Stara Planina Hold reported 33.3% YoY decrease in Q3 2024 consolidated revenue to BGN 61.8m following the weak industrial production in Europe. Operating expenses amounted to BGN 53.3m (-29.2% YoY), mainly on lower material and personal costs. Despite 51.3% YoY drop in cons EBITDA to BGN 8.5m, it came significantly above our expectations. The bottom-line of the holding ended the quarter with BGN 1.7m in net profit, which is 60.3% lower YoY, but a net margin of 2.7% surpassed our forecast. 9m 2024 total consolidated revenue came to BGN 204.5m, 33% lower YoY. Operating expenses fell 28.2% YoY to BGN 178.9m, which led to 54.1% YoY decline in cons EBITDA for the period to BGN 25.5m. As a result, cons net profit dipped 71.3% YoY to BGN 3.9m, while net margin contracted to 1.9%. The management guided for BGN 66.6m revenue in Q4'24, or 4.4% higher YoY, while consolidated sales for H2’24 are expected to come to BGN 122m, down 22% YoY. On the balance sheet, IB debt amounted to BGN 4.7m, or 3.5% of equity, while CFO decreased 31.2% YoY to BGN 30.6m due to the weak profitability.