Antolin - comment

Liquidity is stronger than modelled following the Indian sale closed in January. Cash stands at €314m, although credit lines remain largely drawn and only have another €57m headroom. Revenues remain down across regions, with the largest drop in Asia of -13.8% at constant FX.

The divisional picture remains split. Technology Solutions has momentum — revenue up 6.64% like-for-like, and the North American restructuring completed in Q4 2025. Product Systems, by contrast, remains under pressure: down -16.2% like-for-like, driven by end-of-production cycles in Europe and China.

The covenant waivers communicated on the Q425 call remain in place through the end of 2026, now explained by Q126 EBITDA performance, which came in well below target at 7.8%. Management is in active price negotiations with VW, Stellantis and Ford (who represent 50% of revenues) to restore margin on the existing base.