Translation: Original published in Finnish on 6/9/2026 at 7:30 am EEST.

On Monday, Suominen announced the detailed terms of its rights issue of around 28 MEUR, which it had announced in May. The size of the issue and the full subscription guarantee provided by the main shareholders were already known, so the new information consisted of the technical details of the issue, such as the subscription price, exchange ratio, and timetable. As we have previously estimated, the offering will significantly dilute the share capital. We will update our estimates to reflect the new number of shares and the strengthening of the balance sheet in the near future.

Substantial discount and significant number of new shares

A maximum of about 77 million new shares will be offered at a subscription price of EUR 0.36 per share. Shareholders will receive one subscription right for each share they hold on the record date of June 10, 2026, and three subscription rights entitle the holder to subscribe for four new shares. The subscription price represents a 45% discount to the theoretical ex-rights price (TERP), which is customary for subscription rights issues but also quite a substantial discount. Based on yesterday’s closing price, we estimate that the share price without subscription rights would be approximately EUR 0.66. The first trading day without subscription rights is June 9, 2026 (today), and the subscription period commences on June 15, 2026. If the offering is subscribed for in full, the company’s total number of shares will increase from the current approximately 58 million shares to a maximum of approximately 135 million. Thus, the new shares will represent up to 57% of all shares in the company following the offering, which underscores the significant dilutive effect of the arrangement on shareholders who do not participate in the offering.

Expected exemption from the Financial Supervisory Authority for main shareholders

As announced in May, the company’s main shareholders — Ahlstrom Capital, Etola Group, and Etra Invest (collectively holding approximately 49% of the shares) — have undertaken to subscribe to shares in proportion to their respective holdings and to guarantee the remainder of the offering. In new developments, the company reported that the Finnish Financial Supervisory Authority has granted the main shareholders a permanent exemption from the obligation to make a tender offer, even if their voting rights were to exceed the 30% threshold due to potential guarantee commitments. We consider this a necessary technical prerequisite for completing the arrangement and an expected outcome. The funds raised will be used to implement the company's Full Potential profitability program and strengthen the balance sheet, as previously announced.