第一季度预期与结构重新评级

Restricted - External Daniel Rekrut+44 (0) 20 7773 5980daniel.rekrut@barclays.comBarclays, UK FIGURE 2. Impact on Eir's capital structure as a result of the recent secured bond issuance (€ mn)Q1 25EMovement62.450.0300.0-300.0600.0765.062.050.0-50.03.500% Senior secured notes (€750mn) (May 2026)552.0-150.02.625% Senior secured notes (€350mn) (February 2027)281.05.750% Senior secured notes (€400mn) (December 2029)300.05.000% Senior secured notes (€550mn) (April 2031)0.0550.02,910.02,847.6618.34.6xCapital structure and relative valueIn Figure 2 we highlight recent changes in the capital structure, accounting for the issuance of€550mn of 5.000% 2031 secured notes. Q1 25E PF112.40.0600.0765.062.00.0402.0281.0300.0550.02,960.02,847.6618.34.6x FIGURE 3. Eir Q1 25 estimated pro forma capital structure (€ mn)Call DateCall PriceRecent BidYTWZ-SpreadRatingCurrently100.00099.633.89%186Underweight from Market WeightCurrently100.00098.003.83%182Underweight from Market WeightJun 2026102.870103.884.39%230Market Weight from OverweightApr 2027102.500100.504.86%271Add at OverweightLastly, in Figure 3 we provide the Eir Q1 25 estimated, pro forma capital structure, updating ourrecommendations. We downgrade the €3.500% 2026 and €2.625% 2027 secured notes fromMarket Weight to Underweight given tight trading levels (inside 200bp spread), the fact thatboth currently callable (at par) / have cash prices close to that level and Eir's continued focus onextending the debt maturity profile of the capital structure. Additionally, we downgrade the€5.750% 2029 secured notes from Overweight to Market Weight given current yields of 230bp,and due to the fact that these notes trade one point above their 2026 call price of 102.870. Wewould not expect any price appreciation from current levels. We also add coverage of therecently issued €5.000% 2031 secured notes at Overweight, on the belief that these notesofferthe most attractive relative value in the capital structure and our fundamental view that Eir willcontinue to enjoy both operational and financial success.3 Analyst(s) Certification(s):I, Daniel Rekrut, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types ofresearc