Annual Consolidated Management Report
of "Sirma Group Holding" AD for 2025
.
sirma.com
Key financial indicators for 2025
Revenue
130 786 BGN'00030.77%
EBITDA
10 458 BGN'00080.68%
Net Profit
4 118 BGN'000269.66%
(Percentage changes are calculated relative to 2024)
Revenue by region Revenue by segment
80.46%
9.66%
8%
13%
22%
42%
12%
3%
7.87%
1.21%
0.62%
0.16%
Europe - 105 231 BGN'000North America - 12 638 BGN'000
United Kingdom - 10 292 BGN'000
Asia - 1 587 BGN'000
South America - 814 BGN'000
Australia - 211 BGN'000
Africa - 13 BGN'000
System Integration - 54 554 BGN'000
Hospitality - 10 597 BGN'000
Financial Industry - 17 245 BGN'000
IT Services - 28 679 BGN'000
Manufacturing - 4 518 BGN'000
Strategic Development - 15 193 BGN'000
Recurring revenue Recurring revenue by type
16%
14%
7%
63%
38%
62%
Support and Service - 7 048 BGN'000Total Recurring Revenue - 49 415 BGN'000
Other Revenue - 81 371 BGN'000
IT Systems Development and Management - 31 259 BGN'000
Subscriptions and Licenses - 3 313 BGN'000
Content
Message from the CEO 5
1/ Statement by the board of directors 6
2/ Organization 7
3/ Structure of shareholders capital and management authorities 10
4/ Functioning of the group 17
5/ "Sirma Group Holding"AD in 2025 18
5.1. The business of Sirma 18
Economic trends 19
Additional information for 2025 24
Events and business news in 2025 25
Main legal information in 2025 30
Information for contracted large transactions in 2025 32
Information of the used financial instruments in 2025 32
R&D activity of the company in 2025 32
Possible future development of the company 32
Contracts under Art.240b of the Commerical Code in 2025 33
Audit renumeration in 2024 33
6/ Results by company 33
"Daticum" 33
"EngView Systems" 36
Sirma Group Inc 39
"Sirma ICS" 40
Sirma Tech 41
"Sirma Medical Systems" 42
"Saifort" 43
Roweb Development 44
"Sirma Group Holding" - separate financial results 46
7/ Results by segments 47
8/ Main markets 56
9/ Consolidated financial results 57
Consolidated revenues 57
Recurring consolidated revenue 57
Consolidated expenses 58
Consolidated financial income/costs 58
Consolidated assets 59
Consolidated equity 59
Consolidated liabilities 60
Cash flow 63
Indicators and coefficients 63
9.9 Related party transactions 65
10/ Ecology and personnel 65
Ecology 65
Personnel 65
11/ Risk factors 66
Market risk analysis 66
Foreign currency risk 66
Interest rate risk 67
Credit risk 68
Liquidity risk 69
12/ Other information as per Аppendix 10 of Оrdinance 2 of the FSC 70
Information about events and indicators with increased nature of the Group, having a significant effect on their activity and their income and expenditure; evaluation of their impact on results in the current period 70
Information about out of the balance sheet transactions - type and business purpose, financial impact of the transaction on activity if the risks and benefits of these transactions are essential for the company and the disclosure of this information is essential for assessing the financial position of the group 70
Information about the use of funds from the new issue of securities, carried out during the reporting period 70
Analysis of the relationship between the financial results achieved, reported in the financial statement for the reporting period and earlier published projections for these results 70
Analysis and financial evaluation of the financial resources management policy with the position of opportunities for the service of the obligations, the eventual threats and measures which the group was prevented or provided to take for the purpose of removing them. 70
Assessment of the possibilities for the implementation of investment intentions with the significance of the amount of expenditure and the effectiveness of the possible changes in the structure of financing that activity. 71
Information about occurring changes for the reporting period in the main principles for the management of the Group 71
Information about the main characteristics of the financial reporting processing internal control system and risk management system 71
Information on changes in management and supervisory authorities in the reporting period 72
Infromation about the known to the Group agreements (including also after the closing of the period) as a result of which changes may occur at a future time in the owned percent of shares or bonds by current shareholders or bondholders 72
Details of the Director for relations with the investors, including a telephone and address for correspondence 72
13/ Changes in the price of the shares of the company 73
14/ Post balance sheet events 74
Message from the CEODear shareholders, partners and colleagues,
Sirma Group Holding ended 2025, recording strong and sustainable growth. The published consolidated results confirm that our strategic focus on high-value IT services, international diversification and operational discipline are delivering measurable results.
During the year, we achieved consolidated revenues of EUR 66.87 million, representing a growth of 30.77% year-on-year, EBITDA of EUR 5.35 million (+80.68%) and net profit of EUR 2.11 million.
These results are not accidental. They reflect our consistent positioning as an IT service company, in which over 90% of revenues are from software development, IT consulting, system integration and cloud solutions, as well as targeted investments in artificial intelligence and recurring revenues. Europe remains our leading market, and our expanded presence in North America and the United Kingdom contributes to greater business sustainability.
A significant development during the year was the preparation for our dual listing, which puts Sirma in a new league in terms of transparency, liquidity and access to international investors. In parallel, we continued to optimize our cost structure, strengthen cash flows and invest in our most valuable asset - our people and their expertise.
We enter 2026 with confidence, a solid financial foundation and a clear growth plan.
I want to thank the shareholders for their trust, the clients - for their partnership, and the Sirma team - for the professionalism and dedication with which we turn the strategy into real results.
Yours sincerely,
Tsvetan Aleksiev CEO
Sirma Group Holding AD
1/ Statement by the board of directorsThe present annual consolidated management of "Sirma Group Holding" AD covers the period, ending on 31 December 2025 and was prepared in accordance with the provisions of Article 39 of the Accountancy Law and Art. 100o, para. 2 and 5 of the the Public Offering of Securities Act (POSA), including also the established events, occurring after the balance sheet date. The structure of this report is in accordance accordance to Article 12 of Ordinance No. 2 of of the Financial Supervision Commission (FSC).
The board of directors of the holding confirms that:
there were no irregularities in which managers or employees were involved, which may be material to the consolidated financial statements;
all material transactions are duly accounted for and reflected in the annual consolidated financial statements as 31 December 2025;
there is no actual or potential breach of laws and (or) other regulatory provisions which would have a material impact on the consolidated financial statements or could serve as a basis for reporting contingent loss;
there are no legal or other restrictions on the flow of funds;
there are no known trends, requests, commitments, events or occasional circumstances for which there is reason to expect that they may affect the company as a whole.
This annual consolidated management report contains estimates and information based on our beliefs and assumptions, using currently available information about them. Any statements contained in this report which are not historical facts are predictions. We have based these statements on the future of our current expectations, assumptions and predictions about future conditions and events. As a result, our predictions and information are exposed to uncertainties and risks, many of which are beyond our control. If one or more of these uncertainties or risks materialize or if the underlying management assumptions prove to be incorrect, our actual results may differ materially from those described in the report. We describe these risks and uncertainties in the report in the Risk Section.
This report includes IT industry statistics and global economic trends which come from information published by sources including International Data Corporation (IDC), a market information and information technology consultant, telecoms and consumer technology markets; Gartner, the European Central Bank (ECB); and the International Monetary Fund (IMF). This type of data is only the forecasts of IDC, the ECB, the IMF and other data sources for the global economy and industry. Sirma does not guarantee any statistical information provided by sources such as IDC, Gartner, ECB, IMF, or other similar sources cited in this report. In addition, although we believe that information from these sources is generally reliable, this type of data is inaccurate. We warn readers not to create unnecessary dependence on this data.
In our annual consolidated management report we analyze our business activities for the reporting financial period as well as the current situation of Sirma Group. Starting from a description of our business, economic environment and strategy, we present our financial system and explain in detail our results and operations as well as our financial position and net assets. We also report on the various aspects of financial sustainability of Sirma Group and the expected development of possible risks.
The financial information presented in this report includes our consolidated financial statements, our report to the Board of Directors and some financial aspects derived from our management accountability. The non-financial data presented in the report includes aspects of intellectual, human and social rights and relationships derived from our materiality assessment.
