HR Capital AD will issue secured convertible bonds that provide investors with both a fixed income and the opportunity to participate in the growth of the company's portfolio value. The total value of the bonds is up to EUR 5.007 million, each with a nominal value of EUR 1,000. The raised up to EUR 5,007,000 will finance the acquisition and increase of HR Capital AD's stake in eBag - the leading Bulgarian online grocery delivery platform. The decision to issue the bonds was made by a resolution of the Company's Board of Directors at the end of December 2025. The term of the bond loan will be 42 months, and the bondholders will have the right to convert them in the second (at a 22% discount) and the third year (at a 33% discount) into shares of HR Capital AD. The right to subscribe for convertible bonds is granted to persons who have acquired ordinary shares, class "A", no later than 5 (five) business days after the date of publication of the announcement of the offering on the internet site of the beam market of the Bulgarian Stock Exchange (BSE). 9,113,199 rights will be issued (1 share = 1 right), with 1,820 rights giving the opportunity to subscribe for 1 bond. Each person, holder of rights, may subscribe for at least one bond provided that he holds at least 1,820 rights. The maximum possible number of bonds that each person may subscribe for is equal to the number of acquired and/or held rights, divided by 1,820. The interest is 11% with deferred payment and is not convertible into shares. When exercising the conversion, the investor waives the right to receive the interest in cash. The funds from the bond issue will be deposited in an ESCROW account and will be utilized only upon a proven transaction for the purchase of a share in eBag. The offering will be considered successful if bonds with a total nominal value of not less than EUR 1,750,000 are subscribed and paid. eBag.bg is the leading online grocery delivery platform in Bulgaria, serving over 50,000 active households in Sofia, Plovdiv, Bansko, Blagoevgrad, etc. Founded in 2017, the company has established itself as a dominant player in this segment, combining its own logistics infrastructure with a sustainable base of loyal, repeat customers. eBag employs over 600 people. By 2028, revenues are expected to reach EUR 225 million excluding VAT at a 7% EBITDA margin. Ebag has over 150,000 customers, including 29,000 new ones in 2024 alone. The company offers over 18,000 unique items and has 104,000 unique orders per month (3,500 per day). The average order size is 70 euros.
Source: Darik Radio (20.01.2026)

HR Capital AD has sold 5006 of the 5007 bonds offered. The offering began on January 28, 2026 and ended on February 13, with the issue price of all 5006 bonds applied for subscription having been paid. As a result of the offering, an amount of EUR 5,006,000 was raised on the company's savings account at TBI Bank EAD. The amount of commissions and expenses on the offering amounted to EUR 125,940.47. The investment intermediary that handled the procedure is Karol AD. The company announced that it will issue bonds for up to 5,007,000 euros at the end of December 2025. The funds raised are intended to purchase shares from the capital of Convenience AD ??(ebag.bg) by MFG Invest AD according to a preliminary agreement concluded between the parties.
Source: investor.bg (16.02.2026)

According to rough estimates, the entire FMCG market in Bulgaria is worth about 11-12 billion euros, and has been growing steadily in recent years due to the increasing purchasing power of the people in the country. The leading 10 players generate a consolidated net turnover from the sale of goods of nearly 5 billion euros. Lidl consolidated its leadership in the market in the past 2025. In 2025, Lidl also consolidated itself as a leader in the largest cities and markets in the country: Sofia, Plovdiv, Varna. Otherwise, the leading three in the retail trade of FMCG and mainly food consists of Lidl, Kaufland and Billa and has not changed in the last few years. The online retailer eBag has experienced dynamic development in recent years, and in 2025 it is most likely already part of the leading ten in terms of turnover in the country with nearly 50% annual revenue growth. Another rapidly developing chain is Minimart, which ended 2025 with 302 stores in the country, or nearly 150 more than the previous year.
Source: Capital (20.02.2026)

HR Capital AD and MFG Invest AD have signed the final agreement for the transaction for 6% of the capital of the platform for trade and delivery of food products and household goods eBag.bg. The transaction is for 5,074 registered, available, preferred shares of class B. The transfer was made by giro in accordance with legal requirements and the sale was recorded in the Book of Shareholders of Convenience AD ??(the company behind the eBag.bg website, - ed.), HR Capital said in a statement. The sale price of one share is 951 euros, and the total sale price is 4,825,374 euros. The seller will receive the amount within 5 business days and after submitting all necessary documents to the bank trustee for the bond issue of HR Capital AD. The company raised 5 million euros from the sale of convertible bonds to finance the deal. After the deal, MFG Invest will remain with a stake of just over 6% in the platform. HR Capital will increase its stake to nearly 26%. According to the agreed share price, eBag.bg's valuation amounts to 81 million euros (nearly 159 million leva).
Source: investor.bg (23.02.2026)

