EU Leveraged Finance Q4 2025 Earnings Recap
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- Revenue growth vs. nominal GDP: Median company revenue at ~2.6% in Q4 – tracking a percentage point below EU nominal GDP growth throughout 2025
- Sector breakdown: Materials extended three consecutive quarters of negative revenue growth; Real Estate re-entered decline territory; Information Technology was the standout performer
- EBITDA and margin trends: Median EBITDA growth stabilized around 4%, while gross profit margins declined by at least 2 percentage points vs. prior periods
- Margin breakdown by line item: Gross profit, PF EBITDA, cash EBITDA, unlevered free cash flow, and core cash flow – with YoY, QoQ, and two-year variance
- Debt maturity wall: Nearly a third of EU outstanding debt matures 2026–2028, with $330bn due in 2028 alone – broken down by seniority across 1L, 2L, unsecured, and other tranches
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