Telelink Business Services Group’s (TBS) registered a 2.3% YoY decrease in Q3 2024 consolidated revenue to BGN 49.8m. Breakdown by segments revealed that revenue from IT infrastructure increased firmly, up 20.5% YoY to BGN 38.8m. However, it wasn’t enough to compensate for the drop of cybersecurity revenue (-55.6%) and hardware and software sales (-30.7% YoY). Geographically, the domestic market decreased by 58.9% YoY to BGN 16m, accounting for 32% (76% in Q3’23) in total revenue mix, while Rest of Europe sales surged to BGN 32.8m (+183% YoY) due to 7IT and NATO projects. Operating expenses amounted to BGN 44.3m (flat YoY), which led to a 20.2% decrease in cons EBITDA (BGN 5.5m) and a 45.9% drop in net profit of BGN 2.7m, as depreciation expenses jumped 87% YoY. 9m 2024 revenue amounted to BGN 122.8m, +10.6% YoY. Domestic sales (BGN 59.3m) fell by 17.3% YoY, while Rest of Europe sales were up by 62.1% YoY (BGN 60.9m), with Croatia becoming the second largest market for the company. Total OPEX increased to BGN 111.8m (+12% YoY) and brought cons EBITDA down to BGN 11m (-1.9% YoY). Ultimately, consolidated net profit came to BGN 4.7m (-25.8% YoY), and 9mo TTM EPS stood at BGN 0.62. Recall that the latest guidance for FY2024 stipulates BGN 225.3m revenue, BGN 20.1m cons EBITDA, and BGN 11.5m net profit. On the balance sheet, non-cash working capital decreased by 22.5% YoY to BGN 15.5m, while IB debt increased to BGN 23.8m (75.1% of equity).