Graanul - comment

Graanul’s Q1 financial results were broadly in line with expectations, although production numbers were stronger than our projections. Leverage stands at c. 5.4x, which we expect to decline toward c. 5.0x over the coming quarters on earnings momentum.

Bond prices won’t move this morning as there is a lack of disclosure on post-2027 contract negotiations (including Drax), we await the conference call later for details.