Our annual consolidated financial statements have been prepared in accordance with IFRSs. Internal control over financial reporting ensures the reliability of the information presented in the consolidated financial statements. Our Board of Directors has confirmed the effectiveness of our internal financial reporting.
All financial and non-financial data and information for the reporting period is collected and / or reported by the
responsible business units.
The reporting period is the financial year ending on 31.12.2025. The report includes Sirma Group Holding AD and all subsidiary companies of the Group without EngView Systems Latin America and Sirma ISG, which are excluded from consolidation due to lack of relevance.
2/ Organization"Sirma Group Holding" AD is a holding company which invests in technological businesses, manages them strategically and operationally, provides its subsidiaries with management, administrative, marketing and financial services.
Over the years, Sirma has created over 20 companies, investing in them a tremendous financial and human capital. Our strategy is to create businesses, incubate them and develop them.
Generating robust growth, cost-effectiveness and consistent business results are among the company's top priorities.
Sirma Medical Systems
EngView Systems Saifort
EngView Systems USA EngView Systems Latin America
EngView Systems Germany EngView Solutions Corp.
Saifort Ltd.
Sirma Group Inc.
Sirma ICS
Sirma Group Holding
Daticum
Sirma Tech
Sciant Shpk.
Roweb Development
Sirma Sha
Sirma FZE
History and development of the company
"Sirma Group Holding" AD is a holding company is registered on 25.04.2008 with the Registry Agency with UIC 200101236, with Seat and registered office: BULGARIA, Sofia (capital), Sofia municipality, city. Sofia 1784, Mladost area, bul. Tsarigradsko Shosse, No 135.
The name of the company changed on 23.03.2009 from "SGH" AD to "Sirma Group Holding" AD.
The object of activity, according to Article 4 of the Company's Articles of Association, is: acquisitions, management, evaluation and sale of participation in bulgarian and foreign companies, acquisition, evaluation and sale of patents, cession of licenses to use patents in companies which the company holds, finance companies in which the company participates, organize accounting and compiling financial statements under the law of accounting. company may perform other business activities which is not prohibited by law.
Changes in the statement of activity
At the time of its incorporation, the company operated under the following business activities: design, development, marketing, sales, implementation, training and support of software products and complete solutions, including software project management, information and communication technology consultancy services, accounting services, as well as any other activity not prohibited by law.
On 23.03.2009 Sirma Group Holding changed its scope of activity as follows: Acquisition, management, evaluation and sale of participations in Bulgarian and foreign companies, acquisition, evaluation and sale of patents, surrender of licenses for use of patents of companies in which the holding company participates, financing of the companies in which the holding company participates, organization of the accounting and preparation of financial statements under the order of the Law for Accounting. The company may also carry out its own commercial activity, which is not prohibited by law.
From the establishment of the company until the date of this document, "Sirma Group Holding" AD:
does not have a transfer or pledge to the enterprise;
does not have claims, which have been filed for the opening of insolvency proceedings of the company;
does not have pending tenders from third parties to the Company or from the Company to other companies;
Share capital
The share capital of the company amounts to BGN 59 360 518, divided into 59 360 518 dematerialized shares with nominal value of BGN 1.
History of shareholder capital
The company was incorporated with BGN 50 000 of capital.
On 15.10.2008, after the adoption of three triple expert appraisals of experts, the share capital was increased from BGN 50 000 to BGN 77 252 478 through non-cash contributions and issuance of new 77 202 478 shares. Non-cash contributions are as follows:
29 software modules worth 61 555 838 BGN;
Non-monetary contribution representing real estate amounting to 3 911 660 BGN:
Office building - offices, floor 3 and floor 5 of an office building located in the city of Sofia, 135 "Tsarigradsko shose" blvd., owned by "Sirma Group" AD, a company registered in the Commercial Register at the UIC Registration Agency 040529004, with registered office and management address in the city of Sofia, "Mladost" district, "Tsarigradsko shose" boulevard No. 135, accepted as a shareholder in "SGH" AD by decision of the General Assembly of "SGH" AD from 10.07.2008.
Non-cash contribution representing shares of 11 734 980 BGN:
A total of 81 690 shares of the total amount of 11 734 980 BGN (143.6526 BGN per share) of the capital of "Sirma Group" AD, registered in the Commercial Register at the Registry Agency UIC, 040529004.
On 22.10.2010 as a result of the decision of the regular annual general meeting of the Company's shareholders, a
reduction of the capital of "Sirma Group Holding" AD from BGN 77 252 478 to BGN 73 340 818 was entered by canceling 3 911 660 shares with a nominal value of one lev each. The Company's capital is reduced on the basis of Art. 200, para. 2, in connection with Art. 187e, para. 1, item 2pt CL.
When the conversion was carried out, entered in the Commercial Register on 23.10.2014. the Company's capital is reduced to BGN 49 837 156 by canceling 23 503 662 shares. This reduction is the result of the calculated fair value of the shares of "Sirma Group Holding" AD by two independent appraisers. The shareholding structure of the Company does not change as a result of the spin-off to the extent that the shareholding structures in the transforming company and in the newly established company are mirrored.
On 30.10.2015, after a successful initial public offering, the capital was increased to BGN 59 360 518 by issuing 9 523 362 shares. new shares with a nominal value of one share of BGN 1 and an issue value of BGN 1.20.
Information on the terms of any vesting rights and / or liabilities for statutory but unissued capital
"Sirma Group Holding" AD does not have information about the terms of any acquisition and / or liabilities for statutory but unissued capital.
3/ Structure of shareholders capital and management authoritiesDistribution of share capital
As of 31.12.2025 the distribution of the share capital of "Sirma Group Holding" AD is as follows:
31.12.2025
31.12.2024
Share capital (thousand shares)
59 361
59 361
Number of shares (par value of BGN 1.00)
59 360 518
59 360 518
Total number of registered shareholders
1 452
1 160
Including legal entities
44
43
Individuals
1 408
1 117
Number of shares held by legal entities
5 843 665
7 214 055
% Of participation of entities
9,84%
12,15%
Number of shares held by individuals
53 516 853
52 146 463
% Participation of individuals
90,16%
87,85%
Shareholders
Number of shares at
Number of shares at
Nominal
value
Value
% Share-
% of voting
31.12.2025
31.12.2024
(BGN)
(BGN)
holding
rights*
Georgi Parvanov Marinov
5 461 898
5 461 898
1
5 461 898
9,20%
9,45%
Tsvetan Borisov Alexiev
5 025 153
5 025 153
1
5 025 153
8,47%
8,70%
Chavdar Velizarov Dimitrov
4 817 386
4 817 386
1
4 817 386
8,12%
8,34%
Veselin Antchev Kirov
4 767 386
4 767 386
1
4 767 386
8,03%
8,25%
Ognyan Plamenov
Chernokozhev
3 741 620
3 741 620
1
3 741 620
6,30%
6,47%
Krasimir Nevelinov Bozhkov
2 534 161
2 534 161
1
2 534 161
4,27%
4,39%
Rosen Ivanov Marinov
2 307 900
1 907 900
1
2 307 900
3,89%
3,99%
Vladimir Ivanov Alexiev
2 177 583
2 177 583
1
2 177 583
3,67%
3,77%
Rosen Vasilev Varbanov
2 156 687
2 156 687
1
2 156 687
3,63%
3,73%
Emiliana Ilieva Ilieva
2 000 709
1 996 209
1
2 000 709
3,37%
3,46%
Deyan Nikolov Nenov
1 814 748
1 814 748
1
1 814 748
3,06%
3,14%
Others
22 555 287
22 959 787
1
22 555 287
38,00%
39,31%
Total
59 360 518
59 360 518
59 360 518
100%
100%
*Percentage of voting rights represents participation in the capital of the company net of the purchased own shares.
As of 31.12.2025 "Sirma Group Holding" AD holds 1 569 069 (31.12.2024 - 1 689 236) repurchased own shares at the
total amount of BGN 1 569 069 (2,64% of share capital).
Shares that are freely tradable (free float) represent shares held by shareholders who own less than 5% of the capital and, after deducting the repurchased shares as of 31.12.2025, are 33 978 006 shares, or 57,24% of the capital.
