What STARA PLANINA HOLD does

Stara Planina Hold AD (ticker SPH) is a Bulgarian public joint-stock holding company incorporated on September 27, 1996, originally as the Central Privatization Fund that participated in Bulgaria's mass privatization. Renamed in 1999, the company is the only Bulgarian public holding to have paid dividends every year since founding, with cumulative group dividends of EUR 160.3 million distributed over 29 financial years and 39.3x dividend coverage on the original investment. The holding is headquartered in Sofia at 20 Fr. Joliot Curie St., operates with a small 8-person headquarters staff, and is listed on the Bulgarian Stock Exchange with historical inclusion in Dow Jones indices for Central and Eastern Europe.

The company's operations are executed through six wholly-owned subsidiaries organized into two layers: core operating subsidiaries — M+S Hydraulic AD (hydraulic equipment, the largest contributor with a projected EUR 44.33M H1 2026 sales), Hydraulic Elements and Systems AD (HES), Elhim-Iskra AD (electrical equipment and components), Bulgarian Rose AD (rose and cosmetic products), and Fazan AD (manufacturing) — and intermediate holding vehicles SPH Invest AD and M+S-97 AD that manage financial investments. M+S Hydraulic, HES, Elhim-Iskra, and Bulgarian Rose are themselves publicly listed on the BSE, giving the group a multi-listed capital structure. Key shareholders include Potbul Invest Foundation (22.17%), Garant 5 OOD (12.36%), and ZUPF Allianz Bulgaria AD (6.12%); governance is led by Chairman Evgeni Vasilev Uzunov and Executive Director Vasil Georgiev Velev, who has run the company since 1999.

Stara Planina Hold monetizes its industrial portfolio by consolidating revenue across subsidiaries (2025 consolidated sales of EUR 141.3M, +3.8% YoY; gross consolidated profit of EUR 10.32M, +85.15% YoY; holding-level net profit of EUR 2.678M) and distributing recurring dividends to shareholders via Central Depository AD and International Asset Bank AD. The go-to-market is B2B industrial sales executed through the operating subsidiaries — primarily targeting industrial manufacturers in Bulgaria with export reach into international markets — and there is no SaaS or technology platform layer. Distribution of shareholder returns is supported by IR infrastructure under Sofia Argirova-Atanasova. Following Bulgaria's January 1, 2026 euro adoption, the group is reporting in EUR and forecasting continued mid-single-digit organic growth, with H1 2026 sales projected at EUR 74.96M (+7.19% YoY).

Name

STARA PLANINA HOLD

Legal name

Стара планина холд АД

Website

https://sphold.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Stara Planina Hold AD (ticker SPH) is a Bulgarian publicly listed holding company managing six wholly-owned industrial subsidiaries — M+S Hydraulic, HES, Elhim-Iskra, Bulgarian Rose, Fazan, and financial investment vehicles — generating consolidated sales for shareholders through B2B industrial manufacturing and a continuous annual dividend policy in place since 1996.

Ownership category

akta.pro rank

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Management: The holding company generates revenue primarily through dividend income from its subsidiary companies, management fees, and financial returns from its investment portfolio in industrial companies.
2. Subsidiary Operations: Core revenue comes from operating subsidiaries: M+S Hydraulic (hydraulic equipment), Hydraulic Elements and Systems, Elhim Iskra (electronics), Bulgarian Rose (rose products), and Phasan. The group generates consolidated sales revenue from product manufacturing and sales.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Stara Planina Hold AD is a public Bulgarian holding company that owns and oversees a diversified portfolio of industrial subsidiaries: M+S Hydraulic and HES (hydraulic equipment and systems), Elhim-Iskra (electrical equipment and components), Bulgarian Rose (rose-based products), Fazan (manufacturing), and SPH Invest/M+S-97 (financial investments). The holding consolidates manufacturing sales from these subsidiaries, distributes annual dividends to public shareholders listed on the Bulgarian Stock Exchange under ticker SPH, and provides corporate governance and portfolio oversight services for its industrial portfolio.

