the company’s ordinary shares from the Budapest Stock Exchange’s Xtend market to its regulated Standard market. A share buyback program launched on July 21 will support the stock option scheme under the company’s remuneration policy.

“With the Catalyst stake, we now hold ownership interests in three fund managers,” Oszkó said. “In the second half, our focus is on entering the BSE Standard market, completing the Impact Ventures partnership and raising capital for our new funds.”