Dayes (Nexus Newco BV)-Improving sales mix drives stronger profitability-05/19/2026

研报英文原文证据摘录

Dayes (Nexus Newco BV)-Improving sales mix drives stronger profitability-05/19/2026

Dayes (Nexus Newco BV)

CREDIT NEWSFLASH | 19 MAY 2026

Improving sales mix drives stronger profitability

Dayes reported strong Q1’26 results with EBITDA above our estimates, driven by favorable sales mix and FX development.

Revenue growth was slightly below expectations due to continued consumer trade-down from A-brands to value brands,

though this supported margin expansion given higher profitability on Dayes-owned brands. Net working capital developed

somewhat weaker than expected (although an outflow was anticipated). This was offset by better-than-expected EBITDA

leading to stable net leverage at 2.9x. Dayes continues to demonstrate positive business momentum, and we continue to

expect net leverage at ~2.5x by year-end. We consider the bonds attractive at current levels (~104% / 535bps), as we view

the fair spread to be in the ~400-450bps area (~106-107%).

• Dayes reported revenues of EUR 154.1m in the quarter (vs. PASe: EUR 157m), representing a y/y increase of 3.3% (Q1’25: EUR 149.2m).

o The softer revenue development versus our estimates was driven by continued consumer trade-down from A-brands to value brands,

resulting in lower average selling prices while increasing the likelihood of purchases of Dayes-owned brands.

• Adjusted EBITDA in the quarter was EUR 17.3m (vs. PASe 15.8m), up from EUR 14m in Q1’25. The y/y increase was primarily driven by

higher volumes toward retail partners, but also by a favorable shift in the sales mix due to the consumer shift toward value brands (which

carry higher margins).

o EBITDA margin for the quarter was 11.2% (vs Q1’25: 9.4%), the uplift is explained by the shift in sales mix and favorable fx

development