Boparan - Waiting Game - Model Update

Having successfully traded the Boparan capital structure over a number of years, we have analysed the recent results against our forecast and assessed how we expect costs to have evolved since April 2025 so as to update our investment stance. Based on that and on our understanding of how the shareholder is embedded in the structure, we have updated our DCF to ascertain the debt coverage, what level of equity cushion there is for creditors, and how these metrics may evolve over the next four quarters.