The growing international attention toward the Bulgarian capital market is a clear recognition of the progress achieved in recent years. The steps taken to expand market opportunities and create better access to capital for companies are essential for the long-term development of the economy. At the same time, the evolving geopolitical environment will play an increasingly important role — not only for new listings and market activity, but also for the broader future of capital markets across Europe.
Georgi Klissurski
Acting Minister of Finance
Investor Day 3.0 has established itself as a leading platform where investors, issuers, and market participants can connect directly, exchange ideas, and explore new opportunities for growth. The strong international presence and growing interest from foreign investors are clear signs of the increasing confidence in the Bulgarian capital market and its long-term potential.
Vasil Golemanski
Chairperson of the Financial Supervision Commission
This year’s Investor Day has attracted remarkable interest, which is a strong signal of the momentum behind the Bulgarian capital market. In the first quarter alone, following Bulgaria’s entry into the eurozone, trading turnover on the Bulgarian Stock Exchange nearly doubled in both volume and value. This gives us confidence that the record performance of last year could very well be surpassed in 2026.
Assoc. Prof. Dr. Manyu Moravenov
CEO of the Bulgarian Stock Exchange
Europe has the capital, the talent, and the ambition - but spending still lags behind its own goals. That gap is not a weakness; it’s an opportunity for investors who can move early.
Tim Craighead
Global Chief Content Officer, Bloomberg Intelligence
The real reason to go public as a company is access to long-term growth capital. Public markets don’t just fund companies — they sustain them. Listing because the market window is open is the wrong reason. Without preparation, even the best timing won’t lead to a successful IPO.
Klaus Schinkel
Managing Director, Edison Group
For most companies, the home market is not a compromise - it’s a strategic advantage, especially when building long-term investor relationships. Local investors are often the first signal of trust. If your home market believes in your story, international capital will follow. A strong local investor base is critical in the early stages of an IPO. If local institutions, especially pension funds, believe in your story, international investors are far more likely to follow.
Stefan Maxian
Equity Capital Markets Director, Raiffeisen Bank International AG
What some investors see as ‘too small or too illiquid’ market, we see as opportunity — because mispricing often lives where others don’t look. Information is global today. A strong company in Bulgaria can be discovered by investors from Asia or Latin America just as easily as one in London or New York.
Steve Gorelik
Portfolio Manager and Head of Research at FireBird Management
You can find investor interest. It’s about making the effort to find the right investors and continuously telling your story. In the long term, valuation always comes. If a company is underperforming, someone will eventually recognize the opportunity and pick up the story.
Klaus della Torre
General Manager of ODDO BHF Austria Branch and Co-Head of Equity Sales Austria & CEE
We invest with a 5–10 year horizon. We’re not here for a quick return — we’re here for sustainable value. At the core, we look at two things: how a company makes money — and how it allocates that capital over time. Long-term returns come from companies with real competitive advantages and the ability to reinvest capital wisely. And something very important - if owning 1% of a company doesn’t give you access to 1% of its cash flows, it’s not an investment story we can back.
Investor Day Voices