Pareto High Yield Daily-06/05/2026

Research evidence excerpt

Pareto High Yield Daily-06/05/2026

e the realised USD/NOKEUR/NOK 10.869.35 0.00.0 %% 0.10.0 %% -0.8-0.9 %% -0.7-0.7 %%

yield for investors SEK/NOK 1.00 0.0 % 0.0 % -0.1 % -0.1 %

• Link to Q1’26 report, link to credit newsflash Oil price, Brent

USD/bbl

Muehlhan – Decent set of results in Q1’26 140

• Adjusted EBITDA came in at EUR 12.8m versus our estimate of EUR 10.2m, 120

but below last year's EUR 13.8m 100

• Reported EBITDA was EUR 11.2m, compared to our estimate of EUR 9.7m 80

• Despite beating our estimates, the company stated that less favorable weather 60

conditions negatively impacted outdoor activities during the quarter

• 2026 guidance was maintained, with revenue expected to exceed EUR 700m 40

and EBITDA margin expected to remain in the double digits. We expect to 20

make only limited changes to our EBITDA estimate of EUR 70.6m -

• Order backlog increased to EUR 612m from EUR 535m at year-end, w Jan-21 Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

supporting the company’s 2026 guidance iTraxx crossover

• Cash flow generation was very strong during the quarter, driven by working bps

capital inflows. Trade receivables decreased by EUR 14m, compared to our 750

estimate of a EUR 2m inflow

• Cash and cash equivalents stood at EUR 133m at quarter-end, of which EUR 650

86m is held in escrow for M&A purposes in accordance with the bond terms 550

• LTM EBITDA stand at EUR 80m with leverage at 2.8x 450

• Link to Q1’26 report

Jan-21 Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

Analysts:

Daniel Rosén

+46 70 935 07 69, daniel.duerosen@paretosec.com

Adam André

+46 79 006 75 35, adam.andre@paretosec.com

Borge Skurtveit

, borge.skurtveit@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc.