The original plan was to list 15-20% of Uzbekistan Airways on international markets by the end of 2026 through Uzbekistan's National Investment Fund (UzNIF). However, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov confirmed the revised timetable for 2027, stating that reforms across transport, aviation and digital infrastructure needed to be completed before companies in these sectors could be successfully privatized. The IPO preparation is being carried out with US-based asset manager Franklin Templeton, which oversees UzNIF's portfolio. Uzbekistan Airways' transformation program includes over 100 performance improvement measures. According to Franklin Templeton's assessment, implementing the program should raise the airline's valuation from the current $1.6 billion to $2.3 billion and generate around $120 million in additional annual operating profit. The airline posted a net profit of 1.2 trillion soums in 2025 (up 73.5% year-on-year), while long-term bank debt rose to 7.8 trillion soums. Alongside Uzbekistan Airways, four other companies are in UzNIF's IPO-bound portfolio: O'zsanoatqurilishbank, Uzbekhydroenergo, Uzbekistan National Power Grid and Uzbektelecom.
