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In today's Morning Views publication we comment on developments of the following high yield issuers: Loxam, Progroup, Zegona, United Group, Industria Macchine Automatiche, TeamSystem, Vallourec, Kiloutou, Flos B&B Italia, Profine, Asmodee, Centrient, Itelyum Group, Travelodge, CBR Fashion, Intralot
Grupo Antolin has reported very weak Q3/25 numbers. EBITDA fell almost 20% y-o-y to EUR 69 mn, as revenues dropped by more than 15%. Performance was affected by production volatility, product replacement cycles and weakness in China. Cash-flow performance deteriorated, impacted by weaker earnings, working-capital movements and higher capex. Reported net leverage was broadly flat q-o-q at 3.4x. We remain cautious on the Q4/25 outlook, as the market remains challenging. That said, profitabilit...