Sabaf

Quarterly Report • May 13, 2025

INTERIM MANAGEMENT STATEMENT

AT 31 MARCH 2025

SABAF S.p.A. Via dei Carpini, 1 – OSPITALETTO (BS), ITALY Fully paid-in share capital: € 12,686,795 www.sabafgroup.com

Table of contents

Group structure and corporate officers	3
Consolidated statement of financial position	4
Consolidated Income Statement	5
Consolidated statement of comprehensive income	6
Statement of changes in consolidated shareholders' equity	7
Consolidated statement of cash flows	8
Total financial debt	9
Explanatory notes	10
Management Statement	12
Statement of the Financial Reporting Officer pursuant to Article 154-bis (2) TUF	16
Annexes	17

Group structure and corporate officers

Parent company

SABAF S.p.A.

Subsidiaries and equity interest attributable to the Group

Companies consolidated on a line-by-line basis
Faringosi Hinges S.r.l.	Italy	100%
Sabaf do Brasil Ltda. (Sabaf Brazil)	Brazil	100%
Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited
Sirteki (Sabaf Turkey)	Turkey	100%
Sabaf Appliance Components (Kunshan) Co., Ltd.
(Sabaf China)	China	100%
A.R.C. S.r.l.	Italy	100%
Sabaf India Private Limited (Sabaf India)	India	100%
Sabaf Mexico Appliance Components S.A. de c.v.
(Sabaf Mexico)	Mexico	100%
C.M.I. S.r.l.	Italy	100%
C.G.D. S.r.l.	Italy	100%
P.G.A S.r.l.	Italy	100%
Sabaf America Inc. (Sabaf America)	U.S.A.	100%
Mansfield Engineered Components LLC (MEC)	U.S.A.	51%

Board of Directors

Chairman	Claudio Bulgarelli
Chief Executive Officer	Pietro Iotti
Director	Gianluca Beschi
Director	Alessandro Potestà
Director	Cinzia Saleri
Director (*)	Laura Ciambellotti
Director (*)	Francesca Michela Maurelli
Director (*)	Federica Menichetti
Director (*)	Daniela Toscani
(*) independent directors

Board of Statutory Auditors

Chairman	Alessandra Tronconi
Statutory Auditor	Maria Alessandra Zunino de Pignier
Statutory Auditor	Mauro Vivenzi

Consolidated statement of financial position

	31.03.2025	31.12.2024	31/03/2024
€ ( /000)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	106,142	105,539	107,316
Investment property	515	537	668
Intangible assets	59,137	60,136	59,616
Equity investments	86	86	95
Non-current receivables	949	905	1,415
Deferred tax assets	10,101	10,460	12,060
Total non-current assets	176,930	177,663	181,170
CURRENT ASSETS
Inventories	63,402	63,132	63,429
Trade receivables	68,395	64,837	66,466
Tax receivables	8,972	9,909	11,274
Other current receivables	4,911	4,322	4,387
Financial assets	2,296	3,120	6,601
Cash and cash equivalents	34,490	30,641	31,166
Total current assets	182,466	175,961	183,323
ASSETS HELD FOR SALE	-	-	-
TOTAL ASSETS	359,396	353,624	364,493
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital	12,687	12,687	12,687
Retained earnings, Other reserves	95,201	88,528	104,456
IAS 29 reserve	51,501	57,661	47,031
Net result for the period	3,790	6,928	4,270
Total equity interest pertaining to the Parent Company	163,179	165,804	168,444
Minority interests	8,050	7,940	8,222
Total shareholders' equity	171,229	173,744	176,666
NON-CURRENT LIABILITIES
Loans	66,761	62,855	78,912
Other financial liabilities	-	-	11,721
Post-employment benefit and retirement provisions	4,097	4,049	3,767
Provisions for risks and charges	330	320	334
Deferred tax liabilities	4,283	3,807	5,098
Other non-current payables	109	109	218
Total non-current liabilities	75,580	71,140	100,050
CURRENT LIABILITIES
Loans	29,347	33,234	24,003
Other financial liabilities	11,288	11,553	267
Trade payables	48,296	41,681	44,541
Tax payables	5,562	4,794	3,615
Other payables	18,094	17,478	15,351
Total current liabilities	112,587	108,740	87,777
LIABILITIES HELD FOR SALE TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	- 359,396	- 353,624	- 364,493

