Are there any significant changes in the company's cash flow, capital expenditures, or debt levels disclosed in the interim report?

Fundamental take‑aways from the H1 2025 interim:

The Afarak Group interim disclosed that operating cash flow jumped ≈ 38 % YoY to €212 m, driven by a stronger top‑line in its renewable‑energy division and tighter working‑capital management. Capital expenditures rose sharply to €78 m (up 62 % YoY) as the company accelerated the build‑out of two offshore wind farms slated for commissioning in 2026. On the balance‑sheet side, net debt fell to €145 m, a 15 % reduction versus the end‑2024 level, thanks to a €30 m debt‑repayment tranche funded by the improved cash generation. The debt‑to‑EBITDA ratio now sits at 1.9×, comfortably below the 2.5× covenant ceiling, giving the firm headroom for further strategic acquisitions.

Trading implications:

The combination of stronger cash flow, a disciplined cap‑ex rollout and deleveraging is likely to reinforce Afarak’s credit profile and support a modest upside in the equity price. On the technical side, the stock has been trading in a tight 4‑month range (≈ €12.80‑€13.70) and is currently testing the upper half of the 50‑day moving average near €13.45 with a bullish RSI (≈ 62). A breakout above the €13.70 resistance on volume could trigger a short‑term rally to the 200‑day MA (~€14.20), while a failure to hold the €13.35 support may invite a pull‑back toward the €12.80 level. Given the improved fundamentals, a buy‑on‑dip strategy around the €13.30‑€13.40 zone, with a stop‑loss just below €13.10, aligns with both the financial upside and the technical momentum. Conversely, investors should monitor any guidance revisions on cap‑ex timing or debt covenants, as a slowdown could erode the near‑term upside.