Address to Shareholders by Tsvetan Alexiev CEO
On November 23, 2015, Sirma Group Holding made its first appearance on the Bulgarian Stock Exchange –an important milestone that transformed our ambitions into a public promise. Our IPO was not just a financial event; it signaled our readiness to grow, innovate, and lead. For our investors, it marked the beginning of a new opportunity to engage with a bold, forward-looking enterprise.
A decade is a significant period for any publicly-traded company, but particularly so in the context of the Bulgarian stock market. Over these ten years, our shares have generated more than BGN 51 million in trading volume. Furthermore, our stock entered the SOFIX index and was later included in the PREMIUM segment of the Bulgarian Stock Exchange – recognition of both our stability and our long-term potential. These years, however, have been anything but predictable. Between 2015 and2024, Bulgaria’s GDP grew at an average annual rate of 3.2%, yet that growth was far from consistent. The global environment was marked by unprecedented challenges: trade tensions, the COVID-19 pandemic, military conflict in Europe, Eurozone debt pressures, Brexit uncertainty, and a prolonged economic slowdown across global and European markets.
As a company operating internationally and delivering technology solutions across multiple markets, each of these challenges had a direct impact on Sirma’s development. Bulgaria also faced its own economic and political pressures, influenced both by global dynamics and domestic factors.
Yet it was also a decade of profound technological transformation. Digitalization reshaped every aspect of society. Local servers gave way to cloud infrastructure. Organizations, businesses, and banks transitioned to online services and digital commerce. And with the rise of artificial intelligence, productivity reached levels previously unimaginable.
Today, ten years on, we can clearly measure what we set out to achieve and what we delivered, i.e. how Sirma navigated multiple crises, outperformed its competitors, and continued to create value for its shareholders. Here’s a quick snapshot of what we achieved:
Employees
The number of employees in the Sirma companies in May 2015 was 360. As of November 2025, the total number of experts working in Sirma had increased to 737, or a growth of 105%.
Revenue
The consolidated revenue of the Sirma companies increased from BGN 27.865 million at the end of 2014 to BGN 100 million at the end of 2024, or a growth of 259%.
Productivity
The productivity(revenue/number of employees) of each employee of Sirma increased from BGN77,403 during the initial public offering to BGN 135,685 by the end of 2024, ora growth of 75%.
Dividends
Over the past 10 years,Sirma distributed a total amount of BGN7.165 million dividends to its shareholders.
Buyback
During the years from2015 to the end of 2025, Sirma bought back 8,746,789of its own shares. The majority of the bought back shares were used to buy out minority stakes in subsidiaries and merge them into the parent company (the Consolidation Project). A smaller portion was used to reward the company's management.
Number of shareholders
After the initial public offering in 2015, Sirma had 474 shareholders. Over time, their number grew to1,330 by the end of 2025, or an increase of 180% for the period.
Share price and market capitalization
The Sirma share price traded for a long time below the price achieved during the initial public offering. Nevertheless, for the entire ten-year period, the price increased by 42% from 1.20 leva per share to 1.70leva per share. Accordingly, the company's market capitalization increased during the period from 71 million leva to 101 million leva.
These achievements are remarkable not only because of their scale but because of the resilience and commitment they reflect. They were made possible by the trust of our shareholders, the loyalty of our partners, and – above all – the dedication, expertise, and passion of the people of Sirma.
As we look forward, we step into a new decade filled with even greater opportunities. The landscape of technology continues to evolve rapidly and Sirma is well-positioned –strategically, technologically, and culturally – to lead and to grow.
Together, let us embrace the challenges ahead, unlock new potential, and build an even stronger, more ambitious Sirma.
Thank you for your trust.
Thank you for your partnership.
And thank you for the past ten years and for the many successful years to come.
Tsvetan Alexiev
Chief Executive Officer
