Interim Condensed Consolidated Financial Statements Monbat FS EN interim consolidated 31.03.2025

MONBAT AD

Interim Activity Report

Interim Condensed Consolidated Financial Statements

31 March 2025

Interim condensed consolidated income statement

The accompanying notes from 1 to 16 form an integral part of the interim condensed consolidated financial statements.

position

The accompanying notes from 1 to 16 form an integral part of the interim condensed consolidated financial statements.

position (continued)

The accompanying notes from 1 to 16 form an integral part of the interim condensed consolidated financial statements.

The accompanying notes from 1 to 16 form an integral part of the interim condensed consolidated financial statements.

The accompanying notes from 1 to 16 form an integral part of the interim condensed consolidated financial statements.

Notes to the interim condensed consolidated financial statements

1. Nature of operations

   The main activities of Monbat AD and its subsidiaries ("The Group") include manufacturing, maintenance and realization of batteries; engineering and development activity; production and trade of equipment used in battery manufacturing; domestic and foreign trade and construction of commercial networks; specialized stores and representatives, recycling of lead and lead contain alloys.

   The parent company Monbat AD has the same principal activities. The company is registered as joint stock company in c.d. 4636/1999 SGS. The parent company's domicile, which is also its principal place of business, is on 32 A 'Cherni vrah' buld., Sofia. The company is registered on the Bulgarian stock exchange on 22.12.2006.

   The principal place of the activity is town of Montana, 76 'Industrialna' str.

   The Group is managed through single-tier management system consisting of Board of Directors.

   As at 31.03.2025 the composition of the Board of Directors of the Company is the following:

   1. Chavdar Dochev Danev - Chairman

   2. Peter Nikolov Bozadzhiev

   3. Kyle Anderson

   4. Petar Hristov Petrov

   5. Viktor Stanimirov Spiriev - Executive member

   6. Evelina Slavcheva

   As at 31.03.2025 the Company is being represented by Viktor Stanimirov Spiriev and Petar Hristov Petrov separately.

   The ultimate parent of the Group is Prista Oil Group B.V. Atanas Bobokov and Plamen Bobokov are the individuals exercising joint control over Prista Oil Group B.V.

   The management includes the Board of Directors of Monbat AD as well as the entity's

   Procurators.

2. Basis for the preparation of the interim condensed consolidated financial statements

   These interim condensed consolidated financial statements as at 31 March 2025 have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all of the information and disclosures required in full annual consolidated financial statements and should be read in conjunction with the annual consolidated financial statements of the Group for the year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and approved by the European Union (EU).

   The interim condensed consolidated financial statements are presented in Bulgarian Leva (BGN), which is also the functional currency of the Group. All amounts are presented in thousand Bulgarian leva (BGN'000) (including comparative information for 2024) unless otherwise stated.

   Influence of macroeconomic and geopolitical factors

   The war between Russia and Ukraine, which started on February 24, 2022, caused a wide international response and affected the countries of Europe in various aspects. The ongoing hostilities between Russia and Ukraine, the imposition of sanctions and restrictions by the European Union, the United States, Canada, Great Britain and other countries against Russia, the Russian Central Bank, credit institutions, companies, individuals, caused significant turmoil in the financial markets over the last three years, which brought continued geopolitical tensions, recalibration of economic growth, inflation, rising interest rates in the US and Europe, and rising commodity prices.

   The Group has no net investments, subsidiaries or assets in Russia, Belarus and Ukraine, but trades with companies based in Ukraine.

   To address the aforementioned circumstances, the Group undertook measures, through which to limit the negative consequences on the financial results.

   Risk analysis and measures and actions taken:

   • In the first quarter of 2025 the Company reports an increase in the number of lead-acid batteries sold compared to 2024 by nearly 3%, with the following specifics by product range:

     • Increased demand for starter automotive batteries, particularly in Western European markets, where historically record sales of this product type were achieved in 2024 and the first quarter of 2025, due to established longstanding partnerships with local distributors of starter batteries and distributors of other automotive spare parts, as well as the addition of new customers to the Group's portfolio. The Group's main export markets remain Germany, France, and Romania, with significant growth in sales to South Africa in 2025.

     • 7% increase in sales of batteries for heavy-duty vehicles (trucks and tractors) compared to the first quarter of 2024. To address the decline in sales of this range of batteries reported in 2024 compared to 2023, the Group's design and technology department has been working to improve the design and technical characteristics of the batteries, which has improved

   their performance and cost, and accordingly a stable increase in demand from the Group's customers and higher sales are expected in 2025 and future periods.

   • In addition to the Group's core business of manufacturing and sale of lead-acid batteries, in 2025 the Group reports:

     • Significant growth in sales of lead plates - one of the main semi-finished products in the production of lead-acid batteries - as a result of increased export activity from Tunisia to Algeria.

