Its promissory note program is upgraded to BB+ and will allow you to improve your funding sources
July 2025. Substrate AI, the Spanish artificial intelligence company listed on BME Growth, has upgraded its financial rating to BB- thanks to its 2024 results in which its ebitda soars to 7 million euros continuing with this trend, in the opinion of EthiFinanceThe rating firm that has been following the company since it launched its first promissory note program in December 2024.
According to EthiFinance, this rise is supported, in addition to Substrate AI's capacity to generate EBITDA, by the characteristics of the sector in which it operates (high profitability margins with certain predictability and good growth prospects) together with an excellent level of capitalization (PN/DFT above 200%).
This new step supports Substrate AI's strategy of combining capital increases with the issuance of fixed income when financing its operations, which improves the financial mix and creates less dilution for the company's shareholders, thereby improving its sales per share and earnings per share.
A week ago, the company published its earnings preview for the year to June, showing a comparable growth of 44% and an ebitda that grew by 92% to 3 million euros, beating analysts' estimates. If this trend is confirmed by the end of the year, EthiFinance could raise Substrate AI's rating another notch in its next review, which would further improve the possibilities of financing through fixed income, either promissory notes, such as those currently on the market, or a future corporate bond issue.
"We want to reduce as much as possible dilutive capital increases for the shareholder and the best way is to be able to open the fixed income market to the company, that is what we are working for and, in that way, this rating improvement is great news", says José Iván García, CEO of Substrate AI.
Substrate AI, listed on BME Growth since May 2022, operates as a holding company for companies that apply artificial intelligence to generate efficiencies and accelerate the transition to a more sustainable economy. It is currently developing a strategic plan that consists of listing its subsidiaries and initiating the development of its computing infrastructure, with its first AI factory in Talavera de la Reina, which it intends to build soon.
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