United Camping-Organic growth and reduced seasonality-05/13/2026

研报英文原文证据摘录

United Camping-Organic growth and reduced seasonality-05/13/2026

United Camping (First Camp)

CREDIT NEWSFLASH | 13 MAY 2026

Organic growth and reduced seasonality

First Camp delivered another quarter supporting the ongoing credit story, with 10% organic growth y/y and continued

evidence that winter operations are structurally strengthening the low-season earnings profile. With Apukka and other

winter operations now contributing meaningfully during Q1 and Q4, the group is increasingly offsetting the historically weak

periods between the summer seasons, supporting more balanced earnings and cash flow generation throughout the year.

The bonds are indicated at ~103% price area, which entails credit spreads of ~330 bps, on the back of solid performance we

consider the levels in 300-350 bps as fair entry point.

• First Camp delivered 10% organic growth (14% excl. FX) with pro-forma revenues increasing from SEK 278m to SEK 307m for the quarter,

driven by winter tourism demand, continued momentum in B2B and solid booking activity across key geographies.

• We specifically note continued strong performance in Apukka, a Finnish resort acquired in 2025, which continued to deliver strong and

profitable growth with sales increase of 19% and slight EBITDA margin improvement from 54 to 55%.

• Winter tourism in Rovaniemi and Northern Sweden is contributing to decreased overall group seasonality. Reported EBITDA for Q4’25

and Q1’26 sums up to SEK -21m, which is significantly stronger than -138m one year ago.

• FCF was seasonally weak, amounting to SEK -117m post capex and interest. NWC inflow in Q2 as well as strong summer performance in

Q3 will boost cash flow and deleveraging going forward in line with seasonality trends. Overall, Q4 and Q1 cash flow was in line with our