"Sopharma Buildings" REIT has concluded with "DSK Bank" AD a Standard Investment Loan Agreement in the amount of 28,121,000 euros, the special purpose vehicle announced. The document was signed on January 21. The loan will be used to finance/refinance, excluding VAT, expenses related to the acquisition and commissioning of "Residential buildings with shops, a kindergarten, underground garages and above-ground parking spaces - Stage I", under construction on its own land in Sofia, 3 Kliment Ohridski Blvd. The loan bears annual interest on regular principal, formed by a variable reference interest rate, representing a weighted average deposit index (WADI) plus an agreed premium of 3.5 percent. The drawdown period is until December 31, 2027, with a grace period on the principal until March 31, 2028 and a repayment deadline of December 31, 2028. On January 21, Sopharma Buildings concluded an annex to the Standard Investment Loan Agreement signed on December 4, 2024 between Sopharma Buildings and DSK Bank AD. This annex changes the amount of the annual interest on the regular principal of the loan, formed by a variable reference interest rate, representing a weighted average deposit index plus an agreed premium, as the agreed premium is reduced from 4.9% to 3.5%. Sopharma AD is the largest shareholder with 32.71% of the capital.
Source: Banker (23.01.2026)

In 2025, banks collected a record over BGN 2.3 billion in fees Over the past decade or so, we have witnessed a continuous increase in the prices of banking services, especially those that are most in demand by consumers. According to BNB data, in 2025, banks collected over BGN 2.3 billion in fees and commissions from their clients - individuals and companies, which is an increase of 12% on an annual basis. The share of these revenues in the total net operating income of banks is also growing, exceeding 20%. The fees collected by banks are very diverse and numerous, there is no unified format for bank tariffs, and comparing the prices of individual banking services is extremely difficult. This limits the ability of consumers to make a rational choice and reduces competition, notes "Active Consumers". The non-governmental organization published an extremely interesting study of the fees for the most used banking services, namely: monthly bank account maintenance, credit transfer to the same or another bank online and at the cash desk, cash withdrawal and deposit, as well as ATM withdrawal. Most banks have increased the monthly account maintenance fee during this period. The fee at BACB, UBB, FIB, Tokuda Bank, CCB and Postbank has remained unchanged, and Investbank has even made a slight reduction, but let's not forget that in previous years these banks have also raised their rates more than once. There are only two banks that still do not charge a monthly maintenance fee if the account is bundled with a debit card - International Asset Bank and Municipal Bank. The picture is different when the bank account is not bundled with a debit card, i.e. the holder does not have a debit card of the respective bank - then the monthly maintenance fee is 30 to 50% higher. Another service included in the study is making a bank transfer. In principle, it is clear that if we make money transfers at a bank office (with a payment order), this service is charged many times more expensively than other alternatives such as paying by card or online bank transfer. The banks that benefit the most from this type of high fees are those serving government services, where people have to pay fees or fines by bank transfer (e.g. the Ministry of Interior, the National Tax and Customs Administration, courts, municipalities, etc.). After the adoption of the euro, interbank transfers are now carried out through the European SEPA system, and not through a national operator, as was the case until recently. Banks' costs for SEPA transfers are probably lower and it is appropriate for the BNB, as a regulator, to provide clarifications on whether there are prerequisites for reducing fees for online transfers. In the last two years, the majority of banks have significantly increased fees for transfers to the same bank, equalizing them with fees for transfers to other banks. UBB, UniCredit Bulbank and DSK Bank have the most ATMs - over 700, FIB, CCB and Postbank have over 500, and the remaining banks have well under 100. Withdrawing money at a bank counter is more expensive, as banks have massively increased this fee in the last two years.
Source: Sega (05.02.2026)

The Bulgarian Development Bank (BBR) and DSK Bank signed an agreement for the provision of guarantees under the InvestEU program. It provides a resource for new financing of the Bulgarian business of over 300 mln. euro, in support of its competitiveness, digital transformation, modernization and increased employment. The support provided by BBR is in two directions of InvestEU - "State member" and "ES". The financial product is aimed at micro-enterprises, small and medium-sized companies, as well as companies with a medium market capitalization with a staff of up to 499 people, who need funds to expand their activities, implement innovations or increase productivity. The Invest EU guarantee will allow the bank to issue new loans, because of high risk and to offer more favorable conditions to companies. InvestEU is the main investment instrument of the European Union for the period 2021-2027, which aims to mobilize more public and private resources in support of a sustainable economy, small business and innovative projects. The Bulgarian Development Bank is among the 17 implementing partners that received accreditation for the management of European funds and budget instruments. The State Bank was approved for this role in 2023.
