Boparan – Slow Burn - Model Update

After the publication of the Boparan FYE 2025 results, we look at where and why company performance has varied from our forecasts since the November 2024 refinance, and we have built that into an update of our model and how this should advise our investment stance. Our analysis also addresses the pricing environment, the investment plans of management and how our current thinking may be reviewed in the future.