Content
KEY FINANCIAL INDICATORS 4
STATEMENT BY THE BOARD OF DIRECTORS OF "SIRMA GROUP HOLDING" JSC 5
ORGANIZATION AND WAY OF PRESENTATION 6
STRUCTURE OF SHARE CAPITAL AND MANAGEMENT AUTHORITIES 8
FUNCTIONING OF THE GROUP 12
SIRMA GROUP IN Q3 2025 13
The business 13
Economic trends 13
Additional information for Q3 2025 18
Major news in Q3 2025 18
Main legal information in Q3 2025 21
Information for contracted large transactions in Q3 2025 23
Information of the used financial instruments in Q3 2025 23
R&D activity of the company in Q3 2025 23
Possible future development of the company 23
Contracts under Art.240b of the Commerical Code in Q3 2025 24
RESULTS BY COMPANY 25
DATICUM 25
ENGVIEW SYSTEMS 27
SIRMA GROUP INC. 29
SIRMA ICS 30
SIRMA TECH 31
SIRMA MEDICAL SYSTEMS 32
ROWEB 34
SIRMA GROUP HOLDING - separate financial results 36
RESULTS BY SEGMENTS 36
MAIN MARKETS 43
CONSOLIDATED FINANCIAL RESULTS 43
Consolidated revenues 43
Consolidated expenses 44
Consolidated financial income / costs (net) 45
Consolidated assets 45
Equity 46
Consolidated liabilities 46
Cash flows 49
Indicators and ratios 50
Related companies transactions 52
EMPLOYEES AND ECOLOGY 52
RISK FACTORS 53
Market risk analysis 53
Credit risk 54
Liquidity risk 54
OTHER INFORMATION AS PER APPENDIX 11 of ORDINANCE 2 OF THE FSC 55
CHANGES IN THE PRICE OF THE SHARES OF THE COMPANY 58
EVENTS AFTER THE END OF THE REPORTING PERIOD 59
Key financial indicators
Revenue
84 674 BGN'00033.92%
EBITDA
5 791 BGN'000265.82%
Net Profit
2 081 BGN'000n/a
Revenue by region Revenue by segment78,63%
10,95%
14%
9%
24%
36%
13%
4%
7,98%
1,50%
0,77%
0,15%
Recurring revenue Recurring revenue by type
17%
14%
6%
63%
43%
57%
STATEMENT BY THE BOARD OF DIRECTORS OF "SIRMA GROUP HOLDING" JSC
The present interim consolidated management of "Sirma Group Holding" JSC covers the period, ending on 30 September 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 interimconsolidated financial statements as at 30 September 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 interim 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 interim 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 interim 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 30.06.2025. The report includes Sirma Group Holding JSC 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.
ORGANIZATION AND WAY OF PRESENTATION
"Sirma Group Holding" JSC is a holding company that 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. Generating robust growth, cost-effectiveness and consistent business results are among the company's top priorities.
History and development of the company
"Sirma Group Holding" JSC is a holding company registered on 25.04.2008 at the Registry Agency with UIC 200101236, with head office: Bulgaria, Sofia (capital), Sofia municipality, City Sofia 1784, Mladost area, bul. Tsarigradsko Shose, No 135.
The name of the company changed on 23.03.2009 from "SGH" JSC to "Sirma Group Holding" JSC.
The object of the company 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 of companies which the company holds, finance of companies in which the company participates, organization of accounting and compiling financial statements under the law of accounting. the company may perform independent business activities which are 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 JSC:
is not the subject of consolidation;
no transfer or pledge to the enterprise;
No claims have been filed for the opening of insolvency proceedings of the company;
There are no tenders from third parties to the Company or from the Company to other companies;
CAPITAL
The share capital of the company amounts to 59 360 518 BGN, divided into 59 360 518 dematerialized shares with nominal value of BGN 1.
History of Share Capital
History of changes in share 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" JSC, 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" JSC, 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" JSC does not have information about the terms of any acquisition and / or liabilities for statutory but unissued capital.
STRUCTURE OF SHARE CAPITAL AND MANAGEMENT AUTHORITIES
3. 1. Capital structure
As of 30.09.2025 the distribution of the share capital of Sirma Group Holding is as follows:
30.09.2025
(BGN '000,%)
30.06.2025
(BGN '000,%)
Share capital
59 361
59 361
Number of shares (par value of 1 BGN)
59 360 518
59 360 518
Total number of registered shareholders
1 330
1 260
Including legal entities
45
44
Including Individuals
1 285
1 216
Number of shares held by legal entities
6 747 471
6 708 656
% of capital of legal entities
11,37%
11,30%
Number of shares held by individuals
52 613 047
52 651 862
% of capital held by individuals
88,63%
88,70%
Shareholders
Number of shares at 30.09.2025
Number of shares at 30.06.2025
Nominal VALUE (BGN)
Value (BGN)
%
Shareholding
% of voting
rights*
Georgi Parvanov Marinov
5 461 898
5 461 898
1
5 461 898
9,20%
9,44%
Tsvetan Borisov Alexiev
5 025 153
5 025 153
1
5 025 153
8,47%
8,68%
Chavdar Velizarov Dimitrov
4 817 386
4 817 386
1
4 817 386
8,12%
8,33%
Veselin Antchev Kirov
4 767 386
4 767 386
1
4 767 386
8,03%
8,24%
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%
4,38%
Rosen Ivanov Marinov
2 307 900
2 307 900
1
2 307 900
3,89%
3,99%
Vladimir Ivanov Alexiev
2 177 583
2 177 583
1
2 177 583
3,67%
3,76%
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%
Atanas Kostadinov Kiryakov
1 555 287
1 555 287
1
1 555 287
2,62%
2,69%
Purchesd own shares
1 497 463
1 422 244
1
1 497 463
2,52%
0,00%
Yavor Liudmilov Djonev
1 066 046
1 066 046
1
1 066 046
1,80%
1,84%
Mandjukov Ltd.
