Translation: Original published in Finnish on 9/1/2026 at 8:07 am EEST.

Enento announced on Monday that it has signed a new 180 MEUR syndicated loan agreement to refinance its previous financing arrangement. We view the news as expected and a normal measure that secures the company's long-term financing. We do not expect the updated financing package to cause a significant change in the company's financial expenses, and therefore the release has no impact on our forecasts.

The new financing agreement includes a 150 MEUR long-term loan and a 30 MEUR revolving credit facility. The total size is completely in line with the company's previous arrangement concluded in September 2022. The company has not drawn on the revolving credit facility of its previous loan package. The new agreement has a three-year term and includes two one-year extension options. The loan margins are tied to the company's financial covenants. The covenant of the previous financing package was a net debt to adjusted EBITDA ratio of a maximum of 3.5x, and we consider it likely that the level is the same in the updated package. At the end of Q2'26, the ratio was 2.5x, which is clearly below the covenant level and also below the company's own target (below 3x).