EUROHOLD, the parent company of Euroins Romania, continued its strong performance in the third quarter of 2022

Revenues for the first 9 months tripled to approximately BGN 4.7 billion (EUR 2.4 billion)

EBITDA increased almost 6 times, reaching BGN 263.6 million (EUR 134.7 million)

Energy business accumulated revenues of BGN 2.7 billion (EUR 1.4 billion)

and EBITDA of BGN 213.9 million (EUR 109.3 million)

The volume of insurance premiums increased by 44.7%, reaching BGN 1.2 billion (EUR 614 million)

December 7, 2022 –Eurohold BulgariaAD, one of Southeast Europe’s leading energy and financial groups, reported solid results in the third quarter of 2022, building on its year-to-date performance, according to the company’s consolidated interim financial statement for the period.

Total revenue for the 9 months to September, they almost tripled compared to the previous year, reaching BGN 4.7 billion (EUR 2.4 billion), the highest level ever recorded for this indicator.

EBITDA and net profit for the period amounted to BGN 263.6 million (EUR 134.7 million) and BGN 110.1 million (EUR 56.3 million), respectively. EBITDA and net profit for the period were amounted to BGN 263.6 million (EUR 134.7 million) and BGN 110.1 million (EUR 56.3 million), respectively.

Energy business aEurohold, which operates under the brandElectrohold, accumulated 57% of total revenues and approximately three-quarters of the holding company’s earnings before interest, taxes, depreciation and amortization, before accounting for parent company results and intragroup eliminations. The final net financial result for the first 9 months in this segment was BGN 73.7 million (EUR 37.7 million). The current year is the first in which Eurohold fully consolidates the results of Electrohold in its financial position, after acquiring the Bulgarian subsidiaries of the Czech energy group CEZ in July 2021.

Eurohold’s insurance activities, brought together inEuroins Insurance Group (EIG), represented 42.6% of total revenues and just over a quarter of EBITDA. EIG’s gross written premiums increased by 44.7% year-on-year to BGN 1.2 billion (EUR 614 million). Eurohold’s gross income from insurance operations as a whole increased by 55% compared to the previous year, exceeding BGN 2 billion (EUR 1.02 billion). The holding company reported a net profit of BGN 64.1 million (EUR 32.8 million) from insurance activities.

All EIG subsidiaries posted solid resultsin the first 9 months of 2022.

Euroins Romania recorded a 3-fold increase in all its non-auto insurance lines, due to the change in the development strategy, the increased attention to general insurance and the significant expansion of the company’s product range.

Solid growth was also marked by Euroins Bulgaria, which brings together the group’s operations within the free provision of services in EU states. The Bulgarian unit’s premium volume increased by 35% year-on-year to BGN 342 million (BGN 175 millionEUR).

EIG’s two Ukrainian units gradually stabilized their results despite the extremely difficult economic environment in Ukraine due to the ongoing military conflict. Gross premiums written by the two companies reached BGN 28 million (€14.3 million) in the 9 months to September 2022, compared to BGN 47 million (€24 million) in the same period last year.

“Like any company, in the current situation, we operate in an environment where we face serious challenges, especially high inflation and the effects of the military conflict in Ukraine. However, we are confident that our development strategy, which focuses on energy business, and a broad geographic diversification of our insurance operations allow us to effectively manage risks and add value to our shareholders. Our performance since the beginning of the year indicates high productivity in the two main sectors in which we develop our businesses. We expect to expand our partnership with the EBRD, which is a minority shareholder in our insurance group. In this regard, a new bank investment is on the way to increase EIG’s capital. This will further strengthen the solvency of our insurance group. Current forecasts for the economic development of Central and Eastern Europe in the coming year are more favorable than those for the EU as a whole. We remain confident in the long-term growth potential of the CEE region”, commented Kiril Boshov, Executive Director and Chairman of the Board of Directors of Eurohold.

Consolidated results of Eurohold for the period January-September 2022 in BGN

Consolidated results of Eurohold for the period January-September 2022 in EURO

Source: Consolidated statement of the period

Eurohold Bulgaria AD

Eurohold Bulgaria AD is a major energy and financial group operating in Central, Eastern and South-Eastern Europe. It is listed on the Bulgarian and Warsaw Stock Exchanges. Eurohold is the owner of Electrohold, one of the most important energy groups in Bulgaria, with a share of 40% of electricity distribution. Electrohold has 3000 employees and serves more than 3 million consumers in the country. Electrohold is the legal successor to CEZ Bulgaria, after Eurohold, the largest listed holding company in Bulgaria, acquired, through its wholly-owned unit EEEC, the activities of the Czech energy group CEZ in this country. The Electrohold group includes seven companies, among which the most important are: ElectroDistribution Grid West (EDG West) – the owner and operator of the largest electricity distribution network in Bulgaria (the one in Western Bulgaria, with a total network length of over 58,000 km); Electrohold Sales – the largest supplier of electricity to residential customers on the regulated market, supplier of last resort and licensed trader of electricity to small and medium-sized enterprises on the free market; Electrohold Trade – the largest electricity supplier and wholesaler to large companies on the open market. Eurohold also owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG offers a full range of insurance products, serves more than 4 million customers in 13 countries and has more than 3,000 employees. Electrohold Sales – the largest supplier of electricity to residential customers on the regulated market, supplier of last resort and licensed trader of electricity to small and medium-sized enterprises on the free market; Electrohold Trade – the largest electricity supplier and wholesaler to large companies on the open market. Eurohold also owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG offers a full range of insurance products, serves more than 4 million customers in 13 countries and has more than 3,000 employees. Electrohold Sales – the largest supplier of electricity to residential customers on the regulated market, supplier of last resort and licensed trader of electricity to small and medium-sized enterprises on the free market; Electrohold Trade – the largest electricity supplier and wholesaler to large companies on the open market. Eurohold also owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG offers a full range of insurance products, serves more than 4 million customers in 13 countries and has more than 3,000 employees. Electrohold Trade – the largest electricity supplier and wholesaler to large companies on the open market. Eurohold also owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG offers a full range of insurance products, serves more than 4 million customers in 13 countries and has more than 3,000 employees. Electrohold Trade – the largest electricity supplier and wholesaler to large companies on the open market. Eurohold also owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG offers a full range of insurance products, serves more than 4 million customers in 13 countries and has more than 3,000 employees.www.eurohold.bg;www.eig.bg;www.electrohold.bg