Five Years Business Plan

The Monbat Group aims to increase EBITDA over the 5-year period, reaching €44.055 million from existing business operations. This projected intensive growth will be achieved through two parallel approaches, namely:

Growth from the current business model:

By focusing on market expansion, increasing sales volumes, and improving the product mix (focusing on higher-margin battery types), new export markets for the Batteries division, utilising the full production capacity of the facilities in Bulgaria and expanding the customer portfolio.

By achieving maximum capacity and realising the potential for optimisation and efficiency at our battery manufacturing plant in Tunisia over a 5-year horizon, with the aim of increasing local market share and achieving significant growth in export volumes.

By focusing on improving and maximising the production of lead and lead alloys from the Group’s recycling plants, by optimising their technological costs through investment in new energy- and resource-saving production facilities that fully meet the growing production needs of the battery business segment.

By utilising the existing resource potential of the main scrap battery markets in Europe to further increase domestic production of lead and lead alloys, thereby achieving an additional positive impact on gross profit.

By meeting local demand for lead and lead alloys in Tunisia through the newly built modern recycling facility.

Implementing strategic projects that will ensure both the expansion of the existing business model and the introduction of entirely new technologies and sources of profit – for example, modern energy storage systems – leading to growth in sales to third countries.

2026-2030 Five Years growth pace

CORE BUSINESS – ORGANIC GROWTH	Measure	2025 Actual	2026 B	2027 B	2028 B	2029 B	2030 B
Volumes
Batteries sold – Monbat	Pcs	2 878 064	2 906 432	3 070 374	3 220 422	3 353 639	3 495 188
Batteries sold – Nour	Pcs	656 695	813 696	965 590	1 065 782	1 181 834	1 315 898
Batteries sold, pieces – Total Group	Pcs	3 543 759	3 720 128	4 035 964	4 286 203	4 535 473	4 811 087
Volume Pieces Growth (batteries only)	%		5.2%	8.5%	6.2%	5.8%	6.1%
Lead & Lead Alloys – Intercompany Production	MT	35 734	34 954	38 563	38 462	38 742	38 884
Lead & Lead Alloys – Third Party Production	MT	6 225	8072	7742	10 913	10 913	10 913
Lead & Lead Alloys – High Antimony and Tin Alloys – Third Party Sales	MT	1690	1128	1104	1104	1104	1104
Consolidated Revenue from Continuing Operations	EUR ‘000	206 743	237 389	254 873	279 601	300 997	327 411
Consolidated Gross Profit from Continuing Operations (without depreciation expense)	EUR ‘000	46 978	54 649	61 314	67 937	73 987	81 095
Consolidated Gross Profit from Continuing Operations	%	22.7%	23.0%	24.1%	24.3%	24.6%	24.8%
Consolidated EBITDA from Continuing Operations	EUR ‘000	19 228	24 231	30 411	35 631	39 392	44 055
Adjustments for impairment of financial assets	EUR (000)	687	–	–	–	–	–
Consolidated Adjusted EBITDA from Continuing Operations	EUR (000)	19 915	24 231	30 411	35 631	39 392	44 055
Consolidated Adjusted EBITDA from Continuing Operations	%	9.6%	10.2%	11.9%	12.7%	13.1%	13.5%
Adjusted EBITDA from Continuing Operations – Organic growth rate	%	–	22%	26%	17%	11%	12%

Performance Drivers

The budget for the core business is based on the following key factors:

Lead price on the London Metal Exchange (LME) at €1,700 per tonne.

Increase in volumes, both of batteries sold and of lead and lead alloys produced for internal use.

The expected increase in battery sales is due to entry into new geographical markets, an increase in production capacity and the restoration of market positions.

The expected increase in the production of lead and lead alloys is in line with the expansion of Piombifera Italiana’s operations and the newly built recycling facilities in Tunisia.