Albena reported unconsolidated revenue of EUR 44.7m (+0.9% YoY), a bit below our expectations of EUR 46.6m. OPEX (EUR 23.6m) decreased 4.5% YoY as personnel expenses dropped 10.7% YoY to EUR 9.1m and cost of hired services came 11.4% higher at EUR 4.6m. This resulted in EBITDA of EUR 21.1m (+7.2% YoY) and a 3.0 p.p. expansion of the respective margin to 47.2%. Depreciation increased slightly to EUR 2.1m (+11.4% YoY), while net financial income came at EUR 163k, compared to EUR 143k in Q3’25. The bottom line amounted to EUR 19.1m (+7.4% YoY; EPS of EUR 4.54), compared to EUR 17.8m in Q3’25 and matching our expectations. Jan-Sept’26 individual revenue came at EUR 53.4m (-4.7% YoY), while OPEX declined by 9.0% YoY to EUR 38.7m. Consequently, EBITDA jumped 8.7% YoY to EUR 14.8m, and the respective margin expanded by 3.4 p.p. to 27.6%. Down the line, depreciation amounted to EUR 6.3m (+12.1% YoY), while net financial income was EUR 2k. This resulted in 9M’26 net income of EUR 8.5m (EPS of EUR 2.01), compared to EUR 7.9m in 9M’25. Albena took advantage of the positive results and utilized some of its cash flows to deleverage. As a result, IB debt fell 9.9% YtD to EUR 22.3m, bringing the IB debt/Assets ratio down to 0.07. The company finished the period with EUR 2.2m of cash and equivalents.