Address to shareholders, 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 and 2024, Bulgaria’s economy 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
In May 2015, Sirma had a total of 360 employees. By November 2025, that number had grown to 737 experts –an increase of 105%. Our people remain our greatest asset.
Revenue
Our consolidated revenue rose from BGN 27.865 million in 2014 to BGN 100 million in 2024 – growth of 259%.
Productivity
Revenue per employee increased from BGN 77,403 at the time of the IPO to BGN 135,685 in 2024 – an improvement of 75%.
Dividends
Over the past 10 years, Sirma distributed a total of BGN 7.165 million in dividends to its shareholders.
Share Buyback
Between 2015 and the end of 2025, Sirma repurchased 8,746,789 shares. The bulk of these buybacks enabled us to acquire minority interests in key subsidiaries and integrate them into the Group structure, while a smaller portion contributed to our management compensation and incentive programs.
Shareholder Growth
At the time of the IPO, Sirma had 474 shareholders. By the end of 2025, this number had grown to 1,330, an increase of 180%.
Share Price and Market Capitalization
Although our share price remained below the IPO level for an extended period, over the full ten-year span it increased by 42%, from BGN 1.20 to BGN 1.70. As a result, our market capitalization rose from BGN 71 million to BGN 101 million.
Commitment, Resilience, Passion and Trust
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
