Albena reported consolidated Q1’26 revenue of EUR 2.2m (-34.5% YoY), slightly better than our expectations of EUR 1.9m. Note, that the base period included EUR 1.4m of asset disposals, hence the yearly drop. OPEX amounted to EUR 4.2m (-8.7% YoY), resulting in an EBITDA of negative EUR 2.1m, compared to negative EUR 1.4m in Q1’25. With depreciation of EUR 2.7m (+6.8% YoY) and net financial expense of EUR 230k, the bottom line ended at a loss of EUR 5.1m (EPS of negative EUR 1.21), compared to EUR 4.2m last year and EUR 4.3m in our estimates. On the balance sheet, IB debt was almost unchanged YtD and amounted to EUR 25.5m. Albena ended the quarter with EUR 2.8m of cash and equivalents.