Interim consolidated report Monbat FS EN interim consolidated 31.12.2025

MONBAT AD

Interim Activity Report

Interim Condensed Consolidated Financial Statements

31 December 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 31.12.2025 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 31.12.2025 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 31 December 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.

   Review of operations and assessment of the impact of macroeconomic factors

   In 2025, Monbat Group achieved record consolidated sales revenue of over €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.

   • 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 December 2025, the Group has trade receivables from Ukrainian customers (net of impairments) amounting to BGN 4 144 thousand.

   • 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. In 2024, the financial statement line item "Financial instruments 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.

   • 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.

     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 31 December 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 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. 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:

      • 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.

   2. 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.

   3. 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

   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.

   No other significant events occurred in 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 31 December 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.

   In 2025, the Group identified an accounting error related to its subsidiary Energy Batteries Nigeria Ltd., where part of financial liabilities denominated in euros had not been translated into the functional currency as at 31 December 2021 and 31 December 2022. The effect of the restatement in the interim condensed consolidated statement of financial position for the comparable period as at 31 December 2024 is reflected in a decrease in retained earnings of BGN 1 953 thousand and an increase in the foreign currency translation reserve of BGN 1 953 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 to take action to sell Monbat Immobilien GmbH subject to a suitable price offer from a potential buyer. As of 31 December 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 December 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 December 2025 and 31 December 2024 is as follows:

   	31 December	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
   Revenue from contracts with customers	35	-
   Costs of ordinary activity	(529)	(314)
   Loss from operation	(494)	(314)

   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 December	31 December
   	2025	2024
   Cash and cash equivalents	BGN `000 12	BGN '000 37
   Total assets, included in disposal groups	12	37

   	31 December 2025	31 December 2024
   	BGN `000	BGN '000
   Other liabilities	15	40
   Total liabilities, included in disposal groups	15	40

   The expenses related to Energy Batteries Nigeria Ltd.'s activity for 2025 amount to BGN 16 thousand.

   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.

   As of 31 December 2025, Management believes that Monbat SA Proprietary Limited will continue to be active in supporting the Group's commercial strategy in terms of selling products on the local market in the Republic of South Africa. As a result, the Group discontinued the classification of assets and liabilities related to Monbat SA Proprietary Limited as held for sale. According to the requirements of IFRS 5, the income and expenses related to the discontinuation of the activity, previously presented in "Result from discontinued operations", have been reclassified and included in income and expenses from continuing operations for the comparative period. This includes revenue from contracts with customers of BGN 659 thousand, operating expenses of BGN 659 thousand and other finance income of BGN 55 thousand.

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

   Monbat AD 15

   Interim Condensed Consolidated Financial Statements

   31 December 2025

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:

   31 December 2025	Production of batteries	Industrial materials recycling	Production of lithium-ion batteries	Industrial group Nour	Other	Total segments	Eliminations	Consolidated
   Revenue:	BGN'000	BGN'000	BGN'000	BGN'000.	BGN'000	BGN'000	BGN'000	BGN'000
   - from external customers	264 298	59 733	8 257	50 005	22 179	404 472	-	404 472
   - intersegmental revenue	113 312	172 445	1 855	5 533	12 323	305 468	(305 468)	-
   Segment revenues	377 610	232 178	10 112	55 538	34 502	709 940	(305 468)	404 472
   Normalized EBITDA *	17 354	9 065	(1 892)	12 213	1 334	38 074	883	38 957
   31 December 2024	Production of batteries	Industrial materials recycling	Production of lithium-ion batteries	Industrial group Nour	Other	Total segments	Eliminations	Consolidated
   Revenue:	BGN'000	BGN'000	BGN'000	BGN'000.	BGN'000	BGN'000	BGN'000	BGN'000
   - from external customers	282 058	34 826	9 491	43 971	18 763	389 109	-	389 109
   - intersegmental revenue	124 489	222 982	1 492	8 045	14 938	371 946	(371 946)	-
   Segment revenues	406 547	257 808	10 983	52 016	33 701	761 055	(371 946)	389 109
   Normalized EBITDA *	19 294	11 287	386	10 571	621	42 159	(646)	41 513

   * Normalized EBITDA: earnings before interest, taxes, depreciation, and amortization, adjusted with net financial expenses and asset impairment charges.

