Interim consolidated report Monbat FS EN interim consolidated 30.09.2025

MONBAT AD

Interim Activity Report

Interim Condensed Consolidated Financial Statements

30 September 2025

Interim condensed consolidated income statement

The accompanying notes from 1 to 17 form an integral part of the interim condensed consolidated financial statements.

position

The accompanying notes from 1 to 17 form an integral part of the interim condensed consolidated financial statements.

position (continued)

The accompanying notes from 1 to 17 form an integral part of the interim condensed consolidated financial statements.

The accompanying notes from 1 to 17 form an integral part of the interim condensed consolidated financial statements.

The accompanying notes from 1 to 17 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 30.09.2025 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. Krasimira Svetoslavova Staneva

   As at 30.09.2025 the Company is 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 30 September 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 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 actively analyses and manages the risks associated with the impact of macroeconomic, geopolitical and market factors on its financial performance.

   Risk analysis and measures and actions taken:

   • In the first nine months of 2025, the Group reported a 4.3% decline in revenue from sales of rechargeable batteries, as a result of lower lead commodity rates (see below) and sales volumes at the level of the comparable period. 2 391 thousand batteries were sold during the reported period, broken down by geographical and product segments as follows:

     • 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.

     • 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.

     • Growth of over 30% 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 offset the lower battery sales compared to 2024 through:

     • Significantly higher sales of lead and lead alloys (more than 6 thousand tonnes in 2025) 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.

     • Higher revenues from consulting, engineering, and logistics services provided by the Group's companies.

   • As a result of market volatility, the 2025 average market price of lead was around 1 757 EUR/MT (2024: 1 928 EUR/MT). A particularly significant decline was observed at the beginning of April 2025, after which the market price for the second quarter of 2025 (EUR 1 717/MT) was significantly lower than that for the first quarter of 2025 (EUR 1 871/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.

   • 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 30 September 2025, the Group has trade receivables from Ukrainian customers (net of impairments) amounting to BGN 4 155 thousand.

   • During the first nine months of 2025, the European Central Bank (ECB) lowered its base interest rates three times, with a total effect of 75 basis points. As a result, the Group reported a decrease in net financing costs of BGN 1 621 thousand, or 21% compared to the same period in 2024. In 2024, the financial statement line item "Financial Income" in the Interim Condensed Consolidated Income Statement includes a one-off positive effect of BGN 2 640 thousand, resulting from an accounting revaluation of the conversion option to the Group's bond issue, which was fully redeemed in January 2025.

     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.

     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 into 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 30 September 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 30 September 2025 and 31 December 2024, 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.

   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, except for changes in the approximate estimate of the provision for income tax expenses, as well as the estimate of the useful life of fixed assets in the "Machinery and equipment" category. In 2025, the Group's management performed a detailed analysis of the machinery and equipment used in the production processes, as a result of which the useful life of this category of assets was extended to 15 years.

      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 of 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 occurred during the first nine months of 2025.

4. Correction of accounting errors

   In 2025, the Group identified the need for accounting adjustments in the comparative periods of the consolidated financial statements. For the purposes of preparing the Group's interim consolidated financial statements as of 30 September 2025, the identified adjustments have been treated as accounting errors related to the comparative periods in accordance with the requirements of IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors," as a result of which the earliest comparative period presented has been adjusted.

   The accounting errors relate to an unreported adjustment in the value of inventories, owned by the subsidiary Societe Nouvelle des Accumulateurs Nour as of 31 December 2024 identified after analysis of their net realizable value, as well as with an adjustment to the corporate tax liability in the same subsidiary as of 31 December 2024. The effect of the adjustments in the interim condensed consolidated statement of financial position for the comparable period as of 31 December 2024 is reflected as a decrease in retained earnings of BGN 1 828 thousand and a decrease in the value of the non-controlling interest of BGN 1 207 thousand.

