Management Report for Q1 2026

Interim Report on the Activity of Bulgarian Stock Exchange

for the First Quarter of 2026

1. CORPORATE GOVERNANCE

   6
   
   

   1. Registration and subject of activity 6

   2. Shareholder structure as of 31.03.2026 7

   3. Board of Directors 7

   4. Organizational structure 8

   5. Committees and commissions 9

   6. Corporate events 10

   7. Issue of financial instruments issued by the BSE 10

   8. Information regarding repurchased shares 12

   9. Information about the members of the Board of Directors 12

2. POLICIES AND INITIATIVES FOR SUSTAINABLE DEVELOPMENT

   14
   
   

   1. Ecology and Resource Management (Environmental) 15

   2. Social and Employee Matters (Social) 16

   3. Corporate governance (Governance) 17

3. INFORMATION ABOUT THE ACTIVITY

   19
   
   

   1. Markets 19

   2. Trade 22

   3. Programmes, priorities and development 28

4. MAIN RISKS

   40
   
   

5. FINANCIAL STATEMENT 43

   1. Financial result 44

   2. Assets and liabilities 44

   3. Income and expenses 45

   4. Basic earnings per share 47

   5. Events after the end of the reporting period 47

The Report has been prepared in accordance with Art. 100o of the Public Offering of Securities Act (POSA) and contains data on the activities of the Bulgarian Stock Exchange (BSE, the Exchange), the shareholders' structure, the Exchange members, as well as financial information for the first quarter of 2026.

The report provides information on the important events that occurred during the first quarter of 2026, taking into account the key performance indicators, duly accompanied by relevant analyses and conclusions. The major trends in the development of the capital market have been outlined, as well as the main risks and uncertainties the Exchange faces.

Change in share price since the beginning of the year:

31.97 %

Free float: 49.95 %

Turnover with the issue of shares issued by the BSE since the beginning of the year: EUR 1 910 691

1. ‌CORPORATE GOVERNANCE

   1. ‌Registration and subject of activity

      Bulgarian Stock Exchange AD (BSE, The Exchange) is a trading company, established in November 1991. The Company's seat and management address is: Sofia, 6, Tri Ushi Street. The court registration of the company is from 1991 under Decision No 25 156/08.11.1991 of Sofia City Court. UIC: 030412611; LEI: 747800W0XA9OV4MSRW74

      As at 31.03.2026, the capital of the company is distributed in 13 165 720 common dematerialised and voting-right shares with nominal value EUR 0.51 each.

      Subject of activity: Organization of a regulated market in financial instruments as a trading system that meets or assists the meeting of the buying and selling interests of financial instruments admitted to trading on the regulated market, of multiple third parties, within the system and based on rules, resulting in the conclusion of transactions in these instruments. The system operates regularly and in accordance with the requirements of the Markets in Financial Instruments Act (MFIA) and its implementing acts.

      The subject of the company's activity includes the following types of operations and transactions:

      • organization of trading in securities and other financial instruments;

      • organization and maintenance of an information system for trading in securities;

      • publication of trading reports in the capacity of the company as an APA by the investment intermediaries.

      Bulgarian Stock Exchange AD is a public company within the meaning of art. 110, para. 1, of the Public Offering of Securities Act (POSA).

      In addition, Bulgarian Stock Exchange AD, in its capacity as a regulated market within the meaning of Art. 152, para. 1 of MFIA and market operator under Art. 152, para. 3 of the MFIA is the organizer of the Multilateral Trading Facility (MTF) under Art. 154, para. 1 and para. 3 of the MFIA.

      Bulgarian Stock Exchange AD is licensed by the Financial Supervision Commission with Decision № 1001 of 25.10.2018 as an Approved Publication Arrangement (APA) within the meaning of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 regarding markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.

      Bulgarian Stock Exchange has no registered branches in the country and abroad.

      As at 31.03.2026 the total number of personnel at Bulgarian Stock Exchange is 24 employees (31.12.2025: 28 employees).

   2. ‌Shareholder structure as of 31.03.2026

      As of 31.03.2026, the Stock Exchange's shareholders with voting rights are concentrated in four main types of persons, as follows:

      Shareholder structure as of 31.03.2026

      Shareholder Group	Number of shares	%
      Ministry of Finance (MF)	6 590 000	50.05%
      Investment intermediaries and commercial banks (II & Banks)	1 489 117	11.32%
      Other legal entities (Other LE)	2 596 317	19.72%
      Individuals	2 490 286	18.91%
      Total	13 165 720
      Of which foreign shareholders	586 330	4.45%

      Shareholder structure of the Bulgarian Stock Exchange as at 31.03.2026

      Individuals

      2 490 286

      18.91%

      Othet LE

      2 596 317

      19.72%

      MF

      6 590 000

      50.05%

      II & Banks

      1 489 117

      11.32%

      
      
      

   3. ‌Board of Directors

      Bulgarian Stock Exchange AD has a one-tier management system with a Board of Directors.

      As of 31.03.2026, the Board of Directors is composed of:

      • Asen Yagodin, Chairman

      • Manyu Moravenov, CEO and Member of the Board of Directors

      • Radoslava Maslarska, member of the Board of Directors

      • Hristina Pendicheva, member of the Board of Directors

      • Georgi Karadzhov, member of the Board of Directors The company is represented by Manyu Moravenov.

   4. ‌Organizational structure

      
      
      

   5. ‌Committees and commissions

      
      
      

   6. ‌Corporate events

      Detailed information on the important events that occurred during the reporting period for the Bulgarian Stock Exchange, including inside information within the meaning of Art. 7 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, as well as other information that could be relevant to investors is regularly disclosed by the company in accordance with the regulatory requirements.

      The company's financial statements, information on corporate events, inside information, as well as news are disclosed in Bulgarian and English. They are available to investors and all stakeholders in the media x3news, as well as on the BSE website in the Investor Relations section.

      Information on the dividend distributed by the BSE for the period 2021 - 2025 (in EUR1) is presented in the following figure:

      9 000 000

      0.64

      0.70

      8 000 000

      7 000 000

      6 000 000

      5 000 000

      4 000 000

      3 000 000

      2 000 000

      1 000 000

      0

      0.53

      0.60

      0.50

      0.40

      0.28

      0.25

      0.23

      0.30

      0.15

      0.20

      0.04

      0.10

      0.00

      2021 2021 2022 2023 2024 2025 2025

      Distribution profit (EUR), left scale Gross dividend per share (EUR), right scale

   7. ‌Issue of financial instruments issued by the BSE

      Bulgarian Stock Exchange has issued one issue of ordinary, registered, dematerialized voting shares, each with a nominal value of EUR 0.51, ISIN code BG1100016978, code of the issue BSE.

      The issue of shares issued by the Bulgarian Stock Exchange AD is admitted to trading as of 06.01.2011.