Consolidated Income Statement

	Q1 2025		Q1 2024		12 MONTHS 2024
€ ( /000)
INCOME STATEMENT COMPONENTS
OPERATING REVENUE AND INCOME
Revenue	73,647	100%	68,861	100%	285,091	100%
Other income	3,063	4.2%	2,138	3.1%	10,934	3.8%
Total operating revenue and income	76,710	104.2%	70,999	103.1%	296,025	103.8%
OPERATING COSTS
Materials	(37,038)	-50.3%	(33,311)	-48.4%	(137,010)	-48.1%
Change in inventories	2,207	3.0%	1,718	2.5%	4,659	1.6%
Services	(12,951)	-17.6%	(12,048)	-17.5%	(50,943)	-17.9%
Personnel costs	(18,909)	-25.7%	(17,102)	-24.8%	(70,402)	-24.7%
Other operating costs	(428)	-0.6%	(417)	-0.6%	(1,750)	-0.6%
Costs for capitalised in-house work	659	0.9%	729	1.1%	3,125	1.1%
Total operating costs	(66,460)	-90.2%	(60,431)	-87.8%	(252,321)	-88.5%
OPERATING PROFIT BEFORE
DEPRECIATION & AMORTISATION,
CAPITAL GAINS/LOSSES AND WRITE	10,250	13.9%	10,568	15.3%	43,704	15.3%
DOWNS/WRITE-BACKS OF NON
CURRENT ASSETS (EBITDA)
Amortisation	(6,277)	-8.5%	(5,638)	-8.2%	(22,932)	-8.0%
Capital gains/(losses) on disposals of non	2	0.0%	43	0.1%	(118)	0.0%
current assets
Value adjustments of non-current assets	(113)	-0.2%	-	0.0%	(2,915)	-1.0%
OPERATING PROFIT (EBIT)	3,862	5.2%	4,973	7.2%	17,739	6.2%
Financial income	200	0.3%	651	0.9%	2,480	0.9%
Financial expenses	(1,190)	-1.6%	(1,071)	-1.6%	(4,658)	-1.6%
Net income/(charges) from hyperinflation	1,846	2.5%	341	0.5%	(4,215)	-1.5%
Exchange rate gains and losses	559	0.8%	754	1.1%	1,471	0.5%
Profits and losses from equity investments	-	0.0%	-	0.0%	(8)	0.0%
PROFIT BEFORE TAXES	5,277	7.2%	5,648	8.2%	12,809	4.5%
Income taxes	(1,053)	-1.4%	(1,180)	-1.7%	(4,916)	-1.7%
NET RESULT FOR THE PERIOD	4,224	5.7%	4,468	6.5%	7,893	2.8%
Of which:	434	0.6%	198	0.3%	965	0.3%
Minority interests NET RESULT ATTRIBUTABLE TO THE
GROUP	3,790	5.1%	4,270	6.2%	6,928	2.4%

Consolidated statement of comprehensive income

€ ( /000)	Q1 2025	Q1 2024	12 MONTHS 2024
NET RESULT FOR THE PERIOD	4,224	4,468	7,893
Total profits/losses that will not be subsequently restated under profit (loss) for the period: Actuarial evaluation of post-employment benefit tax effect	- -	- -	1 -
	0	0	1
Total profits/losses that will be subsequently reclassified under profit (loss) for the period: Forex differences due to translation of financial
statements in foreign currencies	(8,889)	(3,813)	(12,146)
Hedge accounting for derivative financial instruments	158	(62)	(139)
OVERALL NET RESULT	(4,507)	593	(4,391)
of which:
Overall net result for the period attributable to minority interests	434	198	965
Forex differences due to translation of financial statements in foreign currencies - Minority interests	(324)	184	569
Net result attributable to minority interests	110	382	1,534
TOTAL NET RESULT ATTRIBUTABLE TO THE GROUP	(4,617)	211	(5,925)

