Arctic Credit FLASH: DYWIDAG - Margin-accretive acquisition partially funded by EUR 50m tap - PF leverage 3.2x

研报英文原文证据摘录

Arctic Credit FLASH: DYWIDAG - Margin-accretive acquisition partially funded by EUR 50m tap - PF leverage 3.2x

DYWIDAG Please note that Arctic Securities AS acted as manager in connection with the recent EUR 50 million

DSIHOL | Industrials | Credit Company Flash | 15 June 2026 | 06:26 bond tap issue by DSI Holding GmbH (DYWIDAG)

Margin-accretive acquisition partially funded by EUR 50m tap - PF leverage Financials and outstanding bonds

3.2x

Key Figures Credit (EURm) Dec-23e Dec-24e Dec-25e Dec-26e Dec-27e Outstanding bonds

● Acquires Interspan, expanding repair & strengthening footprint in Australia/UK

Revenue 429.9 425.9 437.6 429.2 442.6 Ticker DSIHOL FLOAT 09/22/29

● Target appears to generate ~EUR 12m adj. EBITDA at ~15% margin Adj. EBITDA 25.5 26.7 31.0 35.8 38.4 Size EUR 90

● EUR 50m bond tap issue and waiver request support transaction financing Net interest (16.3) (17.8) (20.3) (16.8) (16.8) Maturity 22/9/2029

● PF T&C net leverage increase to 3.2x offset by earnings accretion and strategic benefits Adj. net profit (11.1) (7.6) (8.3) (1.6) (0.5) Spread/PriceRecommendation 592

● Limited disclosure makes a full assessment difficult at this stage Total equity (68.6) (76.3) (86.9) (88.5) (89.0)

Total assets 318.3 329.3 335.6 344.4 355.0

Acquisition of Interspan adding ~19%/~35% to revenues/bond-defined adj. EBITDA Credit strengths Gross debt 100.5 102.3 116.7 117.1 118.1 ● Record strong order backlog

DYWIDAG has announced the acquisition of Interspan, an Australian specialist in post-tensioning ● Strong geographical diversification Cash and cash equivalents 29.0 29.6 51.6 53.8 57.4

● ~70% of projects publicly funded

and concrete repair and strengthening services. The transaction is expected to close in July 2026, Net interest bearing debt 71.5 72.7 65.1 63.3 60.7