     • Growth in the sales of lead and lead alloys from the Group's recycling plants to third parties, including raw lead produced by the new metallurgical furnace commissioned in early 2025 at the Group's recycling plant in Italy.

   • In the first quarter of 2025 and 2024, the Group has not made sales to Russia, while sales to Ukraine represent 1.5% of total revenue for 2025 (2024: 3.8%).

   • In relation to supply chains, the Group is not directly dependent on Russian, Ukrainian or Belarusian suppliers.

   • As a result of market volatility, the 2025 average market price of lead was around

     1 872 EUR/MT (2024: 1 916 EUR/MT). The Group addresses this volatility and dependence of the price of lead on stock market indices by applying a standard indexation of the selling prices of its production to all its counterparties.

   • The main customers of the Group have not had financial difficulties directly related to the military conflicts in Ukraine and the Middle East. The assessment of the collectability of trade receivables as of 31 March 2025 is good.

   • To ensure the collectability of its receivables from Ukrainian counterparties for which trade receivables insurance is not available, the Group has adopted a policy of 100% pre-shipment advance payments on all export sales to Ukraine following the outbreak of hostilities in the country. With regards to the trade receivables not settled at commencement of the war, in 2025 The Group recorded impairment charges at the amount of BGN 0 (2024: BGN 3 502 thousand). As of 31 March 2025, the Group has trade receivables from Ukrainian and Russian customers (net of impairments) amounting to BGN 5 144 thousand.

     The Group analyzes on an ongoing basis all possible impacts of changing micro and macroeconomic conditions on the Group's future financial position and results of operations. Inflationary processes, expressed in increased costs of direct materials, energy and labour per unit of production, have a significant impact on the Groups's operations. The Group has been able to limit the effect of these negative impacts of the macroeconomic environment by refining its customer and product mix (with a focus on higher-margin products and markets) and, where necessary, applying indexation of selling prices to its customers.

     Climate matters

     In 2025 and 2024 the Group reports on climate-related issues, considering this reporting as a long-term commitment to develop and deepen in the future.

     Legislation, regulatory authorities, the Group's counterparties and users of non-financial information pay close attention to climate change. The European Union adopted the European Green Deal to transition to a more sustainable economic and financial system, and more detailed sustainability disclosures are expected in the coming years as part of the adopted European Sustainability Reporting Standards.

     Through its production process, the Group does not emit significant direct and indirect emissions to the air. As Group companies are not large emitters of carbon dioxide, the Group does not participate in the EU emissions trading scheme. However, Management recognizes the important role the Group plays in climate change mitigation and adaptation.

     Mitigation is concerned with limiting the rate and magnitude of climate change, and adaptation is concerned with the process of adjusting to actual or expected effects of climate change. The Group is in the process of analyzing the role of business and the activities carried out and their degree of impact, possible risks and ways to actively participate in decision-making related to climate change.

     At the same time, the following steps are set out in the implementation of the activity, with a view to reducing greenhouse gas emissions from energy consumption from the building stock and transport:

   • Fuel consumption optimization for heating and transport. All newly purchased vehicles comply with EURO Norm VI emission standards.

   • Optimization of heating, ventilation, cooling and lighting systems. Replacement of heating equipment with more energy efficient equipment.

   • Renovation of buildings.

   Through its annual capital expenditure program, the Group plans and implements investments in new production facilities or improvements to existing facilities that optimize the consumption of energy resources.

   As of 31 March 2025, and 31 December 2024, the Group has not identified any significant risks arising from climate change that could have a direct negative and material impact on the Group's financial statements. Management continually assesses the impact of climate related issues.

   In determining the Group's financial position as of 31 December 2024 and 31 December 2023, climate related issues have been considered and taken into account in performing impairment testing, assessing the useful life and determining the fair value of non-current assets and in determining the net realizable value of inventories.

   The interim condensed consolidated financial statements are prepared under the going concern principle.

   In these circumstances, the Group's management has made an analysis and assessment of the Group's ability to continue its activities as a going concern based on available information about the foreseeable future. After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Board of Directors expects that the Group will have sufficient resources to continue to adopt the going concern basis in preparing the consolidated report and accounts.

