Management Report for Q4 2025

Interim Report on the Activity of Bulgarian Stock Exchange

for the Fourth Quarter of 2025

1. CORPORATE GOVERNANCE 6

   1. Registration and subject of activity 6

   2. Shareholder structure as of 31.12.2025 7

   3. Board of Directors 8

   4. Organizational structure 9

   5. Committees and commissions 10

   6. Corporate events 11

   7. Issues of financial instruments issued by the BSE 13

   8. Information regarding repurchased shares 15

   9. Information about the members of the Board of Directors 15

2. POLICIES AND INITIATIVES FOR SUSTAINABLE DEVELOPMENT 17

   1. Ecology and Resource Management (Environmental) 18

   2. Social and Employee Matters (Social) 18

   3. Corporate governance (Governance) 20

3. INFORMATION ABOUT THE ACTIVITY 22

   1. Markets 22

   2. Trade 25

   3. Programmes, priorities and development 31

4. MAIN RISKS 41
5. FINANCIAL STATEMENT 45

   1. Financial result 45

   2. Assets and liabilities 45

   3. Income and expenses 47

   4. Basic earnings per share 49

   5. Significant events occurring after the date of the annual financial report 49

Introduction

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 fourth quarter of 2025.

The report provides information on the important events that occurred during the fourth quarter of of 2025, 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.

MAIN HIGHLIGHTS

Gross dividend per share for 2024: BGN 0.45

Interim gross dividend for 2025: BGN 1.26

P/E: 7.58

Change in share price since the beginning of the year:

Free float: 49.95 %

Turnover with the issue of shares issued by the BSE

Total operating income: BGN 22 090 (thsnd)

Total Assets: BGN 18 129 (thsnd)

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.

      As at 31.12.2025, the capital of the company is distributed in 13 165 720 common dematerialised and voting-right shares with nominal value BGN 1.00 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), as well as has the status of a public enterprise within the meaning of art. 2, para 1 of the Public Enterprises Act.

      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 â„– 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, as well as the MFIA and is the only licensed administrator of benchmarks within the meaning of Regulation (EU) 2016/1011 in Bulgaria.

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

      As at 31.12.2025 the total number of personnel at Bulgarian Stock Exchange is 28 employees (31.12.2024: 28 employees).

   2. ‌Shareholder structure as of 31.12.2025

      As of 31.12.2025, the Stock Exchange's shareholders with voting rights are concentrated in four main types of persons, as follows:

      Shareholder structure as of 31.12.2025

      Shareholder Group	Number of shares	%
      Ministry of Finance (MF)	6 590 000	50.05%
      Investment intermediaries and commercial banks (II & Banks)	1 510 277	11.47%
      Other legal entities (Other LE)	2 574 504	19.55%
      Individuals	2 490 939	18.93%
      Total	13 165 720
      Of which foreign shareholders	553 140	4.20%

      Shareholder structure of the Bulgarian Stock Exchange as at 31.12.2025

      Natural Persons

      2 490 939

      18.93%

      Other Legal

      Persons 2 574 504

      19.55%

      Ministry of Finance

      6 590 000

      50.05%

      Brokerage Firms

      and Banks 1 510 277

      11.47%

      
      
      
   3. ‌Board of Directors

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

      As of 31.12.2025, 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 (representative of the Ministry of Finance)

      • 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.

      In connection with a decision taken at the regular general meeting of shareholders of Bulgarian Stock Exchange AD, stock code BSE, held on 26.06.2025, the payment of the dividend for 2024 began as of 15.08.2025, as follows:

      • Gross dividend per share: BGN 0.45

      • Method of dividend payment: through the Central Depository AD and through the branches of UniCredit Bulbank AD in the country.

