Trivium Q2 2026 Trivia

Research evidence excerpt

J P M O R G A N

Europe Credit Research

19 August 2026

Neutral

Trivium

TRIVIU

Q2 2026 Trivia

Trivium reported solid Q2 2026 results with adjusted EBITDA up +11% YoY

driven by higher average selling prices, favourable FX and cost efficiencies. Net

leverage improved to 5.7x from 6.0x a quarter ago and 6.6x a year ago, aided by

seasonally strong cash generation. Management reiterated its FY 2026 guidance

for constant-currency adjusted EBITDA at least in line with the prior year,

alongside continued but slower deleveraging given the higher post-refinancing

interest burden. Against this backdrop, and with the new €30s fairly priced at 4.6%

YTW, in our view, we remain Neutral on the EUR credit.

Solid Q2 2026 results. Trivium reported Q2 2026 adjusted EBITDA of $131m

(+11% YoY), driven by higher average selling prices, favourable FX and cost

efficiencies from the value-creation program, partly offset by a low-singledigit volume decline. FCF was $65m, supported by a net working capital

inflow of $17m.

Leverage decreases. Net debt declined to $3.0bn (vs. $3.1bn in Q1 2026),

translating into net leverage of 5.7x compared to 6.0x a quarter ago and 6.6x

a year ago. Liquidity remains solid at $419m, including ~$143m in cash and

$276m in undrawn facilities.

Outlook points to slower deleveraging. Management expects 2026 can

volumes to be softer than last year, reflecting a weaker global fruit and

vegetable market and softness in US pet food, partly offset by growth in

Americas aluminum aerosol, global seafood and European paints and coatings.

The group however still forecasts FY 2026 constant-currency adjusted

EBITDA to be at least on par with last year's level and reiterated its cash flow

guidance items. Finally, management commented it continues to target

deleveraging by year-end, albeit at a slower pace given higher post-refinancing

interest costs.

Remain Neutral. We remain Neutral on the EUR credit as we believe risk/

reward is broadly balanced, with a meaningfully higher interest burden postrefinancing limiting FCF generation and the €30s trading appropriately in our

view. Key risks to our recommendation include weaker-than-expected demand

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