M+S Hydraulic's revealed 46.4% YoY decrease in Q2'24 unconsolidated revenue, which amounted to BGN 38.8m. Operating expenses were down by 39.2% YoY to BGN 30.6m on lower cost of materials (+45.2% YoY; BGN 15.8m) and compensations (-30.4% YoY; BGN 11.9m). As a result, second quarter EBITDA declined to 75.8% YoY to BGN 3m. Amid the challenges in the European industrial sector, the company’s quarterly net profit came to BGN 3.1m (-66.3% YoY), thanks to the BGN 2.9m dividend inflow. 6-mo TTM EPS amounted to BGN 0.49. H1 2024 uncons revenue declined to BGN 72.4m, down 42.8% YoY. Operating expenses amounted to BGN 61.9m (-37% YoY), which brought EBITDA for the period down by 62.8% YoY to BGN 10.5m. With BGN 2.9m dividend income, the net profit came to BGN 7.4m, down 65% YoY. 6-mo TTM EPS amounted to BGN 0.49. On the balance sheet, working capital increased 21.8% to BGN 15.3m while CFO decreased 65.4% to BGN 8.9m from a year ago. According to the management guidance, sales for H1 2024 are expected to decrease by 40.6% YoY to BGN 75m.