<a id="bm-comp-d900499b-face-4d70-861c-e8c3b00fc127" name="bm-comp-d900499b-face-4d70-861c-e8c3b00fc127" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d900499b-face-4d70-861c-e8c3b00fc127" style="vertical-align: top; width:100.000000%;"><ul><li>Bid of DKK 16.5/share is a ~110% premium to last close</li><li>Several major shareholders intend to accept the offer</li><li>Offer corresponds to 4.9-4.0x EV/ARR in '25e-'26e</li></ul></td></tr></table><a id="bm-comp-edf9e365-ca67-41de-9213-30eed8880960" name="bm-comp-edf9e365-ca67-41de-9213-30eed8880960" class="BMCustomAnchor"></a><table><tr><td bm-component-id="edf9e365-ca67-41de-9213-30eed8880960" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Visma with a takeover offer of DKK 16.5/share</h3><p>This morning, Visma announced an all-cash voluntary public takeover offer for all shares in Penneo for DKK 16.5/share, representing a ~110% premium to yesterday's close (28 November). The BoD has said it intends to recommend shareholders to accept the offer. Major institutional shareholders (including Viking Venture) have irrevocably undertaken to accept the offer. ATP (holding 9.9% of voting rights and share capital) has also confirmed its intention to accept the offer absent any superior competing offer. In total, ~52.9% of shareholders have either entered into irrevocable undertakings or confirmed their intentions to accept the offer. Visma will as soon as possibly and no later than four weeks from today publish a detailed offer document. The offer will be made subject to a number of conditions, as well as require that the total number of tendered shares amounts to more than 90%.</p><h3 class="bm-h3">Offer corresponds to 4.9-4.0x EV/ARR in '25e-'26e</h3><p>In terms of strategic rationale, Visma considers Penneo's B2B SaaS offering highly complementary to its existing offerings in the European market. On our latest estimates, the DKK 16.5/share offer corresponds to 4.9-4.0x EV/ARR in '25e-'26e. Our latest fair value range is DKK 7-13/share.</p></td></tr></table>