Basic-Fit Frontloaded Costs, Strengthened Liquidity, and Upward Valuation Revision

We revise our FY25 and FY26 underlying EBITDA less rent forecasts upward by +3.2% and +1.7%, respectively. Our FY25 estimate now stands at EUR 343.6m, which remains at the lower end of management's guidance range (EUR 330–370m). Importantly, we lower our risk premium following the EUR 350.0m in additional secured bank financing obtained in 1H25. This enhanced liquidity profile and extended maturities reduce refinancing risk and support our confidence in Basic-Fit's capital structure. As a result, we raise our TP from EUR 20.0 to EUR 26.0. We note that both employee expenses and maintenance capex were frontloaded in 1H25, which may distort interim margins but does not alter our full-year profitability expectations as we were already at the lower end of the guidance.