Source: 24 chasa (11.02.2026)

The Supreme Administrative Court (SAC) has ordered the state Fund of Funds (officially "Fund Manager of Financial Instruments in Bulgaria" - FMFIB) to rewind the procedure for allocating money for urban development funds. It will not start from scratch, but will have to return to the stage of assessing the compliance of the participants. We are talking about a total of 263 million euros, which must be allocated for urban projects in three regions - South, Northeast and Northwest. The procedure began in October 2024 and there were three candidates in it - DSK Bank alone, the consortium "DZZD Sustainable Cities Fund" (FUG) with the participation of UBB and the consortium "Fund for Green and Smart Urban Development" (FZUGR) with the participation of UniCredit Bulbank. In June 2025, FMFIB began final negotiations, but with only one of the candidates - FUG around UBB, and the other two candidates were not even admitted. The money for all three positions went to FUG, which took two of the funds, and the third remained unallocated. The decision was appealed by the other two candidates to the Commission for the Protection of Competition (CPC), which refused to initiate proceedings, which is why the matter reached the Supreme Administrative Court. In August, the court overturned the CPC’s order and ordered the regulator to return the procedure to FMFIB. The current decision of the Supreme Administrative Court is final and orders FMFIB to return the procedure to an earlier stage, without starting it from scratch. Thus, the procedure is set back about a year, and it is possible that all three participants will eventually receive one fund. This was the expected outcome from the very beginning, as each of the candidates wanted to manage the money for a different part of Bulgaria. Instead, after the controversial decision of the fund, one consortium, led by UBB, ultimately won all three positions, although it could only take on two.
Source: Capital (13.02.2026)

As of December 31, 2025, 23 banks operate in the banking sector of Bulgaria, 6 of which are branches of foreign credit institutions. In January 2026, Bulgarian-American Credit Bank AD (BACB) finalized the acquisition of Tokuda Bank AD. On February 13 of this year, the European Central Bank issued approval for the acquisition by the private equity fund Advent International (through its subsidiary Bago (Luxembourg) S.a.r.l.) of a majority stake in TBI Bank EAD from 4finance Holding S.A. The deal was finalized on March 2, 2026. Total assets of the banking system as of December 31, 2025 amounted to EUR 116.1 billion, recording an increase of 8.07% compared to September 30, 2025. The share of the five largest banks based on total assets in the banking system amounted to 76.30% as of December 31, 2025, with no change in their positions compared to September 30 of the same year. United Bulgarian Bank AD retains the leading position with assets of EUR 22.8 billion or 19.60% market share, marking a growth of 6.34% in assets compared to September 30, 2025. DSK Bank AD retains second position with 18.93% market share and growth in assets of 9.07% compared to the end of the first nine months of 2025. UniCredit Bulbank AD remains in third position with a market share of 18.07% and growth in assets of 5.96% compared to September 30, 2025. The fourth and fifth positions are occupied, respectively, by Eurobank Bulgaria AD and First Investment Bank AD. The net profit of the banking system recorded a decrease of 1.81%, reaching EUR 1.9 billion for 2025. DSK Bank AD again occupies the top position with a profit of EUR 513 million or a 27.65% share of the sector's profits for last year, reporting a profit growth of 2.76% compared to the same period in 2024. UniCredit Bulbank AD is in second position in terms of profit share in the sector, namely 24.89%, reporting a decrease of 4.65% and registering a profit of EUR 462 million for 2025 compared to EUR 484 million for 2024. United Bulgarian Bank AD recorded a 1.15% decrease in its profit compared to the same period in 2024, reaching EUR 251 million for 2025 and remaining in third position with a 13.52% share in the sector's profits. Eurobank Bulgaria AD retained the fourth position with a profit of EUR 227 million and a market share of 12.23% for 2025, reporting a growth of 7.67% compared to the same period in 2024. In fifth position is First Investment Bank AD with a profit of EUR 84 million, recording a significant increase in its profit of 32.67% compared to the same period in 2024. Net fee and commission income (calculated on the basis of Fee and commission income - Fee and commission expense) for the sector for 2025 amounts to EUR 912 million, marking a growth of 10.11% compared to EUR 828 million for 2024. DSK Bank AD retains first position with a growth of 10.70%, reporting net fee and commission income of EUR 204 million for 2025. UniCredit Bulbank AD occupies the second position with net fee and commission income of EUR 178 million, representing 19.57% of total income in the sector, marking a growth of 10.68% compared to the previous year. In third position in terms of net income from fees and commissions for 2025 remains United Bulgarian Bank AD with income of EUR 160 million, marking an increase of 8.55% compared to the previous year. First Investment Bank AD remains in fourth position with net income from fees and commissions of EUR 89 million and a 5.73% increase compared to 2024. Fifth position continues to be occupied by Eurobank Bulgaria AD with net income from fees and commissions of EUR 78 million, marking an increase of 12.57% compared to 2024.
