Arctic: Credit Daily - SFL, Fist Camp, EQVA, Havila, Citira, Chip Bidco, Keyto Group, Titania, ++

Research evidence excerpt

Arctic: Credit Daily - SFL, Fist Camp, EQVA, Havila, Citira, Chip Bidco, Keyto Group, Titania, ++

Poland remained soft but improved EBITDA, and Norway was stable. The UK (Tyrefix) contributed

positively post acquisition. Cash flow was negative due to seasonal working capital build and M&A.

NIBD stood at SEK 2,854m, with LFL leverage broadly stable at 5.3x (5.3x in Q4). M&A activity

remained high with 10 acquisitions in the quarter. The market outlook remains cautious amid macro

uncertainty. Overall neutral report.

Chip Bidco (Cegal) Q1: Continued revenue growth while EBITDA declines

Cegal reported PF Q1’26 revenues of NOK 512m (YoY +7.6%), while EBITDA came in at NOK

88.4m (YoY -22%). The large decline in EBITDA y/y is due to a shift in revenue mix toward low-

margin hardware resale. Cash flow from operations was also weaker in the quarter amounting

to NOK 36m (Q1’25: NOK 103m) impacted by lower profitability and NWC. As a result, net debt

increased to NOK 1,440m (vs. 1,361m in Q4’25), with the leverage ratio increasing to 4.7x, up

from from 4.2x in Q4’25. Chip Bidco ends Q1’26 with an order backlog of NOK 2,858m, a decline

from YE 2025 of NOK 2,983m

Keyto Group Q1: acquisition growth continues

Keyto Group reported Q1 net sales of SEK 768m (+45% y/y), driven by acquisitions and organic

growth of 5%, growth +1% on PF basis. EBITDA came in at SEK 75m (+56% y/y), with a margin

of 9.8% (9.1%), while adj. EBITDA was SEK 85m (+46% y/y) -7% on PF basis, corresponding

to a stable margin of 11.1%. Profitability was supported by strong performance in Cleaning and

Appliances, partly offset by seasonality and increased marketing investments. OCF improved to

SEK 73m (38m), while overall cash for the period was SEK -266m driven by acquisition spending.