Overview Key strengths Key risks One of the market leaders in geographies where it operates. Pressured credit metrics at year-end 2023 following underperformance: S&P Global Ratings-adjusted debt to EBITDA of 8.1x, negative free operating cash flow (FOCF) of €33 million, and funds from operations (FFO) cash interest coverage of 1.3x. Strong revenue visibility with long-standing customer relationships (more than 16 years with the largest clients) and very low churn rate (below 3%). Operations in the highly competitive and fragmented business process outsourcing (BPO) industry and the smaller size compared to industry leaders drive below average industry profitability with S&P Global Ratings-adjusted EBITDA margins of 9.2% in 2023. Satisfactory geographical diversification with services offered in 26 countries. Development of generative AI
