M+S Hydraulic reported Feb’25 sales of BGN 11.6m (-16.4% YoY), in line with management's expectations. Pre-tax profit for the month amounted to BGN 0.9m, compared to BGN 2.1m profit a year ago. 2-mo 2025 sales were BGN 23.1m, down 17.2% YoY, while pre-tax earnings for the period decreased to BGN 1.8m (-57.7% YoY). Management forecasts Mar’25 revenue of BGN 11.9m (+9.5% YoY), which would result in a 9.7% YoY decline of YTD 2025 sales to BGN 35m.