Monbat reported consolidated sales of BGN 33.1m (+17.7% YoY) in Sept’21. EBITDA for the month amounted to BGN 2.8m (-18.2% YoY), leading to 3.7 p.p. decline in the respective margin, which stood at 8.5%. One probable cause of the deteriorating margin may be the soaring energy prices. EBT fell to BGN 1m (-47.9% YoY), which corresponds to 3.1% margin (3.5 p.p. lower than Sept’20). 9-mo consolidated sales totalled BGN 262.4m (+20.7% YoY), while 9-mo EBITDA advanced to BGN 32.4m (+20.3% YoY). YtD consolidated pre-tax earnings reached BGN 17.6m, which is 74.3% higher than the corresponding period of 2020.