860 000
860 000
1
860 000
1,45%
1,49%
Peter Nikolaev Konyarov
771 600
771 600
1
771 600
1,30%
1,33%
DF Advance Invest
758 822
743 822
1
758 822
1,28%
1,31%
UPF DSK Rodina
747 036
747 036
1
747 036
1,26%
1,29%
UPF Doverie JSC
702 126
702 126
1
702 126
1,18%
1,21%
Asen Krumov Nelchinov
650 449
650 449
1
650 449
1,10%
1,12%
Momchil Nikolov Zarev
618 153
618 153
1
618 153
1,04%
1,07%
Others
13 328 305
13 423 024
1
13 328 305
22,45%
23,03%
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 30.09.2025 the total amount of repurchased own shares by "Sirma Group Holding" JSC is 1 497 463 shares with nominal value amount of BGN 1 497 463 (2,52 % of share capital).
Shareholders holding more than 5% of the company's capital are:
Shareholders
Number of shares at 30.09.2025
% Shareholding
% of voting rights
Georgi Parvanov Marinov
5 461 898
9,20%
9,43%
Tsvetan Borisov Alexiev
5 025 153
8,47%
8,67%
Chavdar Velizarov Dimitrov
4 817 386
8,12%
8,31%
Veselin Antchev Kirov
4 767 386
8,03%
8,23%
Ognyan Plamenov Chernokozhev
3 741 620
6,30%
6,46%
Shareholders
Number of shares at 30.06.2025
% Shareholding
% of voting rights
Georgi Parvanov Marinov
5 461 898
9,20%
9,43%
Tsvetan Borisov Alexiev
5 025 153
8,47%
8,67%
Chavdar Velizarov Dimitrov
4 817 386
8,12%
8,31%
Veselin Antchev Kirov
4 767 386
8,03%
8,23%
Ognyan Plamenov Chernokozhev
3 741 620
6,30%
6,46%
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" JSC 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" JSC in the future.
Management authorities
Sirma Group Holding has a one-tier management system - Board of Directors. The Board of Directors as of 30.09.2025 includes the following members:
Chavdar Velizarov Dimitrov Tsvetan Borisov Alexiev Atanas Kostadinov Kiryakov Georgi Parvanov Marinov Veselin Anchev Kirov Yordan Stoyanov Nedev
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 CEO of "Sirma Group Holding" JSC 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.
Interim Consolidated Management Report of "Sirma Group Holding" JSC for Q3 2025
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 shares of the Company.
Rights of the members of the BD to acquire shares and bonds of the company
The rigts of the members of the BD to acquire shares in the company are regulated in the legal framework. The company does not have a bond issue.
Committees in The Company
"Sirma Group Holding" JSC 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
Accepted internal normative documents
Information Disclosure Committee, composed of:
Tsvetan Alexiev - chairman
Stanislav Tanushev - member Chavdar Dimitrov - member Atanas Kiryakov - member
Audit Committee, composed of: Angel Petrov Kraychev - chairman Alexander Todorov Kolev - member Veselin Anchev Kirov - member
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
SGH
Rules for the operation
Instructions and clarifications on the
of the Board of
duties and responsibilities of the
2015
All subsidiaries
Directors
members of the Board of Directors
Remuneration Policy
Remuneration policy for the members
of the Board of Directors
2015
03.08.2021
SGH
Instruction for the
Instructions and clarifications on duties
obligations and
and responsibilities when accessing
2015
2021
All subsidiaries
responsibilities of
and working with inside information.
insiders
Program for good
A system of rules that protects the
corporate governance
interests of shareholders and other
2015
2021
All subsidiaries
stakeholders
Accounting Policy
Policy which governs the accounting
and control in the companies
2015
30.06.2023
All subsidiaries
Code of conduct for
A code that guarantees the transparent
the financial and
and reliable preparation of financial
2015
All subsidiaries
accounting positions
accounting documents
Anti-corruption Policy
Policy against all corruption practices
and related phenomena
2015
All subsidiaries
Rules for the
Internal Rules for Submitting Signals
protection of
and Protection of Persons Submitting
whistleblowers
Signals or Publicly Disclosing
04.05.2023
All subsidiaries
Information for Violations -
"Whistleblowers"
Ethical code of
The Code establishes the norms for
conduct for employees
ethical behavior of employees at Sirma
2020
All subsidiaries
Group Holding
Data protection Policy
Privacy and data protection policy for
2021
All subsidiaries
the clients of Sirma
Sustainability Policy
Policy for the sustainable function and
development of the companies in
2021
30.09.2023
All subsidiaries
Sirma
Human rights policy
Policy, which determines attitude to
human rights in Sirma
2023
25.03.2024
All subsidiaries
CSR in procurement
A policy that integrates CSR into
policy
Sirma's procurement practice
2023
25.03.2024
All subsidiaries
10
https://www.s irma.com
All documents are publicly available on the company's website:
https://investors.s irma.com/investors/corporate-governance.html
The participation of members of the board of directors in the capital of the company is as follows:
Shareholders
Number of shares at
30.09.2025
Number of shares at
30.06.2025
Nominal VALUE
(BGN)
Value
(BGN)
%
Shareholding
% of voting
rights
Georgi Parvanov Marinov
5 461 898
5 461 898
1
5 461 898
9,20%
9,44%
Tsvetan Borisov Alexiev
5 025 153
5 025 153
1
5 025 153
8,47%
8,68%
Chavdar Velizarov Dimitrov
4 817 386
4 817 386
1
4 817 386
8,12%
8,33%
Veselin Anchev Kirov
4 767 386
4 767 386
1
4 767 386
8,03%
8,24%
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%
39,44%
During the period, there was no change in the participation of the members of the BD in the capital of the company.
