Cerba - comment

Cerba investors remain at the starting line for an inevitable restructuring as the Company publishes Q4 and FY25 results that ignore the overleveraged balance sheet. The numbers change nothing and, while mildly positive in tone, fall short of our expectations across all key metrics. Management continues to repeat its narrative of cost reductions driving margin improvement, but pressure on the topline and uncertainty around future pricing tariffs leave little room for organic recovery. Sponsors and investors now need to initiate a restructuring process.

The earnings call later today is unlikely to shift sentiment. We expect limited questioning, as the main credit investors already engage directly with the Company and its sponsors.