刺激与紧张：CRCYU与Whitbread最新动态

EuropeHigh Yield Corporates Date19 June 2026 IndustryThrills & Chills It's Coming Home! Ricardo ChinchillaResearch Analyst+44-207-541-6172 CRYACU Q1’26 Conference Call.The Ritz-Carlton Yacht Collection (CRYACU)hosted a call with lenders on June 16, 2026.Our key takeaways from CRYACU's •Management noted it is very pleased with CRYACU's performance inQ1'26. The company is strategically reorienting from demand generationtoconversion optimization and the execution of operational andcommercialstrategies.Managementprioritizesperformance •Regarding prevailing trends, management noted that while geopoliticaldevelopments in Iran impacted March and April, March bookings aloneincreased ~80% year-over-year. Year-to-date bookings are over 50%higher than the prior year, positioning the companyfavorably for the •Management currently expects cruise revenue to be in the range of $400million to $440 million and adjusted EBITDA to approach break even. •While CRYACU has no direct itinerary exposure to the Middle East, thecompany is experiencing cost pressures primarily related to logistics andfuel. Regarding fuel prices, management noted that should current fuel •Current capital plan and recent equity/funding round expected to fullycover business plan needs; no anticipated near-term additional funding We do not anticipate the positive management commentary will materially impactthe bond's pricing. This remains a "show-me" narrative, with persistent investor WhitbreadQ1’26TradingUpdate.Whitbreadreported total revenue increasedto£727.2million (+2.3% versus£711.0 million in Q1’26)as results benefited fromhigher revenue in both the United Kingdom (+0.8%) and Germany (+17.9%). On a Looking at the United Kingdom, we noterevenue increased to£653.3 million(+0.8% versus£648.3million in Q1’26)owing tohigher accommodation sales(+2.6%) and other Premier Inn sales (+1.2%), partially offset bylower food &beverage sales (-5.0%).Total accommodation salesincreased to£497.6 million (+2.6% versus £485.0 millionin Q1’26)owing to gains in both London (+7.2%) andthe regions (+1.1%). Looking at operating metrics,RevPARincreased to£63.1(+1.8% versus £62.0 in Q1’26). We noteLondon RevPARincreased to£84.3 (+3.9% versus £81.1 in Q1’26), while RevPAR at the regions increased to£58.2(+0.8% versus £57.7 in Q1’26).Management noted the company’s forwardbooked position in the UK remains ahead of last year, supported by peak leisure Update onEvolution’s lawsuit against Playtech.Evolution's request to addPlaytech to its defamation lawsuit, stemming from an alleged illegal marketreport, has been rejected by a New Jersey judge, as reported by NEXT.io. Thisdecision is reportedly based on procedural matters related to the suit. Thedefamation claim is directed at Black Cube, the private intelligence firm thatauthored the report alleging Evolution's operations in illicit markets. Evolution Playtech Poker.Playtech launched its online poker games in North Americathrough a partnership with FanDuel.The platform is now live in Michigan, New Sweden’s GamblingChannelization.Sweden's gambling channelization rate foronline gaming declined by one percentage point to 84% in 2025, according to theSweden Gambling Authority. This indicates that~16% of online gaming activity licensed operators collectively reported a net turnover of US$3 billion, with non-monopoly operators, encompassing iGaming and online betting, contributingUS$1.99 billion to this figure.The full report can be foundhere. Entain publishes new research on illegal gambling.Entain's recent researchreveals a significant and escalating challenge from illegal gambling promotiontargeting UK consumers, poised to intensify with the World Cup. The studyindicates widespread deployment of unregulated gambling promotion across The research, encompassing seven major digital platforms, identified over 30unregulated gambling websites actively targeting UK audiences through anorganized ecosystem spanning football content, gaming, short-form video, and"manosphere" influencer culture. A key finding is that illegal gambling promotion The full report can be foundhere. Recent Reports Lottomatica Group S.p.A.: The Italian Job; Initiating with Credit-HoldLottomatica Group S.p.A.: Lottomatica 101Cruise Yacht Upper HoldCo: Key Takeaways from Q1'26 Update Call Appendix 1 Important Disclosures Deutsche Bank may have shown incomplete disclosure information in its High Yield industry reports until 19th March2021. If you require any further information please contactDVS.Support@db.com. Prices are current as of the end ofthe previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloombergand other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources. For further 19 June 2026Thrills & Chills Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned leadanalyst(s). Inadditio