This report does not constitute a rating action. Strong AI demand will support Trio BidCo Inc.'s (Trace3’s) revenue growth. Revenue increased approximately 7.2% year-to-date June 2026, while bookings grew about 23%, reflecting strong demand and providing visibility into future revenue. We project revenue will grow approximately 11% in 2026, supported by sustained demand for AI, cybersecurity, networking, cloud computing, and data analytics. Additionally, contributions from the Calian Group Ltd. acquisition, expanded customer relationships, and the company's partnership with Anthropic, which enhances its AI capabilities and supports growing enterprise adoption of AI-driven solutions, will further support revenue. Profitability has also improved, with S&P Global Ratings-adjusted EBITDA margins expanding by approximately 220 basis points (bps) to 10.6% year-to-date June 2026, reflecting solid
