Korado marked an 18.3% YoY growth in Q3 2025 revenue to BGN 10.6m. According to the management report, the total number of items sold in the third quarter amounted to 110.7k, which represents a 19.6% YoY increase. The main market for radiators (the EU) recorded a 22.1% YoY growth in shipments to 108.9k units, while units sold on the Bulgarian market were up by 80.3% YoY to 1.8k. The average sale price was BGN 82 (-14.7% YoY). At the same time, operating expenses increased by 15.7% YoY to BGN 9.6m and resulted in BGN 1m EBITDA, up by 49.3% YoY. Net profit for the quarter came to BGN 0.7m, compared to BGN 0.4m a year ago. 9m 2025 total revenue amounted to BGN 26.9m (+4.9% YoY), which is 6% above our expectations. Operating expenses increased by 8% YoY to BGN 24.5m, mainly due to compensations (BGN 5.3m; +22.8% YoY). As a result, EBITDA marked an 18.5% YoY decline for the period to BGN 2.5m, which led to a net profit of BGN 1.5m (-23.8% YoY). Still, the bottom line came 13% on top of our forecast with a TTM EPS of BGN 0.13. On the balance sheet, non-cash working capital increased by 55.7% YoY to BGN 9.9m, which led to a negative CFO of BGN 0.5m.