Insofar as it is known to the Company, indicate whether the company is directly or indirectly owned or controlled and by whom and how the nature of that control and the measures introduced are introduced to avoid abusing such control.
"Sirma Group Holding" AD is owned by its shareholders exercising full control over the company. Operational control is delegated to the Board of Directors and, respectively, the Executive Director. The company has implemented a number of internal documents aimed at regulating the work and preventing abuses. Such are the "Instruction on the Obligations and Responsibilities of Insiders with Insider Information", "Code of Conduct for Financial and Accounting Posts", "Rules of Procedure of the Board of Directors", "Good Corporate Governance Program".
Description of any arrangements known to the Company, the operation of which may at any subsequent date result in a change in the control of the Company
The Company is not aware of any arrangements the effect of which could lead to a change in the control of "Sirma Group Holding" AD in the future.
Management authorities
"Sirma Group Holding" AD has a one-tier management system - Board of Directors. The Board of Directors as of 31.12.2025 includes the following members:
Chavdar Velizarov Dimitrov
Tsvetan Borisov Alexiev
Atanas Kostadinov Kiryakov
Georgi Parvanov Marinov
Yordan Stoyanov Nedev
Veselin Anchev Kirov
Yavor Ludmilov Djonev - independent member
Martin Veselinov Paev - independent member Peyo Vasilev Popov - independent member
Determination of the mandate of the Board of Directors: 2 years from the date of entry. The current mandate of the Board of Directors: 05.07.2026
The company is represented by the Executive Director of "Sirma Group Holding" AD Tsvetan Borisov Alexiev.
Competencies of the management
The competences of the management are in line with those listed in the Commercial Law, the Statute and the POSA.
Stock options of the company
As of the date of this report, no options are available to the members of the Board of Directors on its shares.
Rights of the members of the Board of Directors to acquire shares and bonds of the company
The rights of the members of the Board of Directors of the company to acquire shares from the company are regulated in the applicable legal framework. The company has no bonds issued.
Participation of the members of the BD of "Sirma Group Holding"AD in other companies
The members of the BD of "Sirma Group Holding" AD have the following other participations in companies, as per the provisions of Art. 247, Par.2, p.4 of the Commercial Code:
Georgi Parvanov Marinov - Chairman of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in 2025.
Does not own more than 25% of the capital of other companies in 2025.
Procurator/manager/member of a managing/supervisory body in 2025:
Executive director and Chairman of the BD of "Engview Systems" JSC;
Executive director and Member of the BD of "Pirina Technologies" JSC
Chavdar Velizarov Dimitrov - Deputy Chairman of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in 2025.
Does not own more than 25% of the capital of other companies in 2025.
Procurator/manager/member of a managing/supervisory body in 2025:
Member of the BD of "Sirma Medical Systems" JSC;
Tsvetan Borisov Aleksiev - Executive director and member of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in the last 5 years..
Does not own more than 25% of the capital of other companies in 2025.
Procurator/manager/member of a managing/supervisory body in 2025:
Member of the BD of "Daticum" JSC;
Member of the BD of "Engview Systems" JSC;
Member of the BD of Sirma Sha., Albania.
Member of the BD of Sirma Group Inc.;
Atanas Kostadinov Kiryakov - Member of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies.
Does not own more than 25% of the capital of other companies in 2025.
Procurator/manager/member of a managing/supervisory body in 2025:
Executive director and Member of the BD of "Ontotext" JSC;
Member of the BD of "Engview Systems" JSC;
Yordan Stoyanov Nedev - Member of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in 2025.
Owns more than 25% of the capital of:
"Susana and Vesko - SV" OOD - 75 %.
Procurator/manager/member of a managing/supervisory body in 2025:
Member of the BD of MAC "Bushido";
Trustee of the foundation "Alexander";
Member of the BD of SC Hanshi Association;
Veselin Anchev Kirov - Member of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in the last 5 years.
Does not own more than 25% of the capital of other companies in 2025.
Does not participate in managing other legal entities in 2025.
Yavor Ludmilov Djonev - independent Member of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in the last 5 years.
Owns more than 25% of the capital of other company in 2025:
"Djonev Consulting" ЕOOD - 100%.
Representing "Educational Transformation Foundation"
Martin Veselinov Paev - independent Member of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in the last 5 years.
Owns more than 25% of the capital of the following companies:
"Sortis Invest" ЕOOD
"Sortis Group" ЕOOD
"Analog 2009" EOOD
"Petlite" EOOD
Procurator/manager/member of a managing/supervisory body in 2025:
SORTIS INVEST EOOD - Manager
SORTIS GROUP EOOD - Manager
SORTIS VENTURES EOOD - Manager
SORTIS REAL ESTATE EOOD - Manager
SORTIS.BG EOOD - Manager
SORTIS Hospitality OOD - Manager
BPH Bulgaria 2 EOOD - Manager
BPH Bulgaria 3 EOOD - Manager
Peyo Vasilev Popov - independent Member of the BD Data for activities external to the issuer:
Does not participate as an unlimited liability partner in companies in the last 5 years.
Does not own more than 25% of the capital of other companies in 2025.
Does not participate in managing other legal entities.
Committees in The Company
"Sirma Group Holding" AD creates the following internal committees, which are assigned to manage the respective activities at the operational level, as well as to propose decisions to the Board of Directors of the company:
The Investment, Risk and Sustainability Committee, composed of:
Yordan Nedev - chairman Stanislav Tanushev - member Georgi Marinov - member
Remuneration Committee, composed of:
Georgi Marinov - chairman Martin Paev - member Yordan Nedev - member
Information Disclosure Committee, composed of:
Tsvetan Alexiev - chairman Stanislav Tanushev - member Chavdar Dimitrov - member Atanas Kiryakov - member
4. Audit Committee, composed of:
Angel Petrov Kraychev - chairman Alexander Todorov Kolev - member Veselin Anchev Kirov - member
Adopted internal documents
The Company adopts the necessary internal documents related to the company's working and management processes and fulfillment of its obligations as a public company:
System of Corporate Governance
Description Adoption Latest review Application
Dividend Policy | Policy for the distribution of dividends of the public company | 29.09.2022 | 29.09.2022 | SGH |
Rules for the operation of the Board of Directors | Instructions and clarifications on the duties and responsibilities of the members of the Board of Directors | 2015 | 2015 | All subsidiaries |
Remuneration Policy | Remuneration policy for the members of the Board of Directors | 2015 | 03.08.2021 | SGH |
Instruction for the obligations and responsibilities of insiders | Instructions and clarifications on duties and responsibilities when accessing and working with inside information. | 2015 | 2021 | All subsidiaries |
Program for good corporate governance | A system of rules that protects the interests of shareholders and other stakeholders | 2015 | 2023 | All subsidiaries |
Accounting Policy | Policy which governs the accounting and control in the companies | 2015 | 30.06.2023 | All subsidiaries |
Code of conduct for the financial and accounting positions | A code that guarantees the transparent and reliable preparation of financial accounting documents | 2015 | 2015 | All subsidiaries |
Anti-corruption Policy | Policy against all corruption practices and related phenomena | 2015 | 2015 | All subsidiaries |
Rules for the protection of whistleblowers | Internal Rules for Submitting Signals and Protection of Persons Submitting Signals or Publicly Disclosing Information for Violations - "Whistleblowers" | 04.05.2023 | 04.05.2023 | All subsidiaries |
Ethical code of conduct for employees | The Code establishes the norms for ethical behavior of employees at Sirma Group Holding | 2020 | 2020 | All subsidiaries |
Data protection Policy | Privacy and data protection policy for the clients of Sirma | 2021 | 2021 | All subsidiaries |
Sustainability Policy | Policy for the sustainable function and development of the companies in Sirma | 2021 | 30.09.2023 | All subsidiaries |
Human rights policy | Policy, which determines attitude to human rights in Sirma | 2023 | 25.03.2024 | All subsidiaries |
CSR in procurement policy | A policy that integrates CSR into Sirma's procurement practice | 2023 | 25.03.2024 | All subsidiaries |
All documents are publicly available on the company's website: https://investors.sirma.com/en/corporate-governance
The participation of members of the Board of Directors in the capital of the Company is as follows:
Shareholders | Number of shares at | Number of shares at | Nominal VALUE | Value (BGN) | % Shareholding | % of voting |
31.12.2025 | 31.12.2024 | (BGN) | rights | |||
Georgi Parvanov Marinov | 5 461 898 | 5 461 898 | 1 | 5 461 898 | 9,20% | 9,45% |
Tsvetan Borisov Alexiev | 5 025 153 | 5 025 153 | 1 | 5 025 153 | 8,47% | 8,70% |
Chavdar Velizarov Dimitrov | 4 817 386 | 4 817 386 | 1 | 4 817 386 | 8,12% | 8,34% |
Veselin Anchev Kirov | 4 767 386 | 4 767 386 | 1 | 4 767 386 | 8,03% | 8,25% |
Atanas Kostadinov Kiryakov | 1 555 287 | 1 555 287 | 1 | 1 555 287 | 2,62% | 2,69% |
Yavor Ludmilov Djonev | 1 066 046 | 1 066 046 | 1 | 1 066 046 | 1,80% | 1,84% |
Martin Veselinov Paev | 126 920 | 126 920 | 1 | 126 920 | 0,21% | 0,22% |
Yordan Stoyanov Nedev | 3 433 | 3 433 | 1 | 3 433 | 0,01% | 0,01% |
Peyo Vasilev Popov | 100 | 100 | 1 | 100 | 0,0002% | 0,0002% |
Total | 22 823 609 | 22 823 609 | 22 823 609 | 38,45% | 39,49% |
In 2025, the following transactions were made with shares of the Company and the members of the Board of Directors:
- Yavor Lyudmilov Dzhonev sold 2 000 shares.
