ClearFlowPlus plc - Updated Financial Analysis Summary

On 16 June 2025, ClearFlowPlus plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Water Services Corporation (WSC, the Guarantor) in 2025:

• Revenue is expected to increase by 6.7% to €108.4 million reflecting continued demand for water and better consumption monitoring through the ongoing rollout of smart metering.
• WSC is anticipating a 2.4% increase in Government subsidies to €36.3 million principally related to treatment and re-use of wastewater.
• EBITDA is forecasted to rise by 3.9% to €46.7 million, which translates into an EBITDA margin of 43.1% (FY2024: 44.2%)
• Net finance costs are expected to amount to €0.24 million compared to a minimal amount of €0.09 million in 2024, reflecting the impact of finance income that WSC also generates.
• Total debt is expected to drop by 18.7% (or €10.4 million) to €45.0 million.
• WSC’s cash balance is projected to drop to €9.0 million from €54.4 million as at 31 December 2024 as the Group continued to make significant investments in property plant and equipment. Consequently, net debt to EBITDA is anticipated to amount to 0.77 times.