Pareto High Yield Daily-06/30/2026

研报英文原文证据摘录

Pareto High Yield Daily-06/30/2026

Fonecta has delivered strong EBITDA gures since the original bond issue in

Q4'25, exceeding our estimates (link to Q1 comment). On a pro forma basis, USD/NOKEUR/NOK 11,359,96 0,00,0 %% 0,60,7 %% -0,5-0,1 %% -0,5-0,1 %%

the combined group would generate EUR 35.6m in LTM Q1’26 adj. EBITDA, SEK/NOK 1,02 0,0 % 0,0 % -0,1 % 0,0 %

which would result in a PF net leverage of 2.8x upon closing of the transaction Oil price, Brent

• Following the acquisition, Fonecta will underscore its Nordic market leading USD/bbl

position in local search and digital directory services, bene ting from strong 140

brand recognition and leading consumer platforms. 120

• Link to press releases for the (I) bond tap and (II) acquisition of the 1881 100

Group

• Please note that Pareto Securities acted as sole bookrunner in the recent 80

Subsequent Bond Issue of Fonecta Group Oy 60

LR Health & Beauty SE – New bonds commence trading 20

• LR Health & Beauty SE completed its nancial restructuring in June 2026, -

materially reducing leverage. Jan-21 Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

• The Former Bond (EUR 130m) was restructured into a EUR 62.5m Senior iTraxx crossover

Secured Bond issued by LR Health & Beauty SE and a EUR 27.5m Junior bps

Bond issued by Abydos S.à r.l., a newly created Luxembourg holding 750

company sitting above LR Health & Beauty SE, in which bondholders now 650

hold 89.9% of the equity.

• Net leverage has fallen from 7.9x to 4.6x, with senior net leverage at a 550

comfortable 3.2x. 450

• We forecast EBITDA to recover to EUR 27m by 2028e, with the key challenge 350

remaining the rebuilding of the sales partner base and restoration of

distributor con dence. 250