Remuneration of the members of the Board of Directors of "Sirma Group Holding" AD
31.12.2025 BGN '000 | 31.12.2024 BGN '000 | |
Short-term employee benefits: | ||
Salaries including bonuses | 1 309 | 1 100 |
Social security costs | 53 | 48 |
Total short-term employee benefits | 1 362 | 1 148 |
Dividents | 434 | 655 |
Information on the contracts of the members of the administrative, management or supervisory bodies with the company providing benefits for the discontinuation of employment
In the contracts of the members of the board of directors, both with the Company itself and with subsidiaries of the Company, where such contracts are available to them, no benefits have been provided upon termination of their contracts.
Information on the company's audit committee, including the name of the members of the committee and a mandate summary on which the committee functions
At the Annual General Meeting of the Shareholders of the Company held on 03.06.2025 was decided the mandate of the Audit Committee to be continued with 3 (three) years at the current remuneration. The Audit Committee consisting of:
Angel Petrov Kraychev - chairman Alexander Todorov Kolev - member Veselin Anchev Kirov - member
Statement on whether the company complies or does not to the regime for corporate governance
In view of the fact that "Sirma Group Holding" AD is entered in the register under Art. 30, para. 1, item 3 of FSCA, kept by FSC, the Company has implemented a program prepared in accordance with internationally recognized standards for good corporate governance. In accordance with the provision of Art. 100n, para. 4, item 3 of POSA.
"Sirma Group Holding" AD is obliged to comply its financial statements with the requirements within the program for the application of internationally recognized standards for good corporate governance and maintains its accounting policy in accordance with International Accounting Standards
4/ Functioning of the groupThe economic group of "Sirma Group Holding" AD includes the parent company and its subsidiaries and associates -all of them operating in the IT sector. The Group functions as a typical holding structure with the organization, coordination and subordination of the companies characteristic of a similar structure.
Group companies have a common strategic framework, corporate values, financial and accounting policies, a vision of good corporate governance and staff policy.
Subsidiaries of "Sirma Group Holding" AD
Name of the subsidiary | Country of | Main activities | Segment | 31.12.2025 | 31.12.2024 |
incorporation | |||||
and principal | |||||
place of | |||||
business | |||||
% | % | ||||
Saifort EAD | Bulgaria | Software services | System Integration | 100% | 100% |
Saifort Ltd. | Israel | Software services | System Integration | 70% | 70% |
Roweb Development | Romania | Software services | IT Services | 51% | 51% |
Sirma Group Inc. | USA | Software services | IT Services, Strategic | 100% | 100% |
development | |||||
Sirma Sha | Albania | Software services | IT Services | 55% | 55% |
Sirma Tech | UK | Software services | Financial Industry | 100% | 100% |
Daticum AD | Bulgaria | Software services | System Integration | 59% | 59% |
"Sirma ICS" AD | Bulgaria | Software services | Strategic | 93% | 93% |
development | |||||
Sciant Shpk | Albania | Software services | Hospitality, Strategic | 100% | 100% |
development | |||||
"Sirma Medical Systems" AD | Bulgaria | Software services | Strategic | 66% | 66% |
development | |||||
"EngView Systems" JSC | Bulgaria | Software package | Manufacturing | 72,90% | 72,90% |
development | |||||
EngView Systems GmbH | Germany | Software package | Manufacturing | 72,90% | 72,90% |
development | |||||
EngView USA | USA | Software package | Manufacturing | 72,90% | 72,90% |
development | |||||
EngView Systems Latin America | Brazil | Software package | Manufacturing | 69,26% | 69,26% |
development | |||||
Engview Solutions Corp. | Canada | Software package | Manufacturing | 69,26% | 69,26% |
development | |||||
"Sirma ISG" OOD | Bulgaria | Software services | Strategic | 71% | 71% |
development | |||||
"Sirma FZE" | UAE | Software services | Strategic | 100% | - |
development | |||||
"Sirma AB'' Information on participation | Sweden | Software services | IT Services | - | 100% |
Apart from the above mentioned participations of the parent Company, there are no other participations which are likely to have a significant effect on the valuation of its own assets and liabilities, financial position or profits or losses. The company has no branches.
5/ "Sirma Group Holding"AD in 20255.1. The business of Sirma
Established in 1992, Sirma has become one of the largest IT companies in the region for 27 years, owning a range of proprietary, innovative technologies, a diverse product portfolio and growing market share in Europe and North America.
Sirma owns software solutions for a wide range of businesses with a focus on the development of cognitive technologies (AI). The Group has diversified market exposure exclusively to the private sector with a stable customer portfolio. Sirma's services and solutions are concentrated in the most promising and high-tech areas - financial technologies, transport and logistics, hospitality and retail, industrial software, healthcare technologies. The group has a large sales and marketing capacity, actively uses cross-selling strategies and modern marketing mechanisms. Sirma has offices in Bulgaria, USA, UK, Canada, Germany, Dubai, Albania, Brazil and regional representatives and/or distributors in over 50 countries.
Sirma is a globally recognized company in areas such as financial technology, transportation and logistics, hospitality, healthcare technology and some classes of industrial technology. One of Sirma's products - EngView Package Designer Suite CAD is part of the packaging design and production solutions of world leaders in the printing industry. The Group is among the regional leaders of the IT market, with 60% of operators in the financial sector as clients. The Group's clients are among the world's largest logistics companies, the largest hotel chains, international banking and European institutions. One of the Group's products in the field of health care - Diabetes:M is in the Top3 global products for the managing diabetes. Sirma has a strong presence in the US market, executing a huge number of IT consulting projects. One of the companies in the group - Daticum is a first-class regional provider of cloud services with a Class 4 Data Center, licensed for data storage by the BNB and other organizations requiring increased data security. Through one of its companies, the Group is a leader in the delivery of SaaS for insurance intermediaries. Our philosophy for our strategic technologies and solutions is that we embed a sense of human thought - perception, interpretation, prediction and decision making. AI-based technologies have been in Sirma's DNA since its inception. In 2022, Sirma sold a majority stake in one of its subsidiaries, Sirma AI, and in early 2023, its remaining stake in it. Sirma AI (now Ontotext AD) is a company founded by Sirma and working in the field of semantic technologies. The flagship product of Sirma AI is GraphDB - one of the best graph databases in the world. An undeniably successful company, Sirma AI has reached the level where in order to continue to develop successfully and compete with its strong American competitors (companies such as Neo4J, Microsoft, Amazon, Oracle, IBM) it needs very large investments, such as Sirma can not afford. The company was valued at nearly 30M euros, which is an excellent reference for Sirma's abilities to create and develop successful businesses. In the last 2 years, Sirma's strategy has changed dramatically. The realities of business are such that it is almost impossible to develop a product business without significant investments. That's why Sirma started positioning itself as a service company with deep expertise in several strategic verticals and powerful solutions, often supported by AI technologies. The main revenue, focus, marketing and growth are concentrated in the service-related activity - software development, IT consulting, system integration, cloud services, etc. This activity generates over 90% of the group's business. Sirma also retains an investment part - its product companies such as EngView and Sirma Medical Systems. R&D and product development is done in these companies. The companies and businesses in the investment part of the Group can be subject to investments - internal and external, they can be sold to a strategic buyer, as we have already proven that we can successfully do (the sale of Sirma AI). Growth in the main - service part of the company takes place organically and through acquisitions. Here, the model is clear, understandable for investors, with a fairly clearly established dependence "investment size - growth". The investment part is more risky, but the chances of a "breakout" or a "very successful deal" are also much greater.
