Maxeda - comment

We note that the indicated Q125 outperformance is only on weather-related products and does not indicate a change in trend. Regardless, bonds are up this morning on strong Q424 LfL performance, except for Brico Planit, which continues to suffer from weak big-ticket demand. At EBITDA level, the quarter turns out slightly weaker than Q423. Importantly, however, the company provided some Q125 figures already, where sales will be +3.2% up, and liquidity some €5m stronger than our forecast. The RCF is current and Maxeda need to refinance, which looks difficult.