Billboard

What Billboard does

Billboard AD (БИЛБОРД АД) is a Bulgarian public joint-stock company listed on the Bulgarian Stock Exchange – Sofia (ISIN BG1100088076, market code 5BP) and headquartered in Sofia at NDK, pl. Bulgaria 1. Founded in 2001 and publicly listed since 20 February 2008 (post a BGN 7.5M to BGN 15M capital increase in August 2008), the group operates a vertically integrated commercial printing platform organized around three core service lines: wide-format digital printing of visual advertising materials (through the parent Billboard JSC, using VUTEK, HP Scitex, HP DesignJet and Mimaki presses), closed-cycle offset and digital offset printing (through wholly-owned subsidiary Dedrax Ltd., running Heidelberg, Man Roland and RYOBI presses with full Computer-to-Plate pre-press and finishing), and a specialized "security printing" segment for large-series variable-data/secret-information documents, pioneered by Dedrax since 2007 as the first such service in Bulgaria.

The group's customer base is fully domestic and Bulgaria-concentrated, served through direct regional sales offices in Sofia, Plovdiv, Varna and Burgas, plus owned production bases in Sofia, Kostinbrod (Heatset Ltd. / new building project) and Varna (Bee Garden business centre, Digital Print Ltd.). Billboard serves three core customer segments: large multinational and local brand owners (3,000+ loyal customers including Coca-Cola, Pepsi, Nestle, Shell, OMV, KFC, McDonald's, Carlsberg, Billa, Metro, Benetton, Beiersdorf, MobilTel, BTC, DZI, Post Bank, Euromarket), Bulgarian advertising agencies that outsource campaign production (Ogilvy, Leo Burnett, JWT, TBWA, DDB Sofia, Publicis Mark, Zenith Media, BARS, Kres, BSS, New Moment), and corporate offset clients of Dedrax (magazines, periodicals, brochures, packaging, labels, promotional materials). Revenue is generated on a project-based, quote-driven model with no public price list, supported by dedicated sales and marketing phone/email channels at the Sofia headquarters.

Financially, Billboard reported consolidated net sales of BGN 36,952 thousand in FY2025 (down 4.5% YoY from BGN 38,697 thousand), with consolidated EBITDA of BGN 5,535 thousand (+8.83% YoY), profit before tax of BGN 2,698 thousand (+25.14% YoY) and net profit attributable to parent owners of BGN 2,079 thousand. The group has historically funded growth through retained earnings (no dividends in the recent three-year period) and bank debt, notably a 2021 refinancing of Bulgarian Bank for Development credit via United Bulgarian Bank (Billboard up to BGN 6.34M, Dedrax up to BGN 5.51M), and a 2024 UBB facility covering 80% of an approximately BGN 5.5M new production building in Kostinbrod (target completion end-2025), incorporating a photovoltaic park and ESG-aligned waste separation. Leadership is stable: Kalin Vasilev Genchev is Chairperson of the Council of Directors and Stefan Vasilev Genchev is Executive Director, both serving since 2001; Rumen Sabev Radev is Deputy Chairperson and an independent member.

Name

Billboard

Legal name

БИЛБОРД АД (BILLBOARD AD)

Website

https://bilbord.bg

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Billboard AD is a Bulgarian publicly listed printing group that produces wide-format digital and offset commercial print — including billboards, banners, magazines, packaging, and security/variable-data documents — for multinational advertisers, advertising agencies and corporate clients across Bulgaria.

Ownership category

akta.pro rank

Product category

Commercial Printing Services

NAICS

Commercial Printing (except Screen and Books) (323111), Advertising Agencies (54181), Indoor and Outdoor Display Advertising (54185), Direct Mail Advertising (54186), Sign Manufacturing (339950)

SIC

Commercial Printing (2750), Services-Advertising Agencies (7311), Services-Direct Mail Advertising Services (7331)

akta.pro industry

PRIMARYBPAFALAH

Large-Format & Spectaculars (Building Wraps, 3D, Landmarks)

Business & Public Services/Marketing, Advertising & PR Services/Out-of-Home (OOH) & Outdoor Advertising Services

SECONDARYBPAFALAA

Static Billboards & Posters (Roadside, Wallscapes)

