{"entity":{"name":"Acme Supplies SRL"},"currency":"EUR","period_start":"2026-07-01","period_end":"2027-06-30","granularity":"quarterly","scenario":"base","assumptions":[{"topic":"Revenue growth","description":"Quarter-on-quarter growth of 6% for existing customers and a flat EUR 45k / quarter contribution from the new automation services line launched in Q2 FY27."},{"topic":"Gross margin","description":"Gross margin holds at 34% in H1 and improves to 36% in H2 as warehouse automation goes live at the Liège centre."},{"topic":"Personnel costs","description":"Three FTE hired in Q2 (two skilled operators + one CS manager), fully loaded at EUR 75k/year including social charges."},{"topic":"Sales and marketing","description":"S&M spend capped at 9% of revenue; the 2027 partner programme launch adds a one-off EUR 25k in Q3."},{"topic":"Cash","description":"EUR 250k loan drawdown in Q1 (disbursement 20 July 2026); amortising repayment of EUR 14.4k/quarter starting Q1. No dividend distribution during the period."}],"projections":[{"label":"Q1 FY27","revenue":1195000.0,"cogs":788700.0,"gross_margin":406300.0,"opex_personnel":178000.0,"opex_sales":107500.0,"opex_ga":58000.0,"opex_other":12000.0,"ebitda":50800.0,"cash_eop":318500.0},{"label":"Q2 FY27","revenue":1312000.0,"cogs":866000.0,"gross_margin":446000.0,"opex_personnel":218000.0,"opex_sales":118100.0,"opex_ga":61000.0,"opex_other":14500.0,"ebitda":34400.0,"cash_eop":298200.0},{"label":"Q3 FY27","revenue":1435000.0,"cogs":918400.0,"gross_margin":516600.0,"opex_personnel":224000.0,"opex_sales":129200.0,"opex_ga":62500.0,"opex_other":13000.0,"ebitda":87900.0,"cash_eop":345700.0},{"label":"Q4 FY27","revenue":1548000.0,"cogs":990700.0,"gross_margin":557300.0,"opex_personnel":230000.0,"opex_sales":139300.0,"opex_ga":63800.0,"opex_other":13500.0,"ebitda":110700.0,"cash_eop":418900.0}],"commentary":"The base case delivers EUR 283.8k EBITDA over the four quarters with an ending cash position of EUR 418.9k after amortising the Meridian loan. Q2 is the soft point — headcount additions and the partner-programme launch compress margins before the Liège automation contributes fully from Q3 onwards. The downside scenario (not shown) assumes a 10% revenue shortfall and a one-quarter delay in automation go-live; in that case ending cash is EUR 265k, still above the EUR 150k minimum buffer policy. The upside scenario reflects a 5% revenue upside and earlier automation go-live, producing EUR 515k ending cash.","preparer":{"name":"Marie Laurent","title":"Head of Finance","date":"2026-06-20"},"approver":{"name":"Thibault Moreau","title":"Managing Director","date":"2026-06-23"}}