The officially announced increase in civil servant salaries of 5% for the 2026 budget year turned out to be exceeded in a number of structures, as shown by the comparison in the personnel item of the draft budget for 2026 against 2025. For the Commission for Protection of Competition, total personnel costs are increased by 32.8%, as in the 2025 budget for the CPC, 6.7 million leva were set aside for salaries, in the 2026 budget, personnel costs reach 8.94 million leva. There is a large increase in the Commission for Counteracting Corruption - personnel costs for 2026 are 22.4 million leva compared to 14.8 million for 2025 - an increase of 57%. In the Commission for the Confiscation of Illegally Acquired Property, personnel costs are increased by 7.3%, which reflects a 5% increase and higher social security payments. The increase in personnel costs of the Energy and Water Regulatory Commission is 18.6% - this item increases from 12.8 million BGN to 15.2 million BGN. The increase in the personnel budget of the Financial Supervision Commission is higher compared to the other administrations. There, 18.8 million BGN were spent on personnel in 2025, in 2026 the commission will have 21.3 million BGN or a growth of 13%. Among the ministries, there is a larger jump than announced in the Ministry of Energy - from 13 to 15.5 million BGN or a growth of 18.8%. Salaries in the Ministry of Interior and the Ministry of Defense will rise by 12% instead of 5% due to the linking of their levels to the growth of the average salary. There is also a higher increase than the total for the administration in the education system.

At the end of September, the receivables on loans of companies specializing in lending from the Households and NPISH sector increased on an annual basis by 19.6% (849.5 million BGN) to 5.18 billion BGN. Compared to the end of June this year, they increased by 6.3% (305.7 million BGN). This was noted by the Bulgarian National Bank. Their relative share in the total amount of receivables on loans from residents increased from 70% at the end of September last year to 70.6% at the end of the same month of 2025. In the structure of receivables on loans from the sector, consumer loans prevail, which amounted to 5.04 billion BGN at the end of the third quarter. They increased by 19.4% (817.9 million BGN) on an annual basis and by 6.7% (318 million BGN) compared to the end of June. Their relative share in the total amount of receivables from loans from this sector decreased from 97.5% at the end of September last year to 97.3% at the end of the same month of 2025. The amount of housing loans at the end of the third quarter was BGN 11.9 million. They decreased by 44.4% (BGN 9.5 million) compared to the end of September last year, and increased by 10.5% (BGN 1.1 million) compared to June 2025. The relative share of these loans in the total amount of receivables from the Households and NPISH sector decreased from 0.5% at the end of September 2024 to 0.2% at the end of the same month of 2025. As of the end of September, the total loan receivables of companies specializing in lending amounted to BGN 7.48 billion (3.4% of GDP*), compared to BGN 6.31 billion (3.1% of GDP) at the end of September last year. They increased by 18.5% (BGN 1.17 billion) compared to the end of the third quarter of 2024 and by 5.9% (BGN 418.5 million) compared to the end of June 2025

Plot of 111 decares with a newly built 4.9 MWp photovoltaic plant (56 decares) and an adjacent free plot (55 decares) with development potential at a key location in the city of Blagoevgrad

