High Yield Bonds Daily

Research evidence excerpt

High Yield Bonds Daily

nnual report - a time when delays should have been well known. As such,

the remaining quarters should be much better and we do not read too much

into the Q1 headline numbers. Note that FairWind also says that "financial

performance" was above its own expectations for Q1.

EHAB: Uneventful Q1 report

EHAB reported Q1 total portfolio values of SEK 4.886bn, marginally down

from YE'25 at 4.905m and NAV as previously disclosed at SEK 3.1bn

implying 36% LTV based on company reported numbers. Lyvia LTM

revenue and EBITDA were SEK 3.1bn and SEK 360m slightly down from

SEK 372m in Q4'25, with a margin at 17.1% vs 17.6% in Q4'25. EHAB do

highlight that Lyvia has delivered organic growth in Q1. As already known,

the conversion of earn-outs completed in Q1 while converting pref shares

is expected to complete in Q2. Novedo experienced a challenging quarter

as highlighted earlier with LTM EBITDA at SEK 307m vs 332m in Q4'25

and margin down from 11.3% to 10.4%. Q1 was particularly impacted by

a cold winter, although EHAB says that Novedo enters Q2 with cautious

optimism. Rebellion showed flat LTM EBITDA vs Q4'25. For Centripetal

(VC fund), EHAB says that there has been some transaction activity in

Q1, including a sale of shares in Occlutech that is expected to generate

a modest capital inflow in Q2'26. Liquid assets ended at SEK 126m

(covenant at SEK 40m), with cash at 49m and the Novedo CB lower to

77m (91m YE'25). EHAB further highlights that focus remains on organic

growth in the core holdings, balanced capital structure and to realize

value. In sum, an uneventful Q1 report with limited incremental news flow

from the portfolio companies (Lyvia flat, and Novedo and Rebellion already

known) and in the CEO statement. Conf call is tomorrow at 11:00 CET.

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