BioGroup - comment

BioGroup released its Q2 results yesterday. However, with minimal commentary provided in the announcement and the earnings call not scheduled until next Tuesday, the figures offer limited insight at this stage. The results are broadly in line with our expectations, with revenue remaining flat and EBITDA €5m lower, primarily due to increased operating expenses.

Separately, BioGroup completed a small acquisition in Spain on 30 June for approximately €10m. While this transaction further consolidates its position in the Spanish market, its relative size means the impact on overall financials is limited.

Leverage remains unchanged at 6.3x through the senior debt (where bonds yield c.6%) and 7.7x through the subordinated bonds, including the minority puts (where bonds yield c.10%).