DAVY VIEW

2024 EBITDA was a record performance of €133.5m, near our €136.1m forecast and very credible given the obvious year-end challenges of the Holyhead closure. Good working capital management has seen net debt a little better than forecast at €162.2m (covenant level leverage ratio at 0.5x is well below the maximum 3x level). With volumes recovering at Holyhead and other parts of the business performing well, we see no reason to change our €142.4m 2025 EBITDA forecast.