OHLA - comment

Investors will be relieved at a strong order book and improved cosntruction margins, but the game is all about raising cash to meet the 2025 bond maturities. Operationally OHLA is doing well with, construction margins over 4%. However, for investors, the main issue is the asset sales and the equity raise, and management could provide no further data apart from reiterating that the CHUM sale is expected to be completed by year-end and that 80% of the proceeds will go to reducing bond debt (as agreed at the time of the restructuring). We will update our model over the next few days and communicate further with you all.