The project to provide new depths in the port of Burgas is related to the modernization and expansion of the technical infrastructure (berths No. 20A and No. 20B) for processing the import of liquefied hydrocarbon gases and petroleum products on the territory of the port terminal "Burgas East-2", part of the port of Burgas. The goal is to ensure Bulgaria's energy independence through diversification of sources for the supply of petroleum products, the state enterprise "Port Infrastructure" motivates. The deepening of the water area of ​​the eastern basin of the port terminal "Burgas East-2" represents a major dredging, which will allow reaching the design depth of - 12.55 m. This will ensure safe access and effective operation of the port for receiving and servicing larger vessels. Currently, ships with fuel are unloaded inland because they cannot enter the port, which is shallow for large container ships. The total cost of the project is over 66.4 million leva, of which over 25.5 million leva are from the European Regional Development Fund. 4.5 million leva will come from the state budget, and the remaining 36.4 million leva must be provided by the state enterprise. The public procurement for the selection of a contractor with an estimated value of 55 million leva excluding VAT was announced at the end of June 2025. On August 12, the offers of the five candidates were opened. These are: Boskalis International, "Consortium Cosmos Van Oord" DZZD, "EIS-Stroitelna Kompaniya" AD, Profile (without registry number) - CHEYNS JAN FREDERIK, the individual OLEG PETROV TEMNIKOV. Oleg Temnikov usually submits the offers of the Belgian "Dredging International NV", and Jan Frederik of another Belgian company Jan De Nul nv. The consortium "Cosmos Van Oord" includes the Dutch company "Van Oord Dredging and Marine Contractors BV" and the Bulgarian "Cosmos Shipping". The surprise came when the price offers were opened on November 12. All large Western companies with billions of euros in turnover were eliminated. The reasons for this have not yet been published in the public procurement register. The only candidate admitted to the opening of the price offer is "EIS-Stroitelna Kompaniya", which has a turnover of 45.4 million leva in 2024 and is suing the National Revenue Agency for a revision act. It submitted a bid slightly below the estimated value - 53,746,055.83 leva excluding VAT (EUR 27,479,921.99). "EIS-Stroitelna Kompaniya" made a splash with the Russian dredgers it had hired to deepen the Varna port. It was on the verge of winning another tender - for the deepening of the Burgas-West port terminal for nearly 70 million leva. This public procurement was also monitored by the European Commission. In the end, the consortium in which "EIS-Stroitelna Kompaniya" was part withdrew and the contract was won by the Bulgarian-Dutch "Consortium Cosmos Van Oord" DZZD, which is still playing in this contract.

The state-owned "Mini Maritsa-Iztok" reported a loss of almost 210 million leva in the third quarter, compared to 107 million leva for the same period in 2024. And the total accumulated uncovered loss is already 613 million leva. The company depends on the orders of its partners, the main of which is the Maritsa-Iztok 2 TPP. The mines are also highly dependent on the load of "Brikel", "ContourGlobal Maritsa-Iztok 3", whose energy purchase contract expired at the beginning of 2024, as well as the AES-3S Maritsa-Iztok 1 TPP, whose activity is also in question, since its contract expires next year. All of these coal-fired power plants are operating poorly this year, as their energy is uncompetitive on the market due to the charging of carbon emissions prices to it. However, the revenues of the state-owned mines are growing slightly to 258 million leva (compared to 207 million leva a year earlier). However, compared to the increase in total expenses - from 313 million leva to 467 million leva - this is not enough at all, on the contrary - the indicators are deteriorating. The reported average number of personnel as of September 30, 2025 is 6261 people, which is a decrease of 338 people compared to the same period of the previous year. However, in servicing their obligations, the mines mainly use borrowed funds from the principal Bulgarian Energy Holding (BEH), which regularly subsidizes the company's activities. As of the end of September, "Mini Maritsa-Iztok" owes principal on loans with BEH in the amount of 208 million leva (including overdue 31 million leva) and interest in the amount of 2.3 million leva (including overdue 1.9 million leva). Total liabilities (liabilities, deferred taxes and provisions) exceed BGN 660 million. In 2025, four short-term loans were received from BEH in the amount of a total of BGN 100 million, mainly needed to finance the activity, including staff salaries.

One of the established companies in the field of industrial construction – “Technoengineering” EOOD, is about to launch a 1.5 MW electricity storage battery. The project was implemented a year after the company launched its own photovoltaic power plant near Karlovo with a capacity of 3.2 megawatts. “Technoengineering” has received a construction permit and has transferred the necessary advance payments to the suppliers. The total cost of the battery project is 1 million 868 thousand leva, of which 934,424 leva are its own investment. The project is being implemented with the financial support of the European Union Recovery and Resilience Mechanism, through the NextGeneration instrument. In 2025, “Technoengineering” participated in several financing programs related to the completion of its production base in Galabovo. The company successfully implemented an effective circular model aimed at reducing the amount of ferrous metal waste generated as a result of the company's production activities. Within the framework of the project, a CNC combined laser cutting machine and a CNC electro-hydraulic press brake have been implemented. The project has been implemented under the procedure "Support for the transition to a circular economy" for a total value of 1,458,635 leva. The funding is under the National Recovery and Sustainability Plan. "Technoengineering" also implemented a project in 2025 aimed at implementing innovative technological solutions to increase productivity, automation and digitalization of production processes. Three high-tech machines have been implemented within the framework of the project. The project has been financed by the European Regional Development Fund through the "Competitiveness and Innovation in Enterprises" Program for a value of nearly 1 million 776,800 leva, of which 977,000 leva are its own investments. Today, 40% of "Technoengineering" projects are in the energy sector and 60% are outside the sector. Just 5-6 years ago, 100% of the company's operations were in the Maritsa East complex. divident.eu

