Arctic: Credit Daily - Trianon, AirX, Arles I B.V., Serica Energy, Noble, Achilles Capital, Mutares

Research evidence excerpt

Arctic: Credit Daily - Trianon, AirX, Arles I B.V., Serica Energy, Noble, Achilles Capital, Mutares

Credit Daily

02 June 2026 | 08:03

Trianon, AirX, Arles I B.V., Serica Energy, Noble, Achilles Capital, Mutares Key figures & indices Arctic HY Index

Trianon: Contemplating issuance of bonds

Fastighets AB Trianon is contemplating issuing a SEK 500m senior unsecured bond issue with

net proceeds to be used for refinancing of outstanding bonds maturing in October 2026 and for

general corporate purposes. In connection with the issue of new sustainable bonds, Trianon is

offering holders of the issuer’s outstanding senior unsecured floating rate bonds maturing on 21

October 2026 with an outstanding amount of SEK 500 million (ISIN: SE0023260518) to tender any

and all of their existing bonds for purchase by the issuer for cash at a price of 100.095 per cent of

the nominal amount, plus accrued and unpaid interest. Please note that Arctic Securities is acting

as joint bookrunner in the contemplated issuance of bonds.

AirX Q1: EBITDA below and cash flow in line in a seasonally weak first quarter

Q1 was characterized by significant market disruptions and spiking fuel prices following the US/

Iran war. Against this backdrop, AirX’s revenues increased by 2% YoY but came in 9% below

ARCe, driven by a lower number of charter hours (-12% vs. ARCe), partly offset by higher average

rates (+3% vs. ARCe). Despite these headwinds, margins remained intact, and Adj. EBITDA came

in at EUR 3.8m compared to EUR 4m in Q1’25 and our EUR 5.1m estimate. Reported EBITDA

was higher at EUR 5.7m following a positive one-off of EUR 1.9m due to declining carbon emission

prices. Our estimates assumed the acquisition of one aircraft for EUR 9m in Q1 as part of the fleet

expansion plan announced in Q4.