Capital Structure

Bevco Lux management oversees a prudent, conservative capital structure and intends to maintain its capital structure consistent with investment grade credit metrics.

Ongoing commitment

Excellent financial disclosures
Engaged with investors & stakeholders
Access to European Debt Capital Markets to finance investment activities

Key credit metrics

As of June 30, 2026

12.0 % ⁽²⁾

LTV

5.3 x ^(2,3)

ICR

9.3 x ⁽²⁾

(2) Bevco Lux S.à r.l. June 30, 2026.
(3) The ICR ratio excludes 'Net changes in fair value of investment' to maintain consistency with prior years' reporting. This approach better reflects the company's actual ability, from a cash flow perspective, to cover the interest expenses due over a 12-month period.
Source: Bevco Lux S.à r.l. interim condensed financial statements for the period ended June 30, 2026.

Credit Rating Profile

Current Moody’s Credit Rating:

Entity	Agency	Long-term	Outlook	Last update
Bevco Lux S.à r.l.	Moody’s	Baa2	Stable	August 4, 2026

There are only a limited number of investment grade-rated investment vehicles across Europe of which Bevco Lux is one.

Bond Credit Rating:

ISIN	Security	Agency	Long-term	Outlook	Last update
XS2231165668	Senior Unsecured Bond	Moody’s	Baa2	Stable	August 4, 2026⁽¹⁾
XS2348703864	Senior Unsecured Bond	Moody’s	Baa2	Stable	August 4, 2026⁽¹⁾

Note: (1) Prior to Moody’s rating, each bond was rated BBB by S&P since their respective date of issuance.
Source: Bevco Lux S.à r.l. and Moody’s on https://ratings.moodys.com