CeramTec published dismal Q1/25 results last Friday, with sales down 19.5% y-o-y and adjusted EBITDA falling 36.6%. The company's cash burn worsened on account of the lower EBITDA. Net leverage increased 1x q-o-q to 7x. We expect soft results in FY 2025. Leverage will likely stay elevated in the low 7x region in FY 2025, before improving in FY 2026.
In today's Morning Views publication we comment on developments of the following high yield issuers: PeopleCert, Stada, Kiloutou, Loxam, CeramTec, Progroup, Playtech, Tele Columbus, CBR Fashion, Best Secret (Schustermann & Borenstein), Grunenthal, Novafives, Intrum, Profine, Flos B&B Italia (formerly International Design Group), Odido, Multiversity, Paprec Group, Cheplapharm, Engineering Group, Itelyum Group, Motel One, Tereos, Iberconsa, Stena AB, Mooney (formerly SisalPay)