Finance-Pareto High Yield Daily-05/18/2026

Research evidence excerpt

Finance-Pareto High Yield Daily-05/18/2026

Pareto High Yield Daily

18 MAY 2026

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Sector Credit Research Tempton – Contemplating a EUR 30m senior secured bond

Key numbers

• The Company is contemplating the issuance of a EUR 30m senior secured 6 day change Last 1D 1M 6M 12M

bond, with proceeds primarily intended to refinance the existing EUR 25m OsloOMXSPIBørs Benchmark 2,023.71,051.8 -0.80.3 %% -5.92.8 %% 27.66.9 %% 29.38.6 %%

bond and fund working capital, including financing M&A activities and general OSX 105.6 0.0 % 8.4 % 49.0 % 80.5 %

corporate purposes Oil price 110.7 1.3 % 22.5 % 70.6 % 69.2 %

• Tempton is Germany's leading mid-market temporary staffing provider, iTraxx 5Y (generic) 286.2 1 bps 2 bps 5 bps -5 bps

serving 10,800+ active clients, overwhelmingly SMEs, across 245 branches NIBOR 3m 4.55 0 bps 11 bps 32 bps -7 bps

nationwide. With EUR 457m of revenue in 2025 and EBITDA (ex costs related NIBOR 3Y swap 5.00 8 bps 34 bps 88 bps 83 bps

to growth initiatives) of EUR 21.7m, Tempton has grown revenue 2.1x and NIBOR 5Y swap 4.81 8 bps 30 bps 73 bps 72 bps

EBITDA more than 2x since the initial bond issuance in 2019 STIBOR 3m 2.00 -3 bps -11 bps 7 bps -33 bps

• Net leverage stood at only 0.1x at year-end 2025 and is forecast to turn net STIBORSTIBOR 3Y5Y swapswap 2.662.81 107 bpsbps 1818 bpsbps 4134 bpsbps 4545 bpsbps

cash from 2026e onwards

• The contemplated bond benefits from a first-priority security package with no USUS SOFRSOFR 3Y swap 3.953.56 10-4 bpsbps -1044 bpsbps -3964 bpsbps -7328 bpsbps

competing bank debt in the structure and is covered by EUR 81.2m of cash US SOFR 5Y swap 3.99 12 bps 43 bps 62 bps 29 bps

and receivables, equal to 2.7x total coverage EURIBOR 3m 2.23 -5 bps -1 bps 16 bps 11 bps