EBITDA margin trend
. H1 24 : 2.9 %
. H2 24 : 3.2 %
. H1 25 : 3.1 %
. H2 25 : 3.7 %.
A large part of the EBITDA is converted into free cash flow, given that the company requires a low level of Capex (EBITDA 24 was 25.9 m$ vs around 2 m$ of Capex), while the company also benefits from a negative working capital model.
It explains the large net cash of 118.9 m$ in Dec 24 vs a market cap of 348 m$.
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