Standard Profil - comment

Standard Profil’s bonds are illiquid, so we expect no meaningful price change following the Q2 results. H1 revenue fell 5.6% to €216m, and EBITDA declined 7.7% to €20m, although the EBITDA margin remained broadly stable at 9.4%. The main credit concern remains cash generation, with net debt increasing €20m to €212m and cash falling to €44m. The stable €2.5bn order book provides some comfort, but to put it in perspective, the 2024 order book was €3.1bn, down from €3.8bn in FY23.