Source: Banker (13.03.2026)

The banking sector distributes record dividends from profits for 2025 Bulgarian banks will distribute a record amount of dividends from their profits for 2025, with only four of the largest institutions preparing to pay their shareholders EUR 665.6 million. The amount exceeds last year's EUR 405 million by 64% and is EUR 100 million above the record EUR 564 million from 2023. It is equal to nearly 36% of the reported profit for last year. UniCredit Bulbank stands out with the largest amount, which will distribute to its shareholders just over EUR 277 million, or exactly 60% of its profit for 2025. This is also an individual record for the Bulgarian division of the Italian bank, and is only slightly below the EUR 285.5 million paid by DSK for 2023. Last year, UniCredit Bulbank capitalized all of its profits, while in previous periods it distributed 100%. DSK will distribute 253.4 million euros in dividends, or 45% of profits, which is in line with last year's amount (249.5 million euros). For the bank from the Hungarian OTP group, this is the fifth consecutive year of distributing profits, with its sustainable dividend policy being interrupted only by the acquisition of Societe Generale Expressbank and subsequently by the two-year ban by the Bulgarian National Bank on distributing dividends during the Covid crisis. According to the agenda of the upcoming general meeting of Postbank, the board's proposal is for it to be 112 million euros, or nearly 50% of profits. This will be a record amount for the bank and the first distribution of profits since 2017. At Allianz Bank, the intention is to pay out 23 million euros, or 83.3% of the profit. In total, for the last 12 years since 2014, the total amount distributed exceeds 4.5 billion euros. DSK contributes the most with over 1.7 billion euros and UniCredit Bulbank with 1.58 billion euros. UBB has a significantly more modest amount - under 0.5 billion euros, which is largely due to the series of banking and non-banking acquisitions through which today's huge financial group of the Belgian KBC was built.
Source: Capital (28.04.2026)

The banking system with a record profit of 490 million euros for the first quarter The banking system in Bulgaria generated a profit of 490 million euros (958 million leva) in the first three months as part of the eurozone. This is 69 million leva (35 million leva) or 7.8% more than the one realized in the first quarter of 2025, when total revenues in the banking system were 455 million euros (889 million leva). Two banks reported a profit of over 100 million euros, and a total of four had a positive financial result of more than 50 million euros. UniCredit Bulbank and DSK Bank are the banks with the largest profits for the period January 1 - March 31, after the BNB announced a positive financial result of 133 million euros (260 million leva) and 140 million euros (274 million leva) respectively. Just a year ago, they had profits of 95 million euros and 139 million euros, respectively, during the same period. Postbank ranks third in the ranking with a profit of 57 million euros, followed by UBB with 55 million euros. The top five is completed by First Investment Bank - 26 million euros. They are followed by Central Cooperative Bank (CCB) with 15,083 euros and TBI Bank - 14 million euros and ProCredit Bank with 9 million euros. The top ten is completed by Allianz Bank and Bulgarian-American Credit Bank, which respectively reported a little over 3 million euros. Only one bank - Bigbank, reported a loss of 368 thousand euros. A total of five banks in the country manage assets for over 10 billion euros, according to a Darik Business Review report based on data from the Bulgarian National Bank (BNB). The five banks UBB, DSK Bank, UniCredit Bulbank, Postbank and First Investment Bank (PIB) hold a total of 91.2 billion euros in assets. This is equivalent to a total of 77.7% of the assets of the entire banking system in our country. Only the first three banks in the ranking hold over half of the assets in the banking system - 57.3%. In the first quarter of the adoption of the euro, the largest bank by assets is DSK Bank, which is fighting hard for the first position with UBB. DSK Bank comes out on top with assets of 23.5 billion euros, and UBB follows with 23.1 billion euros.
Source: Darik Radio (14.05.2026)

The “Maritsa East Mines”, which has fallen into a difficult financial situation due to a decline in production, must pay a solid debt maturity to a bank at the end of the month. The mines owe 13 million euros to DSK Bank, with the term of the contract being until June 2025, but it was extended once until July 2025, and a second time - until June 2026. In addition to this loan, the mines also have many overdue debts to the parent company - BEH. “Maritsa East Mines” are in a difficult financial situation - a loss as of the third quarter of 2026 of 21 million euros. The final report for 2025 has also become public, with a loss of 129 million euros. Against this background, the company owes 178 million euros in loans to BEH, with maturities here in June and July - 15 million euros in June and 10 million euros in July. After these upcoming maturities, the deadline for BEH to repay loans in the amount of EUR 50 million expires by the end of the year. Over EUR 240 million has been set aside under the Just Transition Fund for mine reclamation, but the money cannot be used due to one of the prohibitive decisions of the National Assembly - not to carry out any regulatory actions with mine sites.
