Monbat reported Q3’26 unconsolidated revenue of EUR 33.9m (-9.5% YoY compared to EUR 37.5m in Q3’25), missing our forecasts of EUR 36.0m. OPEX fell slower at 8.4% YoY to EUR 32.8m as the 11.2% YoY drop in cost of materials and energy (EUR 26.7m) was partially offset by 1.0% YoY increase in cost of hired services (EUR 2.6m). As a result, EBITDA stood at EUR 1.1m and the respective margin deteriorated by 1.2 p.p. to 3.2%. Depreciation amounted to EUR 751k, while net financial expenses amounted to EUR 146k. Consequently, Q3’26 net income came in at EUR 139k (EPS of EUR 0.00; -82.2% YoY), aligning closely with our expectations of EUR 158k. 9M’26 unconsolidated revenue amounted to EUR 99.1m (-10.5% YoY compared to EUR 110.8m in 9M’25), with the biggest export markets being Germany (17.7% share), France (9.2% share) and Italy (7.8% share). Jan-Sept’26 EBITDA reached EUR 3.6m (compared to EUR 4.7m in 9M’25). After accounting for depreciation of EUR 2.2m and net financial income of EUR 1.5m, 9M’26 net income rose by 14.1% YoY to EUR 2.8m (compared to EUR 2.5m in 9M’25), which translates into an EPS of EUR 0.07. On the balance sheet, IB debt stood at EUR 61.4m as of 30 September 2026, increasing by 3.0% YtD. The company closed the quarter with EUR 2.6m of cash and cash equivalents.