What to do when the bank gives me 0%

Doverie-United Holding, the company with the largest shareholder base in Bulgaria, is finally ready to flip the page as it almost paid off Moldindconbank acquisition debt and is already reallocating the incoming bank dividends to income generating assets. So far it has redirected part of the capital towards its biggest shareholder – Sopharma, building a sizable stake. With those bank dividends on the horizon, Doverie looks ready to dive into new endeavors, expand the current ones and why not initiate that long-awaited dividend payout.

SPEEDY, the leading Bulgarian courier, keeps impressing with stellar fundamentals 15% 5yr revenue CAGR and 40% 5yr average roe, despite a challenging market environment with new players rapidly expanding in the already saturated courier industry. The company reported only 5.4% y/y rise in revenues in fy2025, the second single digit expansion in a decade, but stepped-up efficiency by driving the bottom line up 67.22% y/y. By sustaining a well-balanced hybrid network, SPEEDY is set to keep the profitability lead, prioritizing margins over volumes.

ITF Group, the leading Bulgarian fintech consumer lender, delivered another stellar performance set slightly beating our expectations. FY2025 ended with 36% y/y revenue growth to EUR 18m and 53% y/y net income surge to EUR 2.8m, excluding one-offs, keeping up the pace in q1'26. In 2025, ITF also completed its pivot from monoline consumer lender to integrated fintech holding by acquiring the p2p lender Klear Lending and securing an e-money licence through Moneso, opening a new chapter in the company's portfolio development