STRONG MARKET SENTIMENT PUSHES FOR A FULLY SUBSCRIBED IPO

Bulgarian Stock Exchange (BSE) had the decisions of the Arbitration court announced. They had formed provisions for BGN 643 th based on legal consultants about the ongoing lawsuits with TPP Maritsa East 2 EAD and NEC EAD. The decisions, however, stipulate that its subsidiary BNEB EAD has to pay a total of BGN 2mln, i.e. over 3x what they had expected.

Smart Organic (SO) announced a dividend for 2024 in the amount of BGN 0.24 per share or 0.7% dividend yield. Additionally, they announced that their projections for Q2 2025 are for record BGN 55.3mln. May broke sales records reaching to BGN 9.9mln. The revenues from sales of produce from the new production facility are for BGN 500 th and of that 390 th are from Q2. The new waffles seem to be liked by the market and are already sold in Fantastico chain and eBag. There’s a planned promotion period (discounted sales) for the month of September in DM Germany.

Gradus AD (GR6) announced that as part of their expansion of production facilities, they will implement a BGN 9.6mln investment program, where BGN 9.2mln will go for upgrade of buildings and machinery and BGN 0.4mln will be used for a photovoltaic electric unit for the hatching process. Additionally, another redevelopment in the meat section is taking place and the company has made a payment of BGN 6mln; it is expected to be operational in Q4 2025.

Green Innovation, operating under the trademark Hydrogenera, a producer of hydrogen generating systems, had a successful IPO, where BGN 8mln were raised, which will be used to expand their production capabilities and meet greater contract requirements. The new shares will start trading on 23.07.2025.

Eleven Capital (11C) announced a dividend for 2024 in the amount of BGN 0.7 per share or 4.4% dividend yield.

Shelly Group (SLYG) announced that they managed to raise the capital with BGN 52,501 corresponding to 52,501 shares, which were aimed at employee distribution.

Stara Planina Hold (SPH) announced results for 31.05.2025, where consolidated revenues drop another 4.69%, where the biggest contributor is M+S Hydraulic, which generates half of the total sales. The holding has been experiencing sales declines of nearly 30% over the last year due to macroeconomic downturn, but seems like they have reached the bottom and are likely to rebound.

ü  The number of tourist arrivals in Bulgaria rose by 0.5% year-on-year to an eight-month high of 997.6 thousand in May 2025, following a 0.6% advance in the previous month. An increase was registered in trips for leisure and excursion purposes (8%) and business purposes (2%), while those for other purposes (-5.8%) declined. The EU constituted 59% of the total visits to Bulgaria, with Romania (41.6%) being the largest contributor, followed by Greece (-23.3%). Meanwhile, arrivals from the other European countries accounted for 34.5% of the total, mainly from Turkey (54.7%).