      ‌1 Bulgaria adopted the euro on January 1, 2026. In the chart, the figures for previous years have been converted from levs to euros at the official exchange rate of 1 EUR = 1.95583 BGN

      Since the beginning of 2023, the issue of shares issued by the Bulgarian Stock Exchange, code of the issue BSE, has been admitted to trading on the highest segment of the BSE Main Market - Premium Equities Segment.

      As at 31.03.2026, the issue of shares issued by the Bulgarian Stock Exchange AD is part of the SOFIX, BGBX40, BGTR30 and CGIX indices.

      In the first quarter of 2026, trading in shares of the Bulgarian Stock Exchange AD recorded exceptionally strong growth compared to the same period of the previous year. The number of concluded transactions reached 1,336, compared to 498 during the same period in 2025, representing an increase of 168%. By this metric, the issue ranks among the Top 10 equity issues with the highest number of transactions on the markets organized by the exchange during the quarter. The total turnover increased by an impressive 455% compared to the first quarter of 2025, reaching €1,910,691, while the traded volume (in lots) grew by 184%. The minimum price for the period was €5.75, and the maximum price reached €8.40. These results highlight the high level of trading activity and investor interest in the issue and serve as a strong indicator of sustained demand for BSE shares. At the same time, Bulgaria's transition to the euro at the beginning of the year has contributed to increased liquidity and heightened investor interest.

      Information on the number of transactions concluded with the issue of shares issued by the BSE in the first quarter of 2026, the turnover and volume and a comparison with the same period in 2025 can be found in the following figure:

      1 910 691

      355 480

      249 177

      1 336

      498

      87 619

      Number of transactions

      Turnover (BGN)

      Volume (lots)

      Q1 2026 Q1 2025

      Price movement and turnover of the BSE shares in the period 01.01.2026 - 31.03.2026

      
      
      

      As of March 31, 2026, the market capitalization amounts to €105,984,046.2

   8. ‌Information regarding repurchased shares

      As of March 31, 2026, there are no treasury shares repurchased.

   9. ‌Information about the members of the Board of Directors

      1. The salaries and other short-term benefits to key management personnel as 31.03.2026 amount to EUR 76 thousand (31.03.2025: EUR 54 thousand).

      2. No BSE shares were acquired, owned or transferred by the members of the Board of Directors in 2026.

         The company has no bonds issued.

      3. The Articles of Association of the BSE do not provide any restrictions on the right of the members of the Board of Directors to acquire shares of the company.

      4. Participation of the members of the Board of Directors with more than 25 percent of the capital of other companies:

         Asen Yagodin: Dyke - Imoti OOD, UIC 131271075 (owns 79%) Manyu Moravenov: Sipca EOOD, UIC 205414683 (sole owner)

         Impact Valuers OOD, UIC 130983568 (owns 50%)

         ‌2 Market capitalization is determined by multiplying the number of shares registered in the Central Depositary by the daily closing price.

         VM Property OOD, UIC 207280375 (owns 50%) Georgi Karadzhov: no participations

         Radoslava Maslarska: no participations Hristina Pendicheva: no participations

         Participation of the members of the Board of Directors in the management of other companies or cooperatives as procurators, managers or board members:

         Asen Yagodin: Eurobank Bulgaria AD, UIC 000694749, Executive Director and member of the Management Board

         Bulstrad Life Vienna Insurance Group, UIC 831211284, member of the Supervisory Board

         Manyu Moravenov: SEE Link DOO Skopje, UIC 4080014543811, member of the Supervisory Board

         EuroCTP B.V., Amsterdam, The Netherlands, UIC 91169410, member of the Supervisory Board

         BD Consults AD, UIC 207514472, member of the Board of Directors;

         Collective financing AD, UIC 207596836, Chairman of the Board of Directors and Executive Director;

         IPO Growth AD, UIC 208167105, Chairman of the Board of Directors and Executive Director

         Georgi Karadzhov Central Depository AD, UIC 121142712, Executive director Collective financing AD, UIC 207596836, member of the Board of Directors

         BD Consults AD, UIC 207514472, member of the Board of Directors Clear Ex, UIC 206077945, member of the Board of Directors

         Radoslava Maslarska: Elana Trading AD, UIC 831470130, Chairman of the Board of Directors Elana Financial Holding AD, UIC 175371928, member of the Board of Directors

         Hristina Pendicheva: She does not participate in the management of other companies

         There is no participation of the members of the Board of Directors in commercial companies as unlimited partners.

         1.9.5 In 2026, no changes are planned in the economic policy applied by the management of the Bulgarian Stock Exchange AD. During the year, no actions are expected to be carried out related to changes in the personnel development policy applied.

2. ‌POLICIES AND INITIATIVES FOR SUSTAINABLE DEVELOPMENT

   Recognizing the importance of the role that entities from the financial sector are called to play in the transition to a greener and more sustainable economy, the Bulgarian Stock Exchange has developed initiatives that promote transparency and good governance on issues related to the environment, social matters, and corporate governance.

   An integral part of the Company's corporate philosophy, standards and values is the maintenance of stable and long-term relationships with all stakeholders based on ethics, integrity and respect. These key principles uphold BSE's reputation and strengthen stakeholder trust and ensure long-term value.

   Sustainability Committee

   The Bulgarian Stock Exchange has established a Sustainability Committee by a resolution of the Board of Directors dated 27.01.2023. The Committee assists the Board in the adoption and implementation of measures, policies and procedures related to environmental, social and employee issues, as well as corporate governance matters.

   The management of the Exchange is strongly committed to integrating sustainability and corporate social responsibility into the strategic objectives and day-to-day operations of the Company, with the key principles set out in a number of Policies developed by the Sustainability Committee and adopted by the Board of Directors of the Bulgarian Stock Exchange AD:

   • Shareholder engagement policy of the Bulgarian Stock Exchange, which aims to promote shareholder engagement in corporate governance and to define the principles that should guide the two-way interaction between the Company and its shareholders. The Policy describes the main two-way communication channels (shareholders with the company and the company with the shareholders), the communication process and the role of the Investor Relations Director.

   • Stakeholder engagement policy of the Bulgarian Stock Exchange, which defines the ways of engaging stakeholders that can have an impact on the long-term sustainability of BSE.

   • Code of Business Conduct and Ethics of Bulgarian Stock Exchange, compliance with which is mandatory for all members of the Board of Directors and all employees, including fixed-term contract employees and trainees.

   • Code of Conduct for Suppliers of Bulgarian Stock Exchange, which defines the principles and standards required of BSE's suppliers of products and services regarding their responsibilities to people and the environment.

     The adopted policies can be found in About BSE-> Rules.

     In 2025, the Board of Directors adopted the documents developed by the Sustainability Committee:

   • Human Resources Policy, which establishes the principles, rules, and procedures governing the management of the Exchange's employees. Its purpose is to ensure a fair, transparent, and regulatory-compliant working environment, high ethical standards, and the attraction, development, and retention of qualified professionals.

