AS AT 31.12.2025 PURSUANT TO article 100o, paragraph 4, item 2 OF LPOS
IMPORTANT DEVELOPMENTS FOR MONBAT AD THAT OCCURRED DURING THE PERIOD (01.01.2025 - 31.12.2025)
During the period (01.01.2025 - 31.12.2025) Monbat AD has disclosed to the FSC, BSE AD and the public the following information through the information platform x3news.com, available at - http://www.x3news.com, as well as on the corporate page of the company, available at https://www.monbatgroup.com/bg
Table No 1Date
Developments
15-01-2025
MONBAT AD announced invitation to an Extraordinary General Meeting of Shareholders
with the following agenda and proposed resolutions:
1. Approving a resolution for election of a certified auditor to express assurance regarding the sustainability report of Monbat AD for 2024. Proposal resolution: The General Assembly of Shareholders approves a resolution for election of "Grant Thornton" OOD as a certified auditor to express assurance regarding the sustainability report of Monbat AD for 2024, in accordance with the proposal of the audit committee.
20-01-2025
MONBAT AD announced the following information: Inside information under art. 17, para 1, in relation with art. 7 of the Regulation (EU) No 596/2014 - Announcement:
NOTIFICATION REGARDING LAST PRINCIPAL AND INTEREST PAYMENT MADE ON AN ISSUE
OF CORPORATE BONDS, ISIN CODE - BG2100023170 MONBAT AD, as issuer of the bond issue, ISIN code BG2100023170, hereby notifies that a payment of principal and interest in the total amount of EUR 14 475 947.64 was made on 20-01-2025, whereby the bond issue was fully repaid.
The date on which the composition of bondholders who received payment was determined:17-01-2025.
30-01-2025
MONBAT AD announced the 2024 Q4 Individual financial report.
20-02-2025
MONBAT AD announced the following information: Inside information under art. 17, para
1, in relation with art. 7 of the Regulation (EU) No 596/2014 -
NOTIFICATION REGARDING GENERAL MEETING OF SHAREHOLDERS NOT CONVENED
With entry No. 20240528162605 in the Commercial Register and the Register of Not-for Profit Legal Entities, an invitation has been announced for an Extraordinary General Meeting of Shareholders duly convened for February 20, 2025 at 10:30 a.m., 1000 Sofia, "Gurko Blvd."1, Grand Hotel Sofia, Serdika Hall.
On the previously announced date of the General Meeting, 2 545 993 shares or 6.53% of the Company's capital were registered. Pursuant to Article 29, par. 1 of the Articles of Association
Date
Developments
of MONBAT AD, the General Meeting is legal if more than half of the entire capital of the Company is represented.
Due to the lack of quorum, the meeting was not held on the first date announced in the invitation for the EGM.
In accordance with Art. 227 par. 3 of the Commercial Law (LC) and the announced invitation to convene it, the Extraordinary General Meeting of Shareholders will be held on the reserve announced date - 07.03.2025 at 10:30 a.m. (Eastern European Standard Time EET=UTC+3) or 07:30 a.m. (Coordinated Universal Time UTC), at the same place and with the same agenda.
The agenda of the meeting cannot include items pursuant to 223a of the Commercial Law.
Registration of shareholders will take place on the day of the General Meeting from 09:00 to 10:00 (Eastern European Standard Time EET=UTC+3) on the day of the General Meeting.
28-02-2025
MONBAT AD announced the 2024 Q4 Consolidated financial report
28-02-2025
MONBAT AD announced Semi-annual report in pursuance of Art. 100f (1), item 2 in relation
to Art. 100f (2) of the POSA about fulfilment of the obligations of an issuer, related to its bond issue.
10-03-2025
MONBAT AD announced Minutes from a General shareholders meeting.
27-03-2025
MONBAT AD announced the 2024 Annual individual financial report.
25-04-2025
MONBAT AD announced the 2024 Annual consolidated financial report
30-04-2025
MONBAT AD announced the 2025 Q1 Individual financial report.
20-05-2025
MONBAT AD announced invitation for convocation of a regular attendance session of the Annual general assembly of the shareholders of MONBAT AD.