   1. New and amended standards and interpretations

      The Group has adopted the following new standards, amendments and interpretations to IFRS issued by the International Accounting Standards Board and endorsed by EU, which are relevant to and effective for the Group's separate financial statements for the annual period beginning 1 January 2025 but do not have a significant impact on the Group's financial performance or position:

      • Amendments to IAS 1 "Presentation of financial statements: Classification of liabilities as current or non-current", effective from 1 January 2024, adopted by the EU;

      • Amendments to IAS 1 "Presentation of financial statements: Non-current liabilities

        with covenants", effective from 1 January 2024, adopted by the EU;

      • Amendments to IFRS 16 "Leases: Lease Liability in a Sale and Leaseback", effective

        not earlier than 1 January 2024, adopted by the EU;

      • Amendments to IAS 7 "Statement of cash flows" and IFRS 7 "Financial instruments: Disclosures: supplier finance arrangements", effective from 1 January 2024, not yet adopted by the EU.

   2. Standards issued but not yet effective and not early adopted

      At the date of authorization of these separate financial statements, certain new standards, amendments and interpretations to existing standards have been issued, but are not effective or adopted by the EU for the financial year beginning on 1 January 2024 and have not been applied early by the Group. They are not expected to have a material impact on the Group's separate financial statements. Management anticipates that all relevant pronouncements will be adopted in the Group's accounting policies for the first period beginning after the effective date of the pronouncement. The changes refer to the following standards:

      • Amendments to IAS 21 "The effects of changes in foreign exchange rates: Lack of exchangeability", effective from 1 January 2025, adopted by the EU;

      • Annual Improvements Volume 11, effective from 1 January 2026, not yet adopted by the EU;

      • Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), effective from 1 January 2026, not yet adopted by the EU;

      • IFRS 18 Presentation and Disclosure in Financial Statements effective from 1 January 2027, not yet adopted by the EU;

      • IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective from 1 January 2027, not yet adopted by the EU.

   3. Changes in estimates

      When preparing the interim consolidated financial statements management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.

      The actual results may differ from the judgements, estimates and assumptions made by management and will seldom equal the estimated results.

      In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual consolidated financial statements for the year ended 31 December 2024.

      2.4 Financial risk management

      The Group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The most significant financial risks to which the Group is being exposed are market risk, credit risk and liquidity risk.

      The interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual consolidated financial statements; they should be read in conjunction with the annual consolidated financial statements as at 31 December 2024. There have been no changes in the risk management policies since year end.

3. Significant events and transactions during the reporting period

   No significant events have occurred during the first quarter of 2025.

4. Assets, included in disposal groups, held for sale

   Investment property in Austria

   In April 2022, the General Meeting of Shareholders of Monbat AD resolved on the sale of Monbat Immobilien GmbH subject to a suitable price offer from a potential buyer. As of 31 March 2025 the transaction has not been completed and there has been no change in the Group's intention to complete the sale of its investment in Monbat Immobilien GmbH.

   As of 31 March 2025, the book value of the investment properties owned by Monbat Immobilien GmbH is BGN 9 701 thousand and is equal to the fair value determined based on an appraisal prepared by a licensed appraiser.

   The book value of the assets related to the investment property included in disposal groups as of 31 March 2025 and 31 December 2024 is as follows:

   	31 March 2025	31 December 2024
   	BGN '000	BGN '000
   Investment property, net of impairment	9 701	9 701
   Deferred tax assets	2 398	2 398
   Total assets included in disposal groups	12 099	12 099

   Revenues and expenses related to the Investment property for 2025 and 2024 are as follows:

   	2025	2024
   	BGN '000	BGN '000
   Costs of ordinary activity	(49)	(35)
   Loss from operation	(49)	(35)

   Energy Batteries Nigeria Ltd., Nigeria

   In August 2023 the Board of Directors of Monbat AD resolved to take action to discontinue the activity of Energy Battieries Nigeria Ltd, a company operating in Nigeria. The Group's management expects the operations of Energy Batteries Nigeria Ltd. to be discontinued within one calendar year of the end of the reporting period.

   The carrying amount of assets and liabilities of Energy Batteries Nigeria Ltd. are as follows:

   	31 March 2025	31 December 2024
   	BGN `000	BGN '000
   Cash and cash equivalents	37	37
   Total assets, included in disposal groups	37	37

   	31 March 2025	31 December 2024
   	BGN `000	BGN '000
   Other liabilities	40	40
   Total liabilities, included in disposal groups	40	40

   Monbat SA Proprietary Limited, South Africa

   In December 2023. The Board of Directors of Monbat AD resolved to take action to discontinue the business of Monbat SA Proprietary Limited, a company operating in South Africa. Group management expects the operations of Monbat SA Proprietary Limited to be discontinued within one calendar year of the end of the reporting period.

