High Yield Bonds Daily

Research evidence excerpt

High Yield Bonds Daily

creates even greater interest for camping. In sum, we see First Camp's Q1

as decent.

HomeToGo: Q1 in line, bond offer attractive risk/reward

ABG Sundal Collier acted as Global Coordinator and Joint Bookrunner in

connection with HomeToGo's inaugural EUR 101 million Senior Secured

Bond issue

This morning, HomeToGo published a Q1’26 report that was very much in

line with our estimates from top to toe. The company reported revenues

of EUR 59m vs. ABGSCe EUR 60m, that was flat y-o-y, resulting from two

opposing effects (as expected). HTG saw growth in PRO and a decline

in Marketplace, which makes sense given the outspoken strategy of

deliberately shifting focus to PRO and support profitable growth. The

PRO segment, key to the investment case, continued to deliver with pro-

forma adj. EBITDA improving 40% against revenue growth of +13% y-o-y.

Revenue in the Marketplace segment declined by ~19% y-o-y driven by a

20% reduction in advertising spending, with a net reduction in the segment

loss. Adjusted EBITDA came in at EUR -27m (vs. ABGSCe EUR -29m

and -34m last year), reported EBITDA of EUR -33m (in line), and cash

of EUR 88m (vs. ABGSCe EUR 86m). Net leverage came in at 1.9x (vs.

ABGSCe 2.0x). In terms of outlook, the management writes that “While the

vacation rental market continues to demonstrate resilience on a sector-

wide basis, we remain prudent in our outlook for the upcoming months.

We continue to monitor the geopolitical environment closely, especially the

ongoing conflict in the Middle East, and its potential influence on traveler

sentiment.” Despite the profitability improvement, management reiterated

FY/2026 guidance of EUR 45-47m adj. EBITDA, taking macroeconomic

uncertainty and heightened volatility in CHF/EUR into consideration. In