Viridien - comment
The Q2 2025 numbers did not contain any surprises. We still forecast FY revenue at $1.1bn and EBITDA of around $500m. The company generated $10m of net cash flow in H1, but still forecasts $100m for FY 2025. The absence of $12m in penalty payments and seasonality will help, along with lower Library Capex. However, we expect Working Capital will need to generate significant inflows if Viridien wants to meet its $90m target for H2 2025.