The Board of Directors of Monbat AD, on the grounds of the provisions of Art. 223, para. 1 of the Commercial Act convenes a regular annual attendance session of the General Assembly of the Shareholders on 23.06.2025 at 10.30 EEST (EEST=UTC+3) or 7:30 (UTC) with the Unique identifier of the event MONB23062025RGOSA, ISIN code BG1100075065, in the city of Sofia, No 1, Gurko Blvd., Grand Hotel Sofia, 1 Serdika hall, under the following agenda and draft resolutions:
1. Approving the audited Annual financial Report on the company's activities for the year 2024 prepared according to the Delegated Regulation (ЕС) 2019/815 and submitted to Financial Supervision Commission (FSC), Bulgarian Stock Exchange (BSE) and to the public. Proposal for a Resolution: The General Assembly of Shareholders approves the audited Annual financial Report on the company's activities for the year 2024 prepared according to the
Delegated Regulation (ЕС) 2019/815 and submitted to Financial Supervision Commission
Date
Developments
(FSC), Bulgarian Stock Exchange (BSE) and to the public.
Adopting the Report for the implementation of the Remuneration Policy of the members of the Board of Directors of Monbat AD for 2024. Proposal for a Resolution: The General Assembly of Shareholders adopts the Report for the implementation of the Remuneration Policy of the members of the Board of Directors of Monbat AD for 2024.
Approving the audited consolidated Annual financial Report on the company's activities for the year 2024 prepared according to the Delegated Regulation (ЕС) 2019/815 and submitted to Financial Supervision Commission (FSC), Bulgarian Stock Exchange (BSE) and to the public. Proposal for a Resolution: The General Assembly of Shareholders approves the audited consolidated Annual financial Report on the company's activities for the year 2024 prepared according to the Delegated Regulation (ЕС) 2019/815 and submitted to Financial Supervision Commission (FSC), Bulgarian Stock Exchange (BSE) and to the public.
Adopting a decision to release from responsibility the members of the Board of Directors for their activities during 2024. Proposal for a Resolution: The General Assembly of Shareholders releases from responsibility the members of the Board of Directors for their activities during 2024.
Approving the Annual Report on the activities of the IR Director of Monbat AD for the year 2024. Proposal for a Resolution: The General Assembly of Shareholders approves the presented Report on the activities of the IR Director for the year 2024.
Approving the Report on the activities of the audit committee for the year 2024. Proposal for a Resolution: The General Assembly of Shareholders approves the presented Report on the activities of the audit committee of Monbat AD for the year 2024.
Adopting a decision for electing the audit committee of the company. Proposal for a Resolution: The General Assembly of Shareholders elects an audit committee with the following members: Anelia Petkova Angelova - Tumbeva, Iskra Simeonova Atanasova and Sashka Dineva Ileva.
Taking a decision for setting up the mandate of the audit committee and the amount of the remuneration of its members. Proposal for a Resolution: The General Assembly of Shareholders sets up one-year mandate of the audit committee and the amount of the remuneration of its members, as follows: for a participation in each session of the audit committee its members shall receive remuneration in the net amount of BGN 500 and for the Chairman of the audit committee - remuneration in the net amount of BGN 700.
Election of a certified auditor for the year 2025. Proposal for a Resolution: The General Assembly of Shareholders approves a resolution for election of a certified auditor for the year 2025 in accordance with the proposal of the audit committee.
Adopting a resolution for changes of the Board of Directors. Proposal for a Resolution: The General Assembly of Shareholders approves a decision for changes of the Board of Directors, namely: Releases from her position as a member of the Board of Directors of the
Date
Developments
Company Evelina Slavcheva. The General Assembly of the Shareholders elects Krasimira Staneva as a new member of the Board of Directors for 5 year mandate.
29-05-2025
MONBAT AD announced The Consolidated Q1 2025 financial report.
29-05-2025
MONBAT AD announced Semi-annual report in pursuance of Art. 100f (1), item 2 in relation
to Art. 100f (2) of the POSA about fulfilment of the obligations of an issuer, related to its bond issue.
24-06-2025
MONBAT AD announced the minutes of the general meeting of shareholders held on 23-06-
2025 at 10:30 a.m.
30-07-2025
MONBAT AD announced The Q2 2025 financial report.
29-08-2025
MONBAT AD announced The Consolidated Q2 2025 financial report.
30-10-2025
MONBAT AD announced The Q3 2025 financial report.
28-11-2025
MONBAT AD announced The Consolidated Q3 2025 financial report.