Remuneration under CMC of the members of the Board of Directors of "Sirma Group Holding" JSC:
30.09.2025
BGN'000
30.09.2024
BGN'000
Short-term employee benefits:
Salaries including bonuses
534
449
Social security costs 12 11
Total remunerations 546 460
Information on the contracts of the members of the administrative, management or supervisory bodies with the company providing severance pay
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 or remuneration committee, including the names of the members of the committee and a mandate summary by which the committee functions
At the Annual General Meeting of the Shareholders of the Company held on 24.06.2022 was decided to relieve the member of the Audit Committee Emiliyat Ivanov Petrov from his position and elected Veselin Anchev Kirov as a member of the Audit Committee. Тhe mandate of the Audit Committee was 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" JSC 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, the financial statements of "Sirma Group Holding" JSC comply with its Program for the application of internationally recognized standards for good corporate governance and maintains its accounting policy in accordance with International Accounting Standards.
FUNCTIONING OF THE GROUP
The economic group of "Sirma Group Holding" JSC 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" JSC
Name of the subsidiary Country of incorporation and principal
place of business
Main activities Segment 30.09.2025
share
31.12.2024
share
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 development
100% 100%
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 development
Sciant Shpk Albania Software services Hospitality, Strategic development
"Sirma Medical Systems" AD Bulgaria Software services Strategic
development
93% 93%
100% 100%
66% 66%
"EngView Systems" AD Bulgaria Software package development
EngView Systems GmbH Germany Software package development
EngView USA USA Software package development
EngView Systems Latin America Brazil Software package
development
Engview Solutions Corp. Canada Software package development
Production 72,90% 72,90%
Production 72,90% 72,90%
Production 72,90% 72,90%
Production 69,26% 69,26%
Production 69,26% 69,26%
"Sirma ISG" OOD Bulgaria Software services Strategic development
71% 71%
"Sirma AB'' Sweden Software services IT Services - 100%
Information about participations
Apart from the Company's stated participations in item 4 above, there are no other participations of the Company that 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.
SIRMA GROUP IN Q3 2025
The business
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, Sweden, 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 fight against 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 exchange Sirma's positioning at the time of listing will be:
One of the largest Eastern European groups specializing in providing IT services
R&D companies in several countries in South-Eastern and Eastern Europe, providing access to one of the world's most attractive IT specialist markets
Companies, representative offices and distributors in over 50 countries around the world
Specialization, know-how and solutions in several strategic industries
Regional leader in a number of industries, very good global recognition, significant reference customers
Revenues of more than 100 million euro and attractive EBITDA
Excellent working marketing and sales machine
Promising investment part - product companies and businesses and companies in incubation
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. 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 global leading 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
Following a dramatic start of 2025 with slower growth and elevated risks, shaped by trade policy uncertainties, financial tightening, and geopolitical volatility the World is slowly starting to adjust. After the United States introduced higher tariffs starting in February, subsequent deals and resets have tempered some extremes.
Following the bleak 2025 Global economic growth forecasts from the beginning of 2025, an upward revision was made in October 2025. The IMF in their October 2025 edition of World Economic Outlook project that global growth will slow from 3.3 percent in 2024 to 3.2 percent in 2025 (up from World Bank 2.3% forecast from June 2025) and 3.1 percent in 2026, 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 bello the ones during the Global Pandemic.
Many of the more pessimistic forecasts for global growth seem to have be evaded thanks to resilience pockets around the World:
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 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.
United States: Growth is expected to decline from 2.8% in 2024 to around 2.0% in 2025-26, impacted by trade tensions and tighter financial conditions.
Euro Area: Modest growth recovery is projected, with GDP expanding from 0.9% in 2024 to about 1.2% in 2025 and 1.1% in 2026.
China: Growth is moderating, forecasted to slow from 5.0% in 2024 to 4.8-4.2% in 2025-26, reflecting structural challenges and global trade impacts.
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. The G20 inflation is expected to moderate from 6.2% in 2024 to around 3.6% in 2025 and 3.2% in 2026, helped by weaker commodity prices despite higher trade costs due to tariffs. Central banks have begun easing interest rates as inflation slows.
Risks are tilted to the downside. Prolonged uncertainty, more protectionism, and labor supply shocks could reduce growth. Fiscal vulnerabilities, potential financial market corrections, and erosion of institutions could threaten stability.
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;
potential sustainability of inflation and the related need to maintain high interest rates for a longer period: high 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 between Israel and Hamas to a regional conflict and/or limitation of traffic of fuel and foods through the Middle East: average probability / high impact ;
extreme climatic events: high probability / average impact.
The Industry of Sirma
Sirma Group companies 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 over 92% of its revenues (for 2024). Europe remains the largest market, generating approximately 80.5% of sales, followed by North America at 11.6%.
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 2025 and beyond.
The global ICT market in 2025 and forecast for the future years
Gartner has revised several times its forecasts for the development of the ICT market in 2025 (Gartner, October, 2025). Overall IT spending for 2025 is now expected to be $5.54 trillion, up 10 percent compared to 2024, and will grow another 9.8 percent next year to hit $6.08 trillion. This is the first time that global IT spending has broken through $6 trillion in a 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. "IT Services" remain the leading segment in the ICT sector in 2025 volume wise, responsible for USD 1.7 trillion in spending.
"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 generative AI (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) - see Table 1."