5. 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 30 September 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 30 September 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 30 September 2025 and 31 December 2024 is as follows:

   	30 September	31 December
   	2025 BGN '000	2024 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	(355)	(177)
   Loss from operation	(355)	(177)

   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:

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

   	30 September 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:

   	30 September	31 December
   	2025 BGN '000	2024 BGN '000
   Cash and cash equivalents	20	20
   Other receivables	61	61
   Total assets included in disposal groups	81	81
   	30 September 2025 BGN '000	31 December 2024 BGN '000
   Trade payables	483	483
   Total liabilities included in disposal groups	483	483

   	2025	2024
   	BGN '000	BGN '000
   Sales revenue	-	248
   Costs of ordinary activity	(3)	(591)
   Other financial positions	-	52
   Loss from operation	(3)	(291)

6. 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 2025
   	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000
   Revenue:
   - from external customers	191 886	46 995	5 735	34 287	14 144	293 047
   - intersegmental revenue	85 687	125 712	1 305	5 505	8 597	226 806
   Segment revenues	277 573	172 707	7 040	39 792	22 741	519 853
   	Production of	Industrial	Production of	Industrial	Other	Total
   	batteries	materials	lithium-ion	group Nour		2024
   		recycling	batteries
   	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000
   Revenue:
   - from external customers	208 349	26 303	6 428	29 704	9 632	280 416
   - intersegmental revenue	90 381	162 763	1 070	6 531	9 706	270 451
   Segment revenues	298 730	189 066	7 498	36 235	19 338	550 867

   	30 September	31 December
   Assets	2025 BGN'000	2024 BGN'000
   Total segment assets	898 383	889 903
   Consolidation	(431 465)	(403 530)
   Group assets	466 918	486 373

   	30 September	31 December
   Liabilities	2025 BGN'000	2024 BGN'000
   Total segment liabilities	388 226	423 755
   Consolidation	(138 325)	(159 525)
   Group liabilities	249 901	264 230

   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:

   	9 months to	9 months to
   	30 September 2025 BGN'000	30 September 2024 BGN'000
   Profit Total segment profit	4 667	11 601
   Elimination of intersegment profits	1 264	(480)
   Group operating profit	5 931	11 121
   Finance costs	(9 025)	(11 319)
   Finance income	1 794	5 333
   Other financial items	(28)	(233)
   (Loss)/Profit before tax	(1 328)	4 902

7. 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 9 months ended	Software	Trademarks	Customer	R&D	Advances	Others	Total
   30 September 2025			network	costs	for
   					licensing
   					rights
   	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	163	-	-	429	-	180	772
   Transfers	5	26	-	64	-	(95)	-
   Transfers of assets to Property, plant and equipment						(201)	(201)
   Currency exchange rate conversions	-	(79)	(12)	-	-	-	(91)
   Balance on 30 September	4 089	9 628	1 137	8 089	7 309	3 375	33 627
   Amortization
   Balance on 1 January	(1 912)	(3 241)	(629)	(578)	-	(203)	(6 563)
   Amortization for the period	(350)	(816)	(171)	(35)	-	(30)	(1 402)
   Balance on 30 September	(2 262)	(4 057)	(800)	(613)	0	(233)	(7 965)
   Carrying amount as of 30 September	1 827	5 571	337	7 476	7 309	3 142	25 662

   For the year ended 31 December 2024 Software Trademarks Customer network R&D costs Advances for licensing rights Others Total

   1 833	4 241	1 133	2 712	7 309	2 649	19 877
   246	5 389	-	3 971	-	-	9 606
   394	-	-	914	-	871	2 179
   -	(16)	-	-	-	(15)	(31)
   1 451	10	-	-	-	(1 461)	-
   -	-	-	-	-	1 440	1 440
   (3)	57	16	(1)	-	7	76
   3 921	9 681	1 149	7 596	7 309	3 491	33 147
   (1 355)	(1 427)	(399)	(286)	-	(174)	(3 641)
   (158)	(1 760)	-	(248)	-	-	(2 166)
   (399)	(70)	(230)	(44)	-	(37)	(780)
   -	16	-	-	-	8	24
   (1 912)	(3 241)	(629)	(578)	-	(203)	(6 563)
   2 009	6 440	520	7 018	7 309	3 288	26 584

   Gross carrying amount Balance on 1 January Reclassified from disposal groups Newly acquired assets

   Written-off assets Transfers

   Transfers of assets from Property, plant and equipment

   Currency exchange rate conversions Balance on 31 December Amortization

   Balance on 1 January

   Reclassified from disposal groups Amortization for the year Written-off amortization Balance on 31 December Carrying amount as of

