4.2 Financial covenants
headingOn each Test Date the Borrower shall ensure that Net Leverage does not exceed the limit set out in Table 4.1. As at 30 September 2026, Total Debt was €712.4m, Cash was €116.6m and LTM EBITDA was €174.2m.
text| Covenant | Requirement | Q2 2026 | Q3 2026 |
|---|---|---|---|
| Net leverage | ≤ 3.75x | 3.61x | 3.42x |
| Interest cover | ≥ 4.00x | 4.48x | 4.71x |
| Capex (€m) | ≤ 85.0 | 38.2 | 61.7 |




