Debt financing

In December 2025, the Group agreed on the final terms of a new financing agreement for 91.5 MEUR senior secured term and revolving facilities with Nordea Bank Abp, OP Corporate Bank plc and Skandinaviska Enskilda Banken AB (publ) for the purposes of refinancing the Group’s existing loan facilities with the lenders and for general corporate and working capital purposes. The term of the facilities is twenty-four (24) months from the signing of the facilities agreement relating to the refinancing, subject to an extension option of eight (8) months.

The Group’s 91.5 MEUR senior secured term and revolving credit facilities agreement includes financial covenants based on the net debt to EBITDA ratio (“leverage ratio”), the ratio of net debt to consolidated equity and the minimum liquidity.

The financial leverage ratio covenant level for periods Q4/2025 to Q2/2026 is 3.80, for periods Q3/2026 to Q4/2027 3.50 and from Q1/2028 onwards 3.20. Covenants are regularly tested, either quarterly or on the last day 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 Q3/2025 and Q4/2025 testing dates, the leverage ratio landed at 2.93 and 3.61. 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 18.2 MEUR on December 31, 2025.