19-12-2025
MONBAT AD announced Inside information under art. 17, para 1, in relation with art. 7 of the Regulation (EU) No 596/2014:
Monbat AD announces that it has signed a contract for the acquisition of the remaining 40% of the capital of the Tunisian company "Société Nouvelle des Accumulateurs NOUR", as a result of which Monbat AD will acquire 100% of the capital of the NOUR Industrial Group.
The total value of the transaction amounts to EUR 9 million, payable in three installments. According to the agreed terms:
which the ownership of 100% of the acquired shares is transferred;
Adopting a resolution for set up the remuneration of the new elected member of the Board of Directors. Proposal for a Resolution: The General Assembly of the Shareholders sets up the remuneration of the new elected member of the Board of Directors - net month remuneration amounted to BGN 3 000.
Adopting a resolution for set up the guarantee of the new elected member of the Board of Directors. Proposal for a Resolution: The General Assembly of the Shareholders sets up the guarantee of the new elected member of the Board of Directors - three gross month salaries.
Adopting a decision for distribution of the company's profit generated in 2024 in the amount of BGN 4 966 084.39. Proposal for a Resolution: The company's profit after taxes, generated during the year 2024 in the amount of BGN 4 966 084.39 to be assigned to the Non distributed profit from past years fund.
the first tranche of EUR 4 million is payable upon completion of the transaction, against
Date
Developments
2026 and at the end of 2027, together with the applicable interest for the deferred payment.
The transaction is expected to be finalized in the first quarter of 2026 after receiving the necessary approval from the Central Bank of Tunisia.
the remaining two tranches, amounting to EUR 2.5 million each, are payable at the end of
All important events that occurred after the date of the annual closing were disclosed through the disclosure system of Monbat AD, namely - the regulated securities market, the Financial Supervision Commission and the public. The information is also available on the company's website https://www.monbatgroup.com.
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 issue.
-
IMPACT OF THE IMPORTANT DEVELOPMENTS FOR MONBAT AD THAT OCCURRED AS AT
31.12.2025 ON THE RESULTS IN THE FINANCIAL STATEMENTS
For the period 01.01.2025 - 31.12.2025, MONBAT AD reported consolidated revenues from contracts with customers amounting to BGN 403 090 thousand, representing an increase of 4.5% compared to BGN 385 626 thousand recorded in 2024.
In 2025 normalized EBITDA (profit before interest and amortization, decreased with financial incomes and impairments and increased with financial expenses) from continuing operations amounted to BGN 38 957 thousand, compared to BGN 41 513 thousand for 2024. This represents a decrease of 6.2%.
EBIT (earnings before tax, increased by financial expenses and reduced by financial income) from continuing operations for 2025 amounted to BGN 12 550 thousand, compared to BGN 11 784 for the corresponding period of 2024.
Profit before taxes from continuing operations for the reporting period of 2025 was BGN 2 923 thousand, compared to BGN 2 790 thousand in 2024.
The consolidated net profit of MONBAT AD for 2025 amounted to BGN 666 thousand, compared to BGN 1 026 thousand for 2024.
FINANCIAL INDICATORS
Table No 2LIQUIDITY RATIOS
31.12.2025
31.12.2024
Total liquidity ratio
1.30
1.25
Quick liquidity ratio
0.83
0.78
Absolute liquidity ratio
0.11
0.09
Immediate ratio
0.11
0.09
Table No 3PROFITABILITY RATIOS
31.12.2025
31.12.2024
Profitability of capital
0.030
0.034
Return on equity (ROE)
0.005
0.006
Return assets (ROA)
0.003
0.003
Table No 4LEVERAGE RATIOS
31.12.2025
31.12.2024
Financial leverage indicator
1.10
1.19
Debt/Assets
0.52
0.54
Financial autonomy indicator
0.91
0.84
Table No 5FINANCIAL RATIOS
31.12.2025
31.12.2024
EBITDA from continuing operations
38 957
41 513
EBIT
12 550
11 784
DESCRIPTION OF THE PRINCIPAL RISKS AND UNCERTAINTIES WHICH MONBAT AD WILL FACE DURING THE FOLLOWING FINANCIAL PERIOD
SYSTEMATIC RISKS
Systematic risks are related to the market and the macro-environment the Company operates in and therefore could not be managed or controlled by the company management team. The following are examples of systematic risks: political risk, macroeconomic risk, inflation risk, currency risk, interest rate risk, tax risk.