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 distortthe 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 Q3 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 is not dependent on patents or licenses, industrial, commercial or financial contracts, as well as new production processes.
For all employees of the Group, 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 Group'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 Group's accounts detailed in Section 9 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 Group
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.
Major news in Q3 2025
The following events and business news took place in Q3 2025:
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 JSC
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 JSC
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 JSC
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 JSC
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 JSC and Dividend notification
03.06.2025
Convening of the regular annual meeting of shareholders of Sirma Group Holding JSC
02.06.2025
Disclosure of a share buy-back by Sirma Group Holding JSC
30.05.2025
Disclosure of a share buy-back by Sirma Group Holding JSC
28.05.2025
Publication of the recording of the webinar for presentation of the Q1 consolidated results of Sirma Group Holding JSC
27.05.2025
Webinar for presentation of the Q1 consolidated results of Sirma Group Holding JSC
27.05.2025
Disclosure of the interim consolidated financial reports of Sirma Group Holding JSC 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 JSC 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 JSC on 03.06.2025
30.04.2025
Disclosure of the interim individual financial statements of Sirma Group Holding JSC 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 JSC
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 JSC
09.04.2025
Disclosure of sale of 400,000 own shares by Sirma Group Holding JSC
08.04.2025
Convention of an extraordinary meeting of shareholders of Sirma Group Holding JSC and publication of its Minutes.
27.03.2025
Disclosure of the audited individual financial reports of Sirma Group Holding JSC for 2024.
27.03.2025
Sirma Group Holding JSC becomes an authorized reseller of Apple for business clients.
01.03.2025
Disclosure of the interim consolidated financial reports of Sirma Group Holding JSC for the period ending on 30.06.2024.
28.02.2025
Publication of an Invitation for an extraordinary General meeting of shareholders of Sirma Group Holding JSC on 08.04.2025
24.02.2025
Sirma Group Holding JSC 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 JSC 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 JSC.
10.01.2025
Extraordinary General meeting of shareholders of Sirma Group Holding JSC.
03.01.2025
Disclosure of sale 10,400 shares by Yavor Djonev - member of the Board of directors of Sirma Group Holding JSC.
Main legal information in Q3 2025
Transactions with shares for the period 01.01.2025 - 30.09.2025:
- Buyback of shares by the company
At the Extraordinary General Meeting of Shareholders of "Sirma Group Holding" JSC 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" JSC 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" JSC 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" JSC 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" JSC 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" JSC 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.
Sale of own shares by the company
On 09.04.2025, in implementation of its bonus policy, "Sirma Group Holding" JSC 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).
Purchase of a majority stake in the capital of "Sirma Sha" Albania
On 13.06.2025, "Sirma Group Holding" JSC concluded an agreement for the purchase of shares in the capital of "Sirma Sha" Albania with its subsidiary "Sirma Group Inc." USA. The total number of shares is 550, and the total selling price of the shares is 15 000 US dollars. As a result of the transaction, "Sirma Group Holding" JSC became the majority owner of "Sirma Sha" Albania with 55% of the capital.
Litigation for the period 01.01.2025 - 30.09.2025:
There are no lawsuits filed against the company for the period.
Other legal information for the period 01.01.2025 - 30.09.2025:
Acquisition of a separate part of the enterprise "Duo Soft" EOOD
On 15 January 2025, a contract was signed by "Sirma Group Holding" JSC for the acquisition of a separate part of the commercial enterprise with the company "Duo Soft" EOOD, UIC 130235197, entitled "Software developments in the field of academic recognition" as an independent set of rights, obligations and factual relationships created during the implementation of its previous commercial activity according to the accounting balance sheet at the time of the transfer of the separate part, for a price of BGN 287 000 (two hundred eighty-seven thousand).
Distribution of Cash Dividend of Sirma Group Holding JSC for 2024
According to the decision of the General Shareholders' Meeting of Sirma Group Holding JSC dated 3 June 2025, the company proceeds with the distribution of a cash dividend in the gross amount of BGN 0.02 for 2024.
ISIN: BG1100032140
Total amount of the dividend incl. dividend tax : BGN 1 159 175.64.
Right to receive dividend: According to the decision of the General Meeting of Shareholders, all shareholders of "Sirma Group Holding" JSC as at 17 June 2025 have the right to receive a dividend (14 days after holding the meeting, according to Art. 115c, Para. 3 of the POSA), as they are entered in the Book of Shareholders at the Central Depository AD.
Shares with a right to dividend: 57 958 782 (deducted 1 401 736 bought back shares). Dividend amount for one share: gross BGN 0.02 and net for individual shareholders BGN 0.019. The bank through which the dividend will be paid is Unicredit Bulbank AD.
Start date for dividend payment: 11 August 2025.
End date for dividend payment: 11 February 2026 (six months after the start date).
Taxes: taxes payable for dividends to individual persons will be withheld and remitted by Sirma Group Holding JSC in advance;
Bank commissions: Sirma Group Holding JSC will cover all bank fees for the payment of dividends;
Payment method:
Shareholders who have open accounts with investment intermediaries will receive their dividend through them, complying with their requirements.
Shareholders who are not served by an investment intermediary and whose shares are stored in personal accounts in "Register A" at the Central Depository AD, will receive their dividends through the branch network of the commercial bank Unicredit Bulbank AD.
Cash dividends over BGN 5 000: upon receiving a cash dividend, the amount of which exceeds BGN 5 000, the bank requires a one-day notice. This is not necessary when transferring the dividend to a bank account.
Sale of subsidiary Sirma AB Sweden
On 08.08.2025 "Sirma Group Holding" JSC sold its shares in the capital of its subsidiary "Sirma AB" Sweden. The total number of shares is 5000, and their total sale value is 59 000 Swedish kronor. As a result of the transaction, the majority owner of 100% of the capital of Sirma AB is the company Citadellet Likvidationer AB Sweden.
