Construction & maintenance of infrastructure & energy projects.
The fourth quarter proved that Lesico can restore project profitability, but full-year 2025 still shows that the real test is turning that improvement into stable operating cash flow under a new funding structure.
Series B materially improved Lesico’s repayment profile and shifted the core monitoring point from bank credit to the bond deed, equity levels, rating stability, and guarantee capacity.
Lesico ended 2025 with a stronger cash balance and lower immediate funding pressure, but the increase in cash was driven mainly by financing inflows and a reshaped liability profile rather than by a step-up in the business's own cash generation.
