Hydraulic Elements and Systems’ (HES) monthly sales increased 18% YoY to BGN 7.6m in Nov’25, or 1% above management’s expectations. Pre-tax profit for the month amounted to BGN 1m, or 51.8% more compared to a year ago. Jan-Nov 2025 sales stood at BGN 77.1m (+9.8% YoY), while EBT came to BGN 6.1m (+22% YoY) on a margin of 7.9% (+0.8 p.p. YoY). December 2025 is expected to bring company revenue of BGN 4.9m (+28.4% YoY), which would bring 2025 sales to BGN 81.9m (+10.7% YoY).