Chimimport AD to become a guarantor of a loan agreement for Fraport Twin Star Airport Management AD - Varna, which will be concluded with Bulbank AD. A decision on this will be made by an extraordinary general meeting of the shareholders of the megaholding, scheduled for December 22 in Sofia. The loan is in the amount of EUR 19,667,000.00. The money will be used for the reconstruction of an operating runway and apron at Burgas Airport. The loan term is seventy-two months with a grace period and disbursement - twelve months. Interest will be equal to the three-month EURIBOR + 1.45 percent. but no later than December 31, 2025. Repayment will be in equal quarterly installments after the grace period expires. A loan approval fee of 0.30% and a commitment fee - 0.30 per cent are also provided. Fraport Twin Star Airport Management AD is a German-Bulgarian company that is the concessionaire of Varna Airport and Burgas Airport. In the joint venture with Chimimport, Fraport holds a majority stake of 60 percent. The company manages and develops the two sea airports – gateways to the Bulgarian Black Sea Coast, providing 24-hour service: Varna Airport in Northeastern Bulgaria and Burgas Airport in Southeastern Bulgaria.

Bell Textron Prague will offer support for the six Bell 206 helicopters owned by the Bulgarian Air Force in cooperation with Terem-Holding EAD, after the two companies signed a memorandum of cooperation and mutual support. The memorandum will allow for the potential development of a solution for the Bulgarian Air Force that would provide local service provided by Terem with support for parts for machines and personnel from Bell. The agreement includes the provision of maintenance, engineering and design services and heavy and complex maintenance, conversions, modifications and upgrades, as well as customization of the Bell 206 helicopter fleet. The Czech company’s facility has modern paint booths that are suitable for all Bell helicopter models or machines of similar size. The facility also provides component-level services and overhaul capabilities, and serves as a one-stop shop for government and commercial customers in the region. Terem-Holding EAD is a state-owned enterprise managed by the Ministry of Defense of Bulgaria. It specializes in repair, modernization and logistical support of aviation equipment, vessels, armored vehicles, small arms, artillery and missile weapons, ammunition, radar and communications equipment.

Tbi bank will exercise its right to early redemption of a bond issue of EUR 20 million, issued in June 2024, maturing in December 2026 (9.0% annual interest). The bank has received all necessary regulatory approvals. The transaction will take place on December 22 of this year. This is the second bond issue that tbi bank has paid off this year, after the EUR 10 million issue issued in December 2023 (9.5% annual interest). The bank has been very active on the Bulgarian capital market since the beginning of the year, as a result of which it has attracted nearly EUR 100 million in investments in MREL bonds. Earlier this month, tbi bank successfully issued the largest MREL bond issue on the Bulgarian market worth EUR 60 million (3-year maturity, with a call option after the second year), which will soon be offered on the Bulgarian Stock Exchange.

"Boleron" AD will offer investors on the Bulgarian Stock Exchange a bond issue for almost 5 million euros, which will then be converted into shares - the issue will be 2 years and will pay a coupon of 8% per year, and will be secured by the company and its receivables. The funds will be used to repay debts to "ABFA Investments" in the amount of 2 million euros, and the rest of the funds raised will be used for business development. "ABFA Investments" is owned by "V Air Finance", which in turn is owned by the former Finance Minister from the NMSV Milen Velchev and his brother Georgi. The loan, which will be repaid, has an annual interest rate of 12%, and so in the event of a successful operation, "Boleron" will save interest costs. "Boleron" is an insurance broker that entered the beam market in February 2024, when it raised nearly 3.2 million leva. The company sells insurance online through its website of the same name, declaring 250 thousand leva in sales revenue at the end of June. Boleron also has two subsidiaries - Boleron Consulting and Boleron Broker De Asigurare-Reasigurare in Romania. Boleron's goal is now to place 4,950 bonds with a nominal value of 1,000 euros, with the decision subject to a vote by shareholders at a general meeting to be held on December 19. The bonds will have an 8% annual coupon, and upon maturity in the second year they will be convertible into shares, thereby increasing the company's capital. As of June 4, the company has nearly 300 individual shareholders and 21 legal entities. The company does not have a majority shareholder, with founders Alexander Tsvetkov, Dimitar Kolchakov and Simeon Kostov each owning about 7%, and Desislava Tsvetkova owning 5%. The listed "MFG Invest" holds nearly 14.5%, and the largest shareholder with 23.85% is "Digital Espivy", which is owned by "Wireless Electric", which in turn is owned by Stefan Kyuchukov, Georgi Guninski, Marius Velichkov and Ralitsa Petkova. According to the latest report, "Boleron" is operating at a loss, and for the first six months it is about 1.1 million leva.

