Net leverage ratio

At March 31, 2025, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Net Total Leverage and Net Covenant Leverage were 4.3x and 3.0x, respectively, compared to 4.1x and 2.9x at December 31, 2024.

Net Covenant Leverage remains significantly below the springing maintenance covenant of 6.0x and the incurrence test of 4.5x net senior leverage. The maintenance covenant is only triggered in the event we draw 40% or more of our revolving credit facilities. At March 31, 2025, our revolving credit facilities were fully undrawn.

For additional information, we refer to our Q1 2025 Investor & Analyst Toolkit.