Axactor is set to report Q2 on 14 August. We update our estimates following the successful EUR 125m 2029 bond issue in early June, priced at 3mE+750bps, which replaces the 2026 bond well ahead of maturity. Cash EBITDA is increased 3-4% across 2025-2027e. As we have previously pointed out, reported earnings will benefit from a lower amortisation rate in 2025, leading to higher reported earnings on a mechanical accounting basis while cash EBITDA will be down y-o-y, following the portfolio sale and ....