Table No 6Risk type
Description
POLITICAL RISK
Political risk is the probability of a change of government or a sudden change in its policy, of domestic political turmoil and adverse changes in European and/or national legislation, resulting in a negative change in the environment in which local businesses operate and losses for investors.
The overall systemic political risk is moderate. Bulgaria is a democratic republic and has good international relations. It is a member of the EU and NATO and a candidate for OECD membership. The political risk for Bulgaria is related to the challenges of committing to structural reforms, raising social stability and living standards, reducing inefficient spending and pursuing sustainable EU policies. Despite the functioning of a regular government with an assured parliamentary majority supporting the policies pursued, Bulgaria continues to experience slow progress on EU-required reforms in the judiciary and anti-corruption measures, combined with public dissatisfaction with living standards as well as high vulnerability to external shocks due to high dependence on exports.
OVERALL MACROECONOMI C RISK
According to data from the National Statistical Institute as of December 30, 2025 the overall business climate indicator for December 2025 fell by 3.1 points compared to the previous month (from 16.1% to 13.0%), with a decline in the indicator recorded in all sectors monitored - industry, construction, retail trade, and services.
Source: NIS
In December 2025, the composite indicator "business climate in industry" decreased by 2.1 points (from 14.6% to 12.5%) as a result of unfavorable assessments and expectations of industrial entrepreneurs for the business situation of enterprises. Current production activity is assessed as reduced, while expectations for activity over the next three months are more favorable. The uncertain economic environment and labor shortages continue to be the main obstacles to business development, cited by 50.5% and 34.8% of enterprises, respectively. Compared to November, there is an increase in the share of managers who expect sales prices to rise in the next three months.
In December 2025, the composite indicator "business climate in construction" fell by 2.3 points (from 13.3% to 11.0%), which is due to the reserved assessments of construction entrepreneurs for the current business situation of enterprises. At the same time, however, their expectations for both the business situation of enterprises over the next six months and construction activity over the next three months are more positive. The most serious difficulties for the activity of enterprises remain the uncertain economic environment, the shortage of labor, and the prices of materials.
In December 2025, the composite indicator "business climate in the services sector" decreased by
3.9 points (from 8.1% to 4.2%), which is due to the negative assessments and expectations of managers for the business situation of enterprises. At the same time, their opinions of the demand for services in the next three months are unfavorable. The main factors hampering the activity of enterprises are the uncertain economic environment and competition in the industry, with their negative impact increasing over the last month. As regards sales prices in the services sector, 80.9% of managers forecast that they will remain at their current level over the next three months.
The European Central Bank (ECB) forecasts GDP growth for the eurozone of 1.4% for 2025, 1.2% for 2026, and 1.4% for 2027 and 2028, which is an increase from the previous September expectations, with stronger domestic demand as the main driver. These revisions show optimism for the economy, despite interest rates remaining unchanged, according to statements by ECB President Christine Lagarde at a press conference on 18 December 2025.
INTEREST RISK
Interest rate risk arises from the possibility of adverse changes in market interest rates, which may affect financing costs, the return on financial assets, and the overall financial position of economic entities. Following Bulgaria's accession to the Eurozone, the main interest rate conditions in the country are formed within the framework of the European Central Bank's common monetary policy.
In this regard, the interest rate environment in Bulgaria is directly dependent on the decisions of the ECB, which reflect economic processes in the Eurozone as a whole. Changes in key interest rates may lead to fluctuations in the cost of credit resources, as well as in the value of assets and liabilities with floating interest rates. Overall, interest rate risk remains a significant factor for financial stability and economic activity, with its impact determined by inflation dynamics, economic growth, and the monetary policy of the European Central Bank.
At its meeting on 18 December 2025, the Governing Council of the European Central Bank decided to keep the three key ECB interest rates unchanged. Its updated assessment confirms once again that inflation should stabilize at the target level of 2% in the medium term.
According to the new forecasts by Eurosystem experts, overall inflation will average 2.1% in 2025, 1.9% in 2026, 1.8% in 2027, and 2.0% in 2028. As regards inflation excluding energy and food,
experts forecast an average level of 2.4% in 2025, 2.2% in 2026, 1.9% in 2027, and 2.0% in 2028. Inflation has been revised upwards for 2026, mainly because experts now forecast a slower decline in inflation in services. Economic growth is expected to be stronger than forecast in September, driven mainly by domestic demand. It has been revised upwards to 1.4% in 2025, 1.2% in 2026, and 1.4% in 2027, and is expected to remain at 1.4% in 2028.