HR Capital has issued its first convertible bond issue on the BEAM market of the Bulgarian Stock Exchange. The company raised over EUR 5 million through a public offering. The funds raised through the bonds will be used to increase HR Capital's stake in eBag, one of the leading Bulgarian technology and logistics businesses in the e-commerce sector. The deal to acquire shares in eBag was announced in November 2025.
Source: Banker (18.03.2026)

The largest online food retailer in Bulgaria - eBag, is in a period of accelerated growth: last year's turnover jumped by 50% to 88 million euros, with similar growth starting in the first quarter of 2026. Therefore, the company "Convenience", which is behind the brand, will begin construction of a second logistics base (or second fulfillment center) in 2027, which will be located in "Hemus Park" in the "Chelopechene" industrial zone. The investment in phase 1 is around 21 million euros, financed through a combination of bank credit and equity. The facility will be leased by the company "K Bio Industry Bulgaria", which will provide the warehouse infrastructure. This is a company of Andon Touchev, who also owns the aluminum joinery and curtain wall company "Tal Engineering". The new center will be located on nearly 14 thousand square meters of built-up area. The initial capacity will allow the execution of about 6,000 orders per day with the possibility of expanding to 12 thousand depending on the load (with approximately 25 items on average per order). Currently, eBag's capacity allows the execution of up to 6,000 orders per day. At full capacity, the base has the potential to support an annual turnover of 300 million euros. All orders are now being served, including those for Plovdiv, Bansko and Blagoevgrad, by the company's existing logistics base, which is located in the "Modern Suburb" warehouse and production zone in Sofia. For the first time in 2026 eBag exceeds 30 million euros in turnover within a quarter and has already served nearly 70,000 households in Sofia, Plovdiv, Bansko and Blagoevgrad. The number of users is 42% higher compared to the first three months of 2025. In fact, in three months eBag reaches more households than in the whole of 2024, the online platform reports. The average value of the order through the platform increases by 3% compared to the average level for 2025 and reaches a new maximum of over 71 euros. The number of items in one order also increases by about 3%. Founder Ivan Alexandrov is the majority owner of Convenience - the company that manages eBag. Minority shares are held by the Czech Rohlik Group, the investment funds Eleven and MFG Invest, the venture capital company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev. At the end of October 2023 "Convenience" attracted new capital - 539 thousand leva - from two investors: Milen Stoichkov, commercial director at eBag, and "PK Capital" - an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov. The valuation of the online food retailer in this deal reaches 84 million leva. In November 2025, the listed companies HR Capital and MFG Invest, which have minority stakes in "Convenience", announced a preliminary agreement for the purchase and sale of shares, as a result of which they increased their stake in the company to 24.99%. For 2025, eBag reports a turnover of 88.8 million euros, which represents a 50% increase compared to the previous year. The operating profit is 2.38 million euros, or a 3.23% margin. The total capital raised since the company's establishment to date is 4.1 million euros.
Source: Capital (21.04.2026)

tbi bank has been selected as the trustee bank for HR Capital’s bondholders in the convertible bond issue, successfully placed on the BEAM market of the Bulgarian Stock Exchange in February 2026. The company raised EUR 5 million, with which it financed the acquisition of an additional stake in the online supermarket eBag. tbi is authorized to protect the interests of bondholders in a total of 5 issues, including the first bond on the BEAM market of the Bulgarian Stock Exchange, issued by Logos TM. Over the past four years, the bank has raised nearly EUR 150 million from the local public market, and last year successfully issued the largest MREL bond issue in Bulgaria worth EUR 60 million.
Source: Darik Radio (24.04.2026)

Lease agreements for just over 18 thousand sq m of warehouse space were concluded in Sofia in the first quarter of this year. Practically the entire volume was leased to companies in the retail and wholesale sectors, according to data from the commercial real estate consultancy Cushman & Wakefield | Forton. The largest deal was concluded by online retailer eBag, which leased 15 thousand sq m in a build-to-suit project (properties built to order for a specific tenant) for a logistics base in Hemus Tech Park. A key feature of the market is the lack of free space, which hinders dynamics and active leasing. Warehouse owners say that the majority of inquiries during the quarter were for smaller areas - up to 2,000 sq m. Construction activity in the first quarter remained stable, with 23 projects under construction. The volume of areas under construction reaches 227 thousand sq. m, which is comparable to the level of the fourth quarter of 2025. About 51% of this volume is intended for leasing. Among the more significant projects launched in this period is the production and warehouse base of the cosmetics company Biotrade in the Iskar industrial zone. Completed warehouse areas have reached 25,123 sq. m – the highest level for the last three quarters. Despite the seemingly satisfactory volume, it is distributed between five projects intended for own use. As a result of the newly completed projects, the total volume of warehouse areas has increased to 2.376 million sq. m, with speculative ones remaining unchanged – 805 thousand sq. m. The vacancy rate has remained critically low – below one percent, according to Forton data. Market conditions in the first months of 2026 in the capital were in favor of landlords. Rental rates for prime Class A logistics space (over 10 thousand sq m) increased to 5.8 euros per sq m, excluding service fees and other costs. Relatively small investment deals in industrial and warehouse space are common in the Bulgarian market, and the first quarter of 2026 was no exception. Three warehouses in Sofia, Plovdiv and Burgas with a total lettable area of ??6,800 sq m changed hands for a total of 6.73 million euros. All properties were acquired for own use. The yield on prime logistics assets (over 10 thousand sq m) remained unchanged at 7.25%.
Source: investor.bg (21.05.2026)