   Assets	31 December 2025 BGN'000	31 December 2024 BGN'000
   Total segment assets	894 629	890 334
   Consolidation	(430 494)	(404 214)
   Group assets	464 135	486 120
   Liabilities	31 December 2025 BGN'000	31 December 2024 BGN'000
   Total segment liabilities	373 519	424 188
   Consolidation	(130 109)	(160 211)
   Group liabilities	243 410	263 977

   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:

   	2025 BGN'000	2024 BGN'000
   Profit Total segment profit	11 667	12 321
   Elimination of intersegment profits	883	(537)
   Group operating profit	12 550	11 784
   Finance costs	(12 231)	(14 529)
   Finance income	2 581	2 944
   Financial instruments income	-	2 640
   Loss on investments	(25)	-
   Other financial items	48	(49)
   Profit before tax from continuing operations	2 923	2 790

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 year ended	Software	Trademarks	Customer	R&D	Advances	Others	Total
   31 December 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
   Additions	216	-	-	428	-	278	922
   Transfers	4	28	-	64	-	(96)	-
   Transfers of assets to Property, plant and equipment	-	-	-	-	-	(201)	(201)
   Currency exchange rate conversions	-	(42)	(9)	-	-	-	(51)
   Balance on 31 December	4 141	9 667	1 140	8 088	7 309	3 472	33 817
   Amortization
   Balance on 1 January	(1 912)	(3 241)	(629)	(578)	-	(203)	(6 563)
   Amortization for the period	(455)	(1 080)	(227)	(48)	-	(44)	(1 854)
   Balance on 31 December	(2 367)	(4 321)	(856)	(626)	-	(247)	(8 417)
   Carrying amount as of 31 December	1 774	5 346	284	7 462	7 309	3 225	25 400

   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 year ended 31 December 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
   Additions	-	702	5 076	462	520	577	11 101	18 438
   Disposals	-	(34)	(489)	(916)	(183)	(23)	(151)	(1 796)
   Transfers	-	30	13 214	505	2 168	73	(15 990)	-
   Transfers from Intangible assets	-	-	201	-	-	-	-	201
   Currency exchange rate conversion	(97)	(392)	(298)	(144)	(59)	(19)	(16)	(1 025)
   Balance on 31 December 2025	18 833	105 150	222 278	48 650	18 104	11 168	15 086	439 269
   Depreciation Balance on 1 January 2025	-	(41 208)	(149 366)	(25 337)	(10 751)	(7 858)	-	(234 520)
   Depreciation for the period	-	(4 472)	(11 144)	(3 221)	(1 119)	(1 071)	-	(21 027)
   Disposals	-	-	391	521	164	14	-	1 090
   Currency exchange rate conversion	-	157	104	2	34	5	-	302
   Balance on 31 December 2025	-	(45 523)	(160 015)	(28 035)	(11 672)	(8 910)	-	(254 155)
   Carrying amount as of 31 December	18 833	59 627	62 263	20 615	6 432	2 258	15 086	185 114

   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:

   	31 December 2025	31 December 2024
   	BGN 000	BGN 000
   Cash in hand	49	81
   Cash in bank accounts	15 511	12 172
   Restricted Cash	1 369	1 369
   Restricted funds under contract for debt instruments	3 912	3 912
   Cash equivalents	9	235
   Total cash and cash equivalents	20 850	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 31 December 2025 the Group has redeemed 10 946 ordinary own shares through a subsidiary, which are presented as a decrease in the shared capital. Additional 46 050 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 December	31 December
    	2025	2024
    Beginning of the period	38 955 509	38 955 509
    Repurchased own shares during the period	(12 505)	-
    Number of shares issued and fully paid	38 943 004	38 955 509
    Total number of shares authorized at the end of the period	38 943 004	38 955 509

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

    31 December 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	(56 996)	(0.15)	(44 491)	(0.11)
    	38 943 004	99.85	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 2025, the parent company repurchased 12,505 shares.

