Q-Park : New bonds to refinance the existing 2027 notes

Q-Park remains an active issuer in the EUR HY market, proved by its recent issuance of € 350m fixed rate notes and € 300m FRNs, both due 2031. The company continues to benefit from strong market support as shown by the solid demand for its notes, with the overall offering being upsized by € 20m, while being priced tighter than IPTs and at the lower end of the guidance. Performance in 2025 was robust, supported by both organic and external initiatives, while EBITDA margins continue to improve, sitting above 27%. Although the company is able to generate FCF on a structural basis, its growth strategy and recent shareholder distributions have more than offset the higher EBITDA, limiting deleveraging prospects. Going forward, we expect the current trend to continue, with strong pricing power and good and resilient demand supporting growth at both the top and bottom line. But again, do not expect any important deleveraging as shareholder distributions will keep flowing.