   • Environmental Policy, which aims to establish a framework for behavior focused on minimizing the negative impact on the environment resulting from our activities and those across the value chain. In support of the main objective of the Environmental Policy, Waste Management Guidelines have been developed-a document aimed at creating an organization for the separate collection and disposal of waste in the workplace.

   The above-mentioned policies are internal to the organization.

   1. ‌Ecology and Resource Management

      The activities of Bulgarian Stock Exchange AD do not imply significant environmental pollution. The BSE generates household waste in the administrative building where its main operations are carried out, but a waste management plan has been implemented. The Waste Management Guidelines are aligned with local regulations and recycling programs. On each floor of the BSE office, color-coded containers are placed to enable the disposal of recyclable waste. Procedures have been established for the storage and handover of household waste, as well as waste from electronic and electrical equipment, for recovery.

      The BSE encourages employees to use public transport by providing them with free passes for the entire urban transport network. Bulgarian Stock Exchange AD has also taken measures to reduce plastic waste by replacing the use of bottled mineral water supplied to employees with drinking water from the building's plumbing system, filtered through a reverse osmosis system.

   2. ‌Social and Employee Matters

      The Bulgarian Stock Exchange applies all core conventions of the International Labour Organisation (ILO) relevant to the Company and its activities.

      The Bulgarian Stock Exchange AD has a number of social and employment policies.

      • Diversity Policy

      • Anti-Discrimination Policy

      • Data Security Policy

      • Communications and Disclosure Policy

      • Security Policy

        Diversity management practices applicable to BSE include:

      • Employees are trained on topics related to diversity, equity and inclusion in the workplace;

      • Statement in all our job postings with a commitment to diversity, equality and inclusion.

      The management and staff at the BSE play an important role in the success of the company by ensuring the proper functioning of the markets organized by the Exchange, maintaining active communication with stakeholders (shareholders, issuers, exchange members and advisors in the SME beam growth market, investors, regulators, media, society, etc.), fulfilling the strategic objectives of developing the company and promoting opportunities to invest in financial instruments and attract new investors.

      Investments in human capital and good working conditions retain the company's highly qualified experts and promote employee motivation and commitment.

      The risks related to social and employee matters, including loss of employee motivation, shortage of qualified personnel, staff turnover, and deterioration in the team's health, are minimized through the implementation of appropriate measures.

      The company does not experience issues related to employee turnover.

      Given the specific nature of Bulgarian Stock Exchange AD's activity as an operator of an organized securities trading market, the company makes efforts to retain its employees through ongoing training on current topics, the introduction of a social program, supplementary health insurance, encouragement of leave-taking, a comfortable working environment, the organization of regular team-building events, and other initiatives. The Human Resources Policy adopted in 2025 sets out the principles, rules, and procedures governing the management of the Exchange's employees.

      Distribution of the members of the BoD by gender (%) Distribution of employees in management positions by gender (%)

      60%

      40%

      Women Men

1. 1. ‌Corporate governance

      The Bulgarian Stock Exchange fully complies with the applicable corporate governance standards and the National Code of Corporate Governance.

      In addition to the information set out in section 1, as part of the implementation of good corporate governance practices/principles, the Bulgarian Stock Exchange has defined the sustainability topics and assessed the topics relevant to the Company as follows:

      • Reliable Markets;

      • Corporate Governance and Business Ethics;

      • Human Capital Development;

      • Risk Management;

      • Sustainable Behaviour;

      • Community Relations;

      • Sustainable Products;

      • Product Responsibility;

      • Privacy.

        The Company discloses information using the following communication channels:

      • General Meetings

      • Information disclosure specialized platforms (https://www.x3news.com)

      • Corporate website (https://www.bse-sofia.bg)

      • Social media and video channels

      Bulgarian Stock Exchange AD has voluntarily prepared an individual Sustainability Report for 2025, applying the voluntary standards for small and medium-sized enterprises (VSME), in accordance with Commission Recommendation (EU) 2025/1710 of 30 July 2025 on a voluntary sustainability reporting standard for SMEs. The report can be found on the Bulgarian Stock Exchange AD website in the "Sustainability" section, as well as on the platforms https://www.x3news.com and https://www.x3analytics.com.

      The exchange maintains an English version of its corporate website and publishes information in English.

      The Bulgarian Stock Exchange guarantees equal treatment of all shareholders of the company, including minority and foreign investors, protects their rights and facilitates their exercise within the limits permitted by the applicable legislation and in accordance with the company's Articles of Association. Additional information regarding shareholders' rights and the General Meeting of Shareholders (GMS) is available on the BSE website in the "Investor Relations" section.

      Regarding the remuneration of the members of the Board of Directors of the company:

      According to the adopted "Policy for determining the remuneration of the members of the Board of Directors of the Bulgarian Stock Exchange", the members of the Board of Directors of the company receive a fixed remuneration, which is a monthly fixed payment determined by the General Shareholders' Meeting (GSM) in accordance with the provisions of the company's Articles of Association and the Remuneration Policy.

      The members of the Board of Directors do not receive additional remuneration related to the activities carried out by the Bulgarian Stock Exchange AD under the Markets in Financial Instruments Act as a market operator, approved publication mechanism and benchmark administrator.

      Information on the remuneration received by the key management personnel of the Bulgarian Stock Exchange can be found in section 1.9.1 of this report and in section 32 "Related parties and related party transactions" of the document "Notes to the separate interim financial statements for the Q1 2026".

2. ‌INFORMATION ABOUT THE ACTIVITY
   1. ‌Markets

      The markets organized by the Bulgarian Stock Exchange are: BSE Main Market, where 11 market segments are included; Alternative market BaSE, where two market segments are included, and BSE International Market. These markets are segmented on the basis of qualitative and quantitative criteria regarding issuers and their issuances of financial instruments, including the type of financial instruments, specific requirements regarding the issuers' shareholding structure, financial performance, liquidity and disclosure.

      The newest market segment of the BSE Main Market, which the BSE established in 2024 in cooperation with Deutsche Börse, is the EuroBridge Market Segment. Through this, companies are provided the opportunity to be traded simultaneously on regulated markets in both Bulgaria and Germany.

      In addition to the regulated market, the Bulgarian Stock Exchange organizes as a multilateral trading facility:

      • SME Growth Market beam (Bulgarian Enterprise Accelerator Market), which provides small and medium-sized businesses with the opportunity to raise capital on more lenient terms than the regulated market, while providing them with similar advantages to those of public companies. The Exchange has been granted an approval by the Financial Supervision Commission to create the new SME Growth Market beam at the end of 2018.

      • MTF BSE International, which provides local investors with the opportunity to diversify their portfolios with financial instruments issued by some of the world's best-known and most liquid companies. All instruments on the MTF BSE International market have a registered market maker -Tradegate AG, making liquidity with them extremely high. The actual transfer of the instruments takes place at Clearstream Banking S.A., Luxembourg between the Central Depository and Tradegate AG. The Central Depository keeps the records of the holders of financial instruments in transactions concluded on the BSE.

