Following a successful refinancing and delivering on the ~USD 100m FCF guidance, which was reiterated in the Q3’25 report, deleveraging will be VIRI’s top priority going forward. We expect 2026e FCF at around USD 100m, with higher capex in GEO to replenish processing capacity and potential upside stemming from collection of Pemex receivables. Given VIRI’s focus on deleveraging, showcased by its bond buybacks, we remove our previous dividend assumption. Buy, TP of EUR 100 (88), implying 2026e EV/ ....
