Gradus reported Q3’25 consolidated revenue of BGN 53.3m (+2.1% YoY). For a third consecutive quarter, the company didn’t provide its usual detailed MD&A, hence the lack of segment and geographical breakdown of revenue. OPEX soared 62.1% YoY to BGN 50.3m, due to BGN 12.6m of impairments charge and provisions. This resulted in EBITDA of BGN 2.1m, compared to BGN 20.3m in Q3’24. The respective margin collapsed 35.5 p.p. YoY to 4.0%. Depreciation advanced 16.8% YoY to BGN 2.1m, while net financial income of BGN 6k was recorded, due to BGN 72k of net interest income. The bottom line remained barely positive at BGN 82k, compared to BGN 16.6m last year. 9m’25 revenue came at BGN 161.8m (+10.9% YoY), while OPEX advanced much faster at BGN 152.6m (+54.4% YoY) as Gradus recorded BGN 34.7m in impairments charges and provisions. Consequently, EBITDA stood at BGN 9.3m (-80.4% YoY) and the respective margin deteriorated 26.6 p.p. to 5.7%. YtD net income stood at BGN 2.4m (EPS of BGN 0.01), which is 93.5% YoY lower. On the balance sheet, IB debt advanced 21.6% YtD to just BGN 23.5m, with BGN 23.2m of it being short term. Recall, that according to management’s statements, 2025 results are to be negatively impacted by the outbreak of avian influenza in the Yambol production facility in October 2024.