Source: Sega (19.06.2026)

Bank fund managers in our country manage assets worth over 956 million euros at the end of June Bank management companies in our country have organized a total of 42 mutual funds, according to data from the Bulgarian Association of Management Companies (BAUM). In the first half of the year, a total of 956,061,079 euros were attracted to their portfolios. The largest bank fund manager is KBC Asset Management NV, which is part of KVS Group. The company has organized 12 collective investment schemes. They have attracted and manage 585,137,020 euros. The most successful mutual fund of this management company is UBB ExpertEase Highly Dynamic Tolerant Responsible Investing with a yield for the first six months of this year of 11.51 percent. This collective scheme has the highest yield in the group for the last twelve months and since the beginning of the public offering of its shares - April 4, 2022. Currently, its portfolio has 12,514,905 euros. The distributor of the shares continues to be "UBB" AD with branches throughout the country. "DSK Asset Management" is the second largest bank management company in our country. Its shareholders are "DSK Bank" with a share of 25% and "OTP Fund Management", which is part of the largest Hungarian financial group OTP, with 75 percent. The fund manager's portfolio has 19 mutual funds, in which a total of 296,613,951 euros have been attracted. The highest yield for the first half of the year is the NDF "DSK-OTP Premium Mix" (7.79%). It represents a ready-made "package" of other funds, through which clients use the professional experience and expertise of successful portfolio managers and investment opportunities around the world, and thus provides a wide variety of investments on which the fund's results depend. The sole owner of the capital of CCB Assets Management is Central Cooperative Bank AD, which owns 100% of the company's shares as part of its financial group. The fund manager has organized four mutual funds, through which it manages 33,611,669 euros. The most successful since the beginning of the year is CCB Private. The fund has invested the attracted funds primarily in shares traded on regulated markets abroad, which are expected to distribute regular dividends, as well as in units of other collective investment schemes and other collective investment undertakings licensed and operating abroad, and distributing dividends/income. The collective scheme reported a yield of 4.43% at the end of June. The sole owner of the capital of Texim Asset Management is Texim Bank AD. The management company has organized four collective schemes. 28,101,692 euros have been attracted to them. The highest yield for the half-year is “Texim Balkani” (with 4.64%). “FFBK Asset Management” manages three funds of Fibank (“First Investment Bank” AD). A total of 7,712,115 euros were attracted to them for the six months. The most successful for the period is “FIB-Avangard”, which earned a profit of 14.93 percent for its clients. This is a global high-yield equity fund. Its investments are not limited in terms of country, market capitalization or presence in an index. The focus is on discovering companies with great growth potential before other market participants, relying on its own and external analyses and assessments of the companies. “Municipal Bank Asset Management” manages two contractual funds: “Municipal Bank – Balanced” and “Municipal Bank – Perspective”. Their clients have provided a total of 4,884,633 euros for management. The sole owner of this fund manager is Municipal Bank AD. The ultimate parent company of the management company is the Liechtenstein-based Novito Opportunities Fund AgmvK, which is the majority owner in the credit institution with a share of 96.51 percent. The remainder of the bank's capital is distributed among smaller municipal companies and several municipalities in Bulgaria.
Source: Banker (10.07.2026)

Bank profits in Bulgaria grow by over 7% to EUR 1.1 billion at the end of June The profit of the banking sector in Bulgaria for the first half of 2026 is 1.08 billion euros - 73 million euros, or 7.25%, above the figure reported a year earlier. And if we look at the second quarter alone - it is also a record 589 million euros. The return on assets remains close to 1.7%, the net interest margin remains at around 2.7%, and only the return decreases slightly (from 16.6 to 13.1%), but with the caveat that in the second quarter there may also be a seasonal component along with the distribution of annual dividends. With the entry into the eurozone, the minimum reserve requirements (MRR) decreased from 12% to 1%, the same as that applied by the ECB throughout the monetary union. This freed up a huge cash resource for credit institutions, which had been held at zero profitability in the BNB until now. These funds can now remain in the central bank, but banks now have access to the so-called ECB deposit facility, where the interest rate is currently 2.25%. Part of the funds can also be directed to lending, government securities and other instruments that bring profitability. Thus, for the first half of the year, net interest income jumped by 19.5% to EUR 1.69 billion. This brings EUR 276 million in positive contribution to the banks' profit. The picture is more mixed with net fee income. There, the effect of the euro is rather in the opposite direction, due to the loss of income from currency conversion. However, thanks to the growth of the economy and lending, growth