Submission and Approval of Prospectus of Sirma Group Holding AD for approval by the FSC
On 12.09.2025, "Sirma Group Holding" JSC submitted for approval to the FSC its Prospectus for admission of the issuer's existing shares to trading on the Regulated Market of the Frankfurt Stock Exchange (Boerse Frankfurt). On 16.10.2025, the FSC approved the prospectus for admission to trading on a regulated market of the Frankfurt Stock Exchange with simultaneous admission to the subsegment of the regulated market with additional obligations after admission (Prime Standard) of the Frankfurt Stock Exchange, as well as to the Xetra market organized by the Frankfurt Stock Exchange and admission to the EuroBridge Market segment of the Bulgarian Stock Exchange of the issue of shares issued by Sirma Group Holding JSC in the amount of BGN 59 360 518, distributed into 59 360 518 ordinary, registered, dematerialized, freely transferable shares with voting rights with a nominal value of BGN 1 each, representing the entire registered capital of the company.
Information for contracted large transactions in Q3 2025
In Q3 2025, the Group made several large contracts with customer and subcontracts, in connection with the new strategy of the Group:
Purchases:
Deal 1 for BGN 4 222 thousand
Deal 2 for BGN 3 121 thousand
Deal 3 for BGN 2 785 thousand
Sales:
Deal 1 for BGN 4 830 thousand
Deal 2 for BGN 3 453 thousand
Deal 3 for BGN 3 294 thousand
Information of the used financial instruments in Q3 2025
In Q3 2025 the company has not used any financial instruments.
R&D activity of the company in Q3 2025
The strategy for growth and development of Sirma Group forsees the concentration of the intellectual property of the Group in the Holding company. This concentration also implies the concentration of the Group's research and development activities at Sirma Group Holding JSC.
Possible future development of the company
The forecasts for the development of the Information and Communication Technologies sector in 2025 and the following years are a function of the effects caused by the ongoing military actions in Ukraine and the Middle East, the actions of the new US administration, and the state of major European economies.
Although a direct impact of the war in Ukraine and Middle East on the ICT sector is not expected, it will strengthen other risks for the global economy - inflation, volatility of exchange rates, difficult supply chains, geopolitical uncertainty. As for President Trump's new policy, it is still too early to draw solid conclusions about how it will reflect on the global economy and, in particular, on the sectors in
which Sirma operates. In addition, the BNB expects the postponement of the implementation of investment projects, the slow rate of absorption of funds under European programs and the delayed implementation of the National Recovery Plan to be associated risks in 2025. There is also serious uncertainty regarding the stability of Bulgaria's new regular government and its capacity to deal with the economic challenges and Bulgaria's entry into the Eurozone. The annual budget presented by the Ministry of Finance appears to be quite ambitious to implement, especially on its revenue side, at the expense of significantly increased expenditures, although the stated goal is to maintain stable financial indicators, relatively low inflation and indebtedness.
In 2024, the integration of six subsidiaries of the Group into Sirma Group Holding JSC was completed. In 2025, we expect this to lead to better competitiveness and market positioning of the Group, which will contribute to the creation of new business opportunities, providing clients with a wider and more diverse range of services, professional growth and development of our employees, optimization of administrative processes, respectively, better productivity, communication and cooperation between employees and units in the Group.
The Group is in a continuous process of searching for companies in which to invest in order to improve the profitability of the company's shares.
Contracts under Art.240b of the Commerical Code in Q3 2025
During Q3 2025 the Group has not been notified for contracted transactions with the members of the Board of Directors or parties related to them, which fall outside the line of activity of the company or the terms of which differ substantially from the current market.
RESULTS BY COMPANY
DATICUM
https://www.daticum.com/
Datium JSC is a subsidiary of Sirma Group Holding JSC
Capital: BGN 793 810 divided into 79 381 shares with a nominal value of BGN 10. Sirma Group Holding JSC holds 46 834 shares or 59% of the capital.
Main markets:
Bulgaria, North and South America, Europe
Main clients:
The main clients of the company are the following industries - insurance, ICT, utilities, media and information services, industrial production, wholesale and retail, transport and courier services.
Main competitors:
International companies providing cloud services such as Amazon, Google (Alphabet), Microsoft, IBM and others. At the local level, competitors can be considered "Netera" OOD, "Evolink" AD, "Telepoint" OOD, "3DC" EAD, SuperHosting.BG EOOD
Business model of the company
The Company's core business model is to build infrastructure to provide computing resources for data processing and storage and to provide these resources for a fee to a wide range of customers who prefer not to maintain such infrastructure or have a temporary need for these resources.
Resources of the company
The company has the necessary resources and is able to invest in the development of its business without using debt capital.
New products, new business or business models for the period
The company focused on consolidating its market positions and expanding its IaaS and PaaS cloud services. Thanks to our partners, we can now offer a new Remote Backup as a Service, through which we can back up our data center data from client servers and end user devices regardless of their geographic location. Along with the increasing tendency of customers to use leased computing resources on a monthly use basis, there is a similar tendency on the part of the company's suppliers to switch to business models for the provision of licenses and services based on monthly consumption.
HR policy
Preserve current staff. Maintaining and increasing its qualification through training, courses and participation in affiliate programs. Staff costs are rising in line with an increase in business volumes by up to 10-15% per year.
Daticum in Q3 2025
Business Development Conditions in 2025
In the first nine months of 2025, Bulgaria strengthened its position as a leading technology and artificial intelligence hub in Central and Eastern Europe. The country is establishing itself as a preferred destination for the development of high-tech solutions, thanks to the stable economic environment, targeted state policy and the availability of qualified specialists in the field of information technology.