Sirma's mid-term goal is to reach 100+ million euro in revenue and list on a major global exchang.
Economic trends
Summary
Following a dramatic start of 2025 with prospects for slower growth and elevated risks, shaped by trade policy uncertainties, financial tightening, and geopolitical volatility the World is slowly starting to adjust. While moderate growth is expected, especially in emerging markets like India, advanced economies face weak expansion and structural headwinds. Careful policy coordination will be vital to navigate these challenges and foster a more sustainable global economic trajectory beyond 2025. Global GDP growth levels are still expected to be above 3% in 2025 and coming years, which, however, is far below pre-COVID levels. The ICT sector again proves resilient to global downturns however, a slowdown of growth of the more traditional technologies is present even here, and this moderation of growth is only overshadowed by the generative AI expansion - in hardware, in software, in services. Further disparities of IT revenue may be observed between SME IT companies and the leading global IT giants.
The economy of Bulgaria in 2025 and forecast for the future years
The forecasts for economic growth in Bulgaria nearing the end of 2025 improved somewhat. The EU Commission (November 17, 2025) upgraded its expectations for GDP growth of Bulgaria from 2% in early 2025 to 3% in its November forecast.
Economic growth reached 3.4% in 2024, driven by private and public consumption. Investment accelerated in the first half of 2025, boosted by increased absorption of RRF funds. However, consumption and investment are expected to decline in the second half of 2025 due to a lower contribution from the public sector in response to lower-than-planned government revenues. In 2026 and 2027, private consumption growth is expected to moderate in line with slowing growth of wages and social transfers. Private investment is forecast to continue supporting growth as business confidence improves, in the context of the euro adoption. The acceleration of EU funds absorption that started in 2025 is expected to continue into 2027. Exports contracted in early 2025, partly due to maintenance works done by two major exporters, but growth is expected to resume in the second half of the year and continue over the forecast horizon. Imports are also expected to increase, driven by rising domestic demand, and defense spending which is set to drive up imports in late 2025 and in the course of 2027, because of planned major defense equipment. Overall, the contribution of net exports to GDP remains slightly negative until 2027. Real GDP is forecast to grow by 2.7% in 2026 and 2.1% in 2027.
The general government debt-to-GDP ratio is forecast to increase from 23.8% in 2024 to 28.5% in 2025, then to 30.6% in 2026 and 32.6% in 2027. The large increase in 2025 comes from debt refinancing operations and planned capital injections into the Bulgarian Energy Holding and the Bulgarian Development Bank. The potential statistical reclassification of capital injections into deficit increasing measures and the permanent increases in public sector wages and pensions, that remain not fully compensated by higher government revenue, represent important downside risks to the budgetary balance forecast.
The key economic drivers of this anticipated growth are:
Household Consumption: Expected to grow but at a slower pace than in 2024, constrained by inflation and precautionary savings.
Investment: Public investment is set to increase in 2025, driven by EU funds and military equipment acquisition, though private investment may contract due to uncertainty.
Exports: Growth in exports is expected to be slow or slightly positive, affected by weaker external demand and sector-specific challenges (maintenance in steel and oil refining).
Inflation and Wages: Inflation remains elevated, projected to rise slightly to 3.6% in 2025 before easing to
about 1.8% in 2026 when Bulgaria joins the eurozone. Wage growth is strong but risks sustaining inflation pressures.
The OECD highlights the need for macroprudential measures to manage household credit growth and recommends improving the business environment and tackling informality to boost investment and labour force utilization.
The risks to the development of the Bulgarian economy in 2025 are:
Escalation of the war in Ukraine: low probability / strong impact;
Postponing the implementation of investment projects and keeping the insignificant investments in the economy from the last 3 years: strong probability / strong impact;
Continued political instability: medium probability / strong impact;
Inflation and rising interest rates on loans: low probability / average impact;
Recession in some of the major trading partners (Germany) and reduction of Bulgaria's exports to them: medium probability / strong impact;
Increase in the prices of energy carriers: low probability / strong impact;
Slow rate of utilization of funds under European program: medium probability / strong impact;
Delayed implementation of the National Recovery Plan: medium probability / strong impact;
Development of global economy in 2025 and forecast for the future years
In its Global Economic Prospectus (January 2026) the World bank starts with a good news: despite facing shock upon shock, form the pandemic to the US war with Iran, the global economy remains surprisingly resilient. Last year (2025), stockpiling of traded goods, strong risk appetite, and a surge in artificial intelligence (AI) spending supported activity, while supply chains adapted to rising trade barriers. Yet a grimmer picture emerges if we take stock of the world economy across countries: The faster-than-expected pace of growth capped a five-year global recovery from the 2020 recession unmatched in more than six decades, but this masks a sharp divergence. While advanced economies have recovered robustly, with nearly 90 percent now above pre-pandemic per capita income levels, more than one-quarter of emerging market and developing economies (EMDEs)-particularly low-income countries and those affected by fragility and conflict-still have per capita incomes below 2019 levels.
Despite this divergence, the IMF maintains its GDP growth forecast from October 2025 in their January 2026 edition of World Economic Outlook, projecting that global growth will be at 3.3 percent in 2025, keeping steady at 3.3 percent in 2026 and 3.2 percent in 2027, with advanced economies growing around 1.5 percent and emerging market and developing economies just above 4 percent. In spite of this optimism the projected growth rates remain well below the ones during the Global Pandemic.
Many of the more pessimistic forecasts for global growth made during 2025 seem to have been evaded thanks to resilience pockets around the World:
The United Nations (UN, World Economic Situation and Prospects as of mid-2025, May 2025) forecast an even greater slowdown. The UN projects a global growth of 2.4% in 2025;
IMF Global Economic Prospectus (January 2026) forecast 2,7% growth in 2025 and 2026;
Morgan Stanley (MS, Midyear Economic Outlook, 28 May 2025) forecasts 2.9% growth in 2025;
The OECD (OECD, Economic Outlook, 3 June 2025) similarly expected global growth of 2.9% in 2025.
The growth expectations for 2025 and future years among various countries remain hugely diversified (OECD Economic Outlook. Dec. 2025).
United States: Growth is expected to decline from 2.8% in 2024 to around 2.0% in 2025 and 1.7% in 2026, impacted by trade tensions, tighter financial conditions and AI investment cool-down. Important to note for 2025 is that excluding AI-related investments, which continued to boom during the year, GDP actually contracted by 0.1%.
Euro Area: Economic growth exceeded expectations in 2025, with real GDP growth outperforming the annual expansion projected in spring. This better-than-expected performance was initially due to a surge in exports ahead of anticipated tariff increases, but investment in equipment and intangible assets also performed more strongly than expected - most notably in Ireland, but also in other countries. Continued growth in the third quarter is testimony to the resilience of the European economy and its ability to navigate unprecedented shocks.
GDP growth in the Euro Area is projected to pick up gradually from 1.3% in 2025 and 1.2% in 2026 to 1.4% in 2027 as domestic demand strengthens and trade rebounds. Private consumption will be supported by resilient labor markets and increasing real incomes. Private investment will be constrained by uncertainty but will benefit from improved
financing conditions, while public investment will be supported in 2026 by the Recovery and Resilience Facility funds. Wage growth is projected to ease gradually, helping inflation to remain broadly on target.
