Debt financing

The Group’s 106 MEUR senior secured term and revolving credit facilities agreement includes financial covenants based on the available liquidity (minimum 22.5 MEUR), 12m rolling EBITDA (minimum 10 MEUR), net debt to consolidated equity (maximum 100%) and net debt to EBITDA (“leverage ratio”). The financial leverage ratio covenant level is 3.80. Covenants are regularly tested, either quarterly or on the last date of each month. The risk of breaching the covenants would trigger negotiations between the Group and lending banks to resolve the potential covenant breach, and to agree on actions to rectify the situation. In the unlikely event of unresolved covenant breach, the lending banks would have the right to call all or any part of the loans and related interest.

On Q1/2025 and Q2/2025 testing dates, the leverage ratio landed at 3.48 and 2.91. Calculation of the covenants include customary adjustments mainly related to items affecting comparability and asset disposals, and therefore deviate from the reported figures elsewhere in this report. The Group is currently compliant with all financial covenants and expects to comply with future bank requirements as well. The Group’s liquidity position remains good, and cash and cash equivalents amounted to 25.4 MEUR at June 30, 2025.

During the reporting period, the Group agreed on an amendment and an extension of 6 months with the lending banks for the 106 MEUR facilities. As of the reporting date, the facilities mature in the second half of 2026, subject to an extension option of 6 months. The Group is preparing to refinance the facilities and the hybrid capital bond during the next 12 months.

The Group equity includes a hybrid loan of 30.0 MEUR issued in November 2023. The accumulated non-recognized interest on hybrid bond were 2.2 MEUR.