   The book value of assets and liabilities, as well as the income and expenses related to the activity of Monbat SA Proprietary Limited are as follows:

   31 March 2025		31 December 2024
   BGN '0	00	BGN '000
   Cash and cash equivalents	20	20
   Other receivables	61	61
   Total assets included in disposal groups	81	81

   31 March 2025		31 December 2024
   BGN	'000	BGN '000
   Trade payables	483	483
   Total liabilities included in disposal groups	483	483

   202	5	2024
   BGN '000		BGN '000
   Sales revenue	-	161
   Costs of ordinary activity	-	(190)
   Financial costs	-	(24)
   Loss from operation	-	(53)

5. Segment reporting

   No change has occurred in the basis of segment reporting or determining the profit or loss of the segments as compared to the prior period consolidated financial statements.

   Segment information for the reporting periods under review can be analyzed as follows:

   Production of batteries		Industrial materials recycling	Production of lithium-ion batteries	Industrial group Nour	Other	Total Q1 2025
   	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000
   Revenue:
   - from external customers	73 351	13 030	1 607	11 589	4 368	103 945
   - intersegmental revenue	33 839	46 609	436	2 478	3 664	87 026
   Segment revenues	107 190	59 639	2 043	14 067	8 032	190 971

   Production of batteries		Industrial materials recycling	Production of lithium-ion batteries	Industrial group Nour	Other	Total Q1 2024
   	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000
   Revenue:
   - from external customers	70 999	7 164	1 687	9 014	2 866	91 730
   - intersegmental revenue	32 141	58 035	290	1 583	3 671	95 720
   Segment revenues	103 140	65 199	1 977	10 597	6 537	187 450

   	31 March 2025	31 December 2024
   Assets	BGN'000	BGN'000
   Total segment assets	884 111	892 161
   Consolidation	(403 825)	(403 530)
   Group assets	480 286	488 631

   	31 March 2025	31 December 2024
   Liabilities	BGN'000	BGN'000
   Total segment liabilities	400 685	422 978
   Consolidation	(145 809)	(159 525)
   Group liabilities	254 876	263 453

   The total of segment profit reconciles to the Group's profit before tax expense as presented in its interim condensed consolidated financial statements as follows:

   	3 months to 31 March 2025	3 months to 31 March 2024
   	BGN'000	BGN'000
   Profit
   Total segment profit	3 624	4 084
   Elimination of intersegment profits	(46)	(264)
   Group operating profit	3 578	3 820
   Finance costs	(3 148)	(2 929)
   Finance income	589	1 120
   Other financial items	(127)	25
   Profit before tax	892	2 036

6. Intangible assets

   The Group's other intangible assets comprise software, trademarks and other intangible assets. The carrying amounts for the reporting periods under review can be analyzed as follows:

   For the 3 months ended 31 March 2025	Software	Trademarks	Customer network	R&D costs	Advances for licensing rights	Others	Total
   	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000
   Gross carrying amount
   Balance on 1 January	3 921	9 681	1 149	7 596	7 309	3 491	33 147
   Newly acquired assets	148	-	-	283	-	44	475
   Transfers	-	10	-	-	-	(10)	-
   Currency exchange rate conversions	-	(16)	(3)	-	-	-	(19)
   Balance on 31 March	4 069	9 675	1 146	7 879	7 309	3 525	33 603
   Amortization
   Balance on 1 January	(1 912)	(3 241)	(629)	(578)	-	(203)	(6 563)
   Amortization for the period	(121)	(272)	(58)	(11)	-	(8)	(470)
   Balance on 31 March	(2 033)	(3 513)	(687)	(589)	-	(211)	(7 033)
   Carrying amount as of 31 March	2 036	6 162	459	7 290	7 309	3 314	26 570

   For the year ended 31 December 2024	Software	Trademarks	Customer network	R&D costs	Advances for licensing rights	Others	Total
   	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000
   Gross carrying amount
   Balance on 1 January	1 833	4 241	1 133	2 712	7 309	2 649	19 877
   Reclassified from disposal groups	246	5 389	-	3 971	-	-	9 606
   Newly acquired assets	394	-	-	914	-	871	2 179
   Written-off assets	-	(16)	-	-	-	(15)	(31)
   Transfers	1 451	10	-	-	-	(1 461)	-
   Transfers of assets from Property, plant and equipment	-	-	-	-	-	1 440	1 440
   Currency exchange rate conversions	(3)	57	16	(1)	-	7	76
   Balance on 31 December	3 921	9 681	1 149	7 596	7 309	3 491	33 147
   Amortization
   Balance on 1 January	(1 355)	(1 427)	(399)	(286)	-	(174)	(3 641)
   Reclassified from disposal groups	(158)	(1 760)	-	(248)	-	-	(2 166)
   Amortization for the year	(399)	(70)	(230)	(44)	-	(37)	(780)
   Written-off amortization	-	16	-	-	-	8	24
   Balance on 31 December	(1 912)	(3 241)	(629)	(578)	-	(203)	(6 563)
   Carrying amount as of 31 December	2 009	6 440	520	7 018	7 309	3 288	26 584

7. Property, plant and equipment

   Group's property, plant and equipment comprise lands, buildings, machinery, equipment, vehicles, business inventory and cost of acquisition. The carrying amount can be analyzed as follows:

   For the 3 months ended 31 March 2025	Land	Buildings	Machinery	Equipment	Vehicles	Fixtures	Assets under construction	Total
   	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000
   Gross carrying amount
   Balance on 1 January 2025	18 930	104 844	204 574	48 743	15 658	10 560	20 142	423 451
   Acquired assets	-	217	1 602	466	41	176	1 136	3 638
   Disposals	-	(33)	(62)	(398)	(10)	(29)	-	(532)
   Transfers	-	-	795	138	-	57	(990)	-
   Currency exchange rate conversion	(29)	(82)	(99)	(3)	(7)	(7)	(6)	(233)
   Balance on 31 March 2025	18 901	104 946	206 810	48 946	15 682	10 757	20 282	426 324
   Depreciation
   Balance on 1 January 2025	-	(41 208)	(149 366)	(25 337)	(10 751)	(7 858)	-	(234 520)
   Depreciation for the period	-	(1 106)	(3 135)	(812)	(258)	(319)	-	(5 630)
   Disposals	-	-	84	226	6	23	-	339
   Currency exchange rate conversion	-	17	31	1	5	3	-	57
   Balance on 31 March 2025	-	(42 297)	(152 386)	(25 922)	(10 998)	(8 151)	-	(239 754)
   Carrying amount as of 31 March 2025	18 901	62 649	54 424	23 024	4 684	2 606	20 282	186 570

   For year ended on 31 December 2024	Land	Buildings	Machinery	Equipment	Vehicles	Fixtures	Assets under construction	Total
   	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000	BGN '000
   Gross carrying amount
   Balance on 1 January 2024	18 498	98 275	187 259	44 265	14 670	8 822	21 848	393 637
   Reclassified from discontinued operations	302	4 025	4 644	1 678	13	232	96	10 990
   Acquired assets	-	2 225	6 620	473	1 124	1 347	10 183	21 972
   Capitalized borrowings and other	32	-	-	-	-	-	63	95
   Disposals	-	-	(965)	(603)	(189)	(225)	(304)	(2 286)
   Transfers	-	131	6 788	2 930	20	379	(10 248)	-
   Transfers to intangible assets	-	8	77	-	-	-	(1 525)	(1 440)
   Currency exchange rate conversion	98	180	151	-	20	5	29	483
   Balance on 31 December 2024	18 930	104 844	204 574	48 743	15 658	10 560	20 142	423 451
   Depreciation
   Balance on 1 January 2024	-	(36 446)	(136 286)	(21 911)	(9 771)	(7 137)	-	(211 551)
   Reclassified from discontinued operations	-	(494)	(1 827)	(928)	(8)	(134)	-	(3 391)
   Depreciation for the year	-	(4 232)	(11 841)	(2 776)	(1 084)	(796)	-	(20 729)
   Disposals	-	-	636	280	116	209	-	1 241
   Currency exchange rate conversion	-	(36)	(48)	(2)	(4)	-	-	(90)
   Balance on 31 December 2024	-	(41 208)	(149 366)	(25 337)	(10 751)	(7 858)	-	(234 520)
   Carrying amount as of 31 December 2024	18 930	63 636	55 208	23 406	4 907	2 702	20 142	188 931

8. Cash and cash equivalents

   A breakdown of the Group's cash and cash equivalents is presented below:

   	31 March 2025	31 December 2024
   	BGN 000	BGN 000
   Cash in hand	211	81
   Cash in bank accounts	4 079	12 171
   Cash equivalents	26	236
   Restricted Cash	1 369	1 369
   Restricted funds under contract for debt instruments	3 912	3 912
   Total cash and cash equivalents	9 597	17 769

9. Issued capital

   The registered share capital of the Group consists of 39 000 000 ordinary shares with a nominal value of BGN 1 per share. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of the Group.

   As at 31 March 2025 the Group has redeemed 10 946 ordinary own shares through a subsidiary, which are presented as a decrease in the shared capital. Additional 33 545 ordinary shares have been reacquired by the parent-company Monbat AD.