* Source:BNB
INFLATION RISK
Inflation risk arises from the possibility of an increase in the general price level, which may have an adverse effect on purchasing power, operating costs, and the real value of financial results. This risk is systematic in nature and is driven by macroeconomic factors that are out of the control of individual economic entities.
As a member of the Eurozone, inflationary processes in Bulgaria are influenced both by domestic economic factors and by general trends in the Eurozone, including the dynamics of energy, raw material, and food prices, as well as by the monetary policy pursued by the European Central Bank.
In the short term, inflationary effects related to the adjustment to the single currency may occur, including price adjustments and rounding during the transition to the euro. Such effects are usually temporary and have a limited impact on long-term price stability.
In the long term, inflation risk remains dependent on the macroeconomic environment, the level of economic activity, and external price shocks. Overall, it is a significant factor for the economic environment and may affect financial results and the real value of income and expenses.
Consumer price index: In December 2025, monthly inflation is 0.1%, and annual inflation for December 2025 compared to December 2024 is 5.0%. The average annual inflation for the period January 2025 - December 2025 compared to the period January 2024 - December 2024 is 4.6%.
Harmonized Index of Consumer Prices: In December 2025, monthly inflation is 0.1%, and annual inflation for December 2025 compared to December 2024 is 3.5%. The average annual inflation for the period January 2025 - December 2025 compared to the period January 2024 - December 2024 is 3.5%.
*Source:NSI
CURRENCY RISK
The currency risk exposure is the dependence on and the effects of the currency exchange rates changes. The systematic currency risk is the probability of possible change in the currency regime of the Country (Currency Board), which would result either in devaluation of the Bulgarian lev (BGN) or in appreciation of the BGN against foreign currencies.
Following the adoption of the euro as the official currency in the Republic of Bulgaria, the currency
risk arising from fluctuations in the national currency against the euro has been significantly reduced. The removal of the exchange rate between the lev and the euro leads to a higher degree
of predictability in the economic environment and a reduction in transaction costs within the Eurozone.
However, currency risk at the systemic level continues to exist with regard to movements of the euro against other international currencies, which may affect the prices of raw materials, energy resources, and international trade. This risk is external to individual economic entities and is determined by global market and macroeconomic factors.
In general, after joining the Eurozone, the currency risk for economic entities in the country has been reduced but not eliminated, as it remains dependent on the dynamics of international currency markets.
According to data from the Ministry of Finance, on July 10, 2025, Bulgaria's long-term foreign currency credit rating was upgraded to 'BBB+' with a stable outlook with exceptional rating actions by international rating agencies Fitch Ratings and S&P Global Ratings. This is the highest grade of the middle-class investment ratings, according to the Ministry of Finance. The leading factor for the upgrade of the country's rating is the official decision of the Council of the European Union on Bulgaria's accession to the Eurozone, effective January 1, 2026. In its rationale for the rating action, S&P Global Ratings notes that Bulgaria will benefit from the ECB's reliable monetary policy and the developed capital markets of the monetary union, while currency risk will decrease significantly. It considers that Bulgaria's EU membership and its forthcoming accession to the eurozone continue to enable the country to implement important policies. Bulgaria's short-term growth prospects are assessed as stable. The economy is forecast to grow by 2.4% in real terms in 2025 and by an average of 2.8% until 2028. Private consumption will be the main driver of growth, supported by high real wage growth due to the tight labor market. The rating agency notes that Bulgaria's full membership in the Schengen area, effective January 1, 2025, together with its accession to the Eurozone, could support trade and international tourism by reducing administrative barriers.
TAX RISK
Preservation of the current taxation regime is of defining importance for the financial result of the companies. There is no guarantee that the tax laws, which are of direct consequence for the operation of the company, would not be changed in a direction which would result in a significant overhead expense, and would have an adverse effect on the profit of the company. The taxation system in Bulgaria is still undergoing the process of development and consequently the existence of contradictory tax practices is a possibility.