   31 December

   BGN '000 BGN '000 BGN '000 BGN '000 BGN '000 BGN '000 BGN '000

8. 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 9 months ended 30 September 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	-	420	2 814	237	322	438	8 760	12 991
   Disposals	-	-	(436)	(728)	(188)	(82)	(151)	(1 585)
   Transfers	-	27	3 428	138	1 269	57	(4 919)	-
   Transfers from Intangible assets	-	-	201	-	-	-	-	201
   Currency exchange rate conversion	(153)	(496)	(611)	(234)	(65)	(28)	(38)	(1 625)
   Balance on 30 September 2025	18 777	104 795	209 970	48 156	16 996	10 945	23 794	433 433
   Depreciation Balance on 1 January 2025	-	(41 208)	(149 366)	(25 337)	(10 751)	(7 858)	-	(234 520)
   Depreciation for the period	-	(3 371)	(8 009)	(2 437)	(840)	(872)	-	(15 529)
   Disposals	-	-	338	482	124	67	-	1 011
   Currency exchange rate conversion	-	173	299	110	37	8	-	627
   Balance on 30 September 2025	-	(44 406)	(156 738)	(27 182)	(11 430)	(8 655)	-	(248 411)
   Carrying amount as of 30 September 2025	18 777	60 389	53 232	20 974	5 566	2 290	23 794	185 022

   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

9. Cash and cash equivalents

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

   	30	31
   	September	December
   	2025	2024
   	BGN 000	BGN 000
   Cash in hand	207	81
   Cash in bank accounts	10 015	12 172
   Restricted Cash	1 369	1 369
   Restricted funds under contract for debt instruments	3 912	3 912
   Cash equivalents	8	235
   Total cash and cash equivalents	15 511	17 769

10. 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 30 September 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	30 September	31 December
    	2025	2024
    Beginning of the period	38 955 509	38 955 509
    Reacquired own shares during the period	-	-
    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 main shareholders of the Group is as follows:

    30 September 2025 31 December 2024 Number of Number of

    	shares	%	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.

11. Borrowings

    The Borrowings of the Group include the following financial liabilities:

    Current					Non-current
    30			31		30	31
    	September	December		September	December
    	2025	2024		2025	2024
    	BGN '000	BGN '000		BGN '000	BGN '000
    Financial liabilities measured at amortized
    cost:
    Bank loans	122 781	114 746		43 754	42 557
    Loans from other financial institutions	4 224	3 639		7 043	5 789
    Total carrying amount	127 005	118 385		50 797	48 346

    Bank borrowings:

    	Bank	Maturity Date	Curr.	Loan amount (original currency)	Collateral	Utilized amount as of 30.09.2025 (T BGN)
    1	UBB AD	31.07.2026	EUR	9 200 000	Mortgage of lands and buildings. Pledge on PPE.	17 993
    2	DSK Bank EAD	30.06.2026	EUR	2 500 000	Pledge on receivables and PPE.	2 934
    3	DSK Bank EAD	30.06.2026	BGN	9 000 000	Pledge on receivables and PPE.	9 000
    4	UBB AD	31.07.2026	BGN	490 000	Overdraft, unsecured.	487
    5	UBB AD	31.07.2026	EUR	2 000 000	Insurance policy, provided by BAEZ.	1 974
    6	Investbank AD	26.03.2026	EUR	5 000 000	Mortgage on land. Pledge on 50,829 thousand shares of the capital of Monbat Recycling EAD.	9 779
    7	Investbank AD	26.03.2026	EUR	5 000 000	Mortgage on a building. Insurance policy, provided by BAEZ.	9 779
    8	UBB AD	14.07.2026	EUR	3 500 000	Mortgage on land and buildings. Pledge on fixed assets and inventories.	6 559
    9	FIB AD	17.01.2028	EUR	10 000 000	Mortgage on land and buildings. Mortgage on land and buildings owned by Leventa Ltd. and Leventa Winery AD. Pledge of current and future receivables under a debt product agreement.	16 081
    10	FIB AD	03.11.2027	EUR	15 000 000	Pledge on fixed assets and inventories.	27 961
    11	UBB AD	30.10.2029	EUR	7 000 000	Mortgage on land and buildings. Pledge on fixed assets and inventories.	13 727
    13	UBB AD	25.03.2028	EUR	546 000	Pledge on PPE.	533

