Consolidated Energy – Progress, even if slow

Following the 1H 25 results, we have revisited our investment stance in Consolidated Energy (CONSEN). Our analysis of the Q2 results and updated forecast tackles 2025/26 cash flow, upcoming bond maturities, and the loan made to CONSEN’s parent. We have updated our expectations for 2025 volumes and pricing and reflected them in our model. The work we have done includes a review of the performance of our position so far, our expectations for the next 12 months, and the factors that could impact that performance.