EUROHOLD GROUP (Holding company of Euroins Insurance Group): REVENUES TRIPLED, NINE MONTHS 2022 EBITDA INCREASED SIXFOLD

• Revenues tripled to €2.4 billion Euro in the 9 months of 2022
• Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 6 times to 134.7 million Euro
• Activities in  the energy sector contributed €1.4 billion in revenue and by 109.3 million Euro in EBITDA
• The volume of premiums increased by 44.7% to 614 million Euro

Sofia, 22 December 2022 - Eurohold Bulgaria AD, a leading energy and financial group in Southeastern Europe, announced impressive results for the nine months of 2022, consolidating the strong economic performance it has recorded since the beginning of the year.

According to the Company's consolidated interim financial statement for the period January-September 2022, total revenues almost tripled year-on-year to €2.4 billion Euro, recording an all-time high. Earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profit for the period amounted to 134.7 million and EUR 56.3 million Euro, respectively.    

Eurohold's activities in the energy sector, carried out by the subsidiary Electrohold, account for 57% of total revenue and approximately 3/4 of earnings before interest, tax, depreciation, and amortization, before calculating the parent company's results and intra-group depreciation. The final net financial result of this activity amounted to 37.7 million Euro in the same period. It is noted that this year is the first in which Eurohold fully consolidates Electrohold's results in its financial statements following the acquisition of the Bulgarian subsidiaries of the Czech energy group CEZ in July 2021.

Eurohold's insurance activities, consolidated under the Euroins Insurance Group (EIG), accounted for 42.6% of total revenue and almost 1/4 of EBITDA. EIG's gross written premiums increased by 44.7% year-on-year to 614 million Euro. Eurohold's gross income from insurance operations, taken as a whole, increased by 55% year-on-year to over 1 billion Euro. The Company announced a net profit of 32.8 million Euro from its activities in the insurance sector.

All EIG subsidiaries recorded strong results in the nine months of 2022. Euroins Romania recorded three times more growth in all non-motor insurance sectors due to a change in strategy for growth, an increased focus on non-motor insurance and a significant expansion of the company's product range. Euroins Bulgaria also recorded strong growth rates, which includes the group's activities under the freedom to provide services in EU states (Poland, Spain, Italy, etc.) but also under the status of establishing a branch in Greece. The Bulgarian unit's premium volume increased by 35% year-on-year to EUR 175 million Euro. The two Ukrainian units of EIG stabilized their results despite the extremely difficult economic environment in Ukraine due to the ongoing conflict. The gross written premiums of the two companies amounted to 14.3 million Euro the period under review, compared with 24 million Euro in the same period of the previous year.         

"The current geopolitical and, by extension, economic conditions, constitute an environment of serious challenges for the entire European business world. Despite the difficulties, we are convinced that our energy-focused growth strategy and the wide geographical diversification of our insurance business allow us to effectively manage risk and add value to our shareholders. Our performance since the beginning of the year indicates high productivity in the two main industries where we operate. At the same time, we expect to expand our cooperation with EBRD, who is a minority shareholder in our insurance Group, as a new such investment will increase EIG's capital by further enhancing the solvency of our insurance group. The current forecasts for economic growth in the Central Eastern Europe region in 2023 are particularly favorable compared to the EU as a whole. We remain optimistic about our long-term growth potential in this geographical area," commented Kiril Boshov, managing director and chairman of Eurohold's board of directors.

Eurohold Group has been active in the insurance sector in Greece since 2014 initially under the FoS regime and since 2019 through the Branch of EUROINS AD. The Director of EUROINS Greece Mr. Evgeny Svetoslavov Ignatov stated: "I am convinced that EUROINS Greece will continue to grow at an impressive pace, enjoying the confidence of its partners and policyholders. In 2023, EUROINS Greece will expand its activity in new insurance sectors and already from the beginning of January the new Home and Personal Accident insurance products will be available to the insured. We always make sure to listen to the needs of our customers by designing innovative, flexible products that satisfy them in the most complete way, always considering the adverse macroeconomic conditions we have been experiencing in recent months".

Consolidated results of Eurohold for January-September 2022 in EUR

 Source: Consolidated statement for the period 

 Eurohold Bulgaria AD

Eurohold Bulgaria AD is a leading energy and financial group operating in Central, Eastern and Southeastern Europe. It is listed on the Bulgarian and Warsaw Stock Exchange. Eurohold is the owner of Electrohold, a leading energy group in Bulgaria with 40% power distribution. Electrohold has 3000 employees and serves more than 3 million consumers in the country. Electrohold is the legal successor of CEZ Bulgaria after Eurohold, the largest listed holding company in Bulgaria, acquired, through its wholly owned EEEC unit, the Czech energy group CEZ's business in the country. Electrohold Group comprises of seven companies, among which the main ones are: ElectroDistribution Grid West (EDG West) - owner and operator of the largest electricity distribution network in Bulgaria (the one in Western Bulgaria with a total network length of more than 58 000 km); Electrohold Sales - the largest electricity supplier for residential customers in the regulated market, supplier of last resort and licensed electricity dealer for small and medium-sized enterprises in the free market. Electrohold Trade - the largest electricity supplier and wholesaler for large corporate customers in the free market. Eurohold also owns Euroins AD Insurance Group (EIG), one of the largest insurance groups in the region.  EIG provides a full range of insurance products, serves over 4 million customers in 13 countries and employs over 3,000 people.

www.eurohold.bg;  www.eig.bg; www.electrohold.bg