        New issuers, delisted issues and capital increases

        As can be seen from the following table, the number of financial instrument issues admitted to trading on the markets organized by the Bulgarian Stock Exchange as of March 31, 2026 has increased to 718, compared to 694 issues registered as of March 31, 2025. The growth is mainly due to the higher number of registered bond issues, Standard Equities Segment and EuroBridge Market Segment.

        Shelly Group (SLYG) was the first company to be transferred in July 2024, by a decision of the Board of Directors of Bulgarian Stock Exchange AD, from the Premium Equities Segment to the new EuroBridge Market Segment.

        During the first quarter of 2026, following an application from Sirma Group Holding AD (SIRM), the Board of Directors of the BSE decided to transfer the company's share issue to the EuroBridge Market Segment, effective from February 24, 2026, with its registration on the Premium Equities Segment terminated as of the same date.

        During the reporting period, the share issue issued by Eurohold Bulgaria AD (EUBG) was transferred from the Standard Equities Segment to the higher Premium Equities Segment, while the issues issued by TK-Properties AD (KABL), RES Invest Holding AD (VINA), and CB Bulgarian American Credit Bank AD (BACB) were transferred from the BaSE Alternative Market, Equities Segment, to the Main Market BSE, Standard Equities Segment.

        Information on registered issues as at 31.03.2026 and a comparison to 31.03.2025 can be found in the following figure:

During the first quarter of 2026, the following financial instruments were admitted to trading on the markets organized by BSE:

New issues in the first quarter of the year:

Terminated issues in the first quarter of the year:

During the reporting quarter of 2026, three companies admitted to trading on the regulated market registered an increase in their capital, namely: through a capital increase under Article 112, paragraph 3 of the Public Offering of Securities Act, through a rights issue, and one through reserves.

The total capital raised through capital increases on the regulated market during the reporting quarter amounts to EUR 937,754.

Capital increases and conversion in the first quarter:

bonds shares

Q1 2025

Q1 2026

20

0

85

60

40

137

80

2

120

100

1

140

160

New capital raised on BSE for Q1 2026 (in EUR mln.)

in EUR mln.

Information on the capital raised on the markets organized by the Bulgarian Stock Exchange during the first quarter of 2026, as well as a comparison with the same period in 2025 (in EUR million), can be found in the following figure.

1. 1. ‌Trade

      In the first month following Bulgaria's accession to the Eurozone, turnover on the Bulgarian Stock Exchange increased more than 2.5 times, reaching EUR 45 million. There was also a significant change in the number of transactions in January 2026 compared to the same period last year - a growth of 182.95%. The number of transactions rose to 16,442, representing a 2.8-fold increase year-on-year. The rapid revaluation of most blue-chip stocks boosted investor interest and led to a series of strong trading sessions during the first half of the month. After mid-month, activity normalized, remaining above the average level compared to the beginning of 2025.

      New investors in January 2026 increased by 30% compared to the same period last year, with over 90% typically being local individuals. Foreign investors also showed increased interest, with a 64% rise in new participants. Domestic investors, mainly individuals, account for around 80% of turnover.

      In the first quarter of 2026, turnover on the markets organized by the Bulgarian Stock Exchange, including the SME growth market beam and MTF BSE International, amounted to EUR 196 million, increasing by 134% compared to the same period last year. The number of transactions executed on the markets organized by the BSE increased by 96%. The volume of traded financial instruments rose by 1107% to 477 million units, compared to 39 million in the same period of 2025.

      On the regulated market (Main Market BSE and BaSE Alternative Market), a total of 31,620 transactions were concluded, which is 17,296 (121%) more compared to the same period in 2025 (Q1'25 - 14,324 transactions).

      In the first quarter of 2026, 11,748 transactions were concluded on the Main Market BSE with shares listed on the Premium Equities Segment, and 9,855 transactions with issues from the Standard Equities Segment. On the EuroBridge Market segment, where a second company-Sirma Group Holding AD-has been trading since February 24, 2026, a total of 4,180 transactions were concluded. The three issues with the highest number of transactions are Sopharma AD (SFA), Shelly Group AD (SLYG), and Sirma Group Holding AD (SIRM). The share issues with the highest turnover for the first quarter of 2026 are Gradus AD (GR6), followed by Shelly Group AD (SLYG) and Sopharma AD (SFA).

      The BaSE Alternative Market reports a decrease in the traded volume of financial instruments by 67% compared to the same quarter of 2025, as well as a 41% decline in the number of transactions. In total, 732 transactions were concluded during the first quarter of the year, with the Top 3 issues being Lavena AD (LAV), Future Capital Holding AD (VEGA), and Yuri Gagarin AD (YGAG). The reported turnover for Q1 2026 across both segments of the BaSE Alternative Market increased by 31%, with the three share issues with the highest turnover being Future Capital Holding AD (VEGA), VF Alternative AD (VFAL), and Port Fleet 99 AD (PF99).

      Turnover on the beam market increased by 96% compared to the same period of the previous year. The highest turnover in the first quarter was recorded with the preferred shares of Dronamics Capital AD (DRON), followed by the shares of HR Capital AD (HRC) and ImPulse Growth AD (IMP). In terms of the number of transactions, the leading issue is Dronamics Capital AD (DRON), followed by ImPulse Growth AD (IMP) and HR Capital AD (HRC).

      The MTF BSE International market recorded a decrease in the volume of traded instruments by 56% and a 15% decline in the number of transactions. Turnover increased by 24%. The highest turnover was generated by the issue of Advanced Micro Devices Inc. (AMD), followed by Nvidia Corporation (NVD) and Micron Technology Inc. (MTE). The highest number of transactions was concluded with Novo Nordisk A/S (NOV), followed by Nvidia Corporation (NVD) and Micron Technology Inc. (MTE).

      In an effort to provide a timely summary of the BSE's activity and up-to-date information on trading, at the beginning of each month the Exchange publishes on its website a monthly "BSE at a glance" in which the total monthly turnover and number of transactions are indicated, key information concerning the indices, as well as highlights related to the important events in the previous month.

      Apart from the above information, statistical reports on the regulated market according to various criteria and periodic statistical bulletins can be found on the website of the Exchange in the Statistics section.

