M+S Hydraulic's unconsolidated revenue in Q3 2024 registered a 47% YoY decline to BGN 30.2m, following the weak industrial sector in Europe. Total OPEX decreased as well (-41.6% YoY; BGN 26m), mainly due to a 46% YoY decline in materials costs (BGN 14.3m). As a result, EBITDA for the quarter fell by 66.2% YoY to BGN 4.2m, while the bottom-line reported 85.6% YoY drop to BGN 1.3m and stood on a margin of 4.4%. 9mo 2024 uncons revenue was down 44.1% YoY to BGN 102.5m. Operating expenses amounted to BGN 87.8m (-38.4% YoY), while EBITDA for the period declined to BGN 14.7m (-63.9% YoY). At the same time, net profit for the period came to BGN 8.7m (-71.2% YoY), which is 1.1% above our expectations. The management guided for net sales of BGN 132m (-40.7% YoY) for the year, which is 14% lower than expected previously. On the balance sheet, non-cash working capital decreased by 32.2% YoY to BGN 23.7m, and CFO for the period amounted to BGN 20m (-34.7% YoY).