Product overview

Stara Planina Hold AD is a public holding company established in 1996 with a portfolio of six subsidiary companies: M+S Hydraulic (hydraulic equipment), Hydraulic Elements and Systems, Elhim-Iskra, Bulgarian Rose, Fazan, and Financial Investments. The company is listed on the Bulgarian Stock Exchange and is the only Bulgarian public holding company to have paid dividends every year since its founding. Capital is 21 million leva distributed across 21 million shares. The company does not offer a technology product or SaaS platform; it operates as a financial holding with industrial and manufacturing subsidiaries.

Differentiator

Problem solved

Functional benefit

Products and services

• M+S Hydraulic (М+С Хидравлик) M+S Hydraulic AD is a Bulgarian manufacturer of hydraulic equipment and one of the main operating subsidiaries of Stara Planina Hold; projected H1 2026 sales revenue of EUR 44.33 million. Hydraulic equipment serves industrial customers and OEMs.
• Hydraulic Elements and Systems (Хидравлични елементи и системи) HES AD is a wholly-owned subsidiary specializing in the manufacture of hydraulic elements and systems as part of the Stara Planina Hold industrial portfolio, supplying industrial customers.
• Elhim-Iskra (Елхим-Искра) Elhim-Iskra AD is one of the main operating subsidiaries in the Stara Planina Hold group, manufacturing electrical equipment and components for industrial customers.
• Bulgarian Rose (Българска роза) Bulgarian Rose AD is a wholly-owned subsidiary producing rose-based products (including cosmetic and pharmaceutical applications) as part of the Stara Planina Hold portfolio, leveraging Bulgaria's traditional rose-growing industry.
• Fazan (Фазан) Fazan AD is a wholly-owned manufacturing subsidiary within the Stara Planina Hold group, contributing to the consolidated industrial manufacturing operations.
• Financial Investments (Финансови инвестиции) Financial Investments is a wholly-owned subsidiary focused on financial investment activities within the Stara Planina Hold holding structure, managing financial returns from the group's investment portfolio.

Quantifiable outcome

• Dividend coverage of 39.3x on initial investment
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Halma PLC: UK-listed group of safety, environmental, and industrial technology subsidiaries. Compares to SPH as a holding company owning diverse industrial operating businesses with a decentralized management approach and progressive dividend policy.
• Diploma PLC: UK-listed group operating specialized distribution and value-added services businesses across industrial niches. Like SPH, Diploma runs decentralized subsidiaries and has a long track record of consistent dividend growth.
• Addtech AB: Swedish industrial trading and manufacturing group operating through multiple wholly-owned subsidiaries. Highly comparable to SPH in business model, ownership structure, and dividend-oriented capital allocation.
• Bunzl PLC: UK-listed distribution and outsourcing group operating globally through acquired subsidiaries. Similar decentralized holding model with consistent dividend track record — a scaled analog of SPH's structure.
• Indutrade AB: Swedish industrial holding company that acquires and grows decentralized industrial subsidiaries across diverse niches. Closest direct comparable to SPH's model of owning multiple wholly-owned industrial operating companies and distributing profits via dividends.
• IMCD Group: Dutch-listed specialty chemicals and ingredients distribution group operating through acquired subsidiaries. Comparable to SPH in building a portfolio of operating businesses across multiple verticals under a holding-company umbrella.
• Lifco AB: Swedish serial acquirer of industrial niche businesses with a holding-company structure similar to SPH. Both maintain decentralized operating models, pay consistent dividends, and pursue long-term compounding through subsidiary management.

Broad incumbents

• Dover Corporation: US-listed diversified industrial conglomerate operating across multiple manufacturing segments. Comparable to SPH at a broader scale as a holding-company model over industrial subsidiaries, though significantly larger and more globally diversified.

Regional players

• Sopharma AD: Bulgarian pharmaceutical holding company also listed on the Bulgarian Stock Exchange with subsidiary operations. Comparable as a Bulgarian public holding structure, though focused on pharmaceuticals rather than diversified industrial manufacturing.
• Chimimport AD: Bulgarian public holding company listed on the Bulgarian Stock Exchange with diversified industrial and financial subsidiaries. Most direct regional peer to SPH by jurisdiction, listing venue, and holding-company model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about STARA PLANINA HOLD