Sirma Group Approves Frankfurt Listing and Reports Strong H1 2025 Financial Growth

Dr. Cindy Jacobs, President and Chief Medical Officer, stated, “The FDA’s acceptance of our NDA confirms the strength and completeness of our development program for cytisinicline.”

Cytisinicline, marketed as Tabex, is a well-established smoking cessation therapy, approved and sold in Central and Eastern Europe by Sopharma (SFA) for over 20 years. Achieve Life Sciences holds an exclusive license and supply agreement with Sopharma to develop and commercialize cytisinicline in markets outside Sopharma’s regions.

Sirma Group Holding (SGH) announced that its Board of Directors has approved a prospectus for listing on the Frankfurt Stock Exchange’s regulated market. The company aims to utilize the Eurobridge segment, a collaborative initiative with Deutsche Börse, to facilitate dual-listing on both the Bulgarian Stock Exchange and the Frankfurt Stock Exchange, pending fulfillment of all regulatory requirements.

Additionally, SGH reported robust financial performance for the first half of 2025, achieving a 27% year-over-year revenue increase. The company’s EBITDA margin improved for the third consecutive quarter, driven by synergies from its ongoing business reorganization. SGH also highlighted new public project contracts and advancements in its proprietary AI platform. Looking ahead, management plans to implement a new ERP system and has set a target of €60 million in revenue with a 10% EBITDA margin for the full year 2025.

Albena (ALB) reported consolidated revenue of BGN 25.1m for Q2’25, reflecting a 16.4% YoY increase and surpassing expectations by 2.8%. However, operating expenses (OPEX) grew faster at 28.0% YoY, driven by a 27.1% rise in material costs (BGN 10.9m) and a 42.5% increase in personnel expenses (BGN 15.0m). This led to a negative EBITDA of BGN 11.6m, compared to negative BGN 7.1m in Q2 2024. Depreciation slightly decreased by 0.9% YoY to BGN 5.0m, while net financial expenses fell 30.8% YoY to BGN 0.61m. Consequently, the net loss for Q2 2025 was BGN 17.1m (EPS of negative BGN 4.06), slightly worse than the anticipated loss of BGN 16.9m.

For H1’25, consolidated revenue reached BGN 31.5m, up 29.7% YoY, with BGN 2.8m attributed to gains from asset disposals. OPEX also rose 29.7% YoY to BGN 45.8m, resulting in a negative EBITDA of BGN 14.3m, compared to negative BGN 11.0m in H1’24. Depreciation was marginally lower at BGN 10.0m (-0.2% YoY), and net financial expenses dropped 24.5% YoY to BGN 1.3m. The net loss for H1’25 totaled BGN 25.4m (EPS of negative BGN 6.02), compared to a BGN 22.5m loss in H1’24.

ü  The BNB has announced an auction for BGN 300m of 7-year government securities (GS) on September 15. The bonds have a 3.25% annual coupon, paid semi-annually and a maturity date on January 29, 2032. The securities would be offered with accrued interest from the last payment date (July 29, 2025). Recall that the Ministry of Finance already held five auctions of this issue for BGN 1.1bn with a weighted average yield ranging from 3.06% to 3.51%.