      On 25 November 2025, an Extraordinary General Meeting of Shareholders (EGMS) of Bulgarian Stock Exchange AD was held, at which the following resolutions were adopted:

      • The EGMS elected Asen Yagodin, Manyu Moravenov, Georgi Karadzhov, Radoslava Maslarska, and Hristina Pendicheva as members of the Board of Directors for a five-year mandate;

      • The amount of the management guarantee for the members of the management bodies was determined;

      • The six-month financial report of BSE AD for the first half of 2025 was approved;

      • A resolution was adopted that, from the net profit realized by the Company according to the approved six-month financial report for the first half of 2025, amounting to BGN 17,127,000, an amount of BGN 16,600,000 shall be distributed as a six-month dividend to shareholders, i.e. BGN

        1.26 per share;

      • The reasoned report of the Board of Directors regarding the expediency and terms of a transaction under Art. 114, para. 1, item 1, letter "b" of the Public Offering of Securities Act (POSA) was approved, in which the Company is a party, as follows:

        Acquisition of 2,956,578 dematerialized registered voting shares, representing 27.89% of the share capital of IPO Growth AD, UIC: 208167105, at a total value of BGN 3,340,933.14, at a price

        of BGN 1.13 per share, within a period of up to three months from the date of authorization and under the terms set out in the reasoned report of the Board of Directors;

      • The Board of Directors and the Executive Director of the Company were authorized to conclude a transaction within the scope of Art. 114, para. 1, item 1, letter "b" of the POSA for the acquisition of 2,956,578 dematerialized registered voting shares, representing 27.89% of the share capital of IPO Growth AD, UIC: 208167105, at a total value of BGN 3,340,933.14, at a price of BGN 1.13 per share, within a period of up to three months from the date of authorization and under the terms specified in the reasoned report of the Board of Directors. The parties to the transaction are BD Consults AD, UIC: 207514472 - seller, and BSE AD - buyer;

      • Krasimir Gyurov was elected Chairman of the Arbitration Court, and Desislava Ivanova and Evgeniy Zhishev were elected Deputy Chairpersons, for a three-year mandate;

      • An Audit Committee was elected, consisting of Sirma Ilieva, Radoslav Zhelyazov, and Kiril Georgiev;

      • Amendments to the Statute of the Audit Committee were adopted.

        In connection with the above-mentioned resolution of the EGMS on the distribution of an interim dividend for the first six months of 2025, the payment of the dividend commenced as of 17 December 2025, as follows:

      • Gross dividend per share: BGN 1.26

      • Method of dividend payment: through Central Depository AD and UniCredit Bulbank AD

      • The costs of dividend payment are borne by the Company.

      Information on the dividend distributed by the BSE for the period 2020 - 31.12.2025 (in BGN) is presented in the following figure:

      2020 2021 2021 2022 2023 2024 2025 2025

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

      0

      0.2

      0.08

      0.030

      0.4

      0.296

      0.6

      0.45

      0.482

      0.55

      1

      0.8

      1.2

      1.04

      1.4

      1.26

      18 000 000

      16 000 000

      14 000 000

      12 000 000

      10 000 000

      8 000 000

      6 000 000

      4 000 000

      2 000 000

      0

      On 16 December 2025, Bulgarian Stock Exchange AD announced the conclusion, on 15 December 2025, of an over-the-counter transaction falling within the scope of Art. 114, para. 1, item 1, letter "b" of the Public Offering of Securities Act (POSA), in accordance with the authorization granted by the Extraordinary General Meeting of Shareholders of the Company held on 25 November 2025.

      The transaction concerns the acquisition of 2,956,578 (two million nine hundred fifty-six thousand five hundred seventy-eight) dematerialized registered voting shares, representing 27.89% (twenty-seven point eighty-nine percent) of the share capital of IPO Growth AD, UIC 208167105, at a total value of BGN 3,340,933.14 (three million three hundred forty thousand nine hundred thirty-three Bulgarian leva and fourteen st.), at a price of BGN 1.13 (one lev and thirteen st.) per share.

      The parties to the transaction are BD Consults AD, UIC 207514472 - seller, and Bulgarian Stock Exchange AD - buyer. The transaction was carried out at a market price determined by a licensed valuer, in accordance with the requirements of the Public Offering of Securities Act.

   7. ‌Issues 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 BGN 1 (one), 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.

      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 31.12.2025, the issue of shares issued by the Bulgarian Stock Exchange AD is part of the SOFIX, BGBX40 and BGTR30 indices.

