Pasubio - Many a slip between Actual and Proforma - Model Update - Positioning

Following sustained client interest ahead of the upcoming Q1 results, we have re-engaged with Pasubio, refreshing our model and the evolving credit profile. Our investment decision centres on three core areas: the financial and structural implications of recent and pending acquisitions, the treatment and credibility of pro-forma EBITDA adjustments, and the group’s strategic diversification into luxury fashion alongside its legacy automotive exposure. We assess how acquisition funding structures, minority equity rollovers, and sponsor involvement influence leverage and financial flexibility, while examining whether the growing fashion segment can support a more resilient earnings profile over time.