Statement of changes in consolidated shareholders' equity

€ ( /000)	Share capital	Share premium reserve	Legal reserve	Treasury shares	Translatio n reserve	IAS 29 reserve	Post employme nt benefit reserve	Other reserves	Profit for the year	Group shareholde rs' equity	Minority interests	Shareholde rs' equity
Balance at 31 December 2023	12,687	26,160	2,307	(3,683)	(80,428)	48,649	(365)	153,665	3,103	162,095	8,293	170,388
Allocation of 2023 profit - carried forward - dividends IFRS 2 measurement Stock Grant			175	1,574				(3,848) (1,479)	(175) (2,928)	- (6,776) 95	(1,887)	- (8,663) 95
Treasury share transactions				(211)						(211)		(211)
Hyperinflation (IAS 29)						9,012		7,521		16,533		16,533
Other changes								(7)		(7)		(7)
Change in translation reserve Other components of the total result					(12,715)		1	(139)	6,928	(12,715) 6,790	569 965	(12,146) 7,755
Total profit at 31 December 2024					(12,715)		1	(139)	6,928	(5,925)	1,534	(4,391)
Balance at 31 December 2024	12,687	26,160	2,482	(2,320)	(93,143)	57,661	(364)	155,713	6,928	165,804	7,940	173,744
Allocation of 2024 profit - carried forward								6,928	(6,928)	-		-
IFRS 2 measurement Stock Grant								194		194		194
Treasury share transactions				(1,064)						(1,064)		(1,064)
Hyperinflation (IAS 29)						(6,160)		9,022		2,862		2,862
Change in translation reserve Other components of the total result					(8,565)			158	3,790	(8,565) 3,948	(324) 434	(8,889) 4,382
Total profit at 31 March 2025					(8,565)			158	3,790	(4,617)	110	(4,507)
Balance at 31 March 2025	12,687	26,160	2,482	(3,384)	(101,708)	51,501	(364)	172,015	3,790	163,179	8,050	171,229

Consolidated statement of cash flows

€ ( /000)	Q1 2025	Q1 2024	12 MONTHS 2024
Cash and cash equivalents at beginning of period	30,641	36,353	36,353
Net result for the period	4,224	4,468	7,893
Adjustments for:
- Depreciations and amortisation	6,277	5,638	22,932
- Write-downs of non-current assets	113	-	2,915
- Realised gains/losses	(2)	(43)	118
- Valuation of the stock grant plan	194	235	95
- Profits and losses from equity investments	-	-	8
- Monetary revaluation IAS 29	(281)	425	9,022
- Net financial income and expenses	(321)	(360)	(6,055)
- Non-monetary foreign exchange differences	(459)	260	707
- Income tax	1,053	1,180	4,916
Change in post-employment benefit	48	(38)	244
Change in risk provisions	10	(19)	(33)
Change in trade receivables	(3,989)	(10,807)	(9,745)
Change in inventories	(1,630)	(1,582)	(3,520)
Change in trade payables	6,781	2,144	(484)
Change in net working capital	1,162	(10,245)	(13,749)
Change in other receivables and payables, deferred taxes	979	(724)	2,375
Payment of taxes	(208)	(303)	(1,960)
Payment of financial expenses	(792)	(999)	(3,813)
Collection of financial income	201	375	1,418
Cash flows from operations	12,198	(150)	27,033
Net investments	(6,931)	(2,711)	(14,706)
Free cash flow	5,267	(2,861)	12,327
Repayment of loans	(8,567)	(2,461)	(27,469)
Raising of loans	8,332	495	16,586
Change in financial assets	857	274	2,984
Purchase/sale of treasury shares	(1,064)	-
Payment of dividends	-	(453)	(211)
			(8,663)
Cash flow absorbed by financing activities	(442)	(2,144)	(16,773)
Foreign exchange differences	(976)	(182)	(1,266)
Net cash flows for the year	3,849	(5,187)	(5,712)
Cash and cash equivalents at beginning of year	34,490	31,166	30,641

Total financial debt

	€ ( /000)	31.03.2025	31.12.2024	31/03/2024
A.	Cash	34,490	30,641	31,166
B.	Cash and cash equivalents	-	-	-
C.	Other current financial assets	2,296	3,120	6,601
D.	Liquidity (A+B+C)	36,786	33,761	37,767
E.	Current financial payable	20,747	26,279	2,658
F.	Current portion of non-current debt	19,888	18,508	21,612
G.	Current financial debt (E+F)	40,635	44,787	24,270
H.	Net current financial debt (G-D)	3,849	11,026	(13,497)
I.	Non-current financial payable	37,006	33,100	60,904
J.	Debt instruments	29,755	29,755	29,729
K.	Trade payables and other non-current payables	-	-	-
L.	Non-current financial debt (I+J+K)	66,761	62,855	90,633
M.	Total financial debt (H+L)	70,610	73,881	77,136

Explanatory notes

Accounting standards and scope of consolidation

The Interim Management Statement of the Sabaf Group at 31 March 2025 is prepared in compliance with the Stock Exchange Regulations that establish, among the requirements for maintaining the listing on the STAR segment of the MTA, the publication of interim management reports.

