Foreign stocks: Bulgaria – new to the euro, new to the stock market

Driven by the introduction of the euro, the Bulgarian stock market continues to rise. It has now become much easier to invest in Bulgarian stocks thanks to the listing of a whole range of stocks on the local stock exchange. 

January 22, 2026. FRANKFURT (Deutsche Börse). Sunny beaches, world-famous monasteries, but also corruption and political instability – that's what people in this country associate with Bulgaria. What is less well known is that the country also has solid growth rates and is one of Europe's model students when it comes to public debt. Bulgaria has been a member of the eurozone since the beginning of the year. It is expected that increased European integration and reforms will now make the country more attractive for investment. Following the introduction of the euro, a number of Bulgarian stocks became tradable on the Frankfurt Stock Exchange on January 6, with more to follow.

Sofix off to a flying start in the new year

The Bulgarian stock market has already felt the effects of joining the eurozone. Over the past twelve months, the Bulgarian stock index Sofix has risen by 56 percent, with a 17 percent increase in the past four weeks alone. “The introduction of the euro is acting as a catalyst here,” says Marc Richter of Steubing AG, a specialist in Bulgarian stocks. By joining the eurozone, the country gains full access to the instruments of the Eurosystem and greater institutional weight through its involvement in monetary policy operations. “This increases the attractiveness of the stock market for investors,” Richter notes. In addition, the conditions are now in place for the country to be included in various funds.

Model student in terms of national debt

However, there is also a downside: political uncertainty persists. Bulgaria's President Rumen Radev recently announced his resignation – just a few weeks before the planned parliamentary elections and after several attempts to form a government had failed. In addition, according to Transparency International's Corruption Perceptions Index, Bulgaria remains one of the countries with a high level of corruption in the public sector.

In many respects, however, the country is doing well: the OECD expects robust growth for Bulgaria: after 3 percent in 2025, it now forecasts 2.6 percent in 2026. “This puts the country above many core eurozone countries,” explains Richter. In terms of public debt, Bulgaria is even considered a model student: in 2024, the debt ratio was around 24 percent of GDP, and 28 percent is forecast for 2025 – well below the eurozone average of 88 percent.

From pharmaceuticals to construction

The shares now available for trading include those of the pharmaceutical company Sopharma (BG11SOSOBT18). “Sopharma is one of Bulgaria's largest pharmaceutical companies, with sales of over €1 billion and solid growth last year,” explains Richter. The stock is also one of the established blue chips on the Bulgarian stock market and has the highest market capitalization. According to Richter, Trace Group (BG1100049078) is the leader in the Bulgarian infrastructure and construction sector. “The company is involved in joint ventures, for example for the construction of a metro line in Bucharest, which strengthens its international position.” Also included is Eurohold Bulgaria (BG1100114062), an investment company. “Eurohold significantly increased its revenue and earnings in the past fiscal year,” Richter notes. “The stock is also currently showing strong relative performance.”

Shelly Group with dual listing

Incidentally, the tech company Shelly Group (BG1100003166), one of two Bulgarian “unicorns” alongside Sopharma with a valuation of over €1 billion, has been tradable for some time. Since 2021, Shelly has been listed on both the Prime Standard of the German Stock Exchange and the “Eurobridge” segment in Sofia, which has resulted in high trading volumes: since it was admitted to trading, trading volume has doubled. The listing was made possible by a cooperation project between the Bulgarian Stock Exchange and Deutsche Börse AG. Its goal: to open up new investor circles for Bulgarian companies through dual listings. As part of this project, another listing in the Prime Standard is planned. Sirma Group Holding is planning a dual listing on the German Stock Exchange on February 24.