Victra Holdings LLC (subsidiary issuer): Commission structure restored; maintain Marketweight

Research evidence excerpt

Victra Holdings LLC (subsidiary issuer): Commission structure restored; maintain Marketweight

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Victra Holdings LLC (subsidiary issuer)

Commission structure restored; maintain

Marketweight

Earnings Review

Leverage continues to be steady 19 May 2026

We maintain our Marketweight on the 8.75s as yields reflect our view that financial High Yield Credit

results will be solid in FY26 and net leverage will decline due to solid free cash flow. The United States

company should benefit from several tailwinds in FY26, including (1) the addition of 40 Retailing

locations that were obtained from Verizon and (2) the elimination of $10 million of William M. Reuter

annual costs. However, the solid outlook is offset by limited upside given the 8.75s trade Research Analyst

at a yield of 7.3%, 20 bps inside the Single B Index (7.5%). BofAS+1 646 855 6363

william.m.reuter@bofa.com

1Q26 Adj EBITDA was well above our estimates Michael DeRienzo

1Q26 Adj EBITDA increased 12% to $49 million due to (1) volume growth driven by ResearchBofAS Analyst

corporate store divestitures and (2) reduced losses from other revenue streams (Total michael.derienzo@bofa.com

Wireless, Walmart, etc). Results were well above our published estimate of $38 million.

The company benefitted from pent up demand for iPhones following insufficient Victra Holdings LLC/Victra

availability during 4Q25. This was offset by reduced promotions by Verizon during the Finance Corp (VICTRA)

Key Data 1Q2025A 1Q2026A LTMquarter. Based upon debt of $1.17 billion and cash of $6 million, net leverage was 4.0x

at the end of the quarter (calculated using $290 million of Adj EBITDA). Operating (US$ mm)

Revenues 695 727 3,201

Revised commissions improves margin outlook Adj EBITDA 44 49 290