EU construction output remained at the same level as in August in September, while the euro area recorded a decline, while Bulgaria grew for the second consecutive month, according to data from the official European statistics agency Eurostat. Construction in the EU stabilized at the new level since August, when it grew by 0.8%, while within the euro area, construction output contracted by 0.5% after a slight increase of 0.2% a month earlier. The strongest growth in September was recorded in construction in Hungary (a jump of 16.3%), Romania (by 7.7%) and Spain (by 5.0%). At the same time, the most solid decline in construction output was recorded in the Czech Republic (a decrease of 3.3%), Spain (by 1.5%) and France (by 1.3%). Bulgaria's construction output rose by 1.3% in September compared to August, when it grew by 2.2%, with only five other EU member states reporting better growth. Compared to a year earlier, EU construction output rose by 0.5% in September after a 0.8% increase in August, while construction in the euro area contracted by 0.3% after a 1.0% growth the previous month. However, Bulgarian construction output rose by 9.7% in April after a 6.2% increase in August, marking the 21st consecutive month of year-on-year growth. In this indicator, Bulgaria is only outperformed by four other EU member states - Slovenia (up 25.7% year-on-year), Slovakia (up 18.7%), Hungary (up 15.1%) and the Czech Republic (up 12.9%). At the same time, the most significant year-on-year decline in construction was recorded in Spain (down 4.8%), Austria (down 3.1%) and Germany (down 2.2%).

U.S. employment growth accelerated in September, but unemployment rose to 4.4 percent and the economy shed jobs in August, suggesting the labor market remains weak, the U.S. Bureau of Labor Statistics said, as cited by Reuters. Nonfarm payrolls rose by 119,000 in September after falling by 4,000 in August. Economists polled by Reuters had expected a gain of 50,000 jobs, compared with a previously reported gain of 22,000 in August. The unemployment rate rose to 4.4 percent in September from 4.3 percent in August. Hiring remained positive, but some sectors continued to cut staff.

China's coal-fired power plants set a record in October despite a coal shortage, Reuters reported. Fossil-fueled power plants (mostly coal-fired, with a very small number of gas-fired) produced 513.8 terawatt-hours of electricity last month, up 7.3 percent from October 2024 and the highest for an October since 1988. Overall power generation was at its highest level in three decades at 800 terawatt-hours, up 7.2 percent year-on-year, the data showed. It was supported by both coal-fired and hydropower plants, which grew by just over 28 percent. The rise came amid a tight output that pushed up the price of both domestic and imported coal. Output fell 2.3 percent year-on-year to just over 406 million tonnes. Because of the higher price, imports remain at the same level. In Southeast Asian countries, between 50% and 100% of coal-fired power plants operate with long-term contracts, the duration of which is between 9 and 18 years. According to environmentalists quoted by Reuters, this is one of the main reasons for the slow transformation to green energy in Asia. On the other hand, local coal brings security to the energy system during recent market crises, especially for Southeast Asian countries. Therefore, it is not surprising that in recent years, dependence on coal in these regions has increased, including due to energy crises. Power plants relying on local coal mining also provide secure electricity supplies and secure employment for thousands of people. Thus, the share of coal in the energy mix has increased from about 35% a decade ago to about 45% in the last year. In a global perspective, the trend is the opposite - a decrease in dependence from 39% to about 34%.