    	Bank	Maturity Date	Curr.	Loan amount (original currency)	Collateral	Utilized amount as of 30.09.2025 (T BGN)
    14	UBB AD	31.07.2026	EUR	4 500 000	Mortgage on land and buildings. Pledge on fixed assets and inventories.	8 195
    15	Raiffeisen Bank SA Romania	15.02.2026	EUR	4 000 000	Corporate guarantee from Prista Oil Holding AD. Mortgage on real estate and buildings. Pledge on fixed assets and inventories.	7 507
    15	UBB AD	31.07.2026	EUR	3 000 000	Pledge on fixed assets and inventories.	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.	745
    18	Procredit Bank Serbia	01.04.2028	EUR	400 000	Promissory note issued by the Group.	503
    19	Procredit Bank Serbia	24.06.2026	EUR	300 000	Pledge on property, plant and equipment.	587
    20	Procredit Bank Serbia	10.11.2025	EUR	1 100 000	Pledge on inventory and receivables.	1 760
    21	MEDIOCREDITO ITALIANO S.P.A.	31.03.2029	EUR	3 500 000	Pledge on property, plant and equipment.	2 567
    22	AMEN BANK	12.09.2032	TND	1 750 000	Pledge on PPE.	1 017
    23	AMEN BANK	06.02.2026	TND	4 500 000	Pledge on receivables.	1 219
    24	AMEN BANK	09.12.2025	TND	6 000 000	Mortgage on land and buildings.	3 487
    25	AMEN BANK	06.02.2026	TND	6 000 000	Mortgage on land and buildings.	3 487
    26	STB Tunisia	30.09.2029	TND	7 300 000	Mortgage on land and buildings, pledge on fixed assets.	3 334
    27	STB Tunisia	Revolving	TND	500 000	Mortgage on land and buildings, pledge on PPE, inventories, and receivables.	111
    28	STB Tunisia	06.02.2026	TND	1 000 000	Mortgage on land and buildings, pledge on PPE, inventories, and receivables.	470
    29	STB Tunisia	Revolving	TND	500 000	Mortgage on land and buildings, pledge on PPE, inventories, and receivables.	279
    30	STB Tunisia	Revolving	TND	3 000 000	Mortgage on land and buildings, pledge on PPE, inventories, and receivables.	2 140
    31	STB Tunisia	06.02.2026	TND	3 500 000	Pledge on PPE.	975
    32	STB Tunisia	20.11.2025	TND	1 000 000	Pledge on inventories and receivables.	159
    33	Banca del Mezzogiorno	30.06.2028	EUR	457 688	Research and development products	329
    34	Banca Popolare Pugliese	21.11.2025	EUR	63 000	Overdraft	11
    35	Intesa Sanpaolo	15.12.2025 to 30.06.2030	EUR	602 000	Pledge on trade receivables	1 067
    Total bank borrowings						166 535

    Borrowings from other financial institutions:

    	Financial Institution	Maturity date	Curr.	Loan amount (original currency)	Object of Financing	Utilized amount as of 30.09.2025 (T BGN)
    36	UBB Interlease EAD	21.12.2025 to 11.09.2030	EUR	3 315 725	20 contracts to finance equipment for the production of lead-acid batteries and recycling of scrap lead-acid batteries	3 227
    37	OTP Leasing EAD	05.06.2027 to 01.07.2030	EUR	3 760 385	8 contracts to finance equipment for the production of lead-acid batteries and recycling of scrap lead-acid batteries	5 520
    38	VFS Bulgaria EOOD	16.11.2025 to 16.04.2030	EUR	1 201 824	5 contracts to finance the purchase of vehicles	1 695
    39	BRD Sogelease IFN S.A.	01.04.2028 to 01.04.2030	EUR	138 295	3 contracts to finance equipment for recycling of scrap lead-acid batteries	218
    40	CIL Leasing	20.10.2025 to 20.06.2027	TND	500 812	Contracts to finance the purchase of vehicles	607
    Total borrowings from other financial institutions						11 267

12. 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%.

13. 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:

       	30 September 2025	30 September 2024
       (Loss)/Profit attributable to the shareholders (BGN) from continuing operations	(2 324 000)	3 996 000
       (Loss)/Profit attributable to the shareholders (BGN)	(2 682 000)	3 528 000
       Weighted average number of outstanding shares	38 955 509	38 955 509
       Basic (loss)/earnings per share from continuing operations (BGN per share)	(0.06)	0.10
       Basic (loss)/earnings per share (BGN per share)	(0.07)	0.09

    2. Dividends

       At the General Meeting of Shareholders, held on 23.06.2025, it was decided that Monbat AD will not distribute dividends. The net profit realized in 2024 has been transferred to Retained earnings from previous years.