      During the fourth quarter of 2025, trading in the shares of Bulgarian Stock Exchange AD recorded an exceptionally strong increase compared to the same period of the previous year, characterized by a substantial rise in the number of executed transactions, a significant increase in turnover, and sustained growth in traded volumes.

      The number of transactions reached 1,383, compared to 364 during the same period in 2024, representing an increase of approximately 280%. By this indicator, the issue ranked among the Top 3 equity issues with the highest number of transactions during the quarter on the markets organized by the Exchange. The total turnover increased by an impressive 212%, reaching BGN 8.59 million, compared to BGN 2.75 million in the corresponding period of the previous year, while the traded volume (lots) recorded a 136% increase. 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.

      The minimum price for the period was BGN 9.60, while the maximum price reached was BGN 11.90.

      As of 22 December 2025 (the last trading session of 2025), the market capitalization* amounted to BGN 143,506,824.

      Information on the number of transactions concluded with the issue of shares issued by the BSE in in the fourth quarter of 2025, the turnover and volume and a comparison with the same period in 2024 can be found in the following figure:

      8 591 762

      2 749 772

      1383

      364

      824 201

      348 966

      Number of transactions

      Turnover (BGN)

      Volume (lots)

      Q4 2025 Q4 2024

      In 2025, a total of 4,139 transactions were concluded in the shares of Bulgarian Stock Exchange AD, placing the issue among the top three equity issues by number of transactions on the regulated market. The turnover amounted to BGN 15,788,460, while the traded volume (lots) reached 1,643,476.

      Price movement and turnover of the BSE shares in the period 01.01.2025 - 22.12.2025*
      
      

      *The last trading day for 2025 is 22.12.2025

   8. ‌Information regarding repurchased shares

      On 19.08.2025, the subsidiary Independent Bulgarian Energy Exchange EAD, UIC 202880940, sold all of its repurchased shares in the amount of 244,438 shares, representing 1.86% of the capital of Bulgarian Stock Exchange AD, for a total value of BGN 2 176 715.05.

      The sale of the shares was carried out through 42 (forty-two) transactions concluded on the stock exchange, at prices in the range of BGN 8.9000 - BGN 9.2500. As a result, Independent Bulgarian Energy Exchange EAD no longer owns shares in the capital of Bulgarian Stock Exchange AD.

   9. ‌Information about the members of the Board of Directors

      1. The salaries and other short-term benefits to key management personnel as 31.12.2025 amount to BGN 443 thousand (31.12.2024: BGN 416 thousand).

      2. No BSE shares were acquired, owned or transferred by the members of the Board of Directors in 2025.

         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%) 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, EIK 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 2025, 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 (Environmental, Social, and Governance issues).

   ESG practices are fundamental for both individual companies and investors, and a focus on ESG can lead to improved and harmonized corporate governance and hence help achieve the 2050 decarbonization goals.

   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.

   • 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 create a behavioral framework focused on minimizing negative environmental impacts resulting from our activities and from activities across the value chain.

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

   1. ‌Ecology and Resource Management

      The activities of the BSE do not imply any significant environmental pollution. The BSE generates municipal waste in the administrative building where its main activities take place, but has a waste management plan in place.

      In the current year, BSE is also encouraging the use of public transport by its employees by providing them with free passes for the entire city network. Bulgarian Stock Exchange has also taken measures to reduce plastic waste generation by replacing bottled mineral water for 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.

      Risks related to social and employment issues from loss of employee motivation, lack of qualified staff, staff turnover, deteriorating health of the team are minimized by applying appropriate measures poor team health are minimized by implementing appropriate measures.

      Given the specific activity of Bulgarian Stock Exchange as an operator of an organized securities trading market, the company makes efforts to retain employees through ongoing training on current topics, introduction of a social program, additional health insurance, encouragement to take leave, a comfortable work environment, regular team-building events etc.

      The company does not experience issues related to employee turnover.

      Distribution of the members of the Board Directors by gender (%)

      Women Men

      40%

      60%

1. 1. ‌Corporate governance

      The Bulgarian Stock Exchange fully complies with the applicable corporate governance standards.

      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

      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.

      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 33 "Related parties and related party transactions" of the document "Notes to the interim separate financial statements for 2025".