      Information on markets for the reporting period of 2026 and a comparison with the same period in 2025 can be found in the following figure:

      Market	Q1 '26	Q1 '25	change %
      Turnover (EUR)	196 254 673	83 969 431	134%
      Main market, BSE	153 561 069	51 245 603	200%
      Alternative market, BaSE	25 879 088	19 796 186	31%
      beam, MTF	2 197 775	1 121 668	96%
      BSE International, MTF	14 616 741	11 805 974	24%
      Lots traded	477 733 840	39 575 383	1107%
      Main market, BSE	465 006 092	27 645 605	1582%
      Alternative market, BaSE	3 246 993	9 721 609	-67%
      beam, MTF	9 176 142	1 512 461	507%
      BSE International, MTF	304 613	695 708	-56%
      Number of trades	35 703	18 215	96%
      Main market, BSE	30 888	13 082	136%
      Alternative market, BaSE	732	1 242	-41%
      beam, MTF	2 337	1 831	28%
      BSE International, MTF	1 746	2 060	-15%

      Information on the ten issues with the highest number of transactions concluded on the markets organized by BSE in the first quarter of 2026 is presented in the following figure:

      1000 1500 2000 2500 3000 3500 4000 4500

      500

      0

      803

      Dronamics Capital AD

      1057

      CB First Investment Bank AD

      1336

      Bulgarian Stock Exchange AD

      1435

      Sopharma Trading AD

      1436

      Chimimport AD

      1577

      Bulgarian Real Estate Fund REIT

      2436

      Doverie United Holding PLC

      2628

      Sirma Group Holding AD

      3264

      Shelly Group SE

      3841

      Sopharma AD

      Sectoral structure of trade

      As of March 31, 2026, the "Financial and Insurance Activities" sector traditionally achieved the highest result, amounting to EUR 82,226,933 and accounting for 63% of the total turnover. As shown in the table below, the "Real Estate Activities" sector ranks second with a turnover of EUR 21,018,009, or 16% of the total turnover for the reporting period, followed by the "Manufacturing" sector with a turnover of EUR 12,138,222, or 9% of the total turnover.

      Information on the structure of trade by sector (top 10) for the reporting period of 2026 is presented in the following table*:

      Sector	Number of transactions	Traded lots	Turnover (EUR)
      Financial and insurance activities	15 815	116 144 294	82 226 933
      Real estate activities	254	2 378 481	21 018 009
      Manufacturing	6 426	6 022 050	12 138 222
      Professional, scientific and technical activities	4 951	4 470 330	7 542 878
      Transportation and storage	226	405 073	2 923 604
      Wholesale and retail trade	1 704	1 847 057	2 636 673
      Tel., computer program., consulting, comp. infr. and other information service activities	876	401 475	1 025 366
      Construction	308	105 393	368 088
      Arts, sports and recreation	317	50 315	308 233
      Electricity, gas, steam and air conditioning supply	29	35 623	68 118

      *Based on trading data on the equity markets, including REITs, of the BSE Main Market and the BaSE Alternative Market.

      Professional, scientific and technical

      activities 5.79%

      wholesale and retail trade…

      Real estate activities 16.14%

      Manufacturing 9.32%

      Transportation and storage 2.24%

      1.36%

      construction 0.28%

      Arts, sports and recreation 0.24%

      Electricity, gas, steam and air

      Financial and insurance activities 63.13%

      Tel., computer program.,

      consulting, comp. infr. and other information service activities

      0.79%

      conditioning supply 0.05%

      Market capitalization of the Exchange

      As of March 31, 2026, the total market capitalization of the markets organized by the Bulgarian Stock Exchange AD (excluding the MTF BSE International market) amounts to EUR 10,722,227,601, representing a 2.41% increase compared to the value reported at the end of 2025. The Premium Equities Segment records a 32% increase, while the beam equities market shows growth of 5.88%. The remaining segments and markets report a decline.

      Detailed information on market capitalization by market segments is presented in the table below.

      Market capitalization by type of instruments and total (comparison):

      	Capitalisation (euro)		Comparison Q1 '26/Q4 '25
      Segment/ market	31.03.2026	31.12.2025	%	(euro)
      Equity markets without REITs	9 781 837 599	9 522 052 281	2.73%	259 785 318
      REIT Market	940 390 002	948 235 535	-0.83%	-7 845 533
      Total Market Capitalisation*	10 722 227 601	10 470 287 816	2.41%	251 939 785

      * Market MTF BSE International not included.

      Market capitalisation by market segments (comparison):

      	Capitalisation (euro)			Comparison Q1 '26/Q4 '25
      Market segment	Market	Q1 '26 (euro)	Q4 '25 (euro)	Change (%)	(euro)
      Premium Equities Segm.	BSE	2 277 089 613	1 718 246 201	32.52%	558 843 412
      EuroBridge Market Segm	BSE	974 003 118	1 035 009 420	-5.89%	-61 006 302
      Standard Equities Segm.	BSE	4 721 353 818	4 815 569 901	-1.96%	-94 216 084
      SPVs Segment	BSE	707 133 247	715 671 793	-1.19%	-8 538 546
      Equities Segment	BaSE	1 647 684 264	1 800 504 802	-8.49%	-152 820 537
      SPVs Segment	BaSE	233 256 755	232 563 742	0.30%	693 013
      Beam Equities	beam	161 706 786	152 721 957	5.88%	8 984 828
      Total*		10 722 227 601	10 470 287 816	2.41%	251 939 785

      * Market MTF BSE International not included.

      Market capitalisation/Gross domestic product

      	31.03.2026	31.12.2025	31.12.2024
      Market capitalisation (EUR million)	10 722	10 470	8 932
      GDP (EUR million)	123 370	114 783	103 667
      Market capitalisation/ GDP	8.69%	9.12%	8.62%

      Indices of the Bulgarian Stock Exchange

      Since the beginning of the year, all BSE indices have recorded an increase, with the strongest growth observed in the benchmark of the Bulgarian Stock Exchange, which tracks the 15 most liquid companies-the SOFIX index.

      In the first month following Bulgaria's accession to the Eurozone, the movement of the main SOFIX index attracted attention as it rose by nearly 19%, ranking among the best-performing indices globally for the month. The growth was supported by companies primarily from the banking, technology, and holding sectors-segments sensitive to reduced currency risk and lower risk premiums.

      A comparison with Croatia shows that the effect of adopting the euro emerges gradually. While in Croatia activity became more pronounced only after the first year, Bulgaria started with a stronger initial momentum.

      Information on the performance of BSE indices (in %) from the beginning of 2026 to 31.03.2026 can be found in the following figure:

      
      
      

      In the first quarter of 2026, the indices of the Bulgarian Stock Exchange recorded a positive performance, with increases across all key indices, albeit with varying intensity.

      The blue-chip index SOFIX recorded a strong rise, increasing by 25.04 points (+2.10%) to 1,220.14, confirming heightened interest in the leading publicly traded companies included in the index. During the reporting period, the index reached a maximum value of 1,414.60 points.

      The broader BGBX40 index also posted moderate growth of 3.96 points (+1.91%), reaching 210.93 points at the end of the period. The index movement reflects a more moderate but steady upward trend in the broader market segment. The maximum value reached during the reporting period was

      237.34 points, while the minimum was 206.74 points.

      The BGTR30 index, which reflects the performance of the 30 most liquid issues with equal weighting, increased by 25.88 points (+2.57%), with the final value for the reporting period standing at 1,034.34 points.

      The BGREIT index, which covers real estate investment trusts, was the only index to record a decline, decreasing by 4.73 points (-2.89%) to 226.18 at the end of the reporting period. The maximum value during the period was 234.65 points.

