Korado - Boost in profitability - 2023

During Q3 23, the company posted a qoq increase in both top and bottom lines performance. although the 9m 23 volumes remain low (260k units sold, -31% y/y, leading to revenue of BGN 28.9m, -37% y/y), it is worth noting the profitability boost to EBITDA margin of 12%, arriving 9m 23 ebitda at BGN 3.5m (-16% y/y). The latter was mainly driven by Q3 23, when the EBITDA margin peaked to 16.4%, well beyond average levels. Therefore, during the latest quarter, EBITDA reached BGN 1.8m (4x y/y and +54% q/q) on a revenue of BGN 10.9m (-23% y/y and +13% q/q).