Adler Pelzer - comment - Positioning

We are buying back our short in the name at par after bleeding away the coupon for too long. The business is surviving the tariff terror in the US, and that was supposed to be the trigger for exposing its frail liquidity situation. We imagine that next time the HY window opens, the company will just about slip through, showing reasonably stable earnings on admittedly lower revenues. However, order intake seems to have resumed its normal volumes in Q22,5 and while liquidity is coming down slowly, and the seasonal Q3 NWC outflow is upon us, management are conscious of the cash impact and protest their ability to smooth the cash flow in H2.