The startup ecosystem is valued at €243 billion - 24.6% more than in 2022 - and is attracting capital in areas such as artificial intelligence, deep technology and space development.
Among the key achievements for the period, the development of the first Bulgarian language model with local data processing stands out, which eliminates the need for exchange with external servers. In addition, Bulgaria was selected to build one of the six new AI infrastructures within the framework of the European initiative for the development of artificial intelligence. The project has provided nearly 90 million euros for the creation of a supercomputer and innovation center in Sofia Tech Park.
These strategic initiatives create an extremely favorable environment for the development of innovative companies such as Daticum and accelerate the demand for highly reliable cloud and infrastructure solutions necessary for the digital transformation of business in the region.
Regional and international factors affecting the company's business
The military conflicts in Ukraine and the Middle East continue to have a significant impact on the economic environment in Europe and Bulgaria. The uncertainty generated by these events affects consumer behavior and slows down investment activity, especially in sensitive sectors such as IT infrastructure and data management.
In the first nine months of 2025, the high price level of electricity and hardware remains, which increases the pressure on IT costs and requires more precise budgeting by companies. However, thanks to stabilizing policies and market adaptability, there is a restoration of confidence and increased interest in cloud technologies and sustainable digital solutions.
Business development in Q3 2025 and realization of the investment plan
In the first nine months of 2025, Daticum reported growth despite increased costs for implementing new hardware. The platform continues to develop actively, integrating more and more tools to support customers and effectively manage their virtual resources.
During the period, we successfully launched Instant Recovery Backup - a new backup and recovery service based on NVMe flash technologies. The solution provides almost instant data recovery, ransomware resistance and an isolated environment for protecting critical systems.
Daticum has renewed its ISO 27017 and ISO 27018 certificates. According to the company's experts, almost all breaches in the cloud are the result of preventable errors, so the emphasis was on correct configurations and strict access control. Multi-factor authentication, data encryption, and automated monitoring with regular vulnerability testing were implemented.
Important events
A new functionality was introduced in the virtual resource orchestration and management platform, which allows customers to independently activate the desired resources in backup mode when needed.
During this period, we successfully implemented and launched the new Instant Recovery Backup service - a high-performance backup and recovery service based on NVMe flash technologies. The solution offers almost instant data recovery, immunity against ransomware attacks and isolated recovery zones, ensuring full business continuity.
A new client portal has been launched, providing greater transparency and control over the services and resources used.
An internal innovation program has been launched, aimed at developing AI-based services.
A memorandum of cooperation has been signed with a Bulgarian university in the field of research and training.
The platform has the NVMe Instant Recovery Backup module, which allows for near-instant recovery and ransomware-proof zones. Customers can now activate backup resources themselves, which increases flexibility.
New procedures for notification and incident management in connection with the NIS2 directive are being implemented. Daticum is among the few companies in Bulgaria with both ISO 27017 and ISO 27018 certificates, which strengthens its position.
New contracts:
New contracts were signed with clients, expanding the client base, and partnerships were renewed and expanded with key corporate clients from the telecommunications sector. In addition, new partnerships were established with consulting firms and IT companies, with the aim of expanding the market presence and offering joint solutions.
Implementation of the business plan in Q3 2025
The company's revenues in Q3 of 2025 exceeded those in the Q3 of 2024 by 7,55%.
Perspectives and forecasts for 2025
Demand for cloud and hybrid infrastructures, especially from small and medium-sized enterprises, will continue to grow.
Daticum will expand its portfolio of services related to AIOps, edge computing and automated recovery, as well as invest in new AI functions and self-service tools.
The company is targeting a growth of over 10% in core revenues for the whole of 2025. The company will continue to invest in security, automation and AI-services.
A partial recovery in demand for traditional services is expected by the end of the year.
FINANCIAL RESULTS
Change Change
30.09.2025
30.09.2024/
31.12.2024
BGN '000
%
Revenues
2 735
2 543
192
7,55%
EBITDA
1 225
1 087
138
12,70%
Depreciation
(445)
(461)
16
(3,47%)
Net Result
768
620
148
23,87%
EBITDA margin
44,79%
42,74%
2,04%
4,78%
Net Profit margin
28,08%
24,38%
3,70%
15,18%
Sales per share
1,1881
1,1047
0,08
7,55%
EPS
0,3336
0,2693
0,064
23,87%
ROE
0,4281
0,3420
0,086
25,18%
Total Assets
2 911
3 321
(410)
(12,35%)
Intangibles
929
1 140
(211)
(18,51%)
Book value
865
673
192
28,53%
Equity
1 794
1 813
(19)
(1,05%)
Total Liabilities
1 117
1 508
(391)
(25,93%)
Interest bearing
187
290
(103)
(35,52%)
D/E
0,6226
0,8318
(0,21)
(25,14%)
ROA
0,2638
0,1867
0,077
41,32%
ENGVIEW SYSTEMS
EngView Systems JSC is subsidiary company of Sirma Group Holding JSC
Capital : BGN 68 587
Shares: 68 587 оrdinary named voting shares, with right to dividend and liquidation share, proportional to the participation in the capital. Sirma Group Holding owns 50 000 shares or 72,9 % of the company capital.
EngView Systems in Q3 2025
Conditions for business development in Q3 2025
EngView Systems operates in two main markets that of software and hardware solutions in the field of Metrology and Quality Management in the production of metal products, as well as software for video measuring machines in partnership with manufacturers, and complete solutions for automation and management of the production process of the packaging industry. The company works with manufacturers of packaging and displays around the world, served by a developed and expanding network of distributors and partners, as well as our own offices in Germany and USA.
