Eleven Capital – 2025 Q1 review

2025 Q1 annual results:

• Eleven Capital recorded BGN 729 th total revenue for Q1 2025. BGN 631 th of that came from Net gains from changes in investments value, which was 24.5% lower than Q1 2024.
• The remaining BGN 95 th was dividends from MClimate AD, the developer of Melissa Climate smart home IoT solutions. It was also the first time MClimate distributes a dividend.
• The management expenses increased by 17.5% to BGN 101 th (from BGN 86 th), which was employee expense and those were likely indexed. According to the articles of association of 11C, the annual amount of this expense has to be between BGN 300 th and BGN 400 th.
• Out of 25 companies in the portfolio, the 5 biggest form 81.2% of its worth. The majority of the companies focus on IT or hardware with IoT functionalities. The fund is targeting primarily exits based on substantial capital gain from valuation growth rather than revenue from dividends from established income generating enterprises.
• On the GSM on 25.06.2025 the company approved the 2024 dividend, of BGN 0.70 per share for a total of BGN 1,61mln, representing 4.54% dividend yield.
• The total portfolio grew 1.3%. The largest contribution to the portfolio growth came from EnhanCV, growing 4.3% to BGN 13,725 th, NovaLogiInk – growing 2.1% to BGN 2,748 th, and Melissa Climate growing 0.7% to BGN 4,989th. The financial reports and the notes associated with it, as well as the announcements from Eleven Capital, however, do not show directly what stays behind those valuations and why they have changed with the mentioned amounts. From disclaimers on Note 14 from their annual report, we can make the following conclusions:
• 2.47% of the portfolio value or BGN 1,232 th was derived from the purchase price of investments or offers of more than 12 months before the end of the year. 2.71% of the portfolio value or BGN 1,348 th came from price of investments or offers within the last 12 months. 86.12% of the portfolio value or BGN 42,813 th was derived on the basis of market peers comparisons. 8.70% of the portfolio value or BGN 4,323 th was derived from capital investments (including SAFE instruments) based on amortized cost.
• The largest expected gain in the near future is from one of their main investments – in Dronamics Global. The drone maker raised USD 40mln in Q1 2023 from SDF (Strategic Development Fund of UAE) and had a grant of EUR 10mln in exchange for equity ownership in the company from the European Innovation Council. Оn 19.03.2024 they secured the second round for EUR 10mln. The company conducted series of successful tests and have acquired important aviation licenses. On 16 October 2023 they signed a letter of intent (LOI) with Dubai-based Emirates Post Group to run a pilot project on same-day middle-mile and long-range deliveries in the United Arab Emirates. On 29.11.2023 the company took another strategic step – they signed with Qatar Airways Cargo, the world’s largest airline cargo carrier. Through the agreement, Dronamics can offer services from any of its drone ports, which include major airports in Singapore, China and USA. Steps to be taken- first commercial flight, contracts for production, expansion of the network of drone ports and another Series A financing round. Currently valued at BGN 68.5mln, the company is expected to increase in value to BGN 391.2mln. On 12.06.2025 the company announced they had been put forward for an equity investment of up to EUR 30 million under the European Innovation Council (EIC) Strategic Technologies for Europe Platform (STEP).

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