Monbat revealed BGN 75.1m unconsolidated revenue in Q2’24, up 8.1% YoY. Operating expenses (BGN 71.7m) increased accordingly, which resulted in BGN 3.4m EBITDA (+3.3% YoY) for the quarter. With lower depreciation charges and BGN 2.1m net financial income, the bottom line of the company revived to BGN 3.7m profit, compared to BGN 2.8m net loss a year ago. However, profit came along due to the BGN 4.8m dividend income. H1 2024 revenue came 3.1% short YoY to BGN 154m due to the weak export markets, while OPEX decreased by 3.8% YoY to BGN 145.6m. EBITDA for the period emerged 11.6% higher YoY to BGN 8.3m with a margin improvement of 0.7 p.p. to 5.4%. Building on the dividend inflow during the quarter, 6mo net profit amounted to BGN 6.1m, +53.4% YoY. H1 TTM EPS stood at BGN 0.13. On the balance sheet, IB debt declined 5.9% YoY to BGN 143.3m, bringing IB debt/assets slightly down to 40%. CFO amounted to BGN 8.4m due to the BGN 5.9m relief on non-cash working capital.