Forras Trust & Investment

What Forras Trust & Investment does

Forrás Trust & Investment (legal name: Forrás Vagyonkezelési és Befektetési nyilvánosan működő Részvénytársaság, "FORRÁS nyRt.") is a publicly listed Hungarian holding company headquartered in Budapest that operates as a diversified asset management vehicle across five sectors: renewable energy (multiple solar-power subsidiaries including Euronergy Omega, Aquila New Energy, Foriglo, ADINA-ENERGY, and TDG Naperőmű), industrial manufacturing (wholly-owned Kiss és Társa Kft., producing over 1 million metal parts annually for export to Austria and Germany), agriculture (Fűzvölgyi Agrár Zrt., Miklósfai Mezőgazdasági Zrt., Alkotmány Agro Zrt.), tourism (Hunguest franchise hotel Lillafüred Palota and City Hotel Miskolc), and real estate (Hungarian and Austrian holdings including a 35-hectare Ecser site, Monarchia Park ski resort in Styria, and Budapest office properties). The company is listed on the Budapest Stock Exchange Standard category with ordinary (Forrás T) and preference (FORRAS_OE) shares, and has issued the FORRÁS NKP Bond 2030/I (HUF 21.2 billion total nominal value at 3.25% fixed annual interest) under the National Bank of Hungary's Growth Bond Programme.

The business model is that of a classic holding company (NACE 64.20): revenue is generated at the subsidiary level — through manufacturing sales at Kiss és Társa, agricultural crop production, hotel room nights, solar power generation, and real estate rentals — and aggregated at the parent via dividend distributions and asset rotation. The go-to-market is purely capital-markets driven: shares and bonds are distributed through the Budapest Stock Exchange and its XBond platform, with Equilor Befektetési Zrt. as the designated bond distributor and KELER Központi Értéktár Zrt. as central securities depository. Investor relations are managed directly via Dr. Hidasi Emese. Majority control has rested with Arago Befektetési Holding Zrt. (over 85% ownership) since 2004, making the entity effectively a controlled-public investment vehicle with limited free float.

Pricing is straightforward: equity trades continuously on BÉT at market-determined prices, while the FORRÁS NKP Bond 2030/I was sold at HUF 50,000,000 per bond with annual fixed coupons. The most recent disclosed shareholder return was a FY2024 dividend of HUF 200,000,010 approved by general meeting resolution 4/2025 (IV.29.), payable from 3 September 2025. The customer base is institutional and retail investors accessing Hungarian capital markets, not commercial end-buyers; consequently, customer concentration risk is low and governance concentration risk (Arago as controlling shareholder) is the more material exposure.

Name

Forras Trust & Investment

Legal name

Forrás Vagyonkezelési és Befektetési nyilvánosan működő Részvénytársaság

Website

https://forras.hu

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Forrás Trust & Investment is a Budapest-listed Hungarian holding company managing 30+ subsidiaries across renewable energy, industrial manufacturing, agriculture, tourism, and real estate, with majority ownership by Arago Befektetési Holding Zrt. and bond/equity issuance on the Budapest Stock Exchange.

Ownership category

akta.pro rank

Product category

Investment Holding Company

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industry

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

Keywords

• Asset management services
• Investment holding company
• Diversified portfolio management
• Renewable energy investments
• Corporate bond issuance

Headquarters

HQ city

Budapest

HQ country

Hungary

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain, Others

Revenue model

1. Subsidiary dividends and profit distribution: Forrás nyRt. operates as a holding company (vagyonkezelő társaság) generating returns through dividends and value growth from its portfolio of subsidiaries (over 30 companies in energy, agriculture, industry, real estate, and tourism).
2. Real estate rental and sales income: Income generated from rental of company-owned real properties and from profitable sale of portfolio assets. The company owns properties in Hungary (including 35 ha Ecser site and Budapest properties) and Austria (Monarchia Park in Styria).
3. Bond issuance and interest income: The company issued Forrás NKP Bond 2030/I with total nominal value of HUF 21,200,000,000, bearing a fixed interest rate of 3.25% per annum, with maturity on 1 October 2030. The bonds are listed on the Budapest Stock Exchange XBond platform.
4. Stable financial and real estate market operations: The company engages in secure money and real property market operations as part of its core asset management mandate, seeking continuous growth of entrusted assets.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Forrás Trust & Investment is a publicly listed Hungarian investment holding company (NACE 64.20) that manages a diversified portfolio of 30+ subsidiaries and associated companies across five sectors: renewable energy (solar power), industrial manufacturing (metal processing), agriculture, tourism (hotels), and real estate in Hungary and Austria. The company generates returns through subsidiary dividends and profit distributions, real estate rental and sales income, capital gains from portfolio asset disposals, and fixed-income bond issuance under Hungary's National Bank Growth Bond Programme (NKP).

Product overview

FORRÁS Vagyonkezelési és Befektetési nyRt. is a publicly listed Hungarian investment holding company operating as a holding structure (NACE code 64.20) with diversified portfolio investments across five core sectors: renewable energy (solar power companies), industrial manufacturing (metal processing through Kiss és Társa Kft.), agriculture (crop production through multiple agricultural companies), tourism and hospitality (hotels including Hunguest Palota Lillafüred and City Hotel Miskolc), and real estate (residential and commercial properties in Hungary and Austria). The company generates returns through dividend income from subsidiaries, capital gains from portfolio company sales, and real estate rental income, while maintaining a listed bond programme (FORRÁS NKP Bond 2030/I) under Hungary's Growth Bond Programme.