continues to be seen here too - 4.2%, or EUR 18 million, to EUR 452 million, although much more modest than those realized in previous years. By June, banks reported spending on this line by EUR 82 million more on an annual basis. Which makes a 13% growth to almost 711 million euros. The main burden that limits the growth of profit is the impairment costs, which shot up by as much as 102 million euros to nearly 230 million euros. DSK Bank with 291.8 million euros managed to win first place in profit for the half-year, and this is also a record for a realized result by the middle of the year - slightly above last year's achievement of UniCredit Bulbank. DSK also maintained the leadership in assets, where it climbed in the previous quarter, dethroning UBB. With almost 24 billion euros in balance sheet, the division of the Hungarian OTP has nearly half a billion euros ahead of the Bulgarian bank of the Belgian KBC. In total, for the second quarter of the year, the banks' mortgage portfolios increased by another 1.16 billion euros, or 6%, to 20.4 billion euros. This is more than in the first quarter, and on an annual basis the increase of 27.3% remains close to the record values ??of almost 30%. The leader in retail banking DSK continues to be the most aggressive player among the large ones with a growth rate in mortgage lending of 36.6%, which is surpassed only by much smaller players in the segment with a low base. An example of the latter is Procreditbank, which added 130 million euros in housing loans and 66 million euros in consumer loans in a year, thus doubling its portfolios. At DSK, the annual growth in mortgage lending is more than ten times higher - 1.5 billion euros, with which it contributes nearly 35% of housing lending in the country. The picture is similar for consumer loans, with growth for the quarter being less than 5%, or 614 million euros, to 13.3 billion euros. The annual rate also remains lower and without significant change - nearly 15%. Here again DSK strengthens its position as a major player and contributes with 176 million euros, followed by Postbank (158 million leva). UBB and the segment-specialized TBI Bank remain below the 100 million euro mark. In corporate lending, the growth is more modest, with a quarterly increase of 2.3%, or 684 million euros, to just over 31 billion euros, and on an annual basis the growth is 11.3%. Here again DSK stands out with aggressive growth in percentage terms, but in nominal terms the leader in the business segment - UniCredit Bulbank (+198 million euros) has the largest contribution. UBB, on the other hand, reports a contraction of its corporate portfolios for the first time in a long time (-132.5 million euros). Just a few quarters ago, it had come menacingly close to number one in this segment, but now UniCredit Bulbank has again opened a sensitive gap with 6.5 compared to 5.7 billion euros for its competitor.
Source: Capital (05.08.2026)

Entrepreneur and business property consultant Assen Lisev has withdrawn from the "Bravo Property Fund" REIT he created and managed both as a private individual and through the company "Bravo Hold A", of which he is the sole owner. Until now, he owned the controlling stake in the special purpose joint-stock company established in 2017. Now, "Bravo Property Fund" includes companies related to the "Chimimport" group. On June 9, a total of 25.7 million shares of "Bravo Property Fund" were traded on the Bulgarian Stock Exchange at prices of 0.53-0.54 euros for a total of 13.8 million euros. Assen Lisev has sold his share of 33.02% of the shares. He has traded 118,672 shares on the Bulgarian Stock Exchange, representing 0.32% of the capital of "Bravo Property Fund" REIT. On the same day, his sole proprietorship "Bravo Hold A" sold 12 million shares, representing 32.70% of the fund's capital. In addition to Assen Lisev, at the same time, Pavel Tomasz Sudzharski Kshonzek, who owns 5.45% of the capital of "Bravo Property Fund" REIT (2 million shares), also parted with his shares. Through his company "Black Sea Development", he also had another 24.82% of the capital (9.1 million shares). The chairman of the board of directors of the fund until July - Konstantin Prodanov (now a deputy from "Progressive Bulgaria" and chairman of the budget committee) also parted with his shares. As minority shareholders with over 8%, pension funds of "Doverie" and Horizon Platinum Portfolio - a mutual fund from the UBB group remain. The company's shareholders include "Synergy Invest Holding" AD, which bought 7.15 million shares of "Bravo Property Fund" (19.48%). Another 32.7% of the capital was acquired by "Business Property Consult" (12 million shares and voting rights). A little later, the remaining 17.91% of the shares became the property of Texim Bank (6.6 million shares). These are companies, in one way or another connected to the "Chimimport" group. After the separation, only "Office Building A" on "Ivan Abadzhiev" Street in the area of ??The Mall remains in the assets of "Bravo Property Fund". This is a six-story building with about 14 thousand sq m of area and 242 parking spaces, built in 2019. Its total area is less than 9%, which makes it "one of the buildings with the most efficient floor areas in Sofia". Tenants in it are Mbition, Sterling Shared Offices, Gestion, Genius Sport Services. In March 2024, the building was mortgaged to UniCredit Bulbank for a loan of 14.4 million euros. In May, an old mortgage to UBB was canceled. In February 2025, the building was