A large share of packaging production remains in the established offset printing segment. The spread of digital technologies is happening at an ever-increasing pace and more and more companies are investing in digital printing and production machines. New niche markets are being formed, related to personalization, small circulations of cardboard and corrugated packaging, products for advertising purposes and better visualization of selected brands (shelves) or entire structures, exhibition stands, shows, printed and cut from thick materials (Rigid Board). In Europe and the United States, there is a trend for the entry and production of materials and products from them, which are directly related to nature conservation and are environmentally friendly and easily recycled.
This determines the direction of the predominant investments in the packaging industry - along with those in machines, companies from different niches are looking for solutions to further save time and resources, modernize their production to improve their competitiveness, and follow modern technologies that improve the relationship with the customer and optimize the order channels. Such solutions are Internet and cloud-based solutions for communication with customers and shortening the Order-Delivery cycle (web-to-print, web-to pack), which become possible precisely in combination with new digital technologies.
EngView Systems successfully develops its products in its two main areas for the packaging and video measuring industries. In recent years, the company has invested in the development of new products based on its already implemented solutions and the accumulated knowledge and expertise in individual niches. They meet the latest trends, as well as customer requirements for high-quality software capable of accelerating production, increase sales through optimization and maintenance of additional processes. The company's marketing efforts combine both the traditional way of branding, advertising and product positioning, as well as new trends in digital marketing, online demonstrations, multimedia, participation in panels, membership in associations, etc.
The company continues to develop its core product for the packaging industry, the Packaging Suite. In the first month of the year, the main version 2025 of the CAD product was released, continuing the policy of Continuous Delivery. The company focuses its efforts on continuously improving functionalities, allowing customers to become more efficient, faster, and more easily offer their products.
The purchase of services on a subscription basis is a very important trend in the global market in the last few years. This is due to the advent of cloud technology and the ability to sell even very complex software products as services rather than licenses. This makes them more affordable both in terms of price and in terms of time to master and start in real business. Like many other software companies, EngView has successfully promoted its subscription model. In 2025 saw a doubling of subscription revenue compared to 2024.
In 2025 a new page was launched on the main website to promote cloud and desktop-based specialized services and innovative technologies. On their basis, client websites can be developed, as well as integrations with other industry products to complement workflows or increase productivity. The company is seriously investing in improvements to its web-based technologies, which are already successfully used in web-to-pack solution sites and integrations with other solutions to expand customers' businesses.
In the first nine months of 2025, EngView was presented at several exhibitions in the various industries in which it is positioned. For 2025, there is an aggressive marketing plan and participations in the USA, Canada, China, Germany, India, Poland, Greece, Saudi Arabia, Brazil, Chile, Italy at specialized exhibitions, as well as visits to such, are planned.
EngView Systems USA participates together with the Japanese manufacturer Mimaki at various events and exhibitions, thereby promoting its partnership. The visit to ISA in Las Vegas was successful, where various meetings were held with current and potential partners. For another year, our US company is preparing its participation in Printing United, Orlando, which will be held in the last quarter of 2025. In the meantime, participations took place in the Open House of some partners in the USA, which popularizes EngView's positioning in the industry.
New mechanisms, partnerships and representations around the world are also being sought to increase brand recognition, increase sales and search for new niche markets.
The German company EngView Systems GmbH continues to growits sales revenue and search for new large partnerships and customers. The study of the CAD system was successfully introduced as a subject at two universities in Germany. Together with its German company EngView participated in the prestigious international exhibition FachPack in Nuremberg with an innovative stand, entirely made using the CAD system and from environmentally friendly materials that are recyclable. Numerous demonstrations were made with the aim of new partnerships in the DACH region, as well as for end customers. Relationships were renewed with names from the industry, popular for their innovative solutions and integration potential. Some of them are expected to launch in the last quarter of the year.
Products oriented to Metrology and Quality Control such as ScanFit&Measure and mCaliper, TurnCheck are also being developed. New versions of all metrology products were released. Numerous customer visits were made, their machines were calibrated, and their production process was supported through advanced training.
Online demonstrations of ScanFit&Measure are being held as well as visits to factories that need measuring systems for quality control. ScanFit&Measure took part in several prestigious exhibitions in the USA, China, Germany, India, Turkey and the largest in Düsseldorf,
Germany. Sales of this product are increasing, campaigns continue worldwide. The company and its measuring products are also being prepared for participation in the USA and the search for a new target group in the Glass Build industry. The USA is proving to be one of the most successful markets for these products and accordingly the marketing and sales efforts are growing through the involvement of the American company, which is actively conducting training for after-sales service at the local level for these customers.
Regional and international factors influencing the business of thecompany
2025 starts well in terms of revenue. Expenses and investments in marketing and sales also affect the overall financial statement. The company develops all its products in Bulgaria, but has a network of distributors worldwide, as well as its own offices in the USA,
Germany and Brazil. The factors influencing the business are mainly related to the saturation of the market with competitive products or
the degree of development of the given market. The main share of sales of software for the packaging industry is still generated in Europe, but the market is expanding in the USA through marketing efforts, new partnerships and better positioning in the industry. There are already partnerships with leading names such as Mimaki, CutWorks, Colex, Kongsberg, Multicam, which is growing the business there, as well as positioning the brand as one of the most professional and preferred by partners and customers.
EngView, as one of the leading names in the packaging industry, works with strategic partners from Germany Heidelberg, for which new versions of their products for the printing industry are developed every year, and from the USA - QVI for their video measurement
machines. EngView has been working with both companies for years, strengthening its positions by providing quality and modern software to their customers.
