Korado reported a 17.4% YoY decrease in Q3 2024 revenue to BGN 9m. According to the management report, the total number of items sold in the third quarter amounted to 92.6k, which represents a 6.4% decrease YoY. The main market for radiators (the EU) recorded a 4.2% YoY decline in shipments to 89.2k units. Units sold on the Bulgarian market were down by 10.8% YoY (1k), while shipments to other countries fell 49.2% YoY to 2.4k. The average sale price was BGN 96.2 (-11.9% YoY). Operating expenses contracted by 8.8% YoY to BGN 8.3m and resulted in BGN 0.7m EBITDA, down by 61.4% YoY. Net profit for the quarter came to BGN 0.4m, compared to BGN 1.5m a year ago. 9m 2024 total revenue amounted to BGN 25.7m (-11.3% YoY), which is 3.8% below our expectations. Operating expenses decreased by 11.1% YoY to BGN 22.6m due to materials costs contraction (BGN 16.8m; -16.4% YoY). EBITDA marked a 12.7% YoY decline for the period to BGN 3m, which led to net profit of BGN 2m, down 19.1% YoY and TTM EPS of BGN 0.23. On the balance sheet, non-cash working capital decreased 45.2% YoY to BGN 6.4m, which improved CFO by 37.3% YoY to BGN 5.3m.