The “Auroora’s net debt … is larger than Boreo’s” comment does not hold up under closer scrutiny.
At the end of 2025, Auroora appeared to have €51.0M in interest-bearing net debt. EBITDA was €11.5M and adjusted EBITA was €13.5M. Interest-bearing net debt / Adjusted Pro forma EBITDA was 2.1x. Boreo had the same 2.1x, and the reports show that, in a similar way to Auroora, acquired companies have been pro-forma’d into the EBITDA as if they had been owned for the full 12-month period.
When looking at the income statement and balance sheet, a quick calculation shows EBITDA of €12.5M (+ pro-forma adjustments), cash of €9.1M, and short- and long-term financial debt of €39.6M. To reach the 2.1x ratio, the pro-forma EBITDA must have been €14.5M. At this point, one could still say that the companies have the same amount of debt based on that ratio, but that would mean the person conducting the analysis would be closing their eyes to the fact that there is €30M in hybrids on Boreo’s balance sheet.
On the balance sheet, it is categorized under equity, but it would be self-deception to claim that this is not debt. If we add that €30M of additional debt to Boreo, we reach a net debt level of €60.5M (€9.5M more debt than Auroora), and the net debt / pro-forma EBITDA would be at a level of 4.17x. Boreo has more debt than Auroora, both in absolute and relative terms.