SOFIX Slides Despite Positive Annual Results

Smart Organic (SO) published Q4 cons results, where revenues increased 36% to EUR 64.6mln. Profitability suffered, however, because of the 43% growth in COGS, which reached EUR 31.2mln, resulting in Net Profit shrinking 4.7% to EUR 6.9mln.

Doverie (DUH) published Q4 cons results. In that banking operations, which represent the majority of the revenues increased net revenues by 27.8% to EUR 148mln and net revenues from other sectors gained  9.6% to EUR 50.7mln. The tight control on operational and admin expenses led to Net Income shooting by 48.7% to EUR 78.5mln.

Fibank AD (FIB) published their 2025 annual individual report, where total revenues from bank operations dropped by 4.8% to EUR 274mln. Net profit, however, increased 32.5% to EUR 84.3mln due to the big change in Other revenues of EUR 35.4mln, which represents reevaluation of investment properties.

Telelink Business Services (TBS) published Q4 cons results, where revenues increased by 26% to EUR 144.7mln. Net profit increased 42% to EUR 8.4mln due to the tight OPEX control. The big push in revenues came from large projects in IT infrastructure and Cybersecurity in the Bulgarian public sector. IT infrastructure remains 77% of the overall revenues with EUR 111mln marking a 26% increase and Cybersecurity increased by 101% to EUR 18.2mln representing now 13% of total revenues.

Eurohold (EUBG) published Q4 cons results. Profit from energy sector increased 5.1% to EUR 249mln, which is 89% of the total gross profit. Insurance added EUR 33mln and gross profit increased 19.5% to EUR 278mln. The decrease in financial expenses helped for the stellar increased in Net Profit to triple to EUR 50.2mln.

Chimimport (CHIM) published Q4 cons results. Non-financial revenues increased 2.7% to EUR 262mln. Insurance revenues doubled to EUR 21.4mln and operations with financial instruments increased with 69% to EUR 84.5mln. The decrease in other financial revenues by 32% to EUR 29.6mln and the increase of the largest account in OPEX – other operational and administrative expense by 6.3% to EUR 375mln resulted in PBT increasing marginally by 6.8% to EUR 76.7mln. Net profit, however, shot up 57% to EUR 105mln due to the reevaluation of non-financial assets.

ü  The economy grew by 3% YoY in the fourth quarter of 2025, slightly revising upward from 2.9% growth in preliminary estimates, albeit marginally easing from a revised 3.1% expansion in the previous quarter. This marked the weakest pace of growth since the third quarter of 2024, despite final consumption rising (7.8% vs 7.4% in Q3), driven by both household consumption (8.7% vs 8.2%).