Equity Case

Source of wealth for TTM Q1 2026:

Source of wealth

EV Multiplier – 7.15 times6.2%to the previous period

Enterprise value

EV – 130 718 (EUR ‘000)(2.5)%to the previous period

Shareholders earnings

EPS – 0.04 EUR(39.6)%to the previous period

Operational performance

Adjusted EBITDA from continuing operations 18 270 (EUR ‘000)(8.3)%to the previous period

Valuation

M/B – 0.37 times(7.9)%to the previous period

The Group actively analyses and manages the risks associated with the impact of macroeconomic, geopolitical and market factors on its financial performance.

Analysis of risks, measures taken and financial results achieved:

In the first quarter of 2026, the Group reported a 9.6% decline in realised revenue from the sale of storage batteries due to lower lead prices on the commodities market (see below). The volume of batteries sold was 2.6% lower than in the corresponding period. The decline in volumes is mainly due to a fall in sales to the Middle East, partly due to delays in deliveries since the start of the military conflict, as well as a seasonal shift in sales towards certain markets in Western Europe. The Group reported a 5% increase in sales of batteries and raw materials for their production (lead plates) by the Nur Tunisia Industrial Group to customers in Tunisia and North Africa.

In addition to the Group’s core business – the manufacture and sale of storage batteries – during the first quarter of 2026, the other segments of the Monbat Group reported significant growth in sales, as follows:

An 18% increase in sales of lead and lead alloys from the Group’s recycling plants to third parties. During the reporting period of 2026, the Group’s recycling companies sold over 2,500 tonnes of lead and lead alloys to third parties.

A 48% increase in revenue for the companies in the Group’s Lithium-Ion Division.

Higher revenue from consultancy, engineering and logistics services provided by the Group’s companies.

Due to market volatility, the average exchange price of lead in 2026 was around 1,650 EUR/MT (2025: 1,872 EUR/MT). Although the Group traditionally addresses market volatility and the dependence of the lead price on stock market indices by applying standard indexation to the selling prices of its products, as well as to purchases of lead-containing raw materials, in the first quarter of 2026 the Group reported a negative impact on its profitability compared with the corresponding period of 2025, as a result of the aforementioned collapse in the price of lead.

At the end of 2025, Monbat AD signed an agreement to acquire a 40% minority stake in the share capital of the Tunisian company Société Nouvelle des Accumulateurs NOUR. Upon completion of the transaction, Monbat AD will hold 100% of the share capital of the NOUR Tunisia Industrial Group. The total value of the transaction amounts to €9 million, payable in three instalments. The transaction is expected to be finalised in the first half of 2026.

The Group continuously analyses all possible impacts of changing micro- and macroeconomic conditions on its future financial position and operating results. Inflationary pressures have a significant impact on the Group’s operations, manifesting as increased costs of direct materials and labour per unit of output. The Group manages to mitigate the effect of these negative impacts of the macroeconomic environment by refining its customer and product mix (with a focus on high-margin products and markets) and indexing sales prices to its customers for specific product groups.