Weekly bulletin – Neochim grows revenues by 31%

Telelink Business Services (TBS) published the presentation from the webinar held on 26.03.2026 regarding the 2025 results. Revenues grew 27% to EUR 144.7mln, which surpassed the target of EUR 136mln. EBITDA grew by 31% to EUR 13.8mln and the EBITDA margin improved by 0.3%. Net Profit increased 40% to EUR 8.3mln, surpassing the target of EUR 7.4mln and pushing the Net Margin up by 0.5% to 5.7%. Of those, the real majority came from Bulgaria (72% of revenues), followed by Croatia, then the cumulative of Serbia, Bosnia and Slovenia. By sector, Public leads with 68%, followed by Telecom with 14% and Enterprise – 18%. By family – 77% for IT infrastructure, Cybersecurity – 12%, End User HW&SW, public cloud and other – 8%, SW Development, Data and AI – 3%. Cash flow statement show strong growth in operating cash flow and outflows from investing and financing cash flows, which shows the solid foundations of the company.

Expectations are for 2026 revenues to reach EUR 152.7 and eventually EUR 208mln in 2030.

Alcomet (ALCM) published 2025 individual results, where revenues increased 7.6% to EUR 282mln. COGS, however, increased by 8.5% to EUR 267mln, which, even with the marginal increases in the OPEX figures, led to Net Loss increasing by 48% to EUR 4.1mln.

M+S Hydraulic (MSH) published the 2025 results. While Revenues grew by 5.8% to EUR 71.8mln, COGS and personnel expense also grew (first one adding EUR 2.2mln and the second one EUR 1.2mln). This led to Net Income dropping 19% to EUR 4.5mln.

Neochim (NEOH) announced 2025 results, where revenues increased 31.2% to EUR 181.4mln. COGS grew at 26.1% to EUR 131.2mln and that led to recording a Net Income of EUR 4.4mln, up from a Net Loss of EUR 2mln.

Hydraulic Elements and Systems (HES) published 2025 results, where Revenues increased by 10.7% to EUR 42mln. OPEX grew at 8.4% to EUR 37.9mln and Net Profit increased by 22.5% to EUR 2.5mln.

ü  No economic news this week.