Business & Public Services/Marketing, Advertising & PR Services/Out-of-Home (OOH) & Outdoor Advertising Services

SECONDARYBPAFALAD

Street Furniture Advertising (Bus Shelters, Kiosks, Benches, Phone Booths)

Business & Public Services/Marketing, Advertising & PR Services/Out-of-Home (OOH) & Outdoor Advertising Services

SECONDARYBPAFALAG

Mobile & Vehicle Wrap Advertising (Fleet Graphics, Mobile Billboards)

Business & Public Services/Marketing, Advertising & PR Services/Out-of-Home (OOH) & Outdoor Advertising Services

SECONDARYHSACADAJ

Corporate Event Decor, Branding & Signage

Home & Personal Services/Event & Personal Concierge Services/Corporate Event & Meeting Services

Keywords

• Wide-format digital printing
• Offset printing services
• Commercial print production
• Advertising material printing
• Outdoor advertising production

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Sale of wide-format digital print production: Production and sale of billboards, megaboards, posters, city lights, banners, stickers, car/floor/building wraps, shop-window graphics, flags, POS/POP materials and 3D graphics. Consolidated production net sales of 36,766 thousand BGN in FY2025 (down 4.49% YoY).
2. Sale of offset print production (via Dedrax): Closed-cycle offset and digital offset printing of magazines, corporate periodicals, leaflets, brochures, catalogues, posters, calendars, labels, packaging, promotional materials and point-of-sale displays. Dedrax is the in-house offset production subsidiary.
3. Pre-press and finishing services: Studio services including scanning, color proofs, filmsetting, color laser printing, wide-format printing and full finishing (UV coating, folding, stitching, gluing, lamination, foil packaging, perforating, numbering, spiral binding, die cutting, etc.).
4. Security/variable-data printing services: Personalized and secret information ('security printing') for large series of cards and similar materials with variable data, simultaneously printed and concealed — a specialized service line not previously available domestically.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Billboard AD is a Bulgarian publicly listed holding company that produces wide-format digital printed advertising materials (billboards, megaboards, banners, posters, city lights, car/floor/building wraps, POS/POP displays, 3D graphics) through its core operating unit Billboard JSC, and full closed-cycle offset printing (magazines, corporate periodicals, brochures, catalogues, labels, packaging, promotional materials) through wholly-owned subsidiary Dedrax Ltd. The group also offers pre-press (Computer-to-Plate), advanced finishing (UV coating, foil packaging, perfect binding, lamination), and a specialized security/variable-data printing service introduced in 2007.

Product overview

Billboard AD (БИЛБОРД АД / BILLBOARD Plc) is a Bulgarian publicly listed holding company (ISIN BG1100088076, BSE-Sofia market code 5BP) that operates as a platform-plus-subsidiaries architecture centered on commercial printing and advertising material production. The core operating company, Billboard JSC, delivers wide-format digital printing of visual advertising materials (billboards, banners, megaboards, posters, city lights, stickers, vehicle/floor graphics, building wrapping, POS/POP, event decoration) using Vutek, HP, and Mimaki digital presses, supported by the commercial sub-brand Digitalprint.bg (www.digitalprint.bg). Its main subsidiary, Dedrax Ltd., provides offset printing and a full closed cycle of pre-press (Linotype-Hell/Heidelberg filmsetting studio, Computer-to-Plate, digital color proofs on Epson Stylus Pro 7500), production (Heidelberg, Man Roland, RYOBI), and finishing services (UV coating, bookbinding, cutting, folding, saddle stitching, perfect binding, lamination, foil packaging, perforation, numbering), plus a specialized "security printing" segment. The group historically also operated additional subsidiaries including DIGITAL PRINT Ltd., HEATSET Ltd. (sheet- and web-fed printing base in Kostinbrod), and MOTION ARTS Ltd. (advertising operator for MALL OF VARNA — 51% stake sold in 2019). Billboard AD holds offices in Sofia (HQ at NDK, pl. Bulgaria 1), Plovdiv, Varna, and Burgas.

