S4 Capital reduced its 2025 guidance, expecting nearly a 10% drop in like-for-like net revenue instead of the previously projected smaller decline. The company now targets around £75 millio n in operational EBITDA, below the £87.8 million reported in 2024 and short of consensus estimates near £81.6 million . The revision reflects weaker project revenue, slower new business ramp-up, and client caution. Year-end net debt is projected between £100 million and £140 million .