Pfleiderer - comment

As per our September presentation, absolutely everything would have had to go to plan for Pfleiderer to escape yet another round of investor negotiations. The fiasco came promptly. Q325 Silekol is on target, but EWP revenue and margins fall short in equal measure. The RCF is now almost fully drawn, and liquidity is below the annual minimum. We expect the €50m S.Sr. basket to be used shortly. Alternatively, we may see a sale of Silekol or perhaps even an early LME manoeuvre. We see the bonds still rich, trading on long-term value without debt-carrying capacity when it matters next year.