Business development in Q3 2025 and implementation of investment intentions
In Q3 2025, the company continues to develop its products and prepare for more online services and developments. Intensive preparations are underway for several events at which products and partnerships will be presented and consolidated.
The company is gradually increasing its capacity and resources for innovative developments in the two areas in which it operates.An AI assistant is being trained to be part of new versions of the company's software products.
In the USA, the company is very actively working on brand recognition, winning new partnerships and customers, and imposing the subscription model, which will bring stability and sales growth in the coming years.
The German company EngView Systems GmbH is doing well and this year has seen sales growth.
In Brazil, the subscription principle is establishing itself as the main sales model. Sales there have increased compared to last year, and we hope that this trend will continue in the coming periods. A new contract has been signed for the sale of software with machines in Brazil.
Perspectives and forecast for 2025
An increase in customers is expected in 2025, which will also increase sales volume and revenue. Campaigns are being developed, new distributors are being sought, and the presence in both niche markets is being strengthened.
FINANCIAL RESULTS
30.09.2025 30.09.2024/ | Change | Change | ||
31.12.2024 | BGN '000 | % | ||
Revenues | 2 682 | 2 693 | (11) | (0,41%) |
EBITDA | 706 | 823 | (117) | (14,22%) |
Depreciation | (714) | (654) | (60) | 9,17% |
Net Result | (39) | 146 | (185) | n/a |
EBITDA margin | 26,32% | 30,56% | (4,24%) | (13,86%) |
Net Profit margin | (1,45%) | 5,42% | (6,88%) | n/a |
Sales per share | 38,8696 | 39,0290 | (0,16) | (0,41%) |
EPS | (0,5652) | 2,1159 | (2,68) | n/a |
ROE | (0,0075) | 0,0278 | (0,035) | n/a |
Total Assets | 6 270 | 6 082 | 188 | 3,09% |
Intangibles | 4 656 | 4 535 | 121 | 2,67% |
Book value | 559 | 717 | (158) | (22,04%) |
Equity | 5 215 | 5 252 | (37) | (0,70%) |
Total Liabilities | 1 055 | 830 | 225 | 27,11% |
Interest bearing | 216 | 168 | 48 | 28,57% |
D/E | 0,0414 | 0,0320 | 0,009 | 29,48% |
ROA | (0,0062) | 0,0240 | (0,030) | n/a |
SIRMA GROUP INC.
Business development in Q3 2025
Sirma USA continued to develop our business in Healthcare and Automotive retail sales. We have made tremendous progress in applying artificial intelligence and generative large language models technology to practical applications in Medical Information Systems. In an industry first, we developed the ability to describe workflows using plain-spoken language and automatically generate and configure ready-to-execute mini-apps inside Healthcare applications built on top of our BoCore platform. The systems powered by our real-time Analytics engine also continued to gain ground with automotive dealers, and we were highly recognized by leaders in the field.
Interim Consolidated Management Report of "Sirma Group Holding" JSC for Q3 2025
FINANCIAL RESULTS
30.09.2025 30.09.2024/ | Change | Change | ||
31.12.2024 | BGN '000 | % | ||
Revenues | 3 995 | 2 699 | 1 296 | 48,02% |
EBITDA | 220 | (897) | 1 117 | n/a |
Depreciation | (4) | (5) | 1 | (20,00%) |
Net Result | 202 | (905) | 1 107 | n/a |
EBITDA margin | 5,51% | (33,23%) | 38,74% | n/a |
Net Profit margin | 5,06% | (33,53%) | 38,59% | n/a |
Sales per share | 0,1852 | 0,1251 | 0,06 | 48,02% |
EPS | 0,0094 | (0,0419) | 0,05 | n/a |
ROE | 0,0268 | (0,1072) | 0,13 | n/a |
Total Assets | 10 421 | 10 475 | (54) | (0,52%) |
Intangibles | 1 944 | 1 675 | 269 | 16,06% |
Book value | 5 582 | 6 766 | (1 184) | (17,50%) |
Equity | 7 526 | 8 441 | (915) | (10,84%) |
Total Liabilities | 2 895 | 2 034 | 861 | 42,33% |
Interest bearing | 30 | 36 | (6) | (16,67%) |
D/E | 0,0040 | 0,0043 | (0,0003) | (6,54%) |
ROA | 0,0194 | (0,0864) | 0,106 | n/a |
Sirma ICS
https://http://sirmaics.com/
Capital: BGN 300 000. "Sirma Group Holding" owns 279 000 number of shares or 93% of the capital.
Sirma ICS is part of Sirma Group, with the main goal to concentrate the technological and business knowledge of Sirma Group's in the insurance sphere.
Conditions for Business Development in Q3 2025
The company operates in the Insurance sector with target customers insurance brokers and insurance companies. Both segments recorded minimal revenue growth. The reason for this is economic, namely increasing revenues from increased insurance premiums. The company manages to conclude a small number of contracts with insurance brokers and insurance companies for product development and sales.
The company offers a product covering all of the processes in the structure of an insurance broker - Sirma Insurance Enterprise Platform. There is also a developed opportunity for clients to integrate through the Sirma Insurance Enterprise MTPL API and to integrate the policy issuing a policy payment in any system and application.
Regarding the main platform for brokers, new clients have been attracted with the potential to continue expanding their network. The business continues to be maintained in terms of portals and applications for insurance companies, and in both cases these are "tailor made" products according to the client's requirements.
Regarding the online presence of brokers, we offer Sirma Insurance Enterprise Web Calculator. Through this product, end website visitors can calculate their price and place an order.
The company also creates individual solutions and developments on assignment such as websites, web portals for end customers, administrative portals and mobile applications.
Business Development in Q3 2025 and investment plan
In Q3 2025 Sirma ICS continued with the execution of its strategic objectives:
30