   The issued and authorized shares for reporting periods can be presented as follows:

   Number of shares issued and fully paid	31 March	31 December
   	2025	2024
   Beginning of the period	38 955 509	38 955 509
   Reacquired own shares	-	-
   Number of shares issued and fully paid	38 955 509	38 955 509
   Total number of shares authorized at the end of the period	38 955 509	38 955 509

   The list of the principal shareholders of the Group is as follows:

   31 March 2025			31 December 2024
   	Number of shares	%	Number of shares	%
   Prista Oil Holding EAD	16 666 371	42.73	16 666 371	42.73
   PRISTA HOLDCO COOPERATIEF U.A	8 103 758	20.78	8 103 758	20.78
   Monbat Trading OOD	2 817 640	7.22	2 817 640	7.22
   UPF Doverie	2 582 864	6.62	2 582 864	6.62
   ZUPF Alianz Bulgaria	2 105 403	5.40	2 105 403	5.40
   Other natural persons and entities	6 723 964	17.25	6 723 964	17.25
   	39 000 000	100	39 000 000	100
   Buyback of own shares from natural persons and entities	(44 491)	(0.11)	(44 491)	(0.11)
   	38 955 509	99.89	38 955 509	99.89

   The total number of shares with voting rights held directly and through related parties by Prista Oil Holding EAD is 19 452 021 or 49.95 %. The shares held by Monbat Trading Ltd. and Prista Oil Holding EAD are subject to a pledge agreement under the Financial Collateral Contracts Act (FCCA) in favor of UniCredit Burbank AD and Eurobank Bulgaria AD in connection with a loan granted by UniCredit Buлbank AD and Eurobank Bulgaria AD to Prista Invest 2016 AD.

   In 2024 and 2025 Monbat AD has not repurchased shares.

10. Borrowings

    The Borrowings of the Group include the following financial liabilities:

    Current					Non-current
    31			31		31	31
    	March	December		March	December
    	2025	2024		2025	2024
    	BGN '000	BGN '000		BGN '000	BGN '000
    Financial liabilities measured at amortized
    cost:
    Bank loans	125 468	114 746		48 427	42 557
    Loans from other financial institutions	3 625	3 639		5 342	5 789
    Total carrying amount	129 093	118 385		53 769	48 346

    Bank borrowings:

    	Bank	Maturity Date	Curr.	Loan amount (original currency)	Collateral	Utilized amount as of 31.03.2025 (th. BGN)
    1	UBB AD	31.07.2025	EUR	9 200 000	Mortgage of lands and buildings owned by Monbat AD and Monbat Recycling EAD. Pledge on PPE owned by Monbat AD and Monbat Recycling EAD. Pledge on all current and future accounts receivable at the bank.	17 993
    2	DSK Bank EAD	30.06.2025	EUR	2 500 000	Pledge on receivables and PPE.	4 889
    3	DSK Bank EAD	30.06.2025	BGN	9 000 000	Pledge on PPE, owned by Monbat AD.	9 000
    4	UBB AD	31.07.2025	BGN	490 000	Overdraft, unsecured.	490
    5	UBB AD	31.07.2025	EUR	2 000 000	Pledge on all receivables on accounts of the borrower opened in the bank. Insurance with BAEZ, securing the exposure of contract up to EUR 2 million.	2 942
    6	Investbank AD	26.03.2026	EUR	5 000 000	Mortgage of property, owned by Monbat AD. Pledge on 50 829 042 in the capital of Monbat Recycling EAD, owned by Monbat AD. Pledge on current and future receivables available in all open accounts with the bank.	9 779