China: Economic growth will remain unchanged from 2024 at 5% in 2025 and weaken to 4.4% in 2026 and 4.3% in 2027. Consumption will be dampened by high precautionary savings and the payback effect of the trade-in program that had led to front-loading of purchases of durable goods to benefit from lower prices. Real estate investment will continue to contract, and prices fall as excess capacity is worked off. The anti-involution campaign, aimed at addressing high competition and excess capacity, is expected to weigh on business investment, but infrastructure investment should pick up with the new Five-Year Plan.
Developing Economies: Outside Asia, growth is weakening significantly, with developing economies' growth falling
to around 4%, down from 6% in the 2000s.
Inflation pressures are easing globally but remain uneven. Headline inflation remains sticky in some regions but is projected to be back to target by 2027 in almost all major economies. Annual consumer price inflation in the G20 is projected to ease from 3.4% in 2025 to 2.8% in 2026 and 2.5% in 2027. Central banks have begun easing interest rates as inflation slows. Although inflation forecast sounds optimistic, it is still plagued by variety of risks, the most pressing from February 2026 being the escalation of conflicts in the Middle East and rising fuel prices.
Risks are tilted to the upside. Prolonged uncertainty, more protectionism, labor supply shocks, and inflation pressure could reduce growth. Fiscal vulnerabilities, potential financial market corrections, and erosion of institutions could threaten stability. This positive outlook for economic growth remains fragile. A further rise in trade barriers, especially around critical inputs, could inflict significant damage on supply chains and global output. High asset valuations based on optimistic expectations of AI-driven corporate earnings pose a risk of potentially abrupt price corrections. Fiscal vulnerabilities may push long-term sovereign yields higher, tightening financial conditions and hampering growth. Finally, the US war with Iran could lead to spikes in prices of oil and hence re-fuel inflation across the Globe.
Key risks include escalating trade restrictions, policy uncertainty, and tighter financial conditions that could further depress growth or trigger recessions. The IMF and World Bank emphasize the need for international cooperation to stabilize trade, address structural imbalances, and promote inclusive growth through labor force participation and productivity improvements. Risks to the world's economic development are high.
These risks are:
risk of a greater than expected effect from monetary restrictions: low probability / medium impact
escalation of Russia's war in Ukraine: low probability / high impact;
production, trade and supply chain disruptions: high probability / high impact;
stronger-than-expected contraction of the Chinese economy, deepening deflation and
contraction of domestic consumption, sales problems in the Chinese property market that generate liquidity and/or risk of debt defaults mixed with export challenges: high probability / high impact ;
deepening of the geopolitical fragmentation that began in 2022: high probability / high impact ;
escalation of the war/s in the Middle East and limitation of traffic of fuel and foods through the Middle East leading to inflation pressure: high probability / high impact;
extreme climatic events: high probability / average impact.
The Industry of Sirma
The companies within Sirma Group Holding AD specialize in the information technology (IT) industry, focusing predominantly on business-to-business (B2B) customers. The broader industry is commonly referred to as Information and Communication Technologies (ICT), reflecting the strong interdependence between IT and communications sectors.
Sirma Group's core activities concentrate on two main ICT segments:
IT Services: Including system integration, infrastructure as a service (IaaS), software as a service (SaaS), software support, consulting, and managed services.
Business Software: Covering diverse software products and services tailored to various business verticals, along with custom software development.
According to Gartner's historically, these two segments have been the fastest-growing and most resilient within ICT, often regarded as "immune to crises" amid global economic uncertainty. The ongoing mass digitization depends heavily on innovative software and IT services, driving sustained growth even through turbulent times. The "turbulent times" of 2025 again see strong IT spending, this time geared towards generative AI and its business applications.
Geographically, Sirma targets the world's leading ICT markets, the USA, UK, and Europe-which together account for 98% of its revenues (for 2025). Europe remains the largest market, generating 80.7% of sales, followed by North America at 9.7% and the UK with 7.6%.
This robust financial and market performance positions Sirma Group as a leading regional IT player with a growing global footprint, well positioned to capitalize on continued ICT demand in 2026 and beyond.
The global ICT market in 2025 and future forecast
Gartner has revised several times its forecasts for the development of the ICT market in 2025 (Gartner, February, 2026). Overall IT spending for 2025 is now expected to be $5.555 trillion, up 10 percent compared to 2024, and will grow another 10.8 percent next year to hit $6.155 trillion. This is the first time that global IT spending is expected to break through $6 trillion in one year.
At first glance the growth expectations remain strong in the face of the global economic turmoil. 2025 is expected to bring an impressive growth of 10%. The ICT market is expected to reach USD 5.4 trillion in 2025. However, this growth is focused on generative AI with most of the remaining segments having reduced forecasts for growth.
All ICT segments are expected to grow in 2025. Nevertheless, the different growth rates remain: explosive growth of
46.8% is anticipated for "Data center systems", while communication services see an only 3.8% growth.
"AI infrastructure growth remains rapid despite concerns about an AI bubble, with spending rising across AI-related
hardware and software," said John-David Lovelock, VP Analyst at Gartner (Feb, 2026). "Demand from hyperscale
cloud providers continues to drive investment in servers optimized for AI workloads." Server spending is projected to accelerate in 2026, growing 36.9% year-over-year. Total data center spending is expected to increase 31.7%, surpassing $650 billion in 2026, up from nearly $500 billion the previous year (see Table 1).
The fallen USD in 2025 has led to an almost 2% discrepancy between the market growth in USD and constant currency. This is expected to persist in 2026.
"IT Services" remain the leading segment in the ICT sector in 2025 volume wise, responsible for USD 1.7 trillion in spending. Software spending growth for 2026 has been slightly revised downward to 14.7%, from 15.2% for both application and infrastructure software. "Despite the modest revision, total software spending will remain above
$1.4 trillion," said Lovelock. "Projections for generative AI (GenAI) model spending in 2026 remain unchanged, with growth expected at 80.8%. GenAI models continue to experience strong growth, and their share of the software market is expected to rise by 1.8% in 2026."
"While there is a business pause on net-new spending due to a spike in global uncertainty, the effect is subsumed by ongoing AI and GenAI digitization initiatives. For instance, both "Software" and "IT Services" spending growth in 2025 is expected to slow down due to this 'uncertainty pause,' but spending in AI-related infrastructure, such as "Data Center Systems", continues to surge (July 2025, John-David Lovelock, VP Analyst at Gartner).
The bulk of this significant growth in the sector, especially in the "Data Center Systems", is due to large ICT provider giants, and not so much to medium and small ICT companies. From the Gartner ranking of the top 100 IT companies for 2024 it becomes evident that the biggest 10 vendors contribute half of the revenue and the top 9 are responsible for half of the growth within this group. The leading IT companies both in terms of growth and volume of sales are strongly geared to AI powered services.
Leading Segments
All segments are expected to grow in 2025, accelerating (around 10%) from the previous year's estimate of around 6%). For the first time, the Servers sub-segment is outperforming the standard growth expectations, posting an impressive 20% growth in 2025 and a 21% CAGR through 2029. Spending of around USD 100 billion is expected for servers tailored to meet the needs of generative AI providers and not so much for standard business enterprises. This investment is only expected to accelerate, reaching USD 200 billion by 2029. AI readiness is also driving other sub-segments like "Devices", including consumer devices such as mobile phones and PCs.
The "Software" and "IT services" segments do grow, although this growth has been revised down even from the beginning of 2025. The growth rates of the two segments suffer from what Gartner coins as "The Uncertainty Pause". The expected average growth for 2025 is 11.9% for "Software" and 6.5% for "IT Services", with the CAGR 2023-2029 being approximately the same. However, there is a distortion generated by AI-related spending in these forecasts.
Thе massive spending geared to generative AI tends to distort the overall picture within the ICT sector. The non-generative AI segments are still growing, but with a much slower pace.
