S4 Capital

SFOR · Main Market · Media · mcap £330m · 43.2p 1 open situation →

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20252026 Term Loan B deleveraging 1 director buying 1 director buying 1 director buying 2 directors buying

Open · 1

Balance-sheet stress / refinancing

Term Loan B deleveraging

TLB cut to €198.8m from €375m

S4Capital has been buying back its Term Loan B to cut debt. In the 28 Oct 2026 update it said a further €50.9m was repurchased after 30 Sep 2026 (€10.5m still to settle), taking the TLB to €198.8m from €375m. Net debt was £76.0m at 30 Sep 2026, 0.7x EBITDA, and year end is expected comfortably within £50-80m.

TLB outstanding: €198.8 million, down from €375 million 28 Oct 2026 ↗
Latest repurchase: €50.9 million after 30 Sep 2026; €10.5 million awaiting settlement 28 Oct 2026 ↗
Previously repurchased: €125.3 million 28 Oct 2026 ↗
Net debt: £76.0 million at 30 Sep 2026, 0.7x pro-forma trailing 12 month operational EBITDA 28 Oct 2026 ↗
Year end target: Net debt £50-80 million; company expects to be comfortably within 28 Oct 2026 ↗
Covenant: Net debt not to exceed 4.5x pro-forma 12 month operational EBITDA 28 Oct 2026 ↗

Next: Year end net debt within £50-80 million target

28 Oct 2026 TLB cut to €198.8m from €375m

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Closed · 4

Insider conviction1 director buying £24k in 1 buy · 6 Jul 2026 – 4 Oct 2026 +22% Insider conviction1 director buying £244k in 1 buy · 26 Mar 2026 – 24 Jun 2026 +82% Insider conviction1 director buying £216k in 1 buy · 3 Oct 2025 – 1 Jan 2026 +45% Insider conviction2 directors buying £478k in 2 buys · 2 Jul 2024 – 30 Sep 2024 −28%

Company filings. Not investment advice.