Overview Key strengths Key risks Leading market position in the German integrated facility management services market, with a focus on technical facility management services. Relatively small scale and limited geographic diversification relative to some other leading global facility management services providers. Strong revenue visibility, supported by order backlog, long-standing customer relationships, and low churn rates. Highly competitive and fragmented market, as well as high exposure to labor costs and labor shortages, creating margin pressure. Continued EBITDA margin improvement in recent years, supported by cost savings and profitability enhancement measures. Financial sponsor ownership and high adjusted leverage–-above 6.0x-–projected in the coming two years. The 3% revenue growth nevertheless reflects our view of the group's resilient performance, supported by its well-balanced end-market