This is also true on the segment level. Both "IT Services" and "Software" have one generative-AI-sub-segment each pulling the whole group up. For "IT Services" this is "IaaS" with the healthy growth of 25% for 2025 and CAGR until 2029 again of 23%. For "Software" this is "Vertical Specific Software" which finds applications of generative AI in specific industry verticals. The growth expected there is about 10% for 2025 and again 10% CAGR, driven by strong spending demand. These winning sub-sectors strongly distort the forecast growth in both segments, which will be much more modest without them.
GenAI associated software, services and hardware is what has been driving the market in 2025 and will
continue to do so in 2026. Having said that, it should be noted that expectations from GenAI have been steadily coming down since 2024, and will continue to bottom through to 2026. In spite of this, investment in GenAI has not been wavering over the same period. On the contrary - investments have only been steadily increasing. It is exactly in these years when the base of GenAI has been driving the spending in ICT - data centers, servers, AI enabled hardware, IaaS, and relative software. 2027/28 are the years when Gartner forecasts that the maturity of the market will be reached, with expectations being changed with predictability. It is only then that we may expect some
transformational use cases to emerge.
Effects of April 2025 Tariffs on ICT Spending
Gartner named the temporary deferral of IT initiatives caused by the global uncertainty "The Uncertainty Pause". Q2 2025 was marked by this pause. IT budgets are not cut, but some of them are on hold. ICT spending proves to be recession-proof, with growth expected through 2029 irrespective of the uncertainty and risks. However, some segments are more influenced than others by the global uncertainty and subsequent "Uncertainty Pause".
One such segment is the "IT Services". Although Gartner forecasts a 4.4% growth of the segment in 2025, it allows
for two alternative scenarios:
the positive one with a short and shallow effect of the global trade disruptions and fast return to the globalized system of trade and
the negative one with a long and deep disruption of global trade lasting at least until 2029
The average 4.4% growth figure for the segment is strongly influenced by the now traditionally dramatic growth of IaaS (21.7%). The rest of the IT services have a rather lackluster growth of about 3% in 2025. The short-shallow scenario may boost growth to a slightly better average of 4%. However, the long-deep scenario could lead to an overall contraction of the segment, with "IT Consulting" taking the biggest hit.
The IDC also published a downside scenario in which global IT spending would grow by 5%, rather than the 10% growth projected in the beginning of 2025. IDC currently (post April 2025), expect their baseline forecast to move towards the lower end of that 5-10% range over the next months.
The wave of new tariffs introduced by the US administration will drive up technology prices, disrupt supply chains, and weaken global IT spending in 2025. Not only will these tariffs have a direct inflationary effect on technology prices in the US, but growing concerns about a broader economic slowdown will lead to weaker investment by businesses and consumers around the world, even prior to any slowdowns appearing in earnings or economic data. This impact will unfold quickly in 2025, despite the strong countervailing force of growing demand for AI and related technologies.
Price sensitivity is rising, however, which history shows is a major cause of competitive disruption. The IT market will continue to be more resilient than during previous economic cycles and more resilient than many other sectors of the economy. Service providers will try to maintain their aggressive investment in deployments of AI infrastructure, and they have the ability to optimize asset use to much greater extent than even the largest of their enterprise customers. For businesses, IT has largely transitioned from a CAPEX to an OPEX model in which a larger share of technology spending is essential to business operations and is increasingly tied to business conditions.
Despite all of this, the reality of a slowing economy and rising unemployment will have a direct impact on IT spending. Consumer spending is likely to be hit hard. Businesses will first look to cut spending on devices and on-premise infrastructure, seeking rapid cost benefits to protect the bottom line. Any job cuts will have a direct impact on some types of IT spending.
IT services spending is vulnerable to a slowdown in new contract signoffs, which will be driven by a broader economic slowdown in the next 6-12 months. Combined with other economic headwinds, including government spending cuts in the US, this adds up to a much weaker outlook for short-term investment in new technology projects.
Additional information for 2025
Impact of exclusive factors
The information in this report is not affected by the presence of exceptional factors.
Summary information relating to the state of which the company depends on patents or licenses, industrial, commercial or financial contracts or from new processing processes
"Sirma Group Holding" AD is not dependent on patents or licenses, industrial, commercial or financial contracts, as well as new production processes.
For all employees of the Company, it has the appropriate licenses for operating systems and application software for PCs and servers required for the normal workflow.
Information, concerning significant factors, including non-ordinary or rare events or new developments, that expressly render the income of the company's activity
There are no significant factors, including unusual or rare events or new developments that materially affect the Company's revenue and future investments.
Significant changes in net sales or revenues disclosed in the accounts
Significant changes in net sales or earnings reported in the Company's accounts detailed in Section 6 of this Report are observed during the period considered.
Information on governance, economic, fiscal, monetary policy or political course or factors that significantly have been concerned or may contribute to significant, direct, or consequential activity of the company
During the period under review, there were no factors of government, economic, fiscal, monetary or political factors that had a significant impact on the company's operations.
The main factors that may affect the Company's operations and how it manages the risk are described in the Risk Factors of this document.
Events and business news in 2025
The following events and business news took place in 2025:
17.12.2025
Announcement of the buyback of 25,000 shares by Sirma Group Holding AD.
27.11.2025
Tsvetan Alexiev, CEO and Yordan Nedev, CFO were in Frankfurt, attending Eigenkapitalforum 2025, hosted by
Deutsche Börse.
27.11.2025
Publication of the interim consolidated reports of Sirma Group Holding AD for the period ending 30.09.2025 and holding of a webinar to present the results.
25.11.2025
Invitation to a webinar to present the interim consolidated reports of Sirma Group Holding AD as of 30.09.2025.
21.11.2025
Sirma Group Holding AD celebrates 10 years of the company going public.
18.11.2025
Announcement of the buyback of 31,606 shares by Sirma Group Holding AD.
07.11.2025
Interview with the CEO of Sirma FZE Julian Maslyankov about Sirma's sales plans in the UAE.
07.11.2025
Announcement of notification by the FSC to BAFIN and ESMA of the intention of Sirma Group Holding AD for dual listing in Bulgaria and Germany.
31.10.2025
Submission and announcement of the Application by Sirma Group Holding AD to move SGH to the Eurobridge segment of the Bulgarian Stock Exchange.
29.10.2025
Publication of the interim individual reports of Sirma Group Holding AD for the period ending 30.09.2025.
22.10.2025
Announcement of registration of a subsidiary joint-stock company Sirma FZE of Sirma Group Holding AD in Dubai.
17.10.2025
Announcement of approval of the Prospectus for the dual listing on the Frankfurt Stock Exchange of Sirma Group Holding AD by the Financial Supervisory Commission.
14.10.2025
Announcement of the buyback of 15,000 shares by Sirma Group Holding AD.
18.09.2025
In business, it is essential to be proactive and strategically invest in the future of #AI. This was one of the key messages shared by Tsvetan Alexiev, CEO of Sirma, during his interview on Business Start on Bloomberg TV Bulgaria. The discussion focused on Europe's standing in the competition for AI leadership, one year after Mario Draghi's influential report.
15.09.2025
Launch of the beta version of Sirma Enterprise AI - a new AI platform uniting cybersecurity with innovation
12.09.2025
Disclosure of application for approval of the Prospectus for dual listing by the FSC
11.09.2025
Sirma, represented by Julian Masliankov and Merdihan Ismailov participated the Digital Transformation Summit in Dubai.
10.09.2025
The Sirma retail team, represented by Bogomil Iliev, Cvetelina Hristova and Evgeni Rushev took part in Retail Connect in Stockholm.
04.09.2025
Approval of the Prospectus for dual listing by the BD of SGH
28.28.2025
Disclosure of purchases of shares by a related party to a member of the BD of SGH
27.08.2025
Disclosure of a share buy-back by Sirma Group Holding AD
27.08.2025
Publication of interim consolidated financial reports of SGH for the period ending on 30.06.2025.
26.08.2025
Monika Ilieva is appointed SVP to lead Innovation in Transportation and Logistics Vertical
26.08.2025
Publication of invitation for a webinar for presentation of the consolidated results of the first half of the 2025
08.08.2025
Disclosure of a share buy-back by Sirma Group Holding AD
01.08.2025
Tsvetan Alexiev, CEO of Sirma Group Holding AD, featured in Digitalk 101 interview, discusseа the corporate vision, innovative potential, and the company's strategy for maintaining international growth along with changes in organisational development of Sirma.