    	Bank	Maturity Date	Curr.	Loan amount (original currency)	Collateral	Utilized amount as of 31.03.2025 (th. BGN)
    7	Investbank AD	26.03.2026	EUR	5 000 000	Mortgage of property owned by Monbat Recycling EAD. Pledge on current and future receivables available in all open accounts held by Monbat AD, Monbat Recycling EAD and Prista oil Holding EAD. Insurance with BAEZ, securing the exposure of contract up to EUR 4 million.	9 779
    8	UBB AD	14.07.2025	EUR	3 500 000	Mortgage of land and buildings owned by Start AD. Pledge on PPE owned by Start AD. Pledge on goods and inventories with book value of EUR 4 million, owned by Start AD. Pledge on receivables in all accounts of the borrower opened with the bank.	6 823
    9	FIB AD	17.01.2028	EUR	10 000 000	Land properties, offices and garages, owned by Monbat AD. Land and buildings owned by Leventa OOD and Winery Levent AD. Pledge of current and future receivables under debt product contract.	18 689
    10	FIB AD	03.11.2027	EUR	15 000 000	Pledge on PPE owned by Monbat AD. Pledge on inventories owned by Monbat AD.	28 935
    11	UBB AD	30.10.2029	EUR	7 000 000	Mortgage of land and buildings owned by Start AD. Pledge on PPE owned by Start AD. Pledge on goods and inventories with book value of EUR 4 million, owned by Start AD.	13 734
    12	UBB AD	31.07.2025	EUR	4 500 000	Mortgage of land and buildings owned by Start AD. Pledge of PPE owned by Start AD. Pledge of goods and material stocks with a balance sheet value of EUR 4 million, owned by Start AD	8 822
    13	UBB AD	25.03.2028	EUR	546 000	Pledge on PPE.	640
    14	Raiffeisen Bank SA Romania	15.05.2025	EUR	4 000 000	Corporate guarantee issued by Prista Oil Holding AD, PPE, receivables and inventory.	7 789
    15	UBB AD	31.07.2025	EUR	3 000 000	Pledge on receivables in the bank, PPE and inventory	5 867
    16	Raiffeisen Bank Serbia	14.12.2025	EUR	2 000 000	Pledge on inventories.	3 912
    17	Procredit Bank Serbia	01.03.2028	EUR	700 000	Promissory note issued by the Group.	881
    18	Procredit Bank Serbia	01.04.2028	EUR	400 000	Promissory note issued by the Group.	578
    19	Procredit Bank Serbia	24.06.2028	EUR	300 000	Property, plant and equipment.	587
    20	Procredit Bank Serbia	13.07.2027	EUR	1 100 000	Pledge on inventory and receivables.	2 151
    21	MEDIOCREDITO ITALIANO S.P.A.	31.03.2029	EUR	3 500 000	Pledge on properties.	2 909
    22	STB Tunisia	30.04.2025	TND	2 500 000	Tangible fixed assets	122
    23	STB Tunisia	31.07.2025	TND	1 250 000	Tangible fixed assets	61
    24	STB Tunisia	15.06.2025	TND	6 000 000	Properties, fixed assets, inventories and receivables	3 511
    25	STB Tunisia	15.06.2025	TND	4 000 000	Properties, fixed assets, inventories and receivables	2 340
    26	STB Tunisia	Revolving	TND	3 000 000	Properties, fixed assets, inventories and receivables	2 165
    27	STB Tunisia	Revolving	TND	2 000 000	Properties, fixed assets, inventories and receivables	1 268
    28	STB Tunisia	30.09.2029	TND	7 300 000	Tangible fixed assets	3 844

    	Bank	Maturity Date	Curr.	Loan amount (original currency)	Collateral	Utilized amount as of 31.03.2025 (th. BGN)
    29	STB Tunisia	15.09.2025	TND	500 000	Properties, fixed assets, inventories and receivables	111
    30	STB Tunisia	Revolving	TND	1 000 000	Properties, fixed assets, inventories and receivables	525
    31	STB Tunisia	Revolving	TND	3 500 000	Properties, fixed assets, inventories and receivables	1 056
    32	STB Tunisia	30.09.2027	TND	1 890 000	Tangible fixed assets	995
    33	STB Tunisia	Revolving	TND	500 000	Pledge on PPE	279
    34	Banca del Mezzogiorno	30.06.2028	EUR	450 000	Research and development products	384
    35	Banca Popolare Pugliese	21.11.2025	EUR	63 000	Overdraft	45
    Total bank borrowings						173 895

    Borrowings from other financial institutions:

    	Financial Institution	Maturity date	Curr.	Loan amount (original currency)	Object of Financing	Utilized amount as of 31.03.2025 (th. BGN)
    36	UBB Interlease EAD	26.06.2025 to 05.02.2030	EUR	3 477 247	16 contracts to finance equipment for the production of lead-acid batteries and recycling of scrap lead-acid batteries	3 648
    37	OTP Leasing EAD	05.11.2028 to 05.08.2029	EUR	3 918 211	6 contracts to finance equipment for the production of lead-acid batteries and recycling of scrap lead-acid batteries	3 699
    38	VFS Bulgaria EOOD	16.06.2025 to 20.07.2028	EUR	868 634	6 contracts to finance the purchase of vehicles	753
    39	BRD Sogelease IFN S.A.	26.11.2025 to 12.08.2029	EUR	78 148	16 contracts to finance equipment for recycling of scrap lead-acid batteries	126
    40	CIL Leasing	12.07.2025 to 20.06.2027	TND	1 516 994	Contracts to finance the purchase of vehicles	741
    Total borrowings from other financial institutions						8 967

11. Income tax expense

    Income tax expense is recognized based on management's best estimate of the annual income tax rate expected for the full financial year. The estimated annual tax rate for income tax for 2025 and 2024 is 10%.

12. Earnings per share and dividends
    1. Earnings per share

       Basic earnings per share have been calculated using the profit attributed to the shareholders of the Parent company as the numerator. The weighted average number of outstanding shares used for basic earnings per share as well as profit attributable to shareholders is as follows:

       	31 March 2025	31 March 2024
       Profit attributable to the shareholders (BGN) from continuing operations	548 000	1 854 000
       Profit attributable to the shareholders (BGN)	499 000	1 766 000
       Weighted average number of outstanding shares	38 955 509	38 955 509
       Basic earnings per share from continuing operations (BGN per share)	0.01	0.05
       Basic earnings per share (BGN per share)	0.01	0.05

    2. Dividends

       At the General Meeting of Shareholders, held on 24.06.2024, it was decided that Monbat AD will not distribute dividends. The net profit realized in 2023 has been transferred to Retained earnings from previous years.