mortgaged again for a loan of 7 million euros from UniCredit Bulbank - a loan for the purchase of the "Office C4" building. The balance sheet for the first six months of 2026 shows that his liabilities to banks total 19 million euros. This is the first office project of Asen Lisev as an investor. He is a partner in it with Pavel Tomasz Sudzharski Kshonzek. In 2019, they sold the project company "Office A" to "Bravo Property Fund" for 59.5 million leva. And now in the fund's assets the property is valued at a similar value - 33.4 million euros. The general meeting of shareholders decided to sell its entire shares in the office building under construction "Office C4" at a price not lower than 6 million euros. The buyer is "Bravo Home" - another company with sole owner Assen Lisev. This EADSIC was registered in May 2025 with a capital of 332,339.67 euros. "Office Building C4" is a building under construction, which is located in the immediate vicinity of two large-scale office projects of Asen Lisev in "Hladilnika" - the complex of four buildings Office X with an above-ground area of ??53 thousand sq m, in which he is a partner with Spas Shopov from Rosslyn, and the office building under construction Bravo Sky with 45 thousand sq m of above-ground area, which was the largest construction permit in Sofia for 2024. In July, DSK Bank lent "Bravo Development" 28.5 million euros, apparently for the construction of "Bravo Sky", with the building and the 13 decares of land being mortgaged against the loan. "Office Building C4" is a seven-story building with two underground floors with a total area of ??only 5,610 sq m and 42 parking spaces. Its typical floor is between 400 and 500 sq m and has a panoramic terrace of 450 sq m. According to the plan, it should be completed in 2026. The fund acquired it in April 2025 from "Bravo Development" - another company, of which Assen Lisev is now the sole owner, although for a short time he was a partner there with Ivan Assenov - one of the shareholders in the Hus Invest holding. In September, the building was mortgaged against a loan of 7 million euros from Allianz Bank Bulgaria. In 2022, Assen Lisev, together with the Assenov brothers from Hus Invest, invested in a residential project in "Mladost 4" - the gated complex "Iris Park". He is now building the Cherry Garden residential complex in the "Tolstoy" quarter. At the end of 2025. At the end of 2024, it bought a 5.5-acre plot of land next to Mall of Sofia - on Gen. Skobelev Blvd. and Sredna Gora St., donated at an assessment of almost 4 million euros to the Skobelev Construction company. Bravo Development acquired the Siemens office building on Kukush St. and the adjacent land, where it will build housing. A few days ago, Bravo Development acquired a corner plot above the Opalchenska metro station with a construction permit for a 22-story mixed-use building with a total built-up area of ??23.5 thousand sq m. It seems that this is a 1.2-acre plot on the corner of Todor Alexandrov Blvd. and the small Shar Planina street. The permit for it dates from the beginning of 2024 and is in the name of three companies - "Post Art", "P Records" and "Terra Build", and several individuals. It is for a public service building with offices, studios, showrooms, a cafe, a snack bar, underground garages and a transformer substation. The permitted above-ground area is 18.6 thousand sq.m. of gross floor area, and the foundation of the building will occupy 0.9 decares. The deal is through the company "SK Building 7", where the property was donated at an assessment of 2.12 million euros. "Business Property Consult" is a subsidiary of the public "Phoenix Capital Holding". The majority owner in it with just over 60% is the Dubai-based company Lorraine Marketing Services, but with just under the maximum allowed 7% are the universal pension funds of "CCB Sila" and "Saglasie" - parts of the two parallel financial groups related to "Chimimport" - centered around the Central Cooperative Bank and Teximbank, respectively. For a long time, "Phoenix Capital Holding" was also the largest shareholder in Black Sea Fund, through which the group controls a number of properties, such as the "Gradina" camping site and the former headquarters of "Biochim" bank in the center of Sofia. In mid-July, Ralitsa Dragneva, who is also a director of "Phoenix" and a number of other resort companies in the orbit of "Chimimport" such as the acquired "Grand Hotel Varna", was listed as the executive director of "Bravo Property Fund". Boyan Petkov and Lyudmil Lazarov are included in the board of directors. The latter recently - in early 2025 - was briefly the executive director of the State Consolidation Company, and in 2022 he was on the board of a company under the Sports Ministry. Earlier in his biography, around 2007-2008, there was a period as chairman of the board of the insurer "Lev Ins". At the dawn of the transition, he was on the board of Hemus Bank, and then deputy chairman of the Central Cooperative Union and as such a commercial representative of the Central Cooperative Bank in the period around its privatization and the entry of "Chimimport" into it. The other new more significant shareholder - "Synergy Invest Holding", is the new name of the Gabrovo public "Simat". Now the shareholders are several EOODs, indirectly associated with "Chimimport" over the years. In 2024, it also placed a bond issue for 26 million leva, where the pension funds of "CCB Sila" and "Saglasie" were again major investors.
