Telelink Business Services Group (TBSG) reported consolidated revenue of BGN 35.4m in Q3 2022, a decrease of 1.9% YoY mainly due to high base period. Decompositions revealed that almost all segments registered a decrease in performance with Office productivity sales down 63.9% YoY to BGN 4.0m. At the same time, Data centres (hybrid cloud plus application services) sales declined 4.4% YoY to BGN 6.9m and Data networks (telecoms plus enterprise networking) fell 9.9% YoY to BGN 13.9m. However, the public sector in Bulgaria became a significant accelerator of IT segment to register BGN 8.7m in sales and almost 7x YoY surge, which alongside with the developing Hyperatomation and IoT business lines almost offset the drop in the foremost segments. Geographically-wise, domestic market advanced 23.2% YoY to BGN 24.2m and accounted for 68% (54% in Q3’21) in total mix while Rest of Europe sales (BGN 10.7m) tumbled 34.3% YoY. With OPEX optimisation (-5.6% YoY; BGN 30.9m), cons EBITDA for the quarter appreciated by 33.9% YoY to BGN 4.5m, while its margin added 3.4 p.p. YoY to 12.8%. As a result, the improved operating profitability brought BGN 2.9m net profit in Q3, while BGN 0.5m financial expenses limited its growth to 28.7% YoY. 9mo 2022 revenue amounted to BGN 107.4m, down 20.2% YoY. Domestic sales (BGN 62.5m) showed a drop of 29.5% YoY, while Rest of Europe decreased by 4.7% YoY to BGN 43.3m. Segment-wise, Modern workplace sales (BGN 13.1m) were down 74.9% YoY, while growing segments remained Data networks, up 8.9% YoY to BGN 46.3m, and Information security (+307% YoY; BGN 11.1m). Total operating expenses came to BGN 96m, down 20% YoY due to 54.2% YoY decrease in cost of materials (BGN 31.6m) which is due to significant drop is sales of computers and peripherals to BGN 1.4m (BGN 36.9m in the comparable period). 9mo cons EBITDA came to BGN 11.4m (-11.4% YoY) on a margin of 10.6%. Despite higher depreciation allowances (+5.5% YoY; BGN 2.3m), the strong third-quarter profitability limited the net profit fall-off to 25.4% YoY (a decline of 40.2% YoY as of H1’22) and brought BGN 7.7m to the bottomline on a net margin of 7.2% (-0.5 p.p. YoY). On the balance sheet, IB debt increased to BGN 3.2m (21.8% IB-to-Equity vs 13.4% in end-2021).Cash flow from operation was BGN 4.9m, compared to BGN 9m in 9mo’21 as cash conversion cycle advanced by 4.4 days YoY to 29.1 days.