This report does not contain the information required in accordance with IAS 34.

Accounting standards and policies are the same as those adopted for preparation of the consolidated financial statements at 31 December 2024, which should be consulted for reference. All the amounts contained in the statements included in this Interim Management Statement are expressed in thousands of euro.

We also draw attention to the following points:

• The Interim Management Statement was prepared according to the "discrete method of accounting" whereby the quarter in question is treated as a separate financial period. In this respect, the quarterly income statement reflects the income statement components pertaining to the period on an accrual basis;
• the financial statements used in the consolidation process are those prepared by the subsidiaries for the period ended 31 March 2025, adjusted to comply with Group accounting policies, where necessary;
• the parent company Sabaf S.p.A. and the subsidiaries Faringosi Hinges, Sabaf Brazil, Sabaf Turkey, Sabaf China, A.R.C., Sabaf India, C.M.I., C.G.D., Sabaf Mexico, P.G.A., Sabaf America and Mansfield Engineered Components LLC (MEC) were consolidated on a line-by-line basis.
• compared to 31 March 2024 and 31 December 2024, the subsidiary Sabaf U.S. is no longer included in the scope of consolidation, as the company was dissolved.

The Interim Management Statement at 31 March 2025 has not been independently audited.

Hyperinflation - Turkey: application of IAS 29

In the Interim Management Statement at 31 March 2025, IAS 29 was applied with reference to the subsidiary Sabaf Turkey. The effect related to the re-measurement of nonmonetary assets and liabilities, equity items and income statement items in the first quarter of 2025 was recognised in a separate item in the income statement under financial income and expenses. The related tax effect was recognised in taxes for the period.

The cumulative levels of general consumer price indices are shown below:

Consumer price index	Value at 31/12/2024	Value at 31/03/2025	Change
TURKSTAT	2,684.55	2,954.69	+10.06%
Consumer price index	Value at 31/12/2023	Value at 31/12/2024	Change
TURKSTAT	1,859.38	2,684.55	+44.38%
Consumer price index	Value at 31/12/2022	Value at 31/12/2023	Change
TURKSTAT	1,128.45	1,859.38	+64.77%

Effects of the application of the hyperinflation on the Consolidated Statement of Financial Position

€ ( /000)	31.03.2025	Hyperinflation effect	31.03.2025 with Hyperinflation effect
Total non-current assets	141,806	35,124	176,930
Total current assets	181,296	1,170	182,466
Total assets	323,102	36,294	359,396
Total shareholders' equity	134,935	36,294	171,229
Total non-current liabilities	75,580	-	75,580
Total current liabilities	112,587	-	112,587
Total liabilities and shareholders' equity	323,102	36,294	359,396

Effects of the application of the hyperinflation on the Consolidated Income Statement

€ ( /000)	3 months 2025	Hyperinflation effect	3 months 2025 with Hyperinflation effect
Operating revenue and income	77,678	(968)	76,710
Operating costs	(67,256)	796	(66,460)
EBITDA	10,422	(172)	10,250
EBIT	5,244	(1,382)	3,862
Profit before taxes	4,895	382	5,277
Income taxes	(952)	(101)	(1,053)
Net profit for the year	3,509	281	3,790

Management Statement

Economic performance

The financial results for the first quarter of 2025 are presented and commented on below, normalised, i.e. adjusted for the effects of the application of IAS 29 - hyperinflation accounting standard - with reference to the financial statements of the subsidiary Sabaf Turkey. This representation allows a better understanding of the Group's performance and a more accurate comparison with previous periods.