       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.

14. 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.

    14.1. Transactions with owners (Parent Company)
    Purchases of materials and services	30 September 2025 BGN '000	30 September 2024 BGN '000
    - purchases of raw materials from Prista oil Holding EAD	(755)	(55)
    	(755)	(55)
    Sale of goods and services - sale of goods and services to Prista oil Holding EAD	207	154
    	207	154
    Other transactions - repayment of deposit granted to Prista oil Holding EAD	-	35

    14.2. Transactions with other related parties
    Purchases of services	30 September 2025 BGN '000	30 September 2024 BGN '000
    - purchases of services from Monbat Trading OOD	(2 851)	(3 365)
    	(2 851)	(3 365)
    Sale of services - sale of services to Monbat Trading OOD	36	36
    	36	36

    30 September 2025 30 September 2024 BGN '000 BGN '000 Other transactions

    - loan repaid by Monbat Trading OOD	-	455
    - interest paid by Monbat Trading OOD	-	85
    - funds provided to Monbat Trading OOD	(117)	-
    - expenses for collateral provided by Leventa OOD	(84)	-
    - funds provided to Leventa EOOD	-	(560)
    - funds repaid by Leventa EOOD	95	-
    - funds provided to Prista Holdco Cooperatif U.A	(33)	-
    - funds provided to Holdco Investment EOOD	(215)	(1 262)

    14.3. 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:

    30 September 30 September 2025 2024 BGN '000 BGN '000

    Short-term employee benefits:

    - Salaries	1 516	1 553
    - Social security costs	21	19
    - Company cars	25	27
    Total employee benefits	1 562	1 599

15. Related party balances

    	30 September	31 December
    	2025	2024
    	BGN '000	BGN '000
    Current receivables
    - Atanas Bobokov - loan granted	3 269	3 269
    - Atanas Bobokov - interest receivable	1 132	993
    - Prista oil Holding EAD - deposit granted	25 785	25 785
    - Prista oil Holding EAD - trade receivables	6 856	6 022
    - Prista oil Holding EAD - interest receivable	6 585	5 704
    - Prista Invest 2016 AD - loan granted	3 695	3 695
    - Prista Invest 2016 AD - interest receivable	706	545
    - Plamen Bobokov - loan granted	1 830	1 830
    - Plamen Bobokov - interest receivable	592	513
    - Monbat Trading OOD - trade receivables	188	733
    - Monbat Trading OOD - loan granted	2 352	2 234
    - Monbat Trading OOD - interest receivable	122	34
    - Black Star International AD - funds provided	1 080	1 080
    - Black Star International AD - interest receivable	217	157
    - Black Star International AD - trade receivables	267	301
    - Alliance Energy Companies AD - funds provided	700	700
    - Alliance Energy Companies AD - interest receivable	162	121
    - Leventa OOD - funds provided	465	560
    - Leventa OOD - interest receivable	24	33
    - Leventa OOD - trades receivable	3 744	3 744
    - Monbat Eco Projects OOD - funds provided	222	222
    - Monbat Eco Project OOD - interest receivable	96	86
    - Torlashka Sreshta EOOD - funds provided	159	159
    - Torlashka Sreshta EOOD - trade receivables	8	8
    - Torlashka Sreshta EOOD - interest receivable	51	44
    - Holdco Investment EOOD - funds provided	2 482	2 267
    - Holdco Investment EOOD - interest receivable	230	131
    - Prista Holdco Cooperatief U.A. - funds provided	93	56
    - Prista Holdco Cooperatief U.A. - interest receivable	6	3
    	63 119	61 029

    	30 September	31 December
    	2025	2024
    	BGN '000	BGN '000
    Current payables
    - Monbat Trading OOD	342	-
    - Leventa OOD	-	276
    - Prista Oil Holding EAD	24	10
    - Prista Holdco Cooperatif U.A.	6	-
    	372	286

16. 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.

17. Authorization of the interim condensed consolidated financial statements

The interim condensed consolidated financial statements as of 30 September 2025 (including comparatives) were approved for issue by the Board of Directors on 28th of November 2025.