29 May 2026

Arctic Credit FLASH: Fairwind - Q4 below, Cosmic capex somewhat higher than expected

- Øyvind Hagen | Eirik Wensaas
- 12 pages

Revenue of EUR 67.3m, +9% vs. ARCe; Adj. EBITDA EUR 1.6m vs. ARCe at EUR 3.6mNegative project mix, growth investment and reorganisation explain weak marginsAdj. Leverage at 4.2x vs. ARCe at 3.8x, stable Q/QSeveral avenues to support annual report guidance of 2026E revenue of EUR 310-350m

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Arctic Credit FLASH: Fairwind - Q4 below, Cosmic capex somewhat higher than expected

Published: 29 May 2026
Author: Øyvind Hagen | Eirik Wensaas
Pages: 12

Revenue of EUR 67.3m, +9% vs. ARCe; Adj. EBITDA EUR 1.6m vs. ARCe at EUR 3.6mNegative project mix, growth investment and reorganisation explain weak marginsAdj. Leverage at 4.2x vs. ARCe at 3.8x, stable Q/QSeveral avenues to support annual report guidance of 2026E revenue of EUR 310-350m