Pareto High Yield Daily-07/08/2026

Research evidence excerpt

Pareto High Yield Daily-07/08/2026

an EBITDA margin of approximately 20% EUR/NOK 11.17 0.0 % 0.2 % -0.6 % -0.7 %

by 2030. SEK/NOK 1.01 0.0 % 0.0 % -0.1 % 0.0 %

Oil price, Brent

• To support the strategy implementation, Norwegian energy-focused private

equity investor HitecVision and current major shareholder Taaleri are USD/bbl

investing EUR 105m into the Fintoil Group structure. 140

• Taaleri will invest EUR 30m and will post investment hold 35% (39.6% on 120

March 31, 2026) of shares in Fintoil. 100

• The transaction is subject to final approvals by competition authorities 80

expected to be completed by the end of September 2026. 60

• The currently outstanding bonds (FI4000508007) mature in July 2027, we see

this transaction as significant improvement and de-risking in the credit profile.

• Link to press release 20

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Jøtul Group – Notice of non-payment of interest Jan-21 Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

iTraxx crossover

• Jøtul Group has announced the non-payment of interest on its Tranche A

bonds due on 14 July 2026. bps

• The interest non-payment stems from ongoing liquidity constraints and an 750

unresolved refinancing process. 650

• The Board states it has opted to defer the payment until the process 550

concludes and terms are settled.

• Link to press release 450

Polaris Renewable – update on Mexico expansion projects

• Polaris provides an update on the size, capex and timing on the Mexico

projects with planned operations date in 2028 across three sites which will Jan-21 Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

operate as a JV with CFE with 30% equity investment from Polaris and total Analysts:

capacity of >200 MW in solar generation and > 60 MW / 192 MWh in BESS.