Monbat reported Q3’23 unconsolidated revenue of BGN 74.2m (-8.6% YoY). At the same time, OPEX fell at a slower pace (BGN 71.0m; -6.3% YoY) as the tight labour market pushed personnel expenses 9.1% higher YoY to BGN 4.4m. Cost of hired services was also hit by inflation as it amounted to BGN 5.9m (+10.0% YoY). On the other hand, lower energy prices offered some relief as cost of materials dropped 9.0% YoY to BGN 60.1m. All of these resulted in EBITDA of BGN 3.2m (-40.3% YoY) and a 2.2 p.p. deterioration of the respective margin to 4.3%. Depreciation (BGN 1.8m) was 9.4% higher, while the higher interest rates environment put additional pressure to the bottom line as net interest expense more than tripled to BGN 605k. Consequently, net income for the quarter amounted to just BGN 609k (EPS of BGN 0.02), compared to BGN 3.4m a year ago. 9-mo unconsolidated revenue amounted to BGN 233.0m (-3.2% YoY) with the biggest markets being Germany (10.44% share), France (9.91% share) and Italy (8.03% share). It has to be noted that Saudi Arabia, which was third last year with 7.38% share has dropped significantly to just 1.91% (EUR 2.1m) in 2023. In terms of expenses, the 3.3% drop in cost of materials (BGN 190.3m) was partially offset by higher personnel expenses (BGN 13.7m; +11.2% YoY) and cost of hired services (BGN 16.7m; +0.7%). Total OPEX fell 2.1% YoY to BGN 222.4m, which pushed EBITDA down 22.6% YoY to BGN 10.6m. Depreciation stood at BGN 5.3m (+10.8%), while financial expenses amounted to BGN 2.6m, as raising interest rates led to 139.5% YoY increase in net interest expense (BGN 2.9m). Note that in 9m’22 Monbat recorded BGN 1.2m of FX gain, which resulted in net financial income of BGN 863k. However, in the 9-mo period Monbat recorded gain of BGN 2.3m from discontinued operations, as the BGN 5.3m of non-refundable deposit received from Britishvolt in Q1’23 outweighed the revaluation loss of Monbat Immobilien in Q2’23. As a result, the bottom line amounted to BGN 4.6m (EPS of BGN 0.12). On the balance sheet, Monbat’s indebtedness remained largely unchanged from the beginning of the year at BGN 144.5m. CFO amounted to BGN 11.1m, slightly lower than last year’s BGN 11.9m. At the same time, net cash from financing outflow amounted to BGN 11.7m, due to BGN 4.0m of dividends paid and BGN 5.4m of interest expenses. At the same time, CFI outflow was BGN 176k as BGN 6.6m of PP&E investments were offset by BGN 8.3m of dividends from investments.