      The stock exchange index of companies on the SME growth market beam - beamX, which includes ten issues-also recorded a decline. At the beginning of the year, beamX stood at 125.72 points, while at the last trading session of the reporting period it reached 109.97 points. The maximum value reached was 128.20 points.

      BSE Members and beam Market Advisors

      As of March 31, 2026, the number of members of the Bulgarian Stock Exchange is 43 (forty-three).

      The number of advisors on the SME growth market beam as of March 31, 2026, is 23 (twenty-three). Ten of them are investment intermediaries-members of the BSE. As of March 31, 2026, the status of the law firm Gugushev & Partners as an advisor on the beam market has been terminated.

      A list of the Exchange members and the advisors on the SME growth market beam is presented as appendices to this report.

   2. ‌Programmes, priorities and development

      Deutsche Börse Group

      BSE has more than 17 years of partnership with the German operator Deutsche Börse, and since June 2008 trading on the Exchange has been carried out through Deutsche Boerse's trading platform - T7®.

      Since July 2021, the MTF BSE International market has been operating on the Bulgarian Stock Exchange, where, at present, shares and instruments classified as Exchange Traded Funds (ETFs), Exchange Traded Commodities (ETCs), and Exchange-Traded Notes (ETNs) of nearly 300 top global companies are being traded.

      In partnership with Deutsche Börse, Bulgarian Stock Exchange created a new segment EuroBridge Market on the BSE Main Market, which provides an opportunity for Bulgarian issuers to be admitted to trading on a regulated market of financial instruments organized by Deutsche Börse, namely on Frankfurt Stock Exchange (FSE).

      Among the advantages of the EuroBridge Market are greater visibility and confidence among investors, new growth opportunities and easier access to global capital.

      
      
      

      As of February 24, 2026, the shares of Sirma Group Holding are also traded on the Frankfurt Stock Exchange via the EuroBridge Market.

      On February 24, 2026, a bell-ringing ceremony was held on the trading floor of the Frankfurt Stock Exchange, symbolically marking the start of the company's trading in Germany. The event marked the successful completion of the dual listing process and opens new opportunities for growth in one of Europe's leading financial centers. The joint efforts of the Bulgarian and German exchanges pave the way to global investors. Sirma Group is the second company on the dual-listing segment, following Shelly Group.

      Strategy for the Public Offering of Government Securities

      At the end of 2025, the Council of Ministers adopted a Strategy and Concept for the organization of primary offerings of government securities aimed at individual (retail) investors in the country.

      The effects of the strategy are related to a multiple increase in the number of active investors on the BSE, the revitalization of secondary trading in government securities, as well as an increase in the overall attractiveness of the Bulgarian capital market.

      
      
      

      Capital gains from transactions and interest income on the BEAM Growth Market of the Bulgarian Stock Exchange are exempt from taxation under the same conditions as those applicable to the regulated market of the Exchange. This became possible following the adoption of legislative amendments included in the State Budget Act for 2026, promulgated in State Gazette No. 113 of 23 December 2025 and effective as of 1 January 2026.

      The amendments build upon the pilot tax relief regime that was in force from 1 January 2021 to 31 December 2025 and will support the development of the growth market as a source of financing for businesses.

      The adopted amendments include the following provisions:

      • § 1, item 11 of the Additional Provisions and Art. 37, para. 1, item 3 of the Personal Income Tax Act;

      • Art. 196 and Art. 195, para. 6, items 1 and 2, letter "c" of the

      Corporate Income Tax Act.

      
      
      

      BeamUp Lab is a program aimed at stimulating and encouraging the growth of Bulgarian start-ups and small and medium-sized enterprises (SMEs). The objective of the program is to identify promising and innovative Bulgarian companies with sustainable business models, provide them with visibility among potential investors, and enhance their knowledge of financing opportunities.

      On January 22, 2026, the first meeting of the sixth edition of the beamUp Lab program was held. For the sixth consecutive year, the Fund of Funds hosted the first of the four meetings within the program.

      During the event, the Fund introduced Bulgarian companies to various financing opportunities through instruments provided by the European Union. Representatives of the 20 participating companies had the opportunity to learn about financing mechanisms for SMEs, as well as the legislative and regulatory framework related to EU support.

      Five companies also took part in an investor pitch session, where they presented their activities and development plans and received comments and feedback from market investors.

      On March 24, 2026, the second strategic meeting of the program took

      place. The host of this meeting was the Bulgarian Development Bank (BDB), one of the main partners of the beamUp Lab program, and the focus of the discussions was on financing growing companies through the bank's instruments.

      A special emphasis during the program was placed on the hidden potential of data and the added value it can bring to business development. Gergana Papadopoulou, Managing Director of Financial Market Services (a subsidiary of the Bulgarian Stock Exchange), explored the link between non-financial data, sustainability, and company performance, highlighting the need for more structured and targeted use of this resource.

      Financial Instruments Lending Platform

      On 17 June 2024, Bulgarian Stock Exchange AD, together with Central Depository AD, announced the launch of its newest platform - the electronic platform for the agreement and registration of lending contracts of financial instruments, which uses the infrastructure of the trading system T7.

      Agreement and registration of lending contracts is done with equity instruments, that are admitted to BSE Main Market and are constituents in some of the following indices: SOFIX, BGBX 40 or BG TR30.

      As of 31.03.2026, 44 issues of financial instruments are registered in the platform.

      The securities lending platform provides a new generation of integrated services from the Bulgarian Stock Exchange and the Central Depository, allowing all investors to lend or borrow financial instruments, constituents of the BSE indices, for a specified period. The lending agreements are standardised, with parties being current Exchange members.

      The new platform opens up another opportunity for investors in the country and aims to increase the liquidity of the capital market in Bulgaria. Collaterals for the borrowed instruments will be in cash only and the Central Depository is in charge of their management.

      
      
      

      Oxygen is an initiative of the Bulgarian Stock Exchange and its subsidiary Financial Market Services and is the first of its kind in Bulgaria. The platform enables Bulgarian companies to measure and report on their environmental, social and corporate impact by obtaining an assessment of their carbon footprint as well as other ESG-related indicators.

      Starting in early 2024, companies can take advantage of the new capabilities of the Oxygen platform. Public companies can calculate their carbon footprint completely free of charge, thanks to a partnership with the global platform Synesgy, a digital solution for assessing environmental, social and corporate sustainability (ESG) from the international company ICAP CRIF.

      On January 18, 2024, the Oxygen platform also became the only tool in Bulgaria with a license from the Global Reporting Initiative (GRI), allowing businesses to quickly and easily report against all European and international ESG standards.

      The Oxygen by FMS platform was recognized in the Second Voluntary National Review on the implementation of the Sustainable Development Goals (SDGs) in the Republic of Bulgaria.

      In the last quarter of 2025, the company developed new functionalities in the OXYGEN platform. Options were added for reporting under a voluntary sustainability reporting standard created by the European Financial Reporting Advisory Group (EFRAG) at the request of the European Commission, the VSME (Voluntary Standard for SMEs) standard. Platform customers can choose a level of detail that suits their needs:

      Basic module: Contains basic requirements and is intended for micro-enterprises taking their first steps in reporting.

