New Risk • Jun 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: €527.8m (up 12% from 1Q 2025). Net income: €21.5m (up 10% from 1Q 2025). Profit margin: 4.1% (in line with 1Q 2025). Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Revenue: лв3.20b (up 14% from FY 2024). Net income: лв94.9m (up 185% from FY 2024). Profit margin: 3.0% (up from 1.2% in FY 2024). The increase in margin was driven by higher revenue. New Risk • Jan 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Bulgarian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: лв0.13 (vs лв0.18 loss in FY 2023) Full year 2024 results: EPS: лв0.13 (up from лв0.18 loss in FY 2023). Revenue: лв2.80b (flat on FY 2023). Net income: лв33.3m (up лв79.2m from FY 2023). Profit margin: 1.2% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jun 02
Eurohold Bulgaria AD, Annual General Meeting, Jun 30, 2025 Eurohold Bulgaria AD, Annual General Meeting, Jun 30, 2025, at 11:00 FLE Standard Time. Location: sofia at 43 christopher columbus blvd, fl. 1, Bulgaria Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: лв0.14 (vs лв0.19 loss in FY 2023) Full year 2024 results: EPS: лв0.14 (up from лв0.19 loss in FY 2023). Revenue: лв2.79b (flat on FY 2023). Net income: лв36.6m (up лв85.1m from FY 2023). Profit margin: 1.3% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Bulgarian stocks, typically moving 6.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (6.7% average weekly change). Minor Risk Large one-off items impacting financial results. New Risk • Dec 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Bulgarian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. New Risk • Dec 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risk Large one-off items impacting financial results. New Risk • Sep 02
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: лв696.6m (down 54% from 1Q 2023). Net income: лв44.4m (down 82% from 1Q 2023). Profit margin: 6.4% (down from 16% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Aug 07
Electrohold Bulgaria Announces Management Changes Electrohold Bulgaria, the electricity supply and distribution arm of Eurohold Bulgaria, announced that it has appointed Georgi Mikov its new CEO, replacing Karel Kral. Milen Hristov has joined the boards of directors of the company's other two units, electricity supplier Electrohold Sales and power trader Electrohold Trade, Electrohold Bulgaria. Karel Kral has stepped down as CEO as his mandate expired but will remain with the group as a member of the supervisory board of Electrodistribution Grid West. Georgi Mikov joined Electrodistribution Grid West in January 2022 as chief director of asset management and was promoted to CEO in May 2022. He previously served as CEO of state-owned National Electricity Company (NEK) and Elektrorazpredelenie Stolichno, the power distribution company serving the capital Sofia. With eight years of experience within the Eurohold group, focusing on trade, project management and integrated supply, Milen Hristov joined the Electrohold team in 2021 as manager of newly established Electrohold EPC. Reported Earnings • Jun 13
Full year 2023 earnings released: лв0.18 loss per share (vs лв0.15 profit in FY 2022) Full year 2023 results: лв0.18 loss per share (down from лв0.15 profit in FY 2022). Revenue: лв2.83b (down 36% from FY 2022). Net loss: лв48.3m (down 220% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to лв1.70, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 11x in the Insurance industry in Europe. Total loss to shareholders of 2.3% over the past three years. New Risk • Dec 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (7.2% average weekly change). New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Bulgarian stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (211% net debt to equity). Share price has been volatile over the past 3 months (5.4% average weekly change). New Risk • Aug 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 201% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: лв255.3m (down лв277.3m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 12
First quarter 2023 earnings released: EPS: лв0.93 (vs лв0.086 in 1Q 2022) First quarter 2023 results: EPS: лв0.93 (up from лв0.086 in 1Q 2022). Revenue: лв1.52b (up 44% from 1Q 2022). Net income: лв242.9m (up лв220.5m from 1Q 2022). Profit margin: 16% (up from 2.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to лв1.64, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Insurance industry in Europe. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to лв1.40, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 13x in the Insurance industry in Europe. Total returns to shareholders of 82% over the past three years. Reported Earnings • Mar 06
Full year 2022 earnings released Full year 2022 results: Revenue: лв6.30b (up 68% from FY 2021). Net income: лв51.1m (down 46% from FY 2021). Profit margin: 0.8% (down from 2.5% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: лв1.52b (up 77% from 3Q 2021). Net income: лв36.1m (up лв30.6m from 3Q 2021). Profit margin: 2.4% (up from 0.6% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: лв1.49b (up 197% from 2Q 2021). Net income: лв22.0m (up лв27.0m from 2Q 2021). Profit margin: 1.5% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 02
