Monbat reported consolidated Q1’26 revenue of EUR 49.6m (-6.7% YoY), surpassing our expectations of EUR 45.3m. The three main markets of the Group were Germany (14.2% share), Greece (8.7% share) and France (8.4% share). On the negative side, OPEX shrank slower at 4.0% YoY to EUR 46.0m as the 5.5% YoY decline in cost of materials and energy (EUR 30.6m) was partially offset by personnel expenses growth to EUR 9.0m (+6.1% YoY). Consequently, EBITDA shrank 31.3% YoY to EUR 3.6m and the respective margin deteriorated by 2.6 p.p. to 7.3%. Depreciation was 16.8% YoY lower to EUR 2.9m, while net financial expenses came at EUR 1.3m (-8.8% YoY). After accounting for a taxation provision of EUR 248k and minority interest of EUR 485k, the Q1’26 net loss came at EUR 1.3m (EPS of negative EUR 0.03), compared to a loss of EUR 37k in our estimates and EUR 132k profit in Q1’25. On the balance sheet, IB debt fell slightly by 0.2% YtD to EUR 91.2m. Monbat finished the quarter with EUR 10.5m of cash and equivalents.