HA Sustainable (0J2Z.L) Q1 2025 Earnings Report

Executive summary metrics and trend context:\n- Revenue: $184.93 million; YoY change: -30.05%; QoQ change: -1.19%\n- Gross Profit: $120.253 million; Gross Margin: 65.03%; YoY Gross Profit change: -40.61%; QoQ: -4.25%\n- EBITDA: $82.25 million; EBITDA Margin: 44.48% (EBITDARatio: 0.4448)\n- Operating Income: $82.083 million; Operating Margin: 44.39%\n- Net Income: $56.612 million; Net Margin: 30.61% (NetIncomeRatio: 0.306)\n- EPS: $0.47; Diluted EPS: $0.44\n- Cash Flow from Operations: $(37.12) million; Free Cash Flow: $(37.12) million\n- Net cash from/used in Investing Activities: $(323.67) million; Net cash provided by Financing Activities: $294.28 million\n- Cash and cash equivalents end of period: $83.65 million; Cash at beginning: $150.16 million\n- Balance sheet highlights: Total assets $7.476 billion; Total liabilities $5.005 billion; Total stockholders’ equity $2.393 billion; Long-term debt $4.723 billion; Net debt $4.656 billion. Current ratio 11.04; Debt to capital ~66%; Interest coverage 1.27.\nContext: The top-line softness contrasts with a durable profitability framework, but negative operating cash flow and a reliance on financing to fund investments merit close monitoring of liquidity and funding conditions.