Translation: Original published in Finnish on 12/11/2025 at 8:31 am EET.

Aiforia announced on Wednesday evening that it had successfully completed a directed share issue, through which the company raised gross proceeds of around 4.2 MEUR to support the financing of its growth strategy. The share issue was carried out in an accelerated bookbuilding process, and as a result, the number of shares in the company will increase by 6.3%. The issue was expected, although it took place slightly earlier than we predicted, was smaller, and at a slightly lower valuation. The share issue has a minor impact on our forecasts, and we will update our estimates to reflect the increased number of shares and strengthened cash position no later than in connection with the H2 report.

The directed share issue was expected and necessary for financing the company's growth strategy

Aiforia issued 2 million new shares in the offering at a subscription price of EUR 2.106 per share. The share issue increases the company's number of shares by 6.3%, and its pricing corresponded to a typical 10% discount to the closing price (EUR 2.34) before the issue. The share issue came as no surprise to us, as we had already predicted that Aiforia would need additional funding to implement its growth strategy. Aiforia has also recently implemented cost savings to limit its funding needs.

Before the share issue, we estimated that the company's cash would be sufficient until approximately Q2/2026, and we assumed the company would raise a total of 20 MEUR in new equity in 2026 and 2027. The now completed 4.2 MEUR offering is smaller than our estimated 10 MEUR one-off item and was realized earlier than our forecast. With the support of the completed share issue, Aiforia's cash is estimated to be sufficient until around the last quarter of 2026.

Our estimates included share issues at a price of EUR 2.36 per share (the share price level of the previous report published on November 18, 2025, minus 10%), in relation to which the issue was carried out at a price some 11% lower. The share issue thus has only slightly negative effects on our valuation in this respect, and its realization at the same time slightly reduces the company's short-term financing risks. We will incorporate the initially mild effects of the share issue into our forecasts no later than in connection with the company's financial statement release.