Standard Profil - comment

In early July, Standard Profil issued a trading and outlook update, reflecting the recent BEV sales slowdown by some OEM customers, across the market specifically Germany and Italy.  Revenue and EBITDA guidance was lowered by management.  Today, the Company released Q2 numbers, which reflect the guidance, and although 6m numbers are broadly in line, Q2 numbers have reduced.  The Company continues to see labour costs increase across its regions, partially compensated by lower raw material and energy prices.  Gross Profil margin was 270bps lower at 15%, but this appears to be driven by the lower volume rather than costs.  

Management reiterated that they are exploring various options around their capital structure to refinance their bonds before maturity (May 2026).  We will expect questions on this when the Company hold their Q2 call next Thursday at 1pm.