Research
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Calgro M3 – FY25 Results
Key message: With Bankenveld adding to the development pipeline,
Calgro has secured many years of steady organic growth.
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Afrimat – FY25 Results
Key message: A weak result but a better performance is expected in FY26.
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📦 Q1 Expectations: We estimate underlying EBITDA for Q1 at approximately €269mn, representing a +26% YoY increase and a +3% improvement QoQ. Note that Q1 2024 reported EBITDA was €214mn, which included a €32mn one-off loss related to the devaluation of the Egyptian...