11. Borrowings

    The Borrowings of the Group include the following financial liabilities:

    Current					Non-current
    31			31		31	31
    	December	December		December	December
    	2025	2024		2025	2024
    	BGN '000	BGN '000		BGN '000	BGN '000
    Financial liabilities measured at amortized
    cost:
    Bank loans	118 212	114 746		41 395	42 557
    Loans from other financial institutions	4 432	3 639		7 004	5 789
    Total carrying amount	122 644	118 385		48 399	48 346

    Bank borrowings:

    	Bank	Maturity Date	Curr.	Loan amount (original currency)	Collateral	Utilized amount as of 31.12.2025 (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.	3 912
    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.	482
    5	UBB AD	31.07.2026	EUR	2 000 000	Insurance policy, provided by BAEZ.	2 979
    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.	2 934
    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.	5 734
    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.	14 777
    10	FIB AD	03.11.2027	EUR	15 000 000	Pledge on fixed assets and inventories.	26 771
    11	UBB AD	30.10.2029	EUR	7 000 000	Mortgage on land and buildings. Pledge on fixed assets and inventories.	13 728
    12	UBB AD	31.07.2026	EUR	4 500 000	Mortgage on land and buildings. Pledge on fixed assets and inventories.	8 792
    13	UBB AD	25.03.2028	EUR	546 000	Pledge on PPE.	480

    	Bank	Maturity Date	Curr.	Loan amount (original currency)			Collateral			Utilized amount as of 31.12.2025 (T BGN)
    14	Raiffeisen Bank SA Romania	30.09.2026	EUR	4	000	000	Corporate guarantee from Prista Oil Holding AD. Mortgage on real estate and buildings. Pledge on fixed assets and inventories.			7	691
    15	UBB AD	31.07.2026	EUR	3	000	000	Pledge on fixed assets and inventories.			5	867
    16	Raiffeisen Bank Serbia	12.12.2026	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.			426
    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	396
    22	AMEN BANK	12.09.2032	TND	1	750	000	Pledge	on	PPE.	989
    23	AMEN BANK	06.05.2026	TND	4	500	000	Pledge	on	receivables.	2	607
    24	AMEN BANK	09.06.2026	TND	6	000	000	Pledge on inventories and receivables.			3	478
    25	AMEN BANK	06.05.2026	TND	6	000	000	Pledge on inventories and receivables.			3	478
    26	AMEN BANK	06.05.2026	TND		500	000	Mortgage on land and buildings, pledge on PPE, inventories, and receivables.			37
    27	AMEN BANK	06.05.2026	TND	3	000	000	Pledge on inventories and receivables.			487
    28	AMEN BANK	17.10.2023	TND	4	400	000	Pledge	on	PPE.	741
    29	STB Tunisia	30.09.2029	TND	7	300	000	Mortgage on land and buildings, pledge on fixed assets.			3	170
    30	STB Tunisia	06.05.2026	TND	1	000	000	Pledge on inventories and receivables.			580
    31	STB Tunisia	Revolving	TND		500	000	Pledge	on	PPE.	104
    32	STB Tunisia	06.05.2026	TND	3	500	000	Pledge	on	PPE.	563
    33	STB Tunisia	Revolving	TND	1	000	000	Pledge on inventories and receivables.			11
    34	STB Tunisia	Revolving	TND	3	000	000	Pledge on inventories and receivables.			1	322
    35	Banca del Mezzogiorno	30.06.2028	EUR		457	688	Research and development products			275
    36	Intesa Sanpaolo	30.06.2030	EUR		517	000	Pledge on trade receivables			1	020
    Total bank borrowings										159 607

    Borrowings from other financial institutions:

    	Financial Institution	Maturity date	Curr.	Loan amount (original currency)	Object of Financing	Utilized amount as of 31.12.2025 (T BGN)
    37	UBB Interlease EAD	07.08.2026 to 11.09.2030	EUR	2 806 994	18 contracts to finance equipment for the production of lead-acid batteries and recycling of scrap lead-acid batteries	2 898
    38	OTP Leasing EAD	05.06.2027 to 01.07.2030	EUR	3 862 385	9 contracts to finance equipment for the production of lead-acid batteries and recycling of scrap lead-acid batteries	5 420
    39	VFS Bulgaria EOOD	16.11.2027 to 16.11.2030	EUR	1 611 086	6 contracts to finance the purchase of vehicles	2 382
    40	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	210
    41	CIL Leasing	10.07.2026 to 20.06.2027	TND	1 017 859	Contracts to finance the purchase of vehicles	526
    Total borrowings from other financial institutions						11 436

