InfoPro Digital Group B.V.

Overview Key strengths Key risks Good revenue visibility with prebookings for tradeshows and recurring revenue representing about 70% of revenue. Highly indebted capital structure driven by private-equity ownership, and appetite for debt-funded acquisitions. Positive free operating cash flow (FOCF) after lease payments of €30 million-€40 million annually in 2022-2023 on the back of low capital expenditure (capex) and working capital requirements. Small scale of operations and earnings concentration in France. Tradeshow business growth might slow due to the weaker macroeconomic environment. In 2022, we expect revenue will benefit from a strong recovery in tradeshow business, increased face-to-face activities, and good demand for InfoPro's subscription-based products (recurring revenues represented about 70% of 2021 revenue). In the first nine months of 2022,

...S&P Global Ratings expects InfoPro Digital Group B.V (InfoPro)'s operating performance will be strong in 2022, with growth continuing in 2023 despite a weaker macroeconomic outlook. In 2022, we expect revenue will benefit from a strong recovery in tradeshow business, increased face-to-face activities, and good demand for InfoPro's subscription-based products (recurring revenues represented about 70% of 2021 revenue). In the first nine months of 2022, revenue increased 20% compared with 2021, and...

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