Fedrigoni - comment

The FY25 report should not move the bonds. Revenue came in on target, but IFRS 16 EBITDA was better by €4m. Another €6m of incremental adjustments raise the beat to €10m. In addition, the increased tooling revenue in Q4 materially improved WC compared to our expectations, which largely carries through to OCF and FCF, resulting in a better cash position. Otherwise, the report flags no material events, before or subsequent. The only interesting item is the US tariffs language now adds that “in February 2026, certain tariff measures were challenged in US court, and in March 2026, the US Administration revised and reintroduced measures under alternative legal frameworks”. Any impact would be uniform across peers, but the report makes no quantification.