Doverie United Holding’s Profit Soars in Q2, Driven by Banking Sector and Asset Sales

For the first half of the year, sales grew by 27.4% YoY to BGN 1.3b. EBITDA increased by 36.5% YoY to BGN 106.2m. Net income surged by 53.5% YoY to BGN 70.4m. Non-cash working capital increased by BGN 205.9m since the start of the year, mainly due to higher trade receivables and lower payables. Interest-bearing (IB) debt also grew by BGN 144.9m YoY to BGN 603.4m. Capital expenditures for the period totaled BGN 45.2m. EPS were BGN 0.18 for Q2 and BGN 0.41 for H1. Note that these calculations are based on the number of outstanding shares as of June 30, which is now three times higher following a capital increase from the company’s own funds.

Doverie United Holding (DUH) reported a strong second quarter, with its consolidated net income (after minority interest) jumping 118.2% YoY to BGN 26.1m, which was 26.6% higher than anticipated. EPS for the quarter were BGN 1.23. The core banking segment saw a 25% YoY increase in total operating income, reaching BGN 68.4m. Gross profit from other business sectors, primarily its Bricolage stores, grew by 13.4% YoY to BGN 27.5m. Operational and administrative costs increased by 10% YoY. Overall, the consolidated net income for Q2 2025 soared by 95% YoY to BGN 33.4 million.

For the first half of 2025, Doverie’s consolidated net income (after minority interest) surged by 153.4% YoY to BGN 71.7m. This significant growth was fueled by the same factors as the second quarter, along with a notable increase in other financial income. A major contributor to this financial boost was the sale of its health insurance business and some real estate in Q1 2025, which brought in approximately BGN 31.6m. The net assets from these holdings were valued at around BGN 14m.

Bulgarian Stock Exchange (BSE) reported an 8.1% YoY increase in revenue for Q2 2025, reaching BGN 5m. However, this growth was offset by a significant 69.9% YoY surge in total operating expenses to BGN 4.9m. This increase was primarily driven by a BGN 1.7m expense related to court decisions from a lawsuit against IBEX, as well as a 29% YoY rise in compensation expenses to BGN 1.4m. These costs resulted in a negative EBITDA for the quarter. Despite the operational challenges, the company’s net profit was supported by BGN 2.7m in net interest income. Still, net profit for the quarter fell by 44% YoY to BGN 2.3m.

For the first half of 2025, the Bulgarian Stock Exchange’s consolidated revenue was up 10.4% YoY to BGN 10.2 million, though this was slightlybelow forecasts. Energy exchange segment: Revenue grew by 10.2% YoY to BGN 8.2m. Stock exchange trading segment: Revenue increased by 5.8% YoY to BGN 0.6m, with a 1.3% higher market turnover during the period. Operating expenses for the half-year period grew by 45.3% YoY to BGN 8.1m, causing a 42% YoY drop in consolidated EBITDA to BGN 2.1m. However, a substantial 36.5% YoY increase in accumulated net interest income, reaching BGN 7.6m, helped boost net profit by 6.2% YoY to BGN 8.5m.