Meridian Credit — CCO Portfolio Dashboard

Portfolio Overview

CRE · 34 Obligors · 58 Facilities

Total Exposure

€487.3M

Drawn: €461.2M · Undrawn: €26.1M

NPE / Stage 3

€47.1M

NPE Ratio: 9.7% ↑ from 8.4%

T4/T5 Exposure

€93.8M

19.2% of book · 7 obligors

Avg LTV (CRE)

63.8%

vs. 65% limit · 4 above limit

Avg DSCR

1.38x

Min covenant: 1.20x

ECL Provision

€18.4M

Coverage: 39.1% (NPE)

Exposure by Risk Tier (€M)

T1 Perf. €285.4M T2 EW €108.1M T3 Watch €65.8M T4 Dist. €60.6M T5 Def. €33.2M

IFRS 9 Stage Distribution

S1

S2

S3

Stage 1 — 12M ECL€285.2M (58.5%)

Stage 2 — SICR / Lifetime€155.0M (31.8%)

Stage 3 — Credit Impaired€47.1M (9.7%)

Total ECL Balance€18.4M

Weighted Avg PD (book)3.82%

CRE Sub-Sector — click to drill

Office

€152.4M

Industrial / Logistics

€90.2M

Retail

€64.8M

Residential Dev

€47.6M

Mixed Use

€32.8M

Hotel / Leisure

€22.1M

Healthcare / Social

€14.8M

LTV Distribution (CRE secured)

<50% LTV

€82.1M

50–60% LTV

€99.4M

60–70% LTV

€76.2M

70–80% LTV

€26.4M

>80% LTV

€14.8M

AVG LTV

63.8%

MAX LTV

84.2%

ABOVE LIMIT

4

Risk Tier Migration (QoQ) — €M

Row = Prior Quarter · Col = Current Quarter · Diagonal = Unchanged

Exposure by Geography

Dublin (CBD/D2/D4)

€168.4M

Dublin Suburbs

€64.0M

Cork / Munster

€34.9M

Other Irish Regional

€20.4M

London / UK

€40.8M

Other EU

€14.2M

Top 5 Obligor Concentration34.8%

Single Obligor Max€48.2M

Active Alerts Requiring Action

Top 15 Exposures — click row to open case

Case Registry

34 Obligors · 58 Facilities

All T1 T2 T3 T4 T5 All S1 S2 S3 All Office Industrial Retail Resi Dev Mixed Use

Risk Analysis & Migration

PD · LGD · ECL · Tier Migration · Concentration

PD Distribution by Tier (Wtd Avg)

T1 Performing0.42%

T2 Early Warning1.84%

T3 Watchlist4.62%

T4 Distressed12.84%

T5 Default100%

Book Wtd Avg PD3.82%

Book Wtd Avg LGD31.4%

EL (PD × LGD × EAD)€18.4M

ECL Provision Adequacy

Stage 1 ECL€1.2M (0.42%)

Stage 2 ECL€9.8M (6.3%)

Stage 3 ECL€7.4M (15.7%)

Total ECL Provision€18.4M

NPE Coverage Ratio39.1%

ECB Benchmark Coverage44%

Shortfall vs Benchmark-€2.3M

S2 → S3 Migration (QoQ)+€8.2M ↑

Cost of Risk (annualised)38bps

Forborne & Restructured

Forborne Performing€22.4M

Forborne Non-Performing€14.8M

UTP (Unlikely to Pay)€28.6M

90+ DPD (not S3)€6.2M

Restructuring Pipeline3 cases · €42.1M

Enforcement Pipeline1 case · €18.4M

Risk Tier Migration Matrix (QoQ €M) — click cell to filter cases

Row = Prior Quarter · Col = Current · Diagonal = Stable · Below diagonal = Downgrade · Above = Upgrade

Credit Grade Distribution

BBB- and above

€285.4M

BB+ / BB

€108.1M

BB- / B+

€65.8M

B / B-

€44.2M

CCC / D (Default)

€33.2M

Sub-investment Grade41.5% of book

CRE Sector Avg (ECB)38.2%

Covenant Monitoring

All facilities · Q1 2026 test period

Facilities Tested

42

Q1 2026

Pass

36

85.7% pass rate

Breach / Fail

4

↑ from 2 in Q4 2025

Near Breach (<10% headroom)

8

Monitoring escalated

Covenant Status — All Tested Facilities

Maturity & Repricing

Facility maturity ladder · Rate repricing · Refinancing risk

Maturity Profile (€M by quarter)

Maturing <3 months€64.8M (3 facilities)

Maturing 3–6 months€38.4M (4 facilities)

Maturing 6–12 months€82.1M (6 facilities)

Maturing 1–3 years€198.4M (18 facilities)

Refinancing Risk Assessment

Maturing <12m by Risk Tier

T1 (Low Risk)

€42.2M

T2 (EW)

€29.6M

T3 (Watch)

€19.2M

T4/T5 (High Risk)

€13.6M ⚠

At-Risk Refinancing€13.6M

Extension Discussions Active2 cases

Repricing Schedule

Repricing <3 months€128.4M

Repricing 3–6 months€84.2M

Fixed rate (>1yr)€124.8M (25.6%)

Floating (EURIBOR)€362.5M (74.4%)

Avg margin — floatingE + 2.24%

NII impact: -100bps-€3.6M p.a.

DSCR risk (>+150bps)6 facilities

Upcoming Maturities — Next 12 Months (click to open case)

Alerts & Actions

EWS · UTP · Covenant Breach · Annual Review