Arctic: Credit Daily - Power Bidco Netherlands B.V., Kistefos, DOF Group +++

Research evidence excerpt

Arctic: Credit Daily - Power Bidco Netherlands B.V., Kistefos, DOF Group +++

Mutares: BaFIN audit completed with limited findings

Last year, Mutares announced that BaFin, the German financial regulator, had initiated an audit

of the company's 2023 annual financial statements and management report. The review focused

on two main issues: (1) the absence of a separate note disclosing the maturity of receivables

from affiliated companies, and (2) the lack of forecast information on the company's net assets

and financial position in the management report, with guidance limited to earnings-related metrics.

BaFin has now concluded its review with only one finding: the missing disclosure on the remaining

maturity of receivables from affiliated companies. According to Mutares, this has already been

addressed in the 2024 and 2025 annual financial statements, including a retrospective presentation

for 2023. BaFin raised no objections regarding the management report's forecast disclosures.

Ellos Group: Published its prospectus ahead of its listing on 8 July 2026

Ellos Group has published its prospectus and set the IPO price at SEK 60 per share ahead of

its planned Nasdaq Stockholm listing on 8 July 2026. The price implies a post-offering equity

value of about SEK 1.49bn, while the base offering of 5.0m new shares is expected to raise SEK

300m before costs. Cornerstone investors have committed around SEK 203m. The proceeds are

intended mainly to fund continued profitable growth, with selective acquisitions and potential debt

reduction also mentioned as possible uses.