...Admiral Bidco GmbH's (Apleona) expected ratings reflect its leading position in the facility management (FM) market in the DACH (Germany, Austria and Switzerland) region, recurring revenue, sticky customer and contract base, and stable demand for its services. Apleona's scale, growing pan-European presence and broad range of services provide a competitive advantage. The ratings are restricted by high leverage. Fitch Ratings forecasts EBITDA leverage of 6.5x in 2025 and 5.7x in 2026. The Positive Outlook reflects our expectations of solid operating performance with EBITDA leverage structurally below 5.5x in 2027. If achieved, alongside financial discipline to remain below this level, this could lead to positive rating action....
