Translation: Original published in Finnish on 3/9/2026 at 7:40 am EET.

Lemonsoft announced over the weekend that its largest shareholder, Rite Ventures, has exceeded a 50% ownership stake in the company, triggering an obligation under the Securities Market Act to make a mandatory public tender offer for the remaining shares. The tender offer consideration is EUR 4.67 per share, at which Lemonsoft's valuation (2026e EV/EBIT 10.4x) is, in our view, very low. Our target price for the share is currently EUR 6.5. The offer will not lead to Lemonsoft's delisting, as the company's founder Kari Joki-Hollanti (26.2% ownership) has committed to not accepting the offer. However, the tender offer gives shareholders the opportunity to exit the stock at a predetermined price, but we do not expect the offer to generate significant movement among the ownership. However, the main owner's additional purchases of Lemonsoft shares reinforce our view that Lemonsoft's stock is currently clearly undervalued.

We consider the tender offer consideration to be low

Rite Ventures is offering EUR 4.67 per share, which corresponds to the highest price it has paid in the last six months. The offer consideration is approximately 0.6% lower than the closing price before the obligation to make a bid arose and more than 11% lower than the three-month volume-weighted average price. We consider the offer price to be very low relative to Lemonsoft's fundamentals and long-term earnings potential, and we do not believe it will attract a wide range of shareholders. In our latest update, we raised Lemonsoft's recommendation to Buy, as we believe the sell-off in SaaS companies and AI fears have pushed the stock's valuation to an attractive level.