BREF with excellent Q2 performance

Bulgarian Stock Exchange (BSE) announced that the index for the companies with the best corporate governance CGIX will include the following companies – Agria Group (AGH), Bulgarian Stock Exchange (BSE), Doverie Holding (DUH, M+S Hydraulic (MSH), Sopharma (SFA), Central Cooperative Bank (CCB) and Shelly Group (SLYG). They are all covered here: https://en.sis.bg/company-analyses/

Petrol (PET) published their Q2 individual results where revenues drop 7.9% to BGN 224.5mln. The marginal drops in external services and personnel expense, as well as the increased financial income led to Net Loss decreasing by 30% to BGN 2.35mln.

Telematic Interactive (TIB) announced Q2 2025 individual results. Total revenues grow 4.3% YoY to BGN 62.5mln supported by a 3% growth in casino games to BGN 56mln and 16.7% growth in sportsbetting to BGN 6.5mln. Active clients have increased 3% and average income per client has grown 1%. Alternatively, EBITDA drops 17.6% to BGN 9.4mln and Net Income drops 21% to BGN 8.4mln.

BREF (BREF) announced a 23.4% YoY increase in revenues to BGN 6.4mln and 42.8% YoY growth in Net Income.

ü  The business confidence indicator fell to 17.4 in July from 18.4 in the previous month. Sentiment regarding the expectation of industrial entrepreneurs on the business situation of enterprises over the next six months (13.3 vs 16.5 in June) declined, while pessimism heightened about the level of orders (-14.9 vs 14). In addition, the 3-month outlook for production activity (8.9 vs 13.8) and employment (2.3 vs 7.5) deteriorated further. However, respondents remained optimistic overall, supported by the improved outlook on the present business situation (21.6 vs 20.3) and expectations on selling prices over the next three months (7.7 vs 3.2).

ü  Producer prices increased by 7.3% year-on-year in June 2025, up from a five-month low of 7.2% advance in the previous month. This marked the eighth consecutive month of producer inflation, as prices rose further in the manufacturing sector (8.7% vs 8.1% in May). On the other hand, costs softened for mining and quarrying (16.4% vs 22.7%) and electricity, gas, steam and air-conditioning supply (16.3% vs 18.9%).

ü  The number of tourist arrivals fell by 3.1% year-on-year to 1,427 thousand in June 2025, reversing sharply from a 0.5% rise in the previous month. A decrease was registered in trips for business purposes (-9.3%) and leisure and excursion purposes (-4.8%), while those for other purposes (0.5%) increased. The EU constituted 56.6% of the total visits to Bulgaria, with Romania (30%) being the largest contributor, followed by Germany (16.9%), Greece (13%), and Poland (11.7%). Meanwhile, arrivals from the other European countries accounted for 38.1% of the total, mainly from Turkey (44%).