Online grocery shopping for households in Bulgaria is becoming increasingly popular, according to NIQ's Retail Pulse 2026 study. According to it, 54% of consumers shopped for groceries online in February this year. The entire retail food market in Europe is estimated at 2.1 trillion euros in 2025, according to the analysis company Flywheel. The largest online food retailer in Bulgaria - eBag, is in a period of accelerated growth: turnover last year jumped by 50% to 88 million euros, with similar growth starting in the first quarter of 2026. That is why the company "Convenience", which is behind the brand, has started building a second logistics base. Of the five major retail chains in the country, only the market leader - "Lidl" - does not yet have online sales. The other four offer online deliveries, but through intermediaries, with Glovo being the most frequently used platform. "Fantastico" is the first to test work with two suppliers - with the recently entered market Wolt and with its current partner Glovo. According to "Fantastico", online sales are constantly growing both in absolute value and as a share of total sales, and for 2025 they have more than doubled compared to 2024. In April 2020, T Market opened its own online store. According to the company's website, over 40 thousand families have used the service so far. In the summer of 2020, "Kaufland Bulgaria" (Kaufland) also offered online shopping, which continues to this day in partnership with Glovo. In May 2020, another player among the Sofia chains entered the market for online ordering of food products to the home - the HIT Max hypermarkets. Deliveries are carried out jointly with the Gladen.bg platform. In 2020, the BulMag hypermarket chain, which has 19 stores in Shumen, Varna, Targovishte and Dulovo, also offered online deliveries. In the spring of 2023, "BILLA" (BILLA), which also partners with Glovo for online deliveries, also offered an online sales channel. In Sofia, the Mandarin chain also offers online deliveries. CBA Kome stores also work with Glovo for online orders and deliveries in the capital. Consumers can also choose food products from specialized online supermarkets. After gaining experience with a small neighborhood retail outlet in the capital's "Hippodruma" district, randi.bg is also opening an online store. According to the company's website, it delivers to the capital directly from its warehouse, registered with the Food Safety Agency, with its own transport. Delivery of food products within two hours is offered by another independent online platform - shop24.bg, which works in Sofia with courier companies. The online store foodfolie.bg offers natural and organic products selected from all over the world. Delivery is carried out in a time range chosen by the customer and is possible not only for the capital, but also for the entire country. And pingo.bg fulfills online food orders in Plovdiv and the surrounding regions every day. In July last year, the online supermarket Kolichka.bg - part of the Czech Ko??k Group, ceased operations in the country due to an insufficient number of customers and poor results compared to other markets where the company operates. The online platform cooperated with "METRO Bulgaria" and fulfilled orders for citizens with products of the chain. Now "METRO Bulgaria" offers online deliveries only for professional (B2B) clients - restaurants, hotels, shops - through the company's digital platform Mshop. According to the chain, approximately 50% of its professional business is generated through deliveries. For the period from 2021 to 2025, the delivery business grows at an average organic rate of about 28% per year.
Source: Capital (10.06.2026)

eBag (Convenience AD) has recorded revenue growth of approximately 50% for the third consecutive year. In the first seven months of the year alone, revenue rose by 50%, orders by 43%, and active customers by 44%, while the average basket value increased by nearly 6%. Confident in the online supermarket's potential, HR Capital acquired an additional 5.95% stake valued at ˆ4.8 million; the funds for this purchase were raised through the issuance of a convertible bond. To serve its growing customer base, eBag is currently in an investment cycle where investment outlays exceed operating expenses. The current order fulfillment center presents logistical challenges, prompting plans to launch a brand-new automated warehouse in Sofia during the second half of next year. The goal is to reach a capacity of 8,000 orders per day. Concurrently, the delivery fleet is being expanded; 40 new electric vehicles are expected, bringing the total fleet size to 76, supported by 60 newly installed charging stations.
Source: Darik Radio (15.09.2026)