In Q2 2025, MFG Invest’s portfolio value increased by nearly EUR 1.5 million, driven primarily by the revaluation of eBag. The company has delivered consistent growth over the past three years, with management showing a clear vision for profitable expansion ahead. We adjusted our valuation methodology — still conservatively — applying the formula “annual revenue × 1”, which is at the lower end of industry benchmarks.
The most exciting milestone for us in recent months was the successful IPO of Green Innovation AD (Hydrogenera) on the Bulgarian Stock Exchange, raising nearly BGN 8 million through the placement of 400,000 shares at BGN 19.90 each. As of the June 30, 2025 report, MFG Invest has not yet updated the company’s valuation, since Hydrogenera’s shares began trading only at the end of July. The valuation will be updated in the next reporting period as of September 30, 2025, based on BSE trading data.
More information can be found in the attached presentation.