Klöckner Pentaplast - comment

The company has held up well enough last year. Q4 financials released in a presentation on Tuesday are right on target, even as we have had to guess our way through 2025. YTD EBITDA fell €35m short of estimate, with only €198.6m. Meanwhile, liquidity is a significant €75m lower at €211m with the difference invested in working capital, due to “significant prepetition vendor payments driving AP down €54m … and factoring % slightly down with €6m impact”. The cash balance has since dropped on nearly €50m of restructuring expenses and is projected to lie around €130m by end of Q1. The company also released 2024 financials in full, but those are now one year old. We are not expecting a great rebound here, but the group looks well restructured.