      Extended module: Designed for SMEs that need a more detailed report for banks, investors, or customers.

      
      
      

      Green Centre (GC) is a leading think tank in the field of sustainable finance and energy in Bulgaria, established at the initiative of the Bulgarian Stock Exchange AD and its subsidiary Bulgarian Independent Energy Exchange EAD. The Green Centre supports the Bulgarian Stock Exchange and the Independent Bulgarian Energy Exchange in their sustainability efforts.

      
      
      

      BSE Advance is a long-term program of the Bulgarian Stock Exchange. Through it, the BSE pursues a targeted and proactive policy to increase the financial literacy of young people.

      On 29 January 2026, an official meeting was held at which a Memorandum of Cooperation was signed between the Bulgarian Stock Exchange (BSE) and the Association of Economic Schools in Bulgaria (AESB). The document lays the foundations for a long-term partnership between the Exchange and the academic community, with a focus on improving financial literacy and strengthening the link between education and real business.

      The meeting was attended by Prof. Dr Daniela Feschiyan - Chair of AESB and Head of the Accounting and Analysis Department at the University of National and World Economy (UNWE); Prof. Dr Dimitar Dimitrov -Rector of UNWE; Ms Emilia Ivanova - Vice-Chair of AESB and Director of the Private Vocational High School of Banking, Trade and Finance; Ms Diana Stoyanova - Director of the National Trade and Banking High School; and Chief Assistant Dr Yasen Daskalov - Secretary of AESB. Assoc. Prof. Dr Manyu Moravenov, Executive Director of BSE, and Dr Snezhana Yotinska, Senior Expert in the Corporate Development Directorate, represented the Bulgarian Stock Exchange.

      Signing the memorandum is a further step in the efforts of the Bulgarian Stock Exchange and AESB to build a more effective dialogue between education and practice and to encourage the informed participation of young people in the country's economic and financial life.

      On February 20, 2026, the first-ever National Competition in Finance and Investment was held. The competition was organised by the Bulgarian

      Stock Exchange and supported by the Financial Supervision Commission, the Bulgarian Association of Asset Management Companies, and the Bulgarian Association of Licensed Investment Intermediaries. The host of the event was the University of National and World Economy (UNWE). Dozens of students from all economic universities in the country took part in the competition, demonstrating in-depth knowledge, analytical thinking, and practical skills in the fields of financial markets and investments.

      The official opening was delivered by the CEO of the Bulgarian Stock Exchange, Assoc. Prof. Dr Manyu Moravenov, and the Rector of UNWE, Prof. Dr Dimitar Dimitrov, in the presence of UNWE's Vice-Rector, Prof. Dr Tsvetana Stoyanova.

      Emiliyan Andreev (a student at Sofia University "St. Kliment Ohridski"), Kaloyan Zhelev (a student at University of National and World Economy), and Veselin Marinov (a student at University of Bologna) are the finalists who won the first three places, respectively, the corresponding awards at the National Finance and Investment Competition.

      The winners also received monetary awards: €1,000 for first place, €300 for second place, and €200 for third place.

      On March 18 this year, as part of Global Money Week (March 16-22, 2026), the Bulgarian Stock Exchange welcomed students from the National Trade and Banking High School and the Private Vocational High School of Banking, Trade and Finance, in implementation of the activities under the memorandum with the Association of Economic Schools in Bulgaria (AIUB)

      The students were accompanied by Prof. Dr Daniela Feschiyan, Chair of AIUB; Ms Emilia Ivanova, Director of Private Vocational High School of BTF; and Ms Diana Stoyanova, Director of NTB High School.

      
      
      

      SpaceCrowd is the first Bulgarian platform for financing startups and early-stage business ideas. The maximum capital that can be raised through it is 5 million euros.

      SpaceCrowd allows all companies that are joint-stock companies to raise funds, with no requirement for the development stage. Companies can create their profile directly on the platform, and will need a pre-prepared business valuation from a licensed consultant. The main partner of the crowdfunding platform will be investment intermediaries. Investor profiles are created entirely on the SpaceCrowd platform. The participation of the investment intermediary partners is mainly expressed in providing access to the platform to their clients, including those who show interest in this additional investment opportunity. The platform has the necessary functionalities, allowing investments also via bank transfer.

      Forum Transition to T+1

      With the transition to T+1 settlement as of 11 October 2027, the capital markets of the European Union member states are entering a new stage of development aimed at strengthening their competitiveness, facilitating cross-border transactions, and reducing risk between trade execution and settlement. In this context, the Financial Supervision Commission (FSC) organised the first National Forum on the Transition to T+1 on 27 January 2026, bringing together representatives of key institutions and market participants in Bulgaria.

      Vasil Golemanski, Chair of the FSC, officially opened the forum, emphasising the strategic importance of the transition to T+1 for the capital market as an interconnected system.

      In her presentation, Mira Dobreva-Hilton, Adviser for International Affairs at the FSC, outlined the European framework of the reform. The European roadmap was also presented, including the working groups and recommendations set out in ESMA's 2024 report.

      Representatives from the Bulgarian Stock Exchange, the Central Depository, the Association of Banks in Bulgaria, the Bulgarian Association of Licensed Investment Intermediaries, the Bulgarian Association of Asset Management Companies, and other stakeholders

      took part in the discussion panel and exchange of experiences.

      The National Forum on the Transition to T+1 will serve as a permanent platform for coordination, information exchange, and identification of challenges on the path to 11 October 2027, with the active participation of all major stakeholders in the capital market.

      BSE has integrated advanced charting tools from TradingView

      Bulgarian Stock Exchange has integrated advanced charting tools from TradingView, enhancing the experience for both local and international investors.

      TradingView is the world's most popular charting platform and a leader in financial visualization software. Its product portfolio includes best-in-class charting solutions, a wide range of trading libraries, a social network, and numerous tools designed for both individual and institutional users.

      Through this integration, investors can access high-quality, interactive charts with powerful visual tools to support more informed analysis, monitor market dynamics more effectively, and better understand price movements across the Bulgarian capital market.

      By leveraging TradingView's charting capabilities, the BSE enables investors to become part of a global, financial ecosystem with more than 100 million traders worldwide who use the platform as their primary destination for charting, communication, and trading across financial markets.

      First trading session in euros

      The first trading session of the capital market in euros - 05.01.2026, was officially launched with a ceremony at the Bulgarian Stock Exchange.

      The bell-ringing ceremony at the Exchange was attended by the management teams of the Bulgarian Stock Exchange, the Central Depository, and the Financial Supervision Commission, including the chief executive officers of investment intermediaries and management companies. It was emphasized that trading in euros is an important step toward greater transparency and easier access for international investors to the Bulgarian market.

      XXV

      annual ceremony

      On January 16, 2026, the 25th annual ceremony in the history of the Bulgarian Stock Exchange was held, marking another successful year-2025- with record capital raised on the Bulgarian capital market.