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. Share issues that meet the following criteria may be admitted to trading in the segment: trading is carried out in euros through the Xetra T7® trading platform; the issue is registered in the TARGET2-Securities (T2S) systems; corporate events are announced simultaneously in BGN and EUR, and payments for them are made in EUR; meets the requirements for admission to trading and for disclosure of information on the regulated market Frankfurt Stock Exchange (FWB), organized by the market operator Deutsche Börse; the issuer of the issue discloses regulated information to the public at the same time and in English, through the medium of its choice, within the time limits set out in the applicable legislation.

      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, issues written off and capital increases

        As shown in the table below, the number of issues of financial instruments admitted to trading on the markets organized by BSE as of 31 December 2025 increased to 709, compared to 693 issues recorded as of 31 December 2024. The increase is mainly due to the higher number of registered issues in the bond segments and exchange-traded products segments.

        Shelly Group SE is the first company that, by a decision of the Board of Directors of Bulgarian Stock Exchange AD, was transferred in July 2024 from the Premium Equity Segment to the newly established EuroBridge Market Segment of the BSE Main Market.

        Information on registered issues as at 31.12.2025 and a comparison to 31.12.2024 can be found in the following figure:

During the fourth quarter of 2025, the following financial instruments were admitted to trading on the markets organized by BSE:

New issues in the fourth quarter of the year:

Terminated issues in the fourth quarter of the year:

During the reporting quarter of 2025, five companies admitted to trading on the regulated market recorded capital increases, as follows: three through rights issues and two through the exercise of warrants.

The total capital raised through capital increases on the regulated market during the reporting quarter amounted to BGN 209,614,431.

Capital increases and conversion in the fourth quarter:

561

bonds

200

317

203

0

2 021

2022

2023

shares

2024

2025

137

706

280

400

1 074

600

268

188

1 000

800

314

1 400

1 200

Information on the capital raised on the markets organized by the Bulgarian Stock Exchange for the period 2020 - 31.12.2025 (in million BGN) can be found in the following figure:

During the fourth quarter of 2025, the turnover of the markets organized by BSE, including the SME Growth Market BEAM and MTF BSE International, amounted to BGN 336 million, representing an increase of 8.91% compared to the same period of the previous year. The number of transactions on the markets organized by BSE increased by 28.46%. The volume of traded financial instruments decreased to 72 million units, compared to 226 million units during the same period of 2024.

On the regulated market (BSE Main Market and BaSE Alternative Market), a total of 18,310 transactions were concluded, which is 5,076 more than in the same period of 2024 (Q4 2024 -13,234 transactions).

During the fourth quarter of 2025, on the BSE Main Market, 7,682 transactions were concluded in equity issues listed on the Premium Equities Segment, and 5,897 transactions in issues from the Standard Equities Segment. On the newest EuroBridge Market Segment, where trading in the shares of Shelly Group SE commenced on 18 July 2024, 1,301 transactions were concluded. The three issues with the highest number of transactions were Sopharma AD (SFA), Bulgarian Stock Exchange AD (BSE), and Shelly Group SE (SLYG).

The equity issues with the highest turnover during the fourth quarter of 2025 were Sopharma AD (SFA), followed by Tchaikapharma High Quality Medicines AD (THQM) and Shelly Group SE (SLYG).

The BaSE Alternative Market also demonstrated strong positive dynamics. A total of 871 transactions were concluded during the last quarter of the year, with the highest number of transactions recorded in the issues of Aroma AD (AROM), KM Green Energy Fund AD (CGRN), and Black Sea Holding AD (CHL).

The reported turnover for the fourth quarter of 2025 from the two segments of the alternative market increased by 18.83%, with the three equity issues with the highest turnover being VF Alternative AD (VFAL), Republica Holding AD (HREP), and Balkan Property Instruments REIT (BPI).

The turnover on the BEAM market decreased by 16.83% compared to the same period of the previous year. During the fourth quarter, the highest turnover was recorded in the ordinary shares of Ipotech Sofcom AD (IPS), followed by the preferred shares of Dronamics Capital AD (DRON) and the shares of HR Capital AD (HRC). By the indicator highest number of transactions, Dronamics Capital AD (DRON) ranked first, followed by Impuls Growth AD (IMP) and Paysera Bulgaria AD (PAY).