	Q1 2025	Q4 2024	% change	Q1 2025	Q1 2024	% change
Sales revenue Hyperinflation – Turkey	73,647 948	71,216 (6,563)	+3.4	73,647 948	68,861 137	+7.0
Normalised revenue	74,595	64,653	+15.4	74,595	68,998	+8.1
EBITDA EBITDA % Hyperinflation – Turkey	10,250 13.9 172	10,803 15.2 (2,550)	-5.1	10,250 13.9 172	10,568 15.3 (15)	-3.0
Normalised EBITDA Normalised EBITDA%	10,422 14.0	8,253 12.8	+26.3	10,422 14.0	10,553 15.3	-1.2
EBIT EBIT % Hyperinflation – Turkey	3,862 5.2 1,382	1,621 2.3 1,629	+138.2	3,862 5.2 1,382	4,973 7.2 839	-22.3
Normalised EBIT Normalised EBIT%	5,244 7.0	3,250 5.0	+61.4	5,244 7.0	5,812 8.4	-9.8
Group net result Net result % Hyperinflation – Turkey	3,790 5.1 (281)	(2,632) -3.7 6,025	+244	3,790 5.1 (281)	4,270 6.2 425	-11.2
Normalised result of the Group	3,509	3,393	+3.4	3,509	4,695	-25.3
Normalised result %	4.7	5.2		4.7	6.8

In the first quarter of 2025, the Sabaf Group reported strong growth in sales, supported by the ramping up of the internationalisation of its business and the gradual improvement in demand in mature markets. Revenues amounted to €74.6 million, up 15.4% from €64.7 million in Q4 2024 and +8.1% from €69 million in Q1 2024.

Normalised EBITDA for the first quarter of 2025 was €10.4 million, or 14% of sales, up by 26.3% compared to €8.3 million (12.8%) in the fourth quarter of 2024. Compared to the last quarter of 2024, the Group benefited from a significant recovery in business volumes. In the comparison with Q1 2024 (€10.6 million, 15.3%) the decrease is attributable to high

inflation on labour costs in Turkey, which was not offset by the depreciation of the lira that occurred since the end of the first quarter.

Normalised EBIT was €5.2 million (7%), up 61.4% compared to €3.3 million (5%) in the fourth quarter of 2024 (€5.8 million in the first quarter of 2024, 8.4%).

Normalised net profit for the period was €3.5 million (€3.4 million in the fourth quarter of 2024 and €4.7 million in the first quarter of 2024).

Statement of financial position and cash flows

The Group's statement of financial position, reclassified based on financial criteria, is illustrated below:

Data in thousands of €	31.03.2025	31.12.2024	31/03/2024
Non-current assets	176,930	177,663	181,170
Short-term assets1	145,680	142,200	145,556
Short-term liabilities2	(71,952)	(63,953)	(63,507)
3 Working capital	73,728	78,247	82,049
Provisions for risks and charges, post employment benefit, deferred taxes, other non current payables	(8,819)	(8,285)	(9,417)
Net invested capital	241,839	247,625	253,802
Short-term net financial position	(3,849)	(11,026)	13,497
Medium/long-term net financial position	(66,761)	(62,855)	(90,633)
Net financial debt	(70,610)	(73,881)	(77,136)
Shareholders' equity	171,229	173,744	176,666

Cash flows for the financial year are summarised in the table below:

¹ Sum of Inventories, Trade receivables, Tax receivables and Other current receivables

² Sum of Trade payables, Tax payables and Other liabilities

³ Difference between short-term assets and short-term liabilities

Data in thousands of €	31.03.2025	31.12.2024	31/03/2024
Opening liquidity	30,641	36,353	36,353
Operating cash flow	12,198	27,033	(150)
Cash flow from investments	(6,931)	(14,706)	(2,711)
Free cash flow	5,267	12,327	(2,861)
Cash flow from financing activities	(442)	(16,773)	(2,144)
Foreign exchange differences	(976)	(1,266)	(182)
Cash flow for the period	3,849	(5,712)	(5,187)
Closing liquidity	34,490	30,641	31,166

At 31 March 2025, the impact of the net working capital⁴ on revenue was 25% compared to 29.8% at 31 March 2024 and 27.4% at 2024 yearend.

Investments of €6.9 million were made during the quarter, including €2.1 million for the construction of a 2.5 MW photovoltaic plant at the Ospitaletto site (€2.7 million in Q1 2024 and €14.7 million for the full 2024 financial year; the 2025 budget is approximately €17 million).

In the first quarter of 2025, the free cash flow generated by the Sabaf Group was positive to the tune of €5.3 million (it was positive by 12.3 million for the full 2024 financial year and negative by 2.9 million in the first quarter of 2024).