      The ceremony was officially opened by the Deputy Minister of Finance, Mr. Metodi Metodiev, the Chair of the Financial Supervision Commission, Mr. Vasil Golemanski, and the CEO of the Exchange, Assoc. Prof. Dr. Manyu Moravenov.

      Key highlights were presented during the 25th edition of the BSE Annual Awards ceremony, including:

      • a 30% year-on-year increase in the SOFIX main index, as well as a 159% increase over the last five years;

      • the exemption from capital gains taxation on the beam market under the same conditions as the regulated market, as well as the adoption by the Council of Ministers of a Strategy and Concept for the organization of the primary offering of government securities aimed at retail investors in the country;

      • the establishment of IPO Growth AD at the initiative of the Exchange and with the participation of eight investment intermediaries, with the company successfully raising the maximum announced capital of nearly EUR 6 million through an IPO.

      The BSE awarded the best-performing investment intermediaries and publicly listed companies with the highest results over the past year.

      An award was also presented to Marta Mladenova, financial and economic journalist at the Bulgarian National Radio.

      Ring the Bell for Gender Equality

      Every year, the Exchange joins Ring The Bell for Gender Equality global initiative, organised by the World Federation of Exchanges under the auspices of United Nations Global Compact and UN Women.

      In 2026 we embrace the official UN message "Right. Equality. Empowerment. For all women and girls."

      In this context, the BSE team carried out an in-depth survey among companies regarding the representation of women in senior leadership

      positions in business. The results show that the number of women serving as CEOs in public companies has increased by 10% compared to 2024, reaching a share of 23%. The data also indicate that 65% of companies have female representatives on their management bodies.

      The sectors where women are most strongly represented in leadership positions are construction and transport, followed by finance and real estate. Bulgaria ranks fourth in Eastern Europe in terms of female representation on the boards of public companies.

      The Ring The Bell for Gender Equality ceremony was opened by Manyu Moravenov, CEO of the Bulgarian Stock Exchange, and Denitsa Velichkova, Deputy Chair of the Financial Supervision Commission. A special guest speaker was Krasimira Hadzhiivanova, founder of the platform "Maiko Mila" and the social enterprise "Ole Male", which supports parents of children with disabilities by providing them with opportunities for employment and income. She shared her experience and concrete examples of how social entrepreneurship can become a route to leadership, as well as the key challenges women in Bulgaria face on their path toward financial independence.

      Coins for Happiness

      The Bulgarian Stock Exchange (BSE) joined the charitable initiative Coins for Happiness, organized by the Financial Supervision Commission, in support of the Bulgarian Red Cross and children in disadvantaged social situations.

      The campaign brought together participants from the non-banking financial sector, who in a short period managed to collect over half a ton of coins, amounting to nearly €10,000. The funds raised are directed toward the Bulgarian Red Cross's Warm Lunch program.

      Many institutions and organizations took part in the initiative.

      The Coins for Happiness initiative aims to encourage donations by collecting small coins and turning them into real support for people in need, engaging both institutions and the general public.

      For more than two decades, the Bulgarian Red Cross's Warm Lunch

      program has been supporting children from low-income families by providing them with free meals at school during the winter months. Since its creation, it has reached tens of thousands of children across the country, and for the current school year, it will cover over 1,600 children in need.

      With its participation in the initiative, the BSE reaffirms its commitment to socially responsible causes and supports the efforts of the financial community to create a sustainable impact on society.

      International activity

      An important priority in the activities of the BSE is the expansion of international contacts and relations with other stock exchange institutions and organizations, regionally and Europe-wide.

      BSE has the status of a full member of the Federation of European Stock Exchanges (FESE).

      In November 2020, the Bulgarian Stock Exchange AD joined the United Nations Sustainable Stock Exchanges Initiative (United Nations Sustainable Stock Exchanges Initiative, UN SSE).

      In September 2023, Bulgarian Stock Exchangе AD officially joined the UN Global Compact - an initiative that calls on companies to adopt and implement ten universal principles in the fields of human rights, labor standards, the environment and the fight against corruption in their business strategies and in their daily work. Through their commitment to universally accepted values and by minimizing the negative effects of their business activities, companies can contribute to the achievement of the UN's Sustainable Development Goals.

      On 23 August 2023, a new company, EuroCTP, was established, in which 14 European stock exchanges, or exchange groups representing the operators of the main regulated markets in 25 EU countries, are shareholders. The aim of the new company (joint venture) is to provide consolidated market data (consolidated tape) for shares in the European Union. EuroCTP has its own Board of Directors, and all exchanges are represented on the company's Supervisory Board. With Bratislava Stock Exchange as 16th shareholder the shareholder base now includes all 27 EU Member States.

      The Bulgarian Stock Exchange represents the small exchanges in the Supervisory Board of the new company.

      On 19 December 2025, the European Securities and Markets Authority (ESMA) selected EuroCTP as the first Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs) in the European Union.

      The consolidated tape provides a single, standardized stream of market data on trading in shares and ETFs from different trading venues across the EU. This is expected to support better investor

      information, facilitate price and liquidity comparability, and contribute to the development of the Savings and Investments Union, delivering benefits for all market participants.

2. ‌MAIN RISKS

As a licensed market operator, Bulgarian Stock Exchange organises the activities and operations of the regulated market in accordance with the requirements of the law and its implementing acts. The organisation and management of the Bulgarian Stock Exchange shall be carried out on the basis of the Rules of Business, which shall be adopted by the Board of Directors of the Exchange and approved by the Financial Supervision Commission. The Rules of Business of the Bulgarian Stock Exchange shall govern all aspects of the Company's business, including:

1. the identification of possible threats and risks that could cause potential losses and disruption to the trading processes provided, conducted and maintained by the Exchange;

2. the means to control and manage identified threats and risks;

3. the allocation of responsibilities among the Exchange's employees with respect to Risk Management.

The main types of risks relevant to the Company's activities and the policy for their management are regulated in Part VI - Risk Management Rules of the Rules of Procedure of the Bulgarian Stock Exchange. The risk management policy is applied in an integrated manner and in accordance with all other policies and principles regulated in the internal acts of the Bulgarian Stock Exchange.

The Risk Management Rules of the Bulgarian Stock Exchange shall document the measures and procedures for the identification, management and assessment of risks related to the activities of the Exchange pursuant to Article 86, par. 1(3) of the Markets in Financial Instruments Act. The Risk Management Rules of the Bulgarian Stock Exchange define the following types of risks related to the Company's activities, procedures and systems:

1. Internal - related to the organization of the Exchange's work, representing:

   1. Process risks

      • risks related to the performance of the main functions of the Exchange

      • risks related to the services offered and

      • project risks

   2. Risks related to the systems

      • complete or partial unreliability and lack of completeness of the data;

      • subsequent manifestation of the problems with the reliability and completeness of the data;

      • lack of precision in processing methods;

      • errors of software products;