GEOPLITICAL RISKS
Geopolitical risks arising from potential adverse events such as wars and tensions between individual countries, including trade wars, which have the potential to disrupt international relations as well as economic stability, have increased significantly in recent years. For example, manifestations of geopolitical risk events based on conflicts, wars, and terrorist attacks, along with rising military spending by countries globally and restrictions on cross-border trade and financial transactions, have increased since 2022 compared to previous years.
The increase in geopolitical risks could threaten financial stability, manifesting itself through actual or potential restrictions on cross-border trade, which could ultimately trigger a restructuring of capital flows and cause sudden adjustments in asset prices. The negative effect on asset prices could threaten financial stability at the macro level by affecting the liquidity and solvency of financial and non-financial entities. The impact of geopolitical risks on asset prices may vary across asset classes, sectors, and countries. For example, supply disruptions may increase commodity prices but reduce stock prices if the disruptions are expected to have an adverse effect on economic activity.
The impact on countries is also likely to vary depending on their economic and structural characteristics. For example, commodity exporting countries may benefit if commodity prices rise in response to a specific geopolitical risk event. Countries directly affected by a specific geopolitical risk event may experience more severe consequences from physical damage or the imposition of trade and financial restrictions, while the impact may be minimal for other countries. Geopolitical risk events can significantly affect countries that have close economic and financial relations with countries affected by conflicts.
Geopolitical risk can manifest itself in the form of trade tensions. Although measures affecting free trade are not necessarily related to geopolitical risk, trade tensions such as tariffs, trade wars, and sanctions can be imposed for geopolitical reasons and can strongly influence international relations and ultimately affect the price of goods. Increased geopolitical risks can affect sovereign risk (also known as country risk-the risk of a country defaulting on its debt obligations). This may occur due to ever-increasing defense spending, which weighs heavily on governments' fiscal outlook, as well as a deterioration in economic activity, raising serious concerns about fiscal sustainability. Events related to geopolitical risks have a more pronounced impact on economies with smaller fiscal and international reserve buffers.
Evolving trade policies, constantly changing alliances, rapid advances in technology and artificial intelligence, and ongoing global crises are likely to create an environment that is rapidly changing and difficult to predict.
UNSYSTEMATIC RISKS
RISK OF PRICE CHANGES IN THE BASIC PRIME AND RAW MATERIALSThe principal activity of MONBAT AD is production and trading with accumulator and lead-acid batteries - starter batteries, stationary batteries for telecom application, semi-traction batteries, specialized batteries - army power range and locomotive batteries. Major prime and raw materials for the company's production process are lead and lead alloys, polypropylene, polyethylene separator and sulfuric acid.
In 2025 lead takes approximately 62% of the cost structure per unit.
**Average lead price or the period 01.01.2025 - 31.12.2025 is - 1 742 EUR/MTThe risk of price change in the basic raw material - lead is being managed through construction of company's own recycling facilities and through an indexation of sales prices to end customers.
DEPENDENCE OF MONBAT AD ON DISTRIBUTORS, SUPPLIERS, CUSTOMERSThere is no dependence of MONBAT AD on customers since Group's sales are not made directly with customers but through the mediation of an extensive distribution network in the country and abroad. Significant part of the sales with deferred payment in the country and for export is being insured in the Bulgarian Export Insurance Agency (BAEZ), COFACE or Credendo by reason of which the risk of non-payment on the part of the customers is mitigated.
As a result of its marketing and distribution strategy, Monbat enjoys excellent market diversification, with sales in more than 75 countries and important markets for this period are Germany, France, Tunisia and Italy. With its well-developed distributor network Monbat accesses end customers in from all the major markets in the EU, the Middle East, North and South Africa. Starter batteries ultimately are retailed through automotive retailers and repair shops. Stationary batteries are sold directly to telecom companies and other users. Breakdown of the sales by markets for 2025 is presented in the table below.