Source: Capital (12.08.2026)

The online advertising market in Bulgaria is experiencing the strongest growth within the media mix, with net investments for 2025 reaching a record ˆ138 million—an 18% year-on-year increase. However, only one-third of these funds is directed toward the local market via Bulgarian websites and platforms. The majority of investments go to global players such as Google, Meta, and other social networks, with TikTok acting as a key driver. These figures come from the annual AdEx study conducted by the industry association IAB Bulgaria for 2024 and 2025, based on data provided by 32 companies, including seven media outlets, 22 media agencies, and three influencer agencies. A report by the Bulgarian Association of Communication Agencies (BACA) shows that total net advertising investments in the country grew by 10% in 2025, reaching ˆ372 million. Nearly half of this amount (ˆ189 million) was allocated to television. Digital advertising is the second-largest channel, accounting for 38% of total investments. BACA reports a 12% increase compared to 2024, while IAB Bulgaria reports 18%. This growth rate exceeds that of the European and US markets, although the baseline figures in those regions are incomparably higher. In 2025, online advertising investments in Europe rose by 11% year-on-year to ˆ131 billion. Data from IAB Bulgaria shows that internet advertising in the US has doubled, reaching ˆ261 billion—a 14% increase compared to 2024. Tech giants dominate the advertising market in Bulgaria as well. In 2025, 68% of all net online advertising investments—totaling ˆ94 million—went to Google, Meta’s platforms (Facebook and Instagram), and other social networks such as TikTok, Pinterest, and LinkedIn. Their share grew by three percentage points year-on-year, coming at the expense of investments in the local market. Local websites, media outlets, programmatic advertising, and audio and influencer marketing attracted just ˆ44 million. Net advertising investments in Google products, including its search engine, account for the largest share of the total volume. Next come social media, recording a 39% growth driven primarily by advertising on TikTok, which has been accessible from Bulgaria since mid-2024. Last year, investments in the Chinese social network reached ˆ7.7 million, up from ˆ1.7 million in 2024. Facebook and Instagram hold the largest share within the social media category, with ˆ37 million and a 20% increase compared to 2024. Half a million euros is allocated to LinkedIn, while ˆ1 million is distributed among other platforms, including Pinterest, Snapchat, and X. Regarding the breakdown by ad type, display advertising accounts for the largest share (68%), with net investments of just over ˆ25 million in both 2025 and 2024. Far behind in volume, influencer marketing and digital audio take second place with ˆ6 million, also marking the highest year-on-year growth at 22%. Native advertising attracts ˆ3.4 million, followed by PR and paid posts totaling ˆ2.8 million. Email marketing lags behind with ˆ100,000 in investment and a decline of nearly 2%. Influencer marketing continues to grow in 2025—rising by nearly 25%—attracting ˆ5.4 million on its own and holding a 4% share of the total online advertising market. Over 72% of all influencer marketing investments are directed toward Instagram. TikTok has increased its share by four percentage points to 20% at the expense of YouTube, where investment has nearly halved to 5%. All other social networks combined account for less than 3% of the influencer marketing share. Video remains a preferred format; in 2025, over ˆ10 million was invested in video display advertising, up from ˆ7 million the previous year. These figures exclude video advertising on YouTube and Facebook. YouTube advertising in isolation showed no growth, with ˆ3.3 million invested in it last year. IAB Bulgaria presents data on the market's largest advertisers using an index, where the company with the highest budget holds the highest index value. Coca-Cola Bulgaria tops the ranking of the largest digital advertisers, with an index score nearly double that of the runner-up, Efbet. Another gambling brand, Winbet, also appears in the top 10, taking eighth place. The three major telecom operators—Vivacom, A1, and Yettel—are also among the largest online advertisers. DSK Bank is the only bank in the top 10, while Kaufland Bulgaria is the only supermarket chain. Rounding out the top 10 are the lender Ferratum and the food company Mondelez. The market's eight largest sectors account for 80% of digital advertising budgets. "Hobbies, Fashion, and Sports"—a category that includes gambling operators—ranks first with nearly 16%. Retail chains account for 12%, and financial institutions for 10%.
Source: Capital (17.09.2026)

The combined profit of the top ten companies in the Bulgarian Enterprise Information System (BEIS) ranking reached nearly BGN 7 billion in 2025. The banking sector maintained its leading position, while DPM Chelopech, Bulgarian Energy Holding, and A1 Bulgaria stood out with growth in their reported financial results. The top ten companies in the BEIS ranking achieved a combined growth of approximately 8.0% compared to 2024 and 28.8% compared to 2023. DSK Bank took first place with BGN 1.172 billion, followed by UniCredit Bulbank with BGN 1.047 billion and Bulgarian Energy Holding with BGN 909.8 million. The top ten list includes four banks, as well as companies from the energy, telecommunications, mining, metallurgy, reinsurance, and technology sectors. The four banks in the ranking generated a combined total of BGN 3.315 billion in 2025, representing approximately 47.6% of the aggregate figure for the ten companies. Their combined result increased by about 1.0% compared to 2024 and by approximately 18.5% compared to 2023. One of the most notable changes was the performance of DPM Chelopech. The company's figure rose from BGN 198.7 million in 2023 to BGN 428.6 million in 2024 and BGN 587.6 million in 2025. The increase was 37.1% in the last year alone, and nearly 196% compared to 2023. Bulgarian Energy Holding also recorded a strong recovery compared to 2024; its figure rose by 35.0%—or BGN 235.9 million—to BGN 909.8 million. Nevertheless, the result remained below the 2023 level of BGN 1.106 billion. A1 Bulgaria demonstrated consistent growth over the period under review. The company's figure increased from BGN 580.4 million in 2023 to BGN 659.4 million in 2024 and BGN 713.8 million in 2025. The two-year increase was 23.0%. In 2025, UniCredit Bulbank recorded a 2.6% decline compared to the previous year, United Bulgarian Bank saw a 0.5% drop, and Aurubis Bulgaria recorded a 2.9% decrease. Amusnet Interactive reports a 7.1% decline compared to 2024, yet the result remains significantly higher than that of 2023. The BEIS ranking highlights the multi-sector nature of major Bulgarian business: while banks retain the greatest weight, the energy, telecommunications, extractive, metallurgical, and technology sectors also feature prominently among the companies with the highest financial results.
