B Corp. reported stable revenue in 2025 and continued to meet scheduled principal and interest payments. Operating cash flow remained positive, although leverage increased moderately following capital expenditure.

Management expects capital expenditure to normalize next year. The company therefore expects funding pressure to ease gradually.

C Corp., one of B Corp.'s logistics counterparties, experienced a temporary decline in profitability and weaker short-term liquidity. C Corp. nevertheless remained current on its own debt obligations.

B Corp. continues to maintain adequate liquidity. However, a major customer contract is scheduled to expire next year and renewal has not yet been confirmed.

Accordingly, while current debt servicing remains satisfactory, it is difficult to conclude that B Corp.'s repayment capacity will remain unchanged over the medium term.