At 31 March 2025, net financial debt was €70.6 million (€73.9 million at 31 December 2024 and €77.1 million at 31 March 2024), against a shareholders' equity of €171.2 million. The net financial debt as of 31 March 2025 includes €11.3 million for the financial liability related to the accounting of the put option granted to MEC's minority shareholders and €5.8 million for financial liabilities recognised in accordance with IFRS 16.

Significant non-recurring, atypical and/or unusual transactions

During the first quarter of 2025, the Group did not engage in significant transactions qualifying as non-recurring, atypical and/or unusual, as envisaged by the Consob communication of 28 July 2006.

Outlook

The order backlog for the coming months suggests a positive trend, with sales in line with the first quarter. Over the course of the year, market shares will be further strengthened by the increasing contribution of the production plant in Mexico and, across all divisions, by the sales of new products.

Statement of the Financial Reporting Officer pursuant to Article 154-bis (2) TUF

The Financial Reporting Officer, Gianluca Beschi, declares that, pursuant to paragraph 2, Article 154-bis of Italian Legislative Decree 58/1998 (TUF, or Consolidated Finance Act), the accounting information contained in the Interim Management Statement at 31 March 2025 of Sabaf S.p.A. corresponds to the Company's records, books and accounting entries.

Ospitaletto (BS), 13 May 2025

Financial Reporting Officer Gianluca Beschi

Annexes

Normalised revenue	Q1 2025	%	Q4 2024	%	Change %	Q1 2025	%	Q1 2024	%	% change
Europe (excluding Turkey)	21,150	28.4%	18,547	28.7%	+14.0%	21,150	28.4%	20,659	29.9%	+2.4%
Turkey	19,228	25.8%	15,435	23.9%	+24.6%	19,228	25.8%	18,386	26.6%	+4.6%
North America	16,530	22.2%	14,674	22.7%	+12.6%	16,530	22.2%	14,658	21.2%	+12.8%
South America	9,362	12.6%	8,338	12.9%	+12.3%	9,362	12.6%	6,960	10.1%	+34.5%
Africa and Middle East	4,078	5.5%	3,153	4.9%	+29.3%	4,078	5.5%	4,944	7.2%	-17.5%
Asia and Oceania	4,247	5.7%	4,506	7.0%	-5.7%	4,247	5.7%	3,391	4.9%	+25.2%
Total	74,595	100%	64,653	100%	+15.4%	74,595	100%	68,998	100%	+8.1%

Normalised revenue by geographical area (€/000)

Normalised revenue by product line (€/000)

Normalised revenue	Q1 2025	%	Q4 2024	%	Change %	Q1 2025	%	Q1 2024	%	% change
Gas parts	44,344	59.5%	37,974	58.7%	+16.8%	44,344	59.5%	40,625	58.9%	+9.2%
Hinges	24,123	32.3%	21,160	32.7%	+14.0%	24,123	32.3%	20,931	30.3%	+15.2%
Electronic components	6,116	8.2%	5,445	8.4%	+12.3%	6,116	8.2%	7,442	10.8%	-16.9%
Induction	12	-	74	-	-	12	-	-	-	-
Total	74,595	100%	64,653	100%	+15.4%	74,595	100%	68,998	100%	+8.1%

Reconciliation of the Consolidated Income Statement for the First Quarter 2025

	Q1	Hyperinflation	Q1 2025
€ ( /000)	2025	IAS 29	Normalised
INCOME STATEMENT COMPONENTS
OPERATING REVENUE AND INCOME
Revenue	73,647	948	74,595
Other income	3,063	20	3,083
Total operating revenue and income	76,710	968	77,678
OPERATING COSTS
Materials	(37,038)	(340)	(37,378)
Change in inventories	2,207	(180)	2,027
Services	(12,951)	(89)	(13,040)
Personnel costs	(18,909)	(184)	(19,093)
Other operating costs	(428)	(3)	(431)
Costs for capitalised in-house work	659	-	659
Total operating costs	(66,460)	(796)	(67,256)
OPERATING PROFIT BEFORE DEPRECIATION
AND AMORTISATION, CAPITAL GAINS/LOSSES, AND WRITE	10,250	172	10,422
DOWNS/WRITE-BACKS OF NON-CURRENT
ASSETS
Amortisation	(6,277)	1,210	(5,067)
Capital gains on disposals of non-current assets	2	-	2
Value adjustments of non-current assets	(113)	-	(113)
		-
EBIT	3,862	1,382	5,244
Financial income	200	1	201
Financial expenses	(1,190)	(1)	(1,191)
Net income/(charges) from hyperinflation	1,846	(1,846)	-
Exchange rate gains and losses	559	82	641
Profits and losses from equity investments	-	-	-
PROFIT BEFORE TAXES	5,277	(382)	4,895
Income taxes	(1,053)	101	(952)
PROFIT FOR THE YEAR	4,244	281	3,943
of which:
Minority interests	434	-	434
PROFIT ATTRIBUTABLE TO THE GROUP	3,790	281	3,509

