BUL:HES Income Statement

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

Millions BGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	77.53	72.98	84.83	94.25	70.05	50.52
Other Revenue	1.07	1.07	1.08	1.05	0.71	0.41
Revenue	78.59	74.05	85.91	95.3	70.76	50.94
Revenue Growth (YoY)	6.50%	-13.81%	-9.86%	34.67%	38.93%	-17.57%
Cost of Revenue	43.83	41.41	51.06	56.82	39.77	28.55
Gross Profit	34.76	32.64	34.84	38.48	31	22.39
Selling, General & Admin	24.44	23.38	25.59	25.46	20.72	15.32
Other Operating Expenses	0.6	0.67	0.68	0.93	-1.04	-2.69
Operating Expenses	29.44	28.27	29.97	30.07	22.93	15.75
Operating Income	5.33	4.37	4.87	8.41	8.07	6.64
Interest Expense	-0.13	-0.14	-0.34	-0.14	-0	-0.03
Currency Exchange Gain (Loss)	-0.15	0.07	-0.1	0.11	0.13	-0.17
Other Non Operating Income (Expenses)	0.17	0.17	0.16	2.28	0.26	0.28
EBT Excluding Unusual Items	5.21	4.47	4.59	10.66	8.46	6.73
Gain (Loss) on Sale of Assets	0.02	0.02	0	0.01	0.04	0.01
Pretax Income	5.23	4.49	4.59	10.66	8.5	6.74
Income Tax Expense	0.54	0.46	0.46	1.07	0.85	0.68
Net Income	4.7	4.03	4.13	9.59	7.65	6.06
Net Income to Common	4.7	4.03	4.13	9.59	7.65	6.06
Net Income Growth	30.63%	-2.52%	-56.89%	25.35%	26.24%	39.63%
Shares Outstanding (Basic)	18	18	18	18	18	18
Shares Outstanding (Diluted)	18	18	18	18	18	18
EPS (Basic)	0.26	0.22	0.23	0.53	0.42	0.33
EPS (Diluted)	0.26	0.22	0.23	0.53	0.42	0.33
EPS Growth	29.87%	-3.18%	-56.89%	25.49%	27.27%	38.34%
Free Cash Flow	0.82	0.08	-0.16	-3.1	-3.71	-1.67
Free Cash Flow Per Share	0.04	0.00	-0.01	-0.17	-0.20	-0.09
Dividend Per Share	0.210	0.210	0.210	0.330	-	0.260
Dividend Growth	-	-	-36.36%	-	-	-
Gross Margin	44.23%	44.08%	40.56%	40.37%	43.80%	43.96%
Operating Margin	6.78%	5.90%	5.67%	8.82%	11.40%	13.04%
Profit Margin	5.97%	5.44%	4.81%	10.06%	10.81%	11.90%
Free Cash Flow Margin	1.04%	0.10%	-0.19%	-3.26%	-5.25%	-3.28%
EBITDA	9.61	8.47	8.38	11.86	11.1	9.74
EBITDA Margin	12.23%	11.44%	9.75%	12.44%	15.69%	19.12%
D&A For EBITDA	4.28	4.1	3.51	3.45	3.03	3.1
EBIT	5.33	4.37	4.87	8.41	8.07	6.64
EBIT Margin	6.78%	5.90%	5.67%	8.82%	11.40%	13.04%
Effective Tax Rate	10.23%	10.27%	9.99%	10.06%	10.02%	10.02%
Revenue as Reported	78.88	74.24	86.09	97.6	72.75	54.42
Advertising Expenses	-	0.08	0.08	0.08	0.09	0.14

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.