Type of ratings: Corporate

Rating value: BB

Outlook: Observation

License: EthiFinance Ratings


Grupo Pikolin is a multinational group dedicated to the production and sale of items for the beds and bedding sector, including mattresses, bedsteads, pillows and other accessories. Iberia (Spain & Portugal) and France are stood as their main markets. In 2021, the group's tournover reached € 482.2M and an EBITDA margin of 9.3% (IFRS-16), with a NFD/EBITDA ratio of 5.9x (IFRS-16; 2.6x for covenant purposes). For the end of 2022, the company estimates a turnover of € 497.0M, an EBITDA margin of 7.8% and NFD/EBITDA ratio of 7.2x (IFRS-16; 3.6x for covenant purposes).


Rating action: Affirmed

Action date: 13/03/2023

Date last rating: 13/03/2023

Date first rating: 12/05/2015


Executive summary:


Return to the rating page