Core Insights - Ardagh Group reported increased revenue in Q3 2025, reaching $2.5 billion, up from $2.39 billion in Q3 2024, despite a deepening net loss due to exceptional charges [1][2] Financial Performance - Group adjusted EBITDA rose by 9% to $394 million, aided by reduced operating expenses, favorable volume and product mix, and a $10 million benefit from currency movements [2] - The company's loss before tax increased to $335 million, primarily due to exceptional costs related to the recapitalization process [2] - For the nine months ending September 30, total group revenue was $7.21 billion, an increase from $6.90 billion in the previous year [3] Segment Performance - Metal Packaging Europe revenue increased by 9% to $625 million, while Metal Packaging Americas grew by 8% to $803 million, reflecting a favorable mix and the pass-through of higher input costs [3] - Glass Packaging Europe & Africa saw a 1% rise to $709 million, whereas Glass Packaging North America experienced a 2% decline to $367 million due to earlier footprint changes [3] - Adjusted EBITDA improved across all four divisions [3] Cash Position - At the end of the quarter, Ardagh had $679 million in cash and cash equivalents, along with $386 million of undrawn credit facilities, and net debt stood at $10.49 billion [4] - The company anticipates that its cash resources and facilities will provide sufficient liquidity for at least the next 12 months [4] Management Changes - John Sheehan will resign as group chief financial officer at the end of the financial year 2025/26, with the process to appoint a successor already underway [5] - Sheehan expressed confidence in Ardagh's positioning for future growth with a recapitalized balance sheet and strong market positions [6]

Financial Performance - Prosafe SE reported EBITDA of USD 11.3 million for Q3 2025, an increase from USD 5.0 million in the same period last year [1] - Revenues for the quarter reached USD 53.6 million, up from USD 32.8 million year-on-year [7] - The company experienced a negative cash flow from operations of USD 1.0 million, compared to a positive cash flow of USD 9.1 million in the previous year [7] - Capital expenditures amounted to USD 11.3 million, significantly higher than USD 2.8 million in the same quarter last year [7] Operational Highlights - All five vessels generated revenue in Q3 2025, with 100% fleet utilization in September [1][7] - The backlog stood at USD 486 million, including options, indicating strong future revenue potential [7] - Safe Boreas was on standby rate from September ahead of a contract start in December [7] Strategic Initiatives - The company has reactivated two idle vessels and launched cost reduction initiatives [4] - A recapitalization has been completed, establishing a sustainable capital structure with extended maturities and net interest-bearing debt of USD 213.6 million at the end of September [7] - Liquidity position improved to USD 83.3 million, compared to USD 46.8 million at the end of 2024 [7] Market Outlook - Prosafe is on track to meet its 2025 EBITDA guidance and anticipates increased earnings in 2026 with all high-end vessels fully contracted [4] - Strong global market fundamentals are driven by increased demand in Brazil and Africa, with North Sea operators planning future campaigns [7] - The company is exploring strategic opportunities and potential mergers and acquisitions [7]

Core Insights - Lee Equity Partners has successfully closed a $1.6 billion recapitalization of McLarens Global to support its growth plans [1] - The recapitalization allows existing shareholders to either receive liquidity or reinvest, while providing McLarens with additional capital for growth initiatives [1] Company Overview - McLarens has over 90 years of history, operating in 43 countries with a workforce of more than 1,600 specialists [2] - The company specializes in technical claims services for brokers, insurance companies, and multinational corporations [2] Partnership and Growth - McLarens CEO Gary Brown highlighted the importance of the partnership with Lee Equity in driving growth and transformation, enabling investments in talent, technology, and capabilities [3] - The partnership began in December 2018, leading to McLarens' expansion in size, international presence, and the introduction of new service lines through organic growth and acquisitions of 18 companies [3] Investment History - Lee Equity has a track record of investments in the insurance industry, supporting various companies such as Captive Resources and Axis Insurance [4] - Lee Equity partner Mark Mauceri emphasized the strength of the partnership and the exceptional results achieved by McLarens [4] Future Outlook - Lee Equity expresses excitement in supporting McLarens as it continues to expand globally, enhance service offerings, and maintain its reputation in complex claims management [5]

Core Viewpoint - Prosafe SE reported a decline in EBITDA for Q1 2025, but maintains high utilization of its fleet and is progressing on new contracts, indicating a focus on operational efficiency and future growth opportunities [1][3]. Financial Performance - EBITDA for Q1 2025 was USD 4.6 million, down from USD 7.2 million in the same period last year [1]. - Revenues decreased slightly to USD 33 million from USD 34 million year-over-year [4]. - Cash flow from operations improved to USD 28.4 million, compared to a negative USD 1.4 million in the previous year [4]. - Capital expenditures (Capex) increased significantly to USD 21.2 million from USD 1.7 million, attributed to the reactivation of vessels [4]. Operations and Contracts - The company had four active vessels during the quarter, with high utilization rates [1][3]. - Safe Notos was recently named the winner of a 4-year tender with Petrobras in Brazil, pending final contract [3]. - Safe Zephyrus has been extended with Petrobras until Q3 2027, and Safe Caledonia is reactivated for a UK contract starting June 1 [4]. Recapitalization and Financial Structure - A recapitalization plan has been agreed upon, equitizing USD 193 million of debt for 90% of the company's shares, supported by lenders [4]. - Existing shareholders will retain 5% ownership and have the option for an additional 5% at EUR 0.01 per share [4]. - The estimated post-recapitalization net debt is projected to be USD 220 million, with expected completion in Q3 2025 [4]. Market Outlook - Ongoing Petrobras tenders indicate strong market fundamentals in Brazil, while North Sea operators are planning future campaigns with a focus on 2027 and beyond [4]. - The increased backlog and improved market conditions position Prosafe for enhanced earnings in the future [4].