Pareto High Yield Daily - Ding – Contemplates a senior secured bond of USD 80m-06/04/2026

Research evidence excerpt

Pareto High Yield Daily - Ding – Contemplates a senior secured bond of USD 80m-06/04/2026

e USD/NOK 9,31 0,0 % 0,0 % -0,8 % -0,8 %

drawn RCF, finance acquisitions and support continued M&A activity and EUR/NOK 10,81 0,0 % 0,0 % -1,0 % -0,7 %

general corporate purposes SEK/NOK 0,99 0,0 % 0,0 % -0,1 % -0,1 %

• Qflow is a leading Nordic provider of specialist engineering consulting Oil price, Brent

services focused on infrastructure and public-sector related projects. The USD/bbl

Group benefits from a diversified portfolio of niche consulting businesses, 140

strong recurring customer relationships and an asset-light business model 120

supporting solid cash flow generation 100

• Please note that Pareto Securities is acting as Joint Bookrunner in the 80

contemplated transaction

Logent AB – Set for refinancing 40

• Logent reported Q1’26 results on Friday evening, delivering cash EBITDA 20

(excl. IFRS 16) of SEK 71m, above our estimate of SEK 66m, driven by -

stronger margins despite a softer topline and flat organic development y/y Jan-21 Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

• The flat organic development was mainly due to the roll-off of certain iTraxx crossover

contracts, while commercial momentum remained solid with several key bps

renewals secured during the quarter. Following a soft Q4’25 – impacted by 750

margin pressure in Logistic Operations due to ramp-up costs in Belgium – 650

profitability improved q/q, which we view as reassuring

• Cash flow was temporarily weak due to higher NRIs, tax payments, and NWC 550

outflows, leading to a slight q/q increase in pro forma net leverage (3.8x to 450

3.9x); however, these effects are expected to normalize, supporting a return 350

to solid cash generation from Q2 onwards