SOPHARMA SHOWS EXTRAORDINARY PERFORMANCE

Market Overview (24 Nov – 28 Nov)
The main Bulgarian index SOFIX increased this week by 1.48% to
1087.77 points. The broad index BGBX40 increased this week by
1.13% to 194.74 points and BGREIT decraesed this week to
226.62 points, down by 0.07%.
Corporate News
Trace Group (T57) published their Q3 cons results. Revenues drop 24.7% to BGN 334mln. In the same time, OPEX decreased with 19.4% and the slower pace was due to the increase in the personnel expense. Trace Group accounts for revenues when payments from their
infrastructure projects are received, which means that they are highly dependent on completion schedules. In the same time, personnel expenses are sticky as companies prefer to keep personnel in down
times because getting them hired again once there is an available project would be harder. Net Income more than halved to BGN 7.5mln.

Telematic Interactive (TIB) announced that they have acquired the rights for 9 gambling games from its subsidiary CT Gaming for 10 yrs for the sum of BGN 0.7mln. Smart Organic (SO) – published Q3 cons results. Revenue increased 32% to BGN 87mln, but OPEX marked a 45% increase to BGN 78mln driven by the rise in materials by 68% to BGN 38.5mln. As a result
EBITDA dropped 12% to BGN 12.7mln and Net Income decreased 9.5% to BGN 9.9mln.

Speedy AD (SPDY) published Q3 cons results, where revenues increased 3.9% to BGN 390mln. EBIT, however, shot up 14.5% to BGN 39.2mln due to the drop in materials and other operational expenses as well as the controlled personnel expenses. Net profit rose
18% to BGN 33mln.

Sopharma (SFA) – showed in Q3 cons results excellent revenue growth of 24% to BGN 1,908mln. The control of expenses, namely COGS, materials and external services allowed EBIT to grow 68% to BGN 115mln. Net profit soared 72% to BGN 117mln driven by the profit from associated companies.

Wiser Technology (WISR) published Q3 results, where revenues shot up 144% to BGN 56mln due to the consolidation process in 2025. Expenses also soared. The company will hold a meeting with investors on 03/12/2025 from 10:30 EET to discuss their performance, goals and consolidation plans further.

Economic News

The business confidence indicator fell to 14.6 in November. Assessments of the current business situation weakened (17.0 vs 17.8 in October), alongside a modest decline in the outlook for both production activity (5.6 vs 5.9) and employment (2.1 vs 4.0) over the next three months.6.2%) and transport (0.5% vs 0.4%).
✓ Producer prices climbed by 13.5% YoY in October. This marked the highest reading since March, as prices surged for electricity, gas, steam and air-conditioning supply (40.2% vs 10.6% in September). Additionally, costs continued to rise for mining and quarrying (16.8%
vs 22.4%) and manufacturing (10% vs 11.4%).
✓ Tourist arrivals rose by 0.4% YoY to 956.7 th in October. An increase in the trips with all observed purposes was registered, with the majority of trips for other purposes (46.1%), followed by holiday and recreation purposes (38.5%) and professional purposes (15.4%). The EU accounted for 54% of total visits to Bulgaria,

Full report can be accessed here.