BUL:HES Income Statement

Financials in millions BGN. Fiscal year is January - December.

Millions BGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	82.01	72.98	84.83	94.25	70.05
Other Revenue	-	1.07	1.08	1.05	0.71
Revenue	82.01	74.05	85.91	95.3	70.76
Revenue Growth (YoY)	10.76%	-13.81%	-9.86%	34.67%	38.93%
Cost of Revenue	42.82	41.41	51.06	56.82	39.77
Gross Profit	39.2	32.64	34.84	38.48	31
Selling, General & Admin	28.34	23.38	25.59	25.46	20.72
Other Operating Expenses	0.4	0.48	0.56	-1.08	-1.04
Operating Expenses	33.27	28.08	29.85	28.05	22.93
Operating Income	5.93	4.56	5	10.43	8.07
Interest Expense	-0.13	-0.14	-0.34	-0.14	-0
Currency Exchange Gain (Loss)	-0.28	0.07	-0.1	0.11	0.13
Other Non Operating Income (Expenses)	-0.02	-0.02	0.03	0.26	0.26
EBT Excluding Unusual Items	5.5	4.47	4.59	10.66	8.46
Gain (Loss) on Sale of Assets	-	0.02	0	0.01	0.04
Pretax Income	5.5	4.49	4.59	10.66	8.5
Income Tax Expense	0.56	0.46	0.46	1.07	0.85
Net Income	4.94	4.03	4.13	9.59	7.65
Net Income to Common	4.94	4.03	4.13	9.59	7.65
Net Income Growth	22.56%	-2.52%	-56.89%	25.35%	26.24%
Shares Outstanding (Basic)	18	18	18	18	18
Shares Outstanding (Diluted)	18	18	18	18	18
EPS (Basic)	0.27	0.22	0.23	0.53	0.42
EPS (Diluted)	0.27	0.22	0.23	0.53	0.42
EPS Growth	23.39%	-3.18%	-56.89%	25.49%	27.27%
Free Cash Flow	4.86	0.08	-0.16	-3.1	-3.71
Free Cash Flow Per Share	0.27	0.00	-0.01	-0.17	-0.20
Dividend Per Share	-	0.210	0.210	0.330	-
Dividend Growth	-	-	-36.36%	-	-
Gross Margin	47.79%	44.08%	40.56%	40.37%	43.80%
Operating Margin	7.23%	6.16%	5.82%	10.94%	11.40%
Profit Margin	6.02%	5.44%	4.81%	10.06%	10.81%
Free Cash Flow Margin	5.92%	0.10%	-0.19%	-3.26%	-5.25%
EBITDA	10.46	8.67	8.5	13.88	11.1
EBITDA Margin	12.75%	11.71%	9.90%	14.56%	15.69%
D&A For EBITDA	4.53	4.1	3.51	3.45	3.03
EBIT	5.93	4.56	5	10.43	8.07
EBIT Margin	7.23%	6.16%	5.82%	10.94%	11.40%
Effective Tax Rate	10.23%	10.27%	9.99%	10.06%	10.02%
Revenue as Reported	82.23	74.24	86.09	97.6	72.75
Advertising Expenses	-	0.08	0.08	0.08	0.09

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.