The MTF BSE International Market reported a 154.20% increase in traded volume, but a 12.19% decline in turnover to BGN 18.5 million, as well as a 21.22% decrease in the number of transactions. The highest turnover was recorded in the issue of NVIDIA Corporation (NVD), followed by Coinbase Global Inc. Class A (1QZ) and Beyond Meat Inc. (0Q3). The highest number of transactions was recorded in the issue of Beyond Meat Inc. (0Q3).

Information on markets for the reporting period of 2025 and a comparison with the same period in 2024 can be found in the following figure:

Information on the ten issues with the highest number of transactions concluded on the regulated market and the beam growth market in the fourth quarter of 2025 is presented in the following figure:

2500

2000

1500

1000

500

0

577

Eleven Capital AD

662

CB First Investment Bank AD

682

Advance Terrafund REIT

714

Wiser Technology AD

820

Bulgarian Real Estate Fund REIT

892

Doverie United Holding PLC

1032

Sirma Group Holding AD

1301

Shelly Group SE

1383

Bulgarian Stock Exchange AD

2060

Sopharma AD

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.

Sectoral structure of trade

As of 31 December 2025, the "Financial and Insurance Activities" sector traditionally recorded the highest result, amounting to BGN 66,117,696 (Q4 2024 - BGN 43 million), accounting for 45% of total turnover. As shown in the table below, the "Manufacturing" sector ranked second, with a turnover of BGN 46,883,337 (Q4 2024 - BGN 12 million), representing 32% of total turnover during the reporting period, followed by the "Professional, scientific and technical activities" sector, which recorded a turnover of BGN 23,023,304 (Q4 2024 - BGN 4 million), or 16% of total turnover.

Information on the structure of trade by sector (top 10) for the reporting period of 2025 is presented in the following table:

Manufacturing 32.03%

Professional, scientific and technical activities 15.73%

Real estate activities 4.18%

Telecom., computer program., consulting, computing infrastr. and other information service activities

1.52%

Wholesale and retail trade 0.35%

Others 0.98%

Arts, sports and recreation 0.40%

Construction 0.18%

Accom.on and food service activities 0.06%

Financial and insurance activities 45.16%

Transportation and storage 0.39%

Market capitalization of the Exchange

As of 31 December 2025, the total market capitalization of the markets organized by Bulgarian Stock Exchange AD (MTF BSE International Market excluded) amounted to BGN 20,478,103,020, representing an increase of 5.43% compared to BGN 19,422,876,070 at the end of the third quarter of 2025. The largest increase, at 16.08%, was recorded on the BaSE Alternative Market - Equity Segment, followed by the EuroBridge Market Segment. The smallest change was observed in the Special Purpose Vehicles Segment of the BaSE Alternative Market.

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

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

* Market MTF BSE International not included.

Market capitalisation by market segments (comparison):

* Market MTF BSE International not included.

Market capitalisation/Gross domestic product

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

Information on the performance of BSE indices (in %) from the beginning of 2025 to 22 December 2025* can be found in the following figure:

*The last trading session for 2025 is 22 December 2025.

During the fourth quarter of 2025, the indices of the Bulgarian Stock Exchange recorded positive performance, with gains observed across all key indices, albeit with varying intensity.

The blue-chip index SOFIX increased from 1,072.54 points as of 30 September 2025 to 1,156.43 points as of 22 December 2025, representing an absolute change of 83.89 points or a growth of 7.82%. This was the strongest performance among the main indices during the period and reflects heightened investor interest in the leading publicly listed companies included in the index.

The broad market index BGBX40, which stood at 194.48 points as of 30 September 2025, rose to

203.81 points, marking an increase of 9.33 points, corresponding to a growth of 4.80%. The movement of the index indicates a more moderate but steady increase in the broader market segment.

The BGTR30 index, which reflects the performance of the 30 most liquid issues with equal weighting, increased from 950.22 points as of 30 September 2025 to 994.95 points as of 22 December 2025.