28.07.2025
Darko Bosancic has been appointed as SVP to lead innovation in Travel and Hospitality vertical
28.07.2025
Publication of interim individual financial reports of SGH for the period ending on 30.06.2025.
27.06.2025
Disclosure of a share buy-back by Sirma Group Holding AD
27.06.2025
In the latest episode of Zone4Tech's podcast "TECHnically Speaking", Alexander Stanev, VP Financial Services at
Sirma, shares his perspective on the role of AI in the banking sector: the hype, the reality, and the future.
23.06.2025
Publication of the Conditions for dividend payment
18.06.2025
At this year's #TechofTomorrow conference, organised by Investor Media Pro, Momchill Zarev, Chief Growth Officer at Sirma, spoke in Panel 2, discussing the impact of AI on the financial industry.
11.06.2025
The Financial Supervision Commission and the National Committee on Corporate Governance hosted a joint conference at the Hyatt Regency Hotel - "OECD Corporate Principles - Best Practices for Sustainable Growth." Stanislav Tanushev, Director of Investor Relations and Sustainability at Sirma, participated in a panel on implementing the Corporate Sustainability Reporting Directive. Sirma was highlighted as one of the first companies to disclose #ESG information voluntarily through its sustainability report.
10.06.2025
Disclosure of a share buy-back by Sirma Group Holding AD
09.06.2025
Merdihan Ismailov, Vice President of Fintech Applications and Solutions, was featured in "The Manager" magazine for his article "Financial Autonomy for Europe: A Strategic Necessity."
05.06.2025
Sirma has been recognized as a Technological Visionary by Clico
04.06.2025
Publication of the Minutes from the regular annual meeting of shareholders of Sirma Group Holding AD and Dividend notification
03.06.2025
Convening of the regular annual meeting of shareholders of Sirma Group Holding AD
02.06.2025
Disclosure of a share buy-back by Sirma Group Holding AD
30.05.2025
Disclosure of a share buy-back by Sirma Group Holding AD
28.05.2025
Publication of the recording of the webinar for presentation of the Q1 consolidated results of Sirma Group Holding AD
27.05.2025
Webinar for presentation of the Q1 consolidated results of Sirma Group Holding AD
27.05.2025
Disclosure of the interim consolidated financial reports of Sirma Group Holding AD for the period ending on 31.03.2025
23.05.2025
Publication of an invitation for a webinar for presenting the results of Q1 2025
22.05.2025
Our colleague Ivelin Parvanov took the stage at GITEX Global Europe, joining a thought-provoking session moderated by Teodor Antonio Georgiev on the topic: "From AI to ROI: AI writes code, but who keeps your business running at scale?"
16.05.2025
Disclosure of the addition of a point in the agenda of the scheduled GSM of Sirma Group Holding AD on 03.06.2025
07.05.2025
Disclosure of a decision of the BD of Sirma Group Holding for a double listing on the Franfurt Stock Exchange
02.05.2025
Publication of the materials for the GSM of Sirma Group Holding AD on 03.06.2025
30.04.2025
Disclosure of the interim individual financial statements of Sirma Group Holding AD for the period ending on 31.03.2025
29.04.2025
Sirma takes part in the Investor Day organized by the BSE
29.04.2025
Disclosure of the audited consolidated financial statements for 2024 of Sirma Group Holding AD
23.04.2025
Celebration of the 33 aniversary from the registration of Sirma
16.04.2025
Publication of an Invitation for a general meeting of shareholders of Sirma Group Holding AD
09.04.2025
Disclosure of sale of 400,000 own shares by Sirma Group Holding AD
08.04.2025
Convention of an extraordinary meeting of shareholders of Sirma Group Holding AD and publication of its Minutes.
27.03.2025
Disclosure of the audited individual financial reports of Sirma Group Holding AD for 2024.
27.03.2025
Sirma Group Holding AD becomes an authorized reseller of Apple for business clients.
01.03.2025
Disclosure of the interim consolidated financial reports of Sirma Group Holding AD for the period ending on 31.03.2024.
28.02.2025
Publication of an Invitation for an extraordinary General meeting of shareholders of Sirma Group Holding AD on 08.04.2025
24.02.2025
Sirma Group Holding AD becomes innovative partner of IMB for Watsonx implementations.
17.02.2025
Interview with VP Bogomil Iliev for the development of the one-stop-shop using AI.
12.02.2025
Sirma and Borika launch partnership for digitalization of employment records.
07.02.2025
CGO Momchil Zarev gave an interview for Bloomberg with a recap of the 2024 activity.
30.01.2025
Disclosure of interim individual financial reports of Sirma Group Holding AD for the period ending on 31.12.2024
16.01.2025
Disclosure of the acquisition of a separate part of the commercial enterprise Duo Soft EOOD.
10.01.2025
Publishing of the Protocol of extraordinary General meeting of shareholders of Sirma Group Holding AD.
10.01.2025
Extraordinary General meeting of shareholders of Sirma Group Holding AD.
03.01.2025
Disclosure of sale 10 400 shares by Yavor Djonev - member of the Board of directors of Sirma Group Holding AD.
Main legal information in 2025
Transactions with shares for the period 01.01.2025 - 31.12.2025:
- Buyback of shares by the company
At the Extraordinary General Meeting of Shareholders of "Sirma Group Holding" AD held on 08.04.2025, a decision was adopted for the company to repurchase its own shares.
The Board of Directors must carry out the repurchase under the following conditions:
The maximum number of shares subject to repurchase is 5 300 000.
Minimum price 0.85 BGN per share and maximum price 4 BGN per share. Maximum total price for repurchase of shares - no more than 21 200 000 (twenty-one million and two hundred thousand) BGN. In the event of a change in the official currency in the Republic of Bulgaria, the price of a share will be calculated in the new official currency determined in accordance with the applicable legislation, applying the legally prescribed exchange rate.
The redemption period is until 31.12.2028.
Method of repurchase - through an investment intermediary.
The General Meeting of Shareholders authorizes the Board of Directors to take all necessary legal and factual actions to implement the buyback.
On 29.05.2025 "Sirma Group Holding" AD bought back 9 500 of its shares at an average price of BGN 1.4168 per share for a total value of BGN 13 460. The shares represent 0.016% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
On 30.05.2025 "Sirma Group Holding" AD bought back 72 500 of its shares at an average price of BGN 1.4456 per share for a total value of BGN 104 809,94. The shares represent 0.12% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
On 09.06.2025 "Sirma Group Holding" AD bought back 40 000 of its shares at an average price of BGN 1.4916 per share for a total value of BGN 59 665. The shares represent 0.07% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
On 24.06.2025 "Sirma Group Holding" AD bought back 19 958 of its shares at an average price of BGN 1.405 per share for a total value of BGN 28 040,78. The shares represent 0.03% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
On 07.08.2025 "Sirma Group Holding" AD bought back 19 709 of its shares at an average price of BGN 1.3948 per share for a total value of BGN 27 491,10. The shares represent 0.03% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
On 13.10.2025 "Sirma Group Holding" AD bought back 15 000 of its shares at an average price of BGN 1,38 per share for a total value of BGN 20 700. The shares represent 0,025% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
On 17.11.2025 "Sirma Group Holding" AD bought back 31 606 of its shares at an average price of BGN 1,67 per share for a total value of BGN 52 782,02. The shares represent 0,05% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
On 16.12.2025 "Sirma Group Holding" AD bought back 25 000 of its shares at an average price of BGN 1,73 per share for a total value of BGN 43 250. The shares represent 0,04% of the company's capital. The purchase was made on the Bulgarian Stock Exchange - Sofia AD.
- Sale of own shares by the company
On 09.04.2025, in implementation of its bonus policy, "Sirma Group Holding" AD sold 400 000 of its shares at an average price of BGN 1.00 per share for a total value of BGN 400 000. The shares represent 0,67% of the company's capital. The sale was made on an unregulated over-the-counter market (Bulgaria).