First quarter 2022 earnings released First quarter 2022 results: Revenue: лв1.67b (up 298% from 1Q 2021). Net income: лв34.2m (up лв33.8m from 1Q 2021). Profit margin: 2.0% (up from 0.1% in 1Q 2021). The increase in margin was driven by higher revenue. Announcement • Jun 02
Eurohold Bulgaria AD, Annual General Meeting, Jun 30, 2022 Eurohold Bulgaria AD, Annual General Meeting, Jun 30, 2022, at 11:00 Central European Standard Time. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: лв3.76b (up 137% from FY 2020). Net income: лв94.9m (up лв124.4m from FY 2020). Profit margin: 2.5% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: лв0.022 (up from лв0.049 loss in 3Q 2020). Revenue: лв858.5m (up 101% from 3Q 2020). Net income: лв5.58m (up лв15.2m from 3Q 2020). Profit margin: 0.6% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: лв0.022 (up from лв0.049 loss in 3Q 2020). Revenue: лв858.5m (up 101% from 3Q 2020). Net income: лв5.58m (up лв15.2m from 3Q 2020). Profit margin: 0.6% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 01
Second quarter 2021 earnings released: лв0.025 loss per share (vs лв0.034 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: лв502.8m (up 44% from 2Q 2020). Net loss: лв5.02m (loss narrowed 23% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Announcement • Aug 05
Boston Management and Research acquired a 9.16% stake in Eurohold Bulgaria AD (BUL:EUBG) from Renaissance Securities (Cyprus) Limited. Boston Management and Research acquired a 9.16% stake in Eurohold Bulgaria AD (BUL:EUBG) from Renaissance Securities (Cyprus) Limited on August 3, 2021. As a part of transaction, Boston Management and Research acquired 23,853,801 shares representing 9.16% voting rights at the General Meeting of Shareholders of Eurohold Bulgaria AD. The transfer has been made pursuant to an escrow agreement.
Boston Management and Research completed the acquisition of a 9.16% stake in Eurohold Bulgaria AD (BUL:EUBG) from Renaissance Securities (Cyprus) Limited on August 3, 2021. Announcement • Jun 30
Starcom Holding AD acquired an additional 9.6% stake in Eurohold Bulgaria AD (BUL:EUBG). Starcom Holding AD acquired an additional 9.6% stake in Eurohold Bulgaria AD (BUL:EUBG) on June 28, 2021. As a part of the transaction, 19 million shares were acquired. Post closing of the transaction Starcom Holding will hold 117.9 million shares, representing 59.71% stake in Eurohold Bulgaria.
Starcom Holding AD completed the acquisition of an additional 9.6% stake in Eurohold Bulgaria AD (BUL:EUBG) on June 28, 2021. Reported Earnings • May 30
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: лв420.6m (flat on 1Q 2020). Net income: лв403.0k (down 85% from 1Q 2020). Profit margin: 0.1% (down from 0.7% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Announcement • Mar 09
Eurohold Bulgaria AD announced that it expects to receive €26 million in funding from Global Emerging Markets Eurohold Bulgaria AD (BUL:EUBG) announced that it has entered into agreement for a private placement of common shares for gross proceeds of €26 million on March 8, 2021. The transaction will include participation from GEM Global Yield Fund LLC SCS, a fund managed by Global Emerging Markets. Post to the closing, the investor will acquire stake in the company. Reported Earnings • Mar 06
Full year 2020 earnings released: лв0.15 loss per share (vs лв0.015 loss in FY 2019) The company reported a poor full year result with increased losses and weaker control over costs, although revenues were flat. Full year 2020 results: Revenue: лв1.59b (flat on FY 2019). Net loss: лв29.6m (loss widened лв26.7m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 92% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Mar 05
Eurohold Bulgaria AD, Annual General Meeting, Apr 10, 2021 Eurohold Bulgaria AD, Annual General Meeting, Apr 10, 2021, at 10:30 E. Europe Standard Time. Location: 43 Christopher Columbus Blvd., floor 1, conference hall Sofia Bulgaria Agenda: To consider adoption of resolution to increase the capital of Eurohold Bulgaria AD, through public offering of 79,010,240 new, registered, dematerialized,non-preferred shares, with voting rights; to consider amendment of articles of association; and to consider any other matters. Is New 90 Day High Low • Jan 06
New 90-day high: лв1.80 The company is up 17% from its price of лв1.54 on 08 October 2020. The Bulgarian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 19
New 90-day high: лв1.74 The company is up 5.0% from its price of лв1.65 on 18 September 2020. The Bulgarian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 02
New 90-day high: лв1.70 The company is up 26% from its price of лв1.35 on 03 August 2020. The Bulgarian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 12% over the same period. Reported Earnings • Sep 30
First half earnings released Over the last 12 months the company has reported total losses of лв852.0k, with earnings decreasing by лв15.9m from the prior year. Total revenue was лв1.57b over the last 12 months, up 8.6% from the prior year. Reported Earnings • Sep 28
First quarter earnings released Over the last 12 months the company has reported total profits of лв3.77m, down 80% from the prior year. Total revenue was лв1.62b over the last 12 months, up 19% from the prior year. 
