Antolin - comment

Antolin beat our expectations into year-end. Revenue was almost 10% better, and consequently, Q425 EBITDA margin improved YoY by 1% to 6%. The proceeds from its India sale were only received in January and are therefore not yet in the financials. Otherwise, most of the development seems to have been close to model, including liquidity. Having recently seen pressure on its margins, Antolin has done well to hold up Q425.