Elektroenergien Sistemen Operator SPJSC - Sofia - Short Company profile

The state profits from energy and military plants The state profits from energy and military plants, while the rest of the enterprises owned by it cannot boast of great successes. Kozloduy NPP for the third quarter of 2025 has a profit of 159 million leva. On an annual basis, however, it decreases by 47% due to the contribution to the energy security fund, which is 414 million. Operating income is 1.666 billion leva - 8% more on an annual basis. Expenses are 1.492 billion, which is 274 million leva more. The entire profit of Kozloduy NPP for last year, in the amount of nearly 200 million leva, was distributed as a dividend in favor of the Bulgarian Energy Holding (BEH). This has worsened the liquidity of the nuclear power plant and it has drawn short-term loans to secure working capital. In the first nine months of 2025, the two nuclear units produced almost 12 million megawatt hours of electricity, and 11.34 million were sold. Bulgartransgaz's profit fell by 11.7% to 225.764 million leva for the first nine months. Revenues were 821.225 million leva – 34.5 million more on an annual basis, mainly thanks to licensing activities from the modernization and expansion of the gas transmission infrastructure. Revenues from gas transmission were 662 million leva, which is a growth of 4%, and those from storage were 24.6 million leva. The quantities transmitted were mainly to Romania and Serbia. The company's expenses were 277.448 million leva, which is 30.256 million more. This is mainly due to the higher price of natural gas. Two loans for 30.3 million euros were repaid, but in September a new one for 127.2 million euros was drawn for the implementation of the Vertical Gas Corridor. BEH's profit increased by 40.6% to 906.541 million leva. Revenues increased to 818.5 million leva, but this was due to the growth in dividends paid by subsidiaries. Expenses increased by 1 million to 11.668 million leva, mainly for external services. BEH has given a loan to “Mini Maritsa – East” in the amount of 140 million leva. ESO realized a profit of 187.308 million leva, which is a decrease of 5.041 million. The main factors for this are the higher purchase price of energy for technological consumption. Revenues are just over 1 billion, and expenses – 896 million leva. “Mini Maritsa - East” is at a loss of 209.109 million leva, which is double the amount it lost last year. Revenues increased by 25% to 257.896 million leva. Almost the entire amount is due to sales of coal, the production of which has increased. However, expenses jumped by 50% to 467 million leva. There was a huge increase of 758% in the “Other expenses” item, reaching 24 million leva. The expenses for external services also increased by almost 69% to 38 million leva. “Maritsa - East 2” TPP is also at a loss of 235.770 million leva, while last year it was 101.6 million leva. Total expenses exceed 1 billion leva, which is an increase of 30%. The main ones are for greenhouse gas emissions – 51% more to 578 million leva. This is due to increased production, as well as higher quota prices. Revenues grow by 12% to 854.412 million leva. 2.846 million megawatt-hours of electricity were realized, which is an increase of 17.6%. Military plants continue to have a profit, but here it is not small either. VMZ - Sopot, has accumulated 153.570 million leva for the nine months, which is a 26% decrease for the year. Revenues increase by 166 million to 759 million leva, and expenses – by 193 million to 656 million leva. Revenues from sales of special production are 746.7 million leva. 51% of them are ammunition, a relatively large share is held by those for hand-held and heavy anti-tank grenade launchers. By the end of the year, the implementation of contracts for 250 million leva is expected. The profit of “Terem Holding” is shrinking by 85% to 117 thousand leva. Net sales revenue is decreasing by 42% to 10.654 million leva. The services provided for the repair, production and modernization of weapons and military equipment are increasing by 73.5%. At the same time, expenses are decreasing by 36%. The financial result of “Kintex” is shrinking by 92% for the year to 89 thousand leva profit. The company has realized revenues from sales of special-purpose goods for 7.517 million leva. They are increasing by 52%, new contracts have also been concluded. A strategy for entering new markets in the Middle East and Africa has been developed and is being implemented.