Rekeep - comment

Ignoring tax credits (which were related to the energy crisis in FY22/23) this is the highest LTM EBITDA in the last 10 years.  Revenue continues to grow, mainly due to the Polish business.   The Polish business has outperformed, which has resulted in a higher potential liability from the put option for the 20% not owned by Rekeep.  Rekeep accounts for this in their liabilities, albeit the higher EBITDA forecasts that caused this increase have not yet materialised.  Ignoring the put option, leverage is 3.8x.   So while on an LTM basis leverage has optically increased, it should be stable on a forward basis.

The Company is still confident of making announcements this year concerning the upcoming 2026 bonds.  However, partial or full refinancing will require an improved commercial performance that has underperformed in prior years.  Rekeep management expects to bridge this gap in H2, but limited details on exactly how.  The bonds in the low 90s are still attractive.