Source: Capital market (10.10.2026)

Bank fund managers attracted more than EUR 948 million to their portfolios at the end of September At the end of September, bank-affiliated asset management companies in Bulgaria operated a total of 44 contractual funds, up from 42 in the first half of the year, according to data from the Bulgarian Association of Asset Management Companies (BAAMC). These funds held a total of 948,485,489 euros, compared to 956,061,079 euros held in their portfolios between April and June. The largest bank-affiliated asset manager remains KBC Asset Management NV, part of the KBC Group. The company manages 12 collective investment schemes, with total assets under management reaching 639,829,909 euros—an increase from the 585,137,020 euros recorded at the end of June. The most successful mutual fund managed by this firm is "UBB Expertise Highly Dynamic Tolerant Responsible Investing," which posted a return of 12.63% for the first nine months of this year. Over the last twelve months, this collective investment scheme has generated a return of 15.88%. The public offering of its units began on April 4, 2022, and the fund’s portfolio has accumulated 236,328,644 euros. UBB AD, which has branches throughout the country, continues to serve as the distributor for these units. DSK Asset Management is the second-largest bank-affiliated asset management company in Bulgaria. Its shareholders are DSK Bank, with a 25% stake, and OTP Fund Management—part of the largest Hungarian financial group, OTP—which holds 75%. The fund manager’s portfolio includes 19 contractual funds, with total assets under management amounting to ˆ232,479,390 (compared to ˆ296,613,951 at the end of June). "DSK Rastezh" (DSK Growth) recorded the highest return for the nine-month period (12.41%), with ˆ15.25 million in assets. The fund offers a broad range of investments, primarily in equities and equity-linked instruments across various sectors. The sole owner of "CCB Assets Management" is Central Cooperative Bank AD, which holds 100% of the company's shares as part of its financial group. The fund manager operates four contractual funds, managing a total of ˆ34,842,587 (compared to ˆ33,611,669 at the end of June). "CCB Aktiv" has been the best-performing fund since the beginning of the year. The fund’s investment policy focuses on generating capital gains from equities, dividend income, and current income from debt securities, money market instruments, and other financial instruments. The raised funds may also be invested in regulated markets, both domestically and abroad. The collective investment scheme recorded a return of 0.81% at the end of September, with accumulated assets totaling 16,032,317 euros. Texim Bank AD is the sole owner of the capital of Texim Asset Management. The management company operates four collective investment schemes, which have attracted 28,536,360 euros—an increase from the 28,101,692 euros recorded in the second quarter. Texim Balkani achieved the highest return over the nine-month period (10.12%). The fund’s assets are invested primarily in equities, and to a lesser extent in debt securities (bonds) and money market instruments—traded both on regulated markets in Bulgaria and on internationally recognized markets abroad. It manages 7,234,406 euros. PFBK Asset Management manages three funds for Fibank (First Investment Bank AD). Over the six-month period, these funds attracted a total of 7,712,115 euros. The most successful fund during this period was PIB-Avangard, which generated a return of 21.56% for its clients. This is a global, high-yield equity fund. Its strategy focuses on identifying companies with significant growth potential ahead of other market participants, utilizing both in-house and external analyses and valuations. The assets accumulated in this fund amount to 2,388,733 euros. Obshtinska Banka Asset Management manages two contractual funds: "Obshtinska Banka – Balanced" and "Obshtinska Banka – Perspective." Clients have entrusted a total of 4,843,989 euros to the firm for management, compared to 4,884,633 euros at the end of the half-year. The sole owner of this fund management company is Obshtinska Banka AD. The ultimate parent entity of the management company is the Liechtenstein-based Novito Opportunities Fund AgmvK, which is also the majority shareholder in the credit institution, holding a 96.51% stake. The remainder of the bank's capital is distributed among smaller municipal entities and several municipalities in Bulgaria.
Source: Banker (03.11.2026)