Arctic: Credit Daily - Odfjell Drilling, Stenhus, Mutares, Link Mobility, Pelagia +++

Research evidence excerpt

Arctic: Credit Daily - Odfjell Drilling, Stenhus, Mutares, Link Mobility, Pelagia +++

the share buybacks) with SEK 650m in unutilized credit facilities. ICR at 2.0x (ARCe: 2.1x) and

net LTV 56.5% (ARCe: 55%)

Mutares Q1: Credit neutral quarter. Guidance confirmed

This morning’s announcement included only selected financials for Holding, with full financials

to be provided at a later stage. Holding reported net income of EUR -0.9m (ARCe: EUR 8.8m),

compared to EUR 29.5m in Q1’25, mainly reflecting the absence of a Steyr-type exit contribution

during the quarter. Group revenue increased by 10% YoY primarily driven by high acquisition

activity throughout 2025. Group adj. EBITDA (adjusted for transaction-related effects) improved

to EUR 11m from EUR -30m same quarter last year, suggesting that operational improvements

are offsetting restructuring-heavy acquisitions. Segment wise, the positive development in EBITDA

was driven by strong performance in Energy & Technology and Infrastructure & Defense, partly

offset by weaker results in Goods & Services and Automotive & Mobility. FY26 guidance was

reaffirmed, with expectations of EUR 7.9–9.1bn in Group revenue and EUR 165–200m in Holding

net income (2025: EUR 130m). Planned exits are expected to make a significant contribution, with

gross exit proceeds expected to be materially above the FY25 level of ~ EUR 230m.

Link Mobility Q1: Guidance points to positive organic growth in Q2

Link reported Q1 revenues of NOK 2,005m (+1% vs. cons / in line with ARCe), up 21% y/y

driven by the SMSPortal acquisition, while organic growth was flat. Continued weakness in Global

Messaging (-12% organic) was offset by Enterprise (+4%). NRR improved to 96% (+4pp q/q),