Reconciliation of the Consolidated Income Statement for the Fourth Quarter 2024

€ ( /000)	Q4 2024	Hyperinflation IAS 29	Q4 2024 Normalised
INCOME STATEMENT COMPONENTS
OPERATING REVENUE AND INCOME
Revenue	71,216 3,250	(6,563) (164)	64,653 3,086
Other income	74,466	(6,727)	67,739
Total operating revenue and income
OPERATING COSTS
Materials	(30,808)	2,516	(28,292)
Change in inventories	(2,004)	(19)	(2,023)
Services	(12,624)	672	(11,952)
Personnel costs	(18,828)	967	(17,861)
Other operating costs	(283)	41	(242)
Costs for capitalised in-house work	884	-	884
Total operating costs	(63,663)	4,177	(59,486)
OPERATING PROFIT BEFORE DEPRECIATION
AND AMORTISATION, CAPITAL
GAINS/LOSSES, AND WRITE	10,803	(2,550)	8,253
DOWNS/WRITE-BACKS OF NON-CURRENT
ASSETS
Amortisation	(6,115)	1,299	(4,816)
Capital gains on disposals of non-current assets	(160)	71	(89)
Value adjustments of non-current assets	(2,907)	2,809	(98)
EBIT	1,621	1,629	3,250
Financial income	424	(88)	336
Financial expenses	(1,328)	8	(1,320)
Net income/(charges) from hyperinflation	(2,438)	2,438	-
Exchange rate gains and losses	886	(119)	767
Profits and losses from equity investments	(8)	-	(8)
PROFIT BEFORE TAXES	(843)	3,868	3,025
Income taxes	(1,551)	2,157	606
PROFIT FOR THE YEAR	(2,394)	6,025	3,631
of which:
Minority interests	238	-	238
PROFIT ATTRIBUTABLE TO THE GROUP	(2,632)	6,025	3,393

Reconciliation of the Consolidated Income Statement for the First Quarter 2024

€ ( /000)	Q1 2024	Hyperinflation IAS 29	Q1 2024 Normalised
INCOME STATEMENT COMPONENTS
OPERATING REVENUE AND INCOME
Revenue	68,861	137	68,998
Other income	2,138	7	2,145
Total operating revenue and income	70,999	144	71,143
OPERATING COSTS
Materials	(33,311)	(37)	(33,348)
Change in inventories	1,718	(92)	1,626
Services	(12,048)	(14)	(12,062)
Personnel costs	(17,102)	(13)	(17,115)
Other operating costs	(417)	(1)	(418)
Costs for capitalised in-house work	729	(2)	727
Total operating costs	(60,431)	(159)	(60,590)
OPERATING PROFIT BEFORE DEPRECIATION
AND AMORTISATION, CAPITAL
GAINS/LOSSES, AND WRITE	10,568	(15)	10,553
DOWNS/WRITE-BACKS OF NON-CURRENT
ASSETS
Amortisation	(5,638)	848	(4,790)
Capital gains on disposals of non-current assets	43	6	49
Value adjustments of non-current assets	-	-	-
EBIT	4,973	839	5,812
Financial income	651	-	651
Financial expenses	(1,071)	1	(1,070)
Net income/(charges) from hyperinflation	341	(341)	-
Exchange rate gains and losses	754	1	755
Profits and losses from equity investments	-	-	-
PROFIT BEFORE TAXES	5,648	500	6,148
Income taxes	(1,180)	(75)	(1,255)
PROFIT FOR THE YEAR	4,468	425	4,893
of which:
Minority interests	198	-	198
PROFIT ATTRIBUTABLE TO THE GROUP	4,270	425	4,695