Table No 731.12.2025
31.12.2024
Country
Еxport
('000 евро)
%
Еxport
('000 евро)
%
Germany
23 255
12.4
20 344
11.2
France
17 122
9.1
16 164
8.9
Tunisia
14 327
7.6
13 418
7.4
Italy
12 704
6.8
13 657
7.5
Romania
11 410
6.1
10 591
5.8
Greece
8 880
4.7
7 885
4.3
Hungary
6 458
3.4
3 324
1.8
South Africa
6 483
3.4
1 408
0.8
Poland
7 278
3.9
7 170
4.0
Algeria
7 993
4.2
6 204
3.4
Serbia
5 027
2.7
4 047
2.2
Netherlands
5 500
2.9
5 885
3.2
Ukraine
6 138
3.3
7 546
4.2
Israel
5 088
2.7
1 324
0.7
Sweden
4 361
2.3
5 292
2.9
United Kingdom
4 761
2.5
6 474
3.6
Spain
3 869
2.1
6 359
3.5
Austria
4 004
2.1
2 085
1.1
Ireland
2 746
1.5
2 858
1.6
Others
30 702
16.3
39 462
21.9
TOTAL
188 106
100.0
181 497
100.0
For the period 01.01.2025 - 31.12.2025 MONBAT AD achieved consolidated revenues from international markets amounting to EUR 188 106 thousand, which represents 91.3% of the Group's total net sales revenues.
In 2025, major market for MONBAT AD was Germany with EUR 23 255 thousand revenues, which represents 12.4% of the total consolidated export of the Group.
Sales revenues generated on the domestic market in 2025 were BGN 35 187 thousand (EUR 17 991 thousand) and represent 8.7% of the net revenues of the Group.
REVIEW OF OPERATIONS AND ASSESSMENT OF THE IMPACT OF MACROECONOMIC FACTORSIn 2025, Monbat Group achieved record consolidated sales revenue of over EUR 206 million (BGN 403 million), marking an increase of nearly 5% compared to 2024.
Risk analysis and measures and actions taken:
In 2025, the Group reported a 2.6% decline in revenue from sales of rechargeable batteries, as a result of lower lead commodity prices (see below), although the volume of batteries sold was 2.6% higher than in the comparative period. The Group sold 3 355 thousand batteries, with the following specifics by geographical and product segments:
Significant growth in battery sales in targeted high-margin markets such as South Africa and Israel, which offsets the lack of sales to customers in Saudi Arabia, where significant volumes were realized in 2024, albeit at low profitability, as well as a decrease of sales to customers in Spain and Ukraine.
In 2025, sales to Saudi Arabia were externally constrained due to the negative effects of the volatility of the euro-dollar exchange rate and the significant depreciation of the US currency, which is traditionally used for trading in the Middle East region.
14% growth in sales of rechargeable batteries and raw materials for their production (lead plates) by the Industrial Group Nour Tunisia to customers in Europe and, above all, North Africa, while maintaining its leading role in the local Tunisian market.
In addition to the Group's core business - the production and sale of rechargeable batteries, in 2025, the other segments of the Monbat Group reported significant growth in sales, expressed in:
A significant increase of 98% in sales of lead and lead alloys from the Group's recycling plants to third parties, including raw lead produced by the new smelting furnace commissioned in early 2025 at the Group's recycling plant in Italy. In 2025, the Group's recycling companies sold over 9 700 tons of lead and lead alloys to third parties.
Higher revenues from consulting, engineering, and logistics services carried out by the Group's companies.
As a result of market volatility, the 2025 average market price of lead was around 1 742 EUR/MT (2024: 1 916 EUR/MT). Although the Group traditionally addresses market volatility and the dependence of lead prices on stock market indices by applying standard indexation to the selling prices of its products and purchases of lead-containing raw materials, in the second quarter of 2025 the Group reported a significant negative effect on its profitability (of over BGN 3 million) as a result of the above-mentioned collapse in the price of lead and the realization of available material stocks at lower, downwardly indexed sales prices.
In 2025, the European Central Bank (ECB) lowered its base interest rates four times, with a total effect of 100 basis points. As a result, the Group reported a decrease in net financing costs of BGN 1 935 thousand, or 17% compared to the same period in 2024.
At the end of 2025, Monbat AD signed an agreement to acquire the minority stake of 40% in the share capital of the Tunisian company Société Nouvelle des Accumulateurs NOUR. Upon completion of the transaction, Monbat AD will own 100% of the share capital of Industrial Group Nour Tunisia. The total value of the transaction amounts to EUR 9 million, payable in three installments. The transaction is expected to be finalized in the first half of 2026.
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 Group'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.
INFORMATION ABOUT THE CONCLUDED LARGE TRANSACTIONS WITH RELATED PARTIES AS AT 31.12.2025
All transactions with related parties have been announced in the interim consolidated financial statement of MONBAT as at 31.12.2025.
Date: 27.02.2026
For MONBAT AD:
Viktor Spiriev
/ Executive member of the Board of Directors /