Monbat reported Q3’24 unconsolidated revenue of BGN 74.1m (-0.1% YoY), below our expectations of BGN 77.4m. At the same time, OPEX advanced slightly by 0.3% to BGN 71.2m, due to personnel expenses jumping 19.4% YoY to BGN 5.2m and despite 8.3% YoY drop in hired services. This resulted in EBITDA of BGN 2.9m (-8.9% YoY) and 0.4 p.p. YoY deterioration of the respective margin to 3.9%. Depreciation added 0.5% YoY to BGN 1.8m, while net interest expense more than doubled to BGN 1.3m (+115.4% YoY). At the same time, Monbat reported BGN 2.5m of other financial income, which could be related to hedging or other one-off events. As a result, the company recorded BGN 1.0m of net financial income, compared to BGN 690k of net financial expense last year. Consequently, net income came at BGN 1.9m (EPS of BGN 0.05; x3 YoY), compared to BGN 0.8m in our expectations. 9-mo unconsolidated revenue amounted to BGN 228.0m (-2.1% YoY) with the biggest markets being Germany (13.3% share), France (9.5% share) and Italy (6.6% share). OPEX fell a bit faster than revenue at 2.5% YoY to BGN 216.8m as the 3.1% drop of cost of materials and energy (BGN 184.5m) and the 8.6% YoY decrease in cost of hired services more than compensated the 14.0% YoY jump in personnel expenses. 9-mo EBITDA increased 5.5% YoY to BGN 11.2m and the respective margin ticked up by 0.3 p.p. YoY to 4.9%. However, net financial income amounted to BGN 2.7m on the back of BGN 4.8m dividends, received in Q2’24, compared to BGN 2.6m of net financial expense in 9-mo 2023. This resulted in net income of BGN 8.0m (+73.6% YoY), which translates into EPS of BGN 0.21. On the balance sheet Monbat was able to slightly reduce its indebtedness to BGN 135.5m (-5.8% YtD), which makes 39.5% of Total Assets. At the same time, the overwhelming majority of this debt (BGN 117.0m, compared to BGN 109.6m in the beginning of the year) is due in either short-term or current portion of long-term debt. CFO advanced 50.8% YoY to BGN 16.8m on the back of improvements in the cash conversion cycle (141 days in 9-mo 2024, compared to 167 days in 9-mo 2023). Investing activities remained subdued as only BGN 2.6m of fixed assets were purchased, compared to BGN 6.6m a year ago. The decrease in debt levels as well as BGN 6.8m of interest expenses resulted in BGN 14.3m net CFI outflow. Still, Monbat was able to add BGN 2.2m of cash to its balance sheet in 9-mo 2024 and ended 30 Sept with BGN 9.3m of cash and equivalents.