Atlas Mobility Group — Quality of Earnings Summary

Reported FY2025 EBITDA is $6.2M. Management presents normalized EBITDA of $8.1M after one-time restructuring and fleet transition adjustments.

Key diligence note: the management case depends on utilization improvement from 71% to 84% over six quarters. Historical utilization has remained between 69% and 73% for the prior eight quarters.

Open item: request cohort-level utilization bridge and maintenance capex sensitivity before final IC approval.