Arctic Credit FLASH: Fairwind - Neutral trading update

Research evidence excerpt

Arctic Credit FLASH: Fairwind - Neutral trading update

Fairwind

FORCEBIDCO | Renewable | Credit Company Flash | 27 May 2026 | 18:35

Neutral trading update Financials and outstanding bonds

● Preliminary revenue EUR 57.3m (+9% vs ARCe), gross profit of EUR 13.3m in line Key Figures Credit (DKKm) Dec-23 Dec-24 Dec-25 Dec-26e Dec-27e Outstanding bonds

● Weak seasonal EBITDA of EUR 1.6m impacted by project delays and growth investments. Revenue 159.9 237.3 271.8 261.8 289.2 Ticker FORCEB Float 04/10/29 Corp

ARCe at EUR 3.6m Adj. EBITDA 40.3 58.6 69.2 65.0 71.4 Size EUR 75,000,000

● NIBD down Q/Q to EUR 107.5m, leverage steady at 4.3x (ARCe at 4.0x) Net interest (6.5) (8.5) (13.8) (10.6) (10.6) Coupon 9.4

Maturity 10/4/2029

Adj. net profit 24.4 35.2 42.2 41.7 47.2 Spread/Price NA

Stronger revenue, margins impacted by one offs, revenue mix and growth investments Recommendation Outperform Total equity 41.5 41.2 39.5 37.8 40.2

Fairwind issued a preliminary trading update for Q1 this afternoon. The company sees revenue

Total assets 147.6 198.8 227.4 227.1 233.1

of EUR 57.3m, with a gross profit of 13.3m, reflecting a 23.2% margin vs. 24.3% last year. ARCe Gross debt 73.5 96.5 126.5 126.5 126.5 Credit strengths

is at revenue 9% below actual at EUR 52m, with gross profit in line at EUR 13.2m. Adj. EBITDA Cash and cash equivalents 17.2 13.3 35.6 31.6 28.5 ● Leading supplier of services for the wind

energy sector

of EUR 1.6m and clean EBITDA of EUR 1.1m was however below ARCe at EUR 3.6m and EUR Net interest bearing debt 56.3 83.2 90.9 94.9 98.1 ● Growing market with increasing political

2.6m respectively. Net debt stands at EUR 107.5m as of Q1, with NIBD/adj EBITDA at 4.3x vs. Cash flow from operations 10.8 (5.3) 5.3 2.6 4.1 support

● Strong ownership backing from Triton