TAKKO 5 ⅜ 11/15/23 up 1.5 point on good Q2 results, context in mid high 70s
- Q2 revenues were down by only 1.7% to EUR303m, strongly outperforming its competitors in Germany.
- Gross profit fell a mere 4.1%
- Adjusted EBITDA was broadly unchanged YOY at EUR57.8m (+0.3%)
- Strong FCF generation during Q2
- Net debt down from EUR546m to EUR488m QOQ
- Net leverage down from 5.8x to 5.2x
- Massive turnaround compared to the previous quarter, which saw revenues halving and a negative adj. EBITDA of EUR-36m