OHLA - comment

The call didn’t have many surprises, but was positive. We are a little perturbed by the suggestion that OHLA might look at development projects in the future, but for now, we are not nervous. Having completed the Recapitalisation, OHLA is still looking to sell the Canalejas stake and the Services business. However, the pressure is off and proceeds from any future sale may be used for investment in the company over debt reduction. We were also surprised that the €50m convertible was still under consideration.

Management was bullish on settling the Sidra (Qatar) and Kuwait litigation in 2025. We will believe it when we see it, but management has more time to work on this now.