Cerba - Still Waiting At The Starting Line - Model Update

Negotiations are commencing under a mandat ad hoc at Cerba, marking a constructive step forward in the restructuring process. While the complexity of the broader stakeholder landscape and ongoing discussions around the future French regulatory pricing regime may extend the timeline, these factors are integral to shaping a sustainable outcome. Our investment decision reflects this evolving backdrop, and the anticipated need for fresh capital and a comprehensive balance-sheet reset continues to underpin a potential investment opportunity.