In the third quarter of 2025, there was an increase of nearly 300 thousand euros in our portfolio. The change is mainly driven by the higher valuation of Hydrogenera following the successful initial public offering in June. There is also a slight positive change in the value of our stake in Tiger Technology, after the convertible loan from Matey Kaziyski was converted into shares. The share price of Eleven Capital also increased slightly between June and September.
We worked on several important projects, some of which may materialize in the fourth quarter or at the beginning of 2026. As of the date of publication of this report, MFG Invest AD made a follow-on investment in TETMET. The company will close a new funding round of between 6 and 10 million dollars at the end of this year or the beginning of next year.