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:

       	2025	2024
       (Loss)/Profit attributable to the shareholders (BGN) from continuing operations	(1 301 000)	1 069 000
       (Loss)/Profit attributable to the shareholders (BGN)	(1 811 000)	755 000
       Weighted average number of outstanding shares	38 952 898	38 955 509
       Basic (loss)/earnings per share from continuing operations (BGN per share)	(0.03)	0.03
       Basic (loss)/earnings per share (BGN per share)	(0.05)	0.02

    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)
    	31 December	31 December
    Purchases of materials and services	2025 BGN '000	2024 BGN '000
    - purchases of raw materials from Prista oil Holding EAD	(779)	(94)
    	(779)	(94)
    Sale of goods and services - sale of goods and services to Prista oil Holding EAD	266	235
    	266	235
    Other transactions - repayment of deposit granted to Prista oil Holding EAD	-	35
    14.2. Transactions with other related parties
    	31 December	31 December
    Purchases of services	2025 BGN '000	2024 BGN '000
    - purchases of services from Monbat Trading OOD	(4 883)	(4 470)
    	(4 883)	(4 470)
    Sale of services - sale of services to Monbat Trading OOD	48	48
    	48	48
    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	(112)	-
    - funds provided to Leventa EOOD	-	(560)
    - funds repaid by Leventa EOOD	95	-
    - expenses for collateral provided by Verila Lubricants AD	(48)	-
    - funds provided to Prista Holdco Cooperatif U.A	(39)	-
    - funds provided to Holdco Investment EOOD	(215)	(1 500)
    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:

    31 December 2025 31 December 2024 BGN '000 BGN '000

    Short-term employee benefits:

    - Salaries	2 046	2 116
    - Social security costs	28	26
    - Company cars	31	33
    Total employee benefits	2 105	2 175

15. Related party balances

    	31 December	31 December
    	2025	2024
    	BGN '000	BGN '000
    Current receivables
    - Atanas Bobokov - loan granted	3 269	3 269
    - Atanas Bobokov - interest receivable	1 181	993
    - Prista oil Holding EAD - deposit granted	25 785	25 785
    - Prista oil Holding EAD - trade receivables	7 030	6 022
    - Prista oil Holding EAD - interest receivable	6 877	5 704
    - Prista Invest 2016 AD - loan granted	3 695	3 695
    - Prista Invest 2016 AD - interest receivable	758	545
    - Plamen Bobokov - loan granted	1 830	1 830
    - Plamen Bobokov - interest receivable	618	513
    - Monbat Trading OOD - trade receivables	-	733
    - Monbat Trading OOD - loan granted	2 352	2 234
    - Monbat Trading OOD - interest receivable	155	34
    - Black Star International AD - funds provided	1 080	1 080
    - Black Star International AD - interest receivable	239	157
    - Black Star International AD - trade receivables	266	301
    - Alliance Energy Companies AD - funds provided	700	700
    - Alliance Energy Companies AD - interest receivable	175	121
    - Leventa OOD - funds provided	465	560
    - Leventa OOD - interest receivable	33	33
    - Leventa OOD - trades receivable	3 744	3 744
    - Monbat Eco Projects OOD - funds provided	222	222
    - Monbat Eco Project OOD - interest receivable	99	86
    - Torlashka Sreshta EOOD - funds provided	159	159
    - Torlashka Sreshta EOOD - trade receivables	8	8
    - Torlashka Sreshta EOOD - interest receivable	54	44
    - Holdco Investment EOOD - funds provided	2 482	2 267
    - Holdco Investment EOOD - interest receivable	265	131
    - Prista Holdco Cooperatief U.A. - funds provided	96	56
    - Prista Holdco Cooperatief U.A. - interest receivable	7	3
    	63 644	61 029

    	31 December	31 December
    	2025	2024
    	BGN '000	BGN '000
    Current payables
    - Leventa OOD	-	276
    - Prista Oil Holding EAD	16	10
    - Prista Holdco Cooperatif U.A.	48	-
    	64	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.

17. Authorization of the interim condensed consolidated financial statements

The interim condensed consolidated financial statements as of 31 December 2025 (including comparatives) were approved for issue by the Board of Directors on 27th of February 2026.