SHELLY Q3 RESULTS ON TRACK TO REACH ANNUAL TARGETS

Gradus AD (GR6) – published Q3 cons results. Revenues increased nearly 11% due to the sales of produce and materials. OPEX, however, increased over 50% due to devaluation of assets, provosions and rise in COGS (likely part of the new business line supplying KFC). The Net Profit was nearly wiped out to BGN 2.5mln from BGN 37.4mln.

Shelly Group (SLYG) published Q3 cons results, where revenues grow 33.8% to EUR 86.9mln and EBIT shoots 44.7% to EUR 21.9mln. Net Profit jumped 34.5% to EUR 18.5mln. The customer base has reached 2.5mln clients. Their focus on professional clients has increased them from 900 at YE 2024 to over 3,000 currently and that also drove a large part of the revenues.

BREF (BREF) announced that they have extended the rental agreement with C3I Europe EOOD for their space in 1 Business Park Sofia. With that, the occupancy will stay at 67%.

ü  The economy grew by 3.2% YoY in the third quarter of 2025, easing from a 3.4% expansion in the previous three-month period. This marked the slowest economic growth since the third quarter of 2024, as net external demand weighed on the country’s GDP. Exports continued to decline (-9.2% vs -5.6% in Q2), while imports increased sharply (2.2% vs 0.4%). On the other hand, final consumption accelerated (9.5% vs 8.9%), as did gross fixed capital formation (9.2% vs 8.9%).

ü  The trade deficit widened to BGN 1,962.9 million in September 2025 from BGN 1,069.6 million in the same month last year. This marked the largest trade deficit since January, as exports rose less than imports. Exports grew by 0.6% YoY to BGN 7,072.5 million, with shipments rising to both EU (0.6%) and non-EU countries (0.4%). Meanwhile, imports climbed 11.5% to BGN 9,035.4 million, driven by higher purchases from EU (10.7%) and non-EU countries (12.6%).

ü  Construction output jumped 9.7% YoY in September 2025, the biggest rise since April 2021, after an upwardly revised 6.3% gain in August. Increases were seen in specialized construction activities (11.4%), civil engineering (9.7%), and construction of buildings (8.2%).

ü  The industrial production declined 5.5% YoY in September 2025. This marked the tenth consecutive month of contraction, though the slowdown represented the weakest decline since February, supported by a smaller fall in energy output (-23.5% vs. -27.8% in August) and strong gains in investment goods (12.3% vs. -0.1%) and consumer durables production (4.5% vs. 4.6%). However, output continued to fall for intermediate goods (-7.1% vs. -4.9%) and consumer non-durables (-10.8% vs. -8.7%).