Mare Nostrum Income Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	109.7	120.52	169.53	172.22	155.59
Other Revenue	-	-	0.05	0.3	0.62
Revenue	109.7	120.52	169.58	172.52	156.21
Revenue Growth (YoY)	-8.98%	-28.93%	-1.70%	10.44%	26.55%
Cost of Revenue	108.7	94.73	134.09	131.87	119.53
Gross Profit	1	25.79	35.49	40.65	36.69
Selling, General & Admin	-	26.73	39.19	40.64	35.08
Amortization of Goodwill & Intangibles	-	0.79	3.29	-	-
Other Operating Expenses	-5.43	0.3	-0.4	-1.2	-1.16
Operating Expenses	-5.43	30.16	44.68	41.11	35.5
Operating Income	6.43	-4.37	-9.19	-0.46	1.19
Interest Expense	-0.8	-0.55	-1.52	-0.5	-0.62
Interest & Investment Income	-	0.02	0.88	0.03	0.1
Earnings From Equity Investments	-	0	0.01	0.01	0.02
Currency Exchange Gain (Loss)	-	-0.01	0.14	0.07	0.07
Other Non Operating Income (Expenses)	-	-2.15	-0.18	-0.06	-0.06
EBT Excluding Unusual Items	5.63	-7.06	-9.85	-0.91	0.71
Gain (Loss) on Sale of Investments	-	0.01	0.01	0	0
Other Unusual Items	18.6	-2.97	-1.3	-0.1	-0.85
Pretax Income	24.23	-10.02	-11.14	-1	-0.15
Income Tax Expense	0.03	0.47	0.9	0.7	0.04
Earnings From Continuing Operations	24.2	-10.49	-12.04	-1.7	-0.18
Minority Interest in Earnings	-0.8	0.54	0.32	-0.42	-0.35
Net Income	23.4	-9.95	-11.73	-2.12	-0.54
Net Income to Common	23.4	-9.95	-11.73	-2.12	-0.54
Shares Outstanding (Basic)	-	8	8	8	8
Shares Outstanding (Diluted)	-	8	8	8	8
EPS (Basic)	-	-1.31	-1.55	-0.28	-0.07
EPS (Diluted)	-	-1.31	-1.55	-0.28	-0.07
Free Cash Flow	-	6.35	5.04	-1.78	0.19
Free Cash Flow Per Share	-	0.84	0.67	-0.24	0.03
Gross Margin	0.91%	21.40%	20.93%	23.56%	23.48%
Operating Margin	5.86%	-3.62%	-5.42%	-0.27%	0.76%
Profit Margin	21.33%	-8.25%	-6.91%	-1.23%	-0.34%
Free Cash Flow Margin	-	5.27%	2.97%	-1.03%	0.12%
EBITDA	8.22	-2.58	-4.26	0.89	2.29
EBITDA Margin	7.49%	-2.14%	-2.51%	0.52%	1.47%
D&A For EBITDA	1.79	1.79	4.93	1.36	1.1
EBIT	6.43	-4.37	-9.19	-0.46	1.19
EBIT Margin	5.86%	-3.62%	-5.42%	-0.27%	0.76%
Effective Tax Rate	0.12%	-	-	-	-
Advertising Expenses	-	0.39	0.93	1.01	0.85

Source: S&P Global Market Intelligence. Standard template. Financial Sources.