Albena reported Q1’26 individual revenue of EUR 1.2m (-52.1% YoY). Note, that there’s a base effect as the company sold EUR 1.4m worth of fixed assets in Q1’25. Q1’26 OPEX fell 13.9% YoY to EUR 2.8m, resulting in EBIТDA of negative EUR 1.6m (negative EUR 742k in Q1’25). Depreciation increased 12.5% YoY to EUR 2.1m, while net financial expenses shrank to EUR 79k (-53.5% YoY). This resulted in a loss of EUR 3.8m – expanding 36.3% YoY and worse than our expectations of EUR 3.4m. On the balance sheet, IB debt fell slightly by 1.3% YtD to EUR 24.4m. The IB debt/assets ratio remained unchanged at 8.0%. Albena finished the quarter with just EUR 215k of cash and equivalents on its balance sheet. However, considerable cash influx is expected in Q2’26 as prepayments for the summer season are anticipated to start flowing.