Differentiator

Problem solved

Functional benefit

Products and services

• FORRÁS NKP Bond 2030/I Hungarian forint-denominated registered bond (ISIN HU0000359997) issued by Forrás Trust & Investment under the National Bank of Hungary's Growth Bond Programme, with a total nominal value of HUF 21.2 billion, a fixed 3.25% annual coupon, and maturity on October 1, 2030. Distributed to qualified investors via Equilor Befektetési Zrt. and listed on the Budapest Stock Exchange XBond platform.
• Forrás T Ordinary Shares Ordinary equity shares of Forrás Trust & Investment (Forrás T ticker), publicly traded on the Budapest Stock Exchange Standard category since 2003, providing holders with multi-sector equity exposure to a Hungarian holding company with subsidiaries in energy, agriculture, industry, tourism, and real estate, plus annual dividend distributions.
• FORRAS_OE Preference Shares Preference equity shares of Forrás Trust & Investment (FORRAS_OE ticker), publicly traded on the Budapest Stock Exchange Standard category since 2003, providing holders with priority dividend and/or liquidation rights relative to ordinary shareholders.

Named customers8 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• KELER Központi Értéktár Zrt.minorOthers · 1 October 2020KELER Központi Értéktár Zrt. (1074 Budapest, Rákóczi út 70-72) serves as the central securities account manager for the Forrás NKP Bond 2030/I, handling dematerialized bond registration and settlement.
• Equilor Befektetési Zrt.coreChannel Partner/ Reseller/ Distributor · 29 September 2020Equilor Befektetési Zrt. (registered seat 1026 Budapest, Pasaréti út 122-124, company reg. 01-10-041431) serves as the designated trader/distributor for the Forrás NKP Bond 2030/I issuance under the MNB Növekedési Kötvényprogram (Growth Bond Programme).
• Scope Ratings GmbHcoreOthers · 22 June 2020Scope Ratings GmbH conducted the credit rating for Forrás nyRt. required to participate in the MNB Growth Bond Programme. The company received a B+ credit rating for both the bonds to be issued and the company itself, meeting NKP requirements.
• Hotel Palota Lillafüred Kft.minorOthers · 1 January 2019Forrás nyRt. acquired a stake in Hotel Palota Lillafüred Kft. in 2019 through capital increase. The company operates the 131-room Lillafüred Hotel Palota (franchise partner of Hunguest Hotels) and City Hotel Miskolc (44 rooms). Included in consolidation as an associate company.
• Stúdió-V Ingatlanhasznosító Kft.minorOthers · 1 January 2017Stúdió-V Kft. was founded in 2005 as an asset management holding company. Forrás Nyrt. acquired a share through capital increase in 2017. The company holds stakes in agricultural companies (Alkotmány Agro Zrt., Fűzvölgyi Mezőgazdasági Zrt.) exceeding HUF 3.5 billion and owns 3,744 sqm of Budapest real estate.
• BDO Magyarország Kft.minorOthersBDO Magyarország Kft. serves as the statutory auditor of Forrás nyRt., with Ferenc Baumgartner serving as the personally responsible auditor.

Scale indicators7 records

Recent moves14 records

Expansion highlights5 records

Regional players

• Futureal Group: Central European real estate developer and investment group with Hungarian and regional exposure. Comparable to Forrás's real estate arm (Stádió-V, Monarchia Park) as a regional property investor operating across Hungary and neighboring markets.

Direct peers

• Equilor Befektetési Zrt. Hungarian investment firm and the designated bond distributor/trader for the FORRÁS NKP Bond 2030/I. Comparable as a Hungarian capital-markets intermediary serving institutional clients with asset management and brokerage services.
• Duna House Holding Nyrt. Hungarian publicly listed holding with diversified financial services and real estate brokerage operations. Comparable as a small/mid-cap BÉT-listed holding structure managing multi-segment Hungarian consumer-facing assets.
• Masterplast Nyrt. Hungarian publicly listed company operating a diversified industrial/building-materials portfolio with international subsidiaries. Comparable as another BÉT-listed holding with operating industrial subsidiaries and a 20+ year track record.
• Appeninn Nyrt. Hungarian publicly listed real-estate-focused holding company that acquires and manages property assets on its own balance sheet. Comparable to Forrás in being a BÉT-listed holding that generates value through property acquisition and disposal within a multi-asset framework.
• 4iG Nyrt. Hungarian publicly listed holding company with diversified operations across telecoms, IT, real estate, and infrastructure. Closest structural analogue to Forrás on the Budapest Stock Exchange in terms of multi-sector publicly-listed holding model with controlling shareholder dynamics.
• BIF Nyrt. (Budapesti Ingatlan Hasznosítási és Fejlesztési): Hungarian publicly listed real estate company focused on Budapest property ownership and development. Comparable to Forrás as a BÉT-listed entity whose value is anchored in Hungarian real estate assets held on its own balance sheet.

Others

• Arago Befektetési Holding Zrt. Majority owner (over 85%) of Forrás since 2004 and the controlling parent of the Forrás holding structure. Relevant as the controlling shareholder entity whose capital allocation decisions drive Forrás's strategic direction.

Broad incumbents

• Waberer's International Nyrt. One of the larger publicly listed Hungarian industrial/logistics groups. Useful comparable for BÉT-listed corporate governance, disclosure cadence, and Central European holding-company operating benchmarks, even though the sector (logistics) is not directly overlapping.
• Hunguest Hotels: Hungary's largest domestic hotel chain and the franchisor for Forrás's Hotel Palota Lillafüred. Directly comparable as a tourism-sector incumbent and existing commercial counterparty of the Forrás portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forras Trust & Investment