13. Related party transactions

    The Group's related parties include its owners, subsidiaries, companies under common control, key management and others as described below. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received.

    1. Transactions with owners (Parent Company)

       	31 March 2025	31 March 2024
       	BGN '000	BGN '000
       Purchases of goods and services
       - purchases of raw materials from Prista oil Holding EAD	(160)	(30)
       - purchases of services from Prista oil Holding EAD	-	(1)
       	(160)	(31)
       Sale of goods and services
       - sale of services to Prista oil Holding EAD	78	13
       	78	13
       Other transactions
       - repayment of deposit granted to Prista oil Holding EAD	-	35

    2. Transactions with other related parties

       	31 March 2025	31 March 2024
       	BGN '000	BGN '000
       Purchases of goods and services
       - purchases of services from Monbat Trading OOD	(990)	(1 272)
       	(990)	(1 272)
       Sale of goods and services
       - sale of services to Monbat Trading OOD	12	12
       	12	12

       Other transactions
       - loan repaid by Monbat Trading OOD	-	150
       - interest paid by Monbat Trading OOD	-	30
       - expenses for collateral provided by Leventa OOD	(27)	-
       - funds provided to Leventa EOOD	-	(560)
       - funds repaid by Leventa EOOD	95	-
       - funds provided to Holdco Investment EOOD	(215)	-

    3. Transactions with key management personnel

       Key management personnel of the Group include members of the Board of Directors of Monbat AD and the entity's procurators. Key management personnel remuneration includes the following expenses:

       	31 March 2025	31 March 2024
       	BGN '000	BGN '000
       Short-term employee benefits:
       - Salaries	510	511
       - Social security costs	6	6
       - Company cars	9	10
       Total employee benefits	525	527

14. Related party balances

    	31 March	31 December
    	2025	2024
    	BGN '000	BGN '000
    Current receivables
    - Atanas Bobokov - loan granted	3 269	3 269
    - Atanas Bobokov - interest receivable	1 042	993
    - Prista oil Holding EAD - deposit granted	25 785	25 785
    - Prista oil Holding EAD - trade receivables	6 214	6 022
    - Prista oil Holding EAD - interest receivable	5 995	5 704
    - Prista Invest 2016 AD - loan granted	3 695	3 695
    - Prista Invest 2016 AD - interest receivable	601	545
    - Plamen Bobokov - loan ganted	1 830	1 830
    - Plamen Bobokov - interest receivable	540	513
    - Monbat Trading OOD - trade receivables	549	733
    - Monbat Trading OOD - loan granted	2 234	2 234
    - Monbat Trading OOD - interest receivable	58	34
    - Black Star International AD - funds provided	1 080	1 080
    - Black Star International AD - interest receivable	177	157
    - Black Star International AD - trade receivables	289	301
    - Alliance Energy Companies AD - funds provided	700	700
    - Alliance Energy Companies AD - interest receivable	135	121
    - Leventa OOD - funds provided	465	560
    - Leventa OOD - interest receivable	7	33
    - Leventa OOD - trades receivable	3 744	3 744
    - Monbat Eco Projects OOD - funds provided	222	222
    - Monbat Eco Project OOD - interest receivable	89	86
    - Torlashka Sreshta EOOD - funds provided	160	160
    - Torlashka Sreshta EOOD - trade receivables	8	8
    - Torlashka Sreshta EOOD - interest receivable	46	43
    - Holdco Investment EOOD - funds provided	2 482	2 267
    - Holdco Investment EOOD - interest receivable	160	131
    - Prista Holdco Cooperatief U.A. - funds provided	63	56
    - Prista Holdco Cooperatief U.A. - interest receivable	4	3
    	61 643	61 029

    31 Ma	rch 31 December
    	2025	2024
    BGN '000		BGN '000
    Current payables
    - Prista oil Holding EAD	411	-
    - Monbat Trading OOD	26	10
    - Leventa OOD	15	276
    	452	286

15. Events after the reporting period

    No adjusting or other significant non-adjusting events have occurred between the date of the interim condensed consolidated financial statements and the date of approval for publication, except for those disclosed in the annual individual and annual consolidated statements of Monbat AD, prepared as of 31.12.2024.

16. Authorization of the interim condensed consolidated financial statements

The interim condensed consolidated financial statements as of 31 March 2025 (including comparatives) were approved for issue by the Board of Directors on 29 May 2025.