Cost ManagementInitiatives the management team is implementing, especially with its stronger focus on exiting unprofitable markets and reworking risk-based contracts, lead to a more favorable profit outlook and lower cash burn.
Market PerformanceInvestors should focus on the stable cost trend development in 2025, especially since three out of four markets are performing at breakeven or positively.
Operational ImprovementsPIII highlighted that it is ahead of schedule with respect to the previously announced ~$130M of adjusted EBITDA improvements.