Incumbent President Iliana Iotova holds a dominant position in the October 25 first-round vote, backed by her recent transition to the office after Rumen Radev’s January resignation, broad cross-party endorsements including from BSP–OL, and a nomination committee formed in September. Official registration of her ticket alongside running mate Kiril Valchev, completed in recent days, coincided with the assignment of ballot numbers and the start of the formal campaign period. Andrey Gyurov, the former caretaker prime minister, and other registered contenders such as Kostadin Kostadinov trail significantly in available polling and trader pricing. The two-round system requires a majority with turnout above 50 percent for outright victory; otherwise a runoff follows between the top two. Market odds reflect Iotova’s incumbency advantage and limited time for challengers to consolidate support before the vote.