Pareto High Yield Daily-05/13/2026

研报英文原文证据摘录

Pareto High Yield Daily-05/13/2026

Pareto High Yield Daily

13 MAY 2026

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Sector Credit ResearchHTG – Reports a good start into 2026

Key numbers

• As a reminder, HTG’s business is highly seasonal with Q3 usually being the 6 day change Last 1D 1M 6M 12M

only profitable quarter during the year OsloOMXSPIBørs Benchmark 1,984.51,062.5 -1.40.4 %% -3.1-1.6 %% 22.23.9 %% 30.19.9 %%

• In Q1, IFRS revenues reached EUR 59.0m (statutory), while like-for-like OSX 104.8 2.2 % 4.4 % 47.7 % 75.7 % Oil price 106.3 -1.4 % 6.9 % 68.6 % 59.5 %

revenues were broadly flat; adjusted EBITDA stood at EUR –26.8m, with a

like-for-like improvement of EUR 7.2m (+21% YoY) iTraxx 5Y (generic) 284.1 0 bps -4 bps 8 bps -4 bps

• HomeToGo_PRO is now the dominant earnings driver, contributing EUR NIBOR 3m 4.54 4 bps 12 bps 31 bps -5 bps

38.9m of IFRS revenues (66% of group total); on a like-for-like basis, revenues NIBORNIBOR 5Y3Y swapswap 4.724.93 89 bpsbps 149 bpsbps 6378 bpsbps 7185 bpsbps

increased 13% YoY and adjusted EBITDA improved by EUR 4.5m to reflect

better marketing efficiency and emerging Interhome synergies STIBORSTIBOR 3m3Y swap 2.002.61 -16 bpsbps -11-3 bpsbps 338 bpsbps -2833 bpsbps

• Marketplace continues to trade top line for margin discipline: IFRS revenues STIBOR 5Y swap 2.74 6 bps -5 bps 25 bps 31 bps

declined to EUR 20.7m (–19% YoY), while adjusted EBITDA increased by EUR US SOFR 3.60 0 bps -1 bps -35 bps -68 bps

2.7m YoY, supported by a 20% reduction in advertising spend and a record USUS SOFRSOFR 3Y5Y swapswap 3.813.83 44 bpsbps 2523 bpsbps 4643 bpsbps 99 bpsbps

Q1 booking revenue backlog of EUR 75.4m

• FY/26 guidance is confirmed with IFRS revenues of EUR 400–410m and EURIBOREURIBOR 3Y3m swap 2.892.25 61 bpsbps 86 bpsbps 6422 bpsbps 7313 bpsbps