EARNINGS ANALYSIS: Antolin Q2’26 Covenant Leverage Climbs to 3.79x Against RSA Plan’s 3.1x for FY26

Credit Research: Tia Zhang Relevant Documents: Q2’26 Financial Report Q2’26 Presentation Restructuring Analysis Spanish automotive interior supplier Grupo Antolin’s Q2’26 results are the first operating data point since its controversial Jun. 23 recapitalization agreement, which sparked a raft of litigation from its bondholders. As reported, the company filed its Spanish Restructuring Plan on Jul.10, with bondholders unaware of the application, until the chapter 15 recognition hearing on Jul.21. In mid-August, Antolin entered into a two-week standstill agreement with a steering committee of its 2028 notes and 2030 notes to facilitate a stable platform for constructive negotiations in relation to a consensual recapitalization of the group. The standstill (which is extendable) expired at the end August. In today’s release the company said: “The [Spanish Restructuring] plan is progressing as presented to the market, alongside discussion with bondholders.” It added that there are “ongoing discussions with bondholders towards a consensual agreement with certain terms to be finalized.” While we await further developments on the recapitalization, today’s (Sep.10) earnings release claimed that operating performance was in line with prior guidance. However, after a weak first half, the projected FY’26 assumptions are highly reliant on a Q4 recovery, with margins and revenue under pressure.[...]