Arctic Credit FLASH: DDM - Achilles: Senior bond standstill and creditor control package

Research evidence excerpt

Arctic Credit FLASH: DDM - Achilles: Senior bond standstill and creditor control package

DDM Please note that Arctic Securities AS acted as manager in connection with the recent bond issue

DDM SS | Banking | Credit Company Flash | 05 June 2026 | 14:09 in DDM Debt AB as well as the subsequent bond

buyback

Achilles: Senior bond standstill and creditor control package Financials and outstanding bonds

● WP for bondholder standstill to replace court restructuring Key Figures Credit (EURm) Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Outstanding bonds

● Surplus cash will sweep monthly to seniors Revenue 33.2 44.5 19.3 26.1 32.2 Ticker DDMDEB 9 04/19/26

● Bondholders would gain governance and veto rights Adj. EBITDA 39.3 50.1 31.5 27.3 18.3 Size EUR 200,000,000

● Limited further information on financials or asset sales to date Net interest (18.1) (26.0) (21.0) (24.4) (23.3) Coupon 9.0

Maturity 19/4/2026

Recommendation Not Rated

PLEASE NOTE THAT ARCTIC SECURITIES IS MANDATED AS ADVISOR TO ACHILLES

CAPITAL Credit strengths

● Secured status of bonds

Agreement turns default into controlled standstill ● Recently improved anticipated values in

NPL portfolioAchilles Capital has agreed to an undertaking with an ad hoc group (AHG) representing more than

Credit weaknesses

65.9% of adj. nominal amount of senior holders to initiate a written procedure to amend and waive ● Low transparency

the bond terms. The company has applied to terminate the Swedish corporate restructuring opened ● Limited visibility

● Opportunistic investment approach

on 17 April 2026, while the AHG and the agent will refrain from acceleration or enforcement for

defaults related to non-payment on 19 April 2026 and the restructuring filing. The standstill runs