Differentiator

Problem solved

Functional benefit

Brands

• Dedrax: Distinct commercial brand and wholly-owned subsidiary of Billboard operating the group's offset printing and finishing services (magazines, corporate periodicals, leaflets, brochures, catalogues, posters, calendars, labels, packaging and promotional materials).
• Digital Print (Digitalprint.bg)

Products and services

• Billboard JSC — Wide-Format Digital Printing Core offering of Billboard JSC producing wide-format visual advertising materials (billboards, megaboards, posters, city lights, banners, stickers, car/floor/building wraps, shop window graphics, exhibition stalls, internal decoration, flags, POS/POP advertising, 3D graphics) using VUTEK, HP Scitex, HP DesignJet, Mimaki, and TextileJet digital presses. Sold to enterprise advertisers and advertising agencies across Bulgaria.
• Dedrax Ltd. — Offset Printing & Finishing Wholly-owned subsidiary providing full closed-cycle offset and digital offset printing: magazines, corporate periodicals, leaflets/flyers, brochures, catalogues, office materials, posters, calendars, labels, packaging and promotional materials. Equipped with Heidelberg, Man Roland, and RYOBI offset presses plus full finishing capabilities (UV coating, folding, saddle stitching, perfect binding, lamination, foil packaging, die-cutting, perforation, numbering, spiral binding).
• Security Printing (Dedrax Ltd.) Specialized segment introduced in 2007 by Dedrax Ltd. producing large-series cards and materials with personalized/variable data, where secret information is simultaneously printed and concealed using specialized equipment. Targeted at customers requiring secure personalized documents; the first such service offered domestically in Bulgaria.
• Digitalprint.bg (www.digitalprint.bg) Companion commercial brand/website dedicated to Billboard's wide-format digital printing capabilities, serving as an online point of contact for digital print customers. Operated alongside the corporate website bilbord.bg.

Quantifiable outcome

• +25.14% consolidated profit before tax growth in FY2025 vs FY2024 (BGN 2,698k vs BGN 2,157k)
• +4 more outcomes

Named customers26 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered flagship subsidiary, core subsidiary, former subsidiary (divested 51% in 2019), historical auditor, current auditor (2023+), auditor 2022, internal role, regulatory disclosure platform and industry body.

• Dedrax Ltd (Дедракс ООД)flagship subsidiaryStrategic or Co-development PartnerSubsidiary of Billboard JSC (BillBOARD AD) operating offset and digital offset printing. Dedrax runs the full closed-cycle offset production including magazines, periodicals, leaflets, brochures, packaging, labels and promotional materials, with advanced finishing (UV coating, folding, stitching, perfect binding, lamination, foil packaging, etc.). In 2021 Dedrax AD co-borrowed with Billboard for a BGN 6.34M UBB refinancing of Bulgarian Bank for Development loans and acted as co-debtor on Billboard's investment loan.
• Digital Print Ltd (Дигитал Принт)core subsidiaryStrategic or Co-development Partner100% subsidiary of BILLBOARD Plc, established to build a new offset and wide-format digital printing base in Varna's Bee Garden business centre. Acquired 5,466 sq.m. of real estate for EUR 4,880,000 in August 2008; new printing base officially opened September 5, 2008.
• HEATSET Ltdcore subsidiaryStrategic or Co-development Partner100% subsidiary of BILLBOARD Plc, registered in the Commercial Register on April 10, 2008 for the construction of a new printing house (sheet-fed and web-fed) in Kostinbrod. Granted a construction permit on July 30, 2008 and received a Class A Investment Certificate from the Bulgarian Investments Agency on July 1, 2008.
• Motion Arts Ltdformer subsidiary (divested 51% in 2019)Strategic or Co-development PartnerFormer subsidiary of BILLBOARD AD. Chosen as the sole advertising operator for all inside and outside advertising installations of MALL OF VARNA on June 12, 2008. In 2019 the BoD sold 255 equity stakes (51% of capital) for a total price of BGN 157,000.
• HLB BULGARIA Ltdhistorical auditorImplementation/ SI/ Consulting PartnerSpecialized audit company HLB BULGARIA Ltd was elected registered auditor of BILLBOARD Plc for the financial years 2008, 2009 and 2010.
• Deloitte Audit OOD (Дeloитт Аудит ООД)historical auditorImplementation/ SI/ Consulting PartnerElected specialized audit company for BILLBOARD Plc's 2011 financial-year audit (registered seat: 103 Alexander Stamboliyski Blvd., Sofia). Replaced HLB Bulgaria.
• ROS AUDIT EOOD (РОС ОДИТ ЕООД) / Galina Kovachka (registered auditor #0636)current auditor (2023+)Implementation/ SI/ Consulting PartnerSelected by the 2023 GMS to perform the independent financial audit of Billboard AD's 2023 individual and consolidated financial statements, with Galina Kovachka as engagement responsible auditor.
• Magdalena Tsvetkova (registered auditor #0659)auditor 2022Implementation/ SI/ Consulting PartnerEngaged by 2022 GMS to verify and certify Billboard AD's 2022 annual financial statements.
• Sophia Argirova — IR Directorinternal roleOthersInvestor Relations Director of Billboard AD. Contact: Phone +359 2 988 24 13; email [email protected]. Serves as the regulated-information liaison between the company, FSC, BSE-Sofia and shareholders.
• X3News (Serviz Finansovi Pazari EOOD)regulatory disclosure platformGTM or Marketing PartnerElectronic platform under contract with BILLBOARD AD for the disclosure of regulated information to the public. Operator: Serviz Finansovi Pazari EOOD (UIC 131455253), Sofia 1303, 10 Tri Ushi Str., represented by Rumén Sokolov.
• Investor.bg AD (ИНВЕСТОР.БГ АД)regulatory disclosure platformGTM or Marketing PartnerElectronic media under contract with BILLBOARD AD for disclosure of regulated information. UIC 130277328, Sofia 1330, 31 Vazkresenie Blvd.
• Infostock.bg (Infostock AD)regulatory disclosure platformGTM or Marketing PartnerElectronic media under contract with BILLBOARD AD for disclosure of regulated information. UIC 203104650, Sofia 1000, 1 Knyaz Alexander Battenberg Str., represented by Atanas Todorov Angelov (Executive Director).
• Bulgarian Industrial Capital Association (BICA)industry bodyOthersBILLBOARD AD is a member/listed reference of the Bulgarian Industrial Capital Association. Listed in the investors' "Useful links" section of the corporate IR website.
• Bulgarian Association of Issuers of Securities (ABIRD)industry bodyOthersBILLBOARD AD is a member/listed reference of ABIRD (Bulgarian Association of Issuers of Securities). Listed in the investors' "Useful links" section of the corporate IR website.

Scale indicators8 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• Canon Production Printing: Commercial and industrial printing systems provider (Océ, Canon) serving print service providers worldwide. Comparable as a broad incumbent offering commercial printing technology and services that compete for the same agency and corporate buyer relationships as Billboard.
• Dai Nippon Printing (DNP): Japanese global printing conglomerate with commercial printing, packaging and information security printing businesses. Comparable as a broad incumbent with a dedicated security-printing franchise analogous to Billboard's niche.
• Toppan Holdings: Global printing and information services group with significant commercial printing, packaging and security printing exposure. Comparable as a broad incumbent that combines offset/print with security documents — directly relevant to Billboard's 'security printing' niche.
• Quad/Graphics: Large US-listed commercial printer offering magazines, catalogs, direct mail and in-store signage. Comparable as a broad incumbent in commercial print serving enterprise brand owners — though at vastly larger scale and with a different geographic footprint than Billboard.

Direct peers

• Dedrax Ltd. Wholly-owned subsidiary of Billboard AD running the offset printing and finishing business of the same group. Listed as a peer because it is itself a commercial offset print house operating alongside Billboard and benchmarks the offset economics of the group.

Others

• HP Large Format Printing: HP's DesignJet and Scitex wide-format printing lines are core equipment inside Billboard's production fleet. Comparable as an enabling supplier and as a broader incumbent offering commercial print hardware and consumables that competes for the same advertising customer wallet.
• Heidelberger Druckmaschinen: German manufacturer of offset and digital presses (used by Dedrax) and a leading supplier to the commercial print industry. Comparable as an ecosystem participant / equipment provider underpinning Billboard's offset production capability.

Regional players

• Transcontinental Inc. Canadian printing and packaging group (TC Transcontinental) with North American and Latin American operations in commercial print, packaging and media. Comparable as a regional printing incumbent serving multi-market brand-owner advertising needs, although operating in a different geography than Billboard.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 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 Billboard