<a id="bm-comp-b2a43e7b-dc55-44cc-b763-fb54ab75439d" name="bm-comp-b2a43e7b-dc55-44cc-b763-fb54ab75439d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b2a43e7b-dc55-44cc-b763-fb54ab75439d" style="vertical-align: top; width:100.000000%;"><ul><li>New credit facility (SEK 300m + 300m) with promising terms</li><li>3m STIBOR +2.2-2.9% (previously USD 3m LIBOR +10%)</li><li>Reduces annual interest by ~SEK 60m</li></ul></td></tr></table><a id="bm-comp-00be4d9f-5ead-4045-ba2a-34b9279251e5" name="bm-comp-00be4d9f-5ead-4045-ba2a-34b9279251e5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="00be4d9f-5ead-4045-ba2a-34b9279251e5" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Replaces the current USD 65m debt with P Capital Partners</h3><p>Encouragingly, Ovzon has today announced that it has signed a facilities agreement with Danske Bank to refinance existing loans, including a SEK 300m term loan and a SEK 300m revolving credit facility. The new terms are 3m STIBOR + 2.2-2.9%, which is significantly lower than the current interest rate of USD 3m LIBOR + 10% with P Capital Partners. The transaction is expected to be completed in Q3 2025.</p><h3 class="bm-h3">Interest to be reduced by ~70%</h3><p>Currently, Ovzon pays an annual interest rate of ~SEK 90m on its USD 65m (~SEK 610m) debt. Based on the new structure and using the mid-point (3m STIBOR + 2.55%), we calculate that this will be reduced by ~70% (SEK ~60m) to ~SEK 30m per year, equivalent to SEK 0.5/share.</p><h3 class="bm-h3">Strong signal value</h3><p>The announcement is positive not only from a cash flow point of view, but also shows that Ovzon is in a significantly different position today than historically, as it involves refinancing with bank debt. Based on recent orders, we anticipate marked improvements in sales, margins, and FCF in 2025e-2026e. We expect to hear more about this progress during its CMD on 4 September.</p></td></tr></table><a id="bm-comp-fbbad4ce-5d6a-4c34-a1ca-34a39ccd9489" name="bm-comp-fbbad4ce-5d6a-4c34-a1ca-34a39ccd9489" class="BMCustomAnchor"></a><table><tr><td bm-component-id="fbbad4ce-5d6a-4c34-a1ca-34a39ccd9489" style="vertical-align: top; width:100.000000%;"><table id="bm-img-c1a51245-5981-4fd5-9bc6-a12704885bb3" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">NIBD excl. leasing (SEKm)</td></tr><tr><td><img bm-img-encrypt="c1a51245-5981-4fd5-9bc6-a12704885bb3" bm-img-original-height="365" bm-img-original-width="793" bm-img-svg="image:image_upload/90151_35ade407-c2a1-4523-b601-53c4fe4bd658.svg" bm-img-width-hint="100%" id="bm-id-c1a51245-5981-4fd5-9bc6-a12704885bb3" src="https://abgsc.bluematrix.com/images/image_upload/90151_35ade407-c2a1-4523-b601-53c4fe4bd658_733.png" svg="/nas/web/clients/abgsc/images/image_upload/90151_35ade407-c2a1-4523-b601-53c4fe4bd658.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-6f3f5a84-79a3-446f-ab37-61b5d43e1dfc" name="bm-comp-6f3f5a84-79a3-446f-ab37-61b5d43e1dfc" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6f3f5a84-79a3-446f-ab37-61b5d43e1dfc" style="vertical-align: top; width:100.000000%;"><table id="bm-img-2a9ae921-660c-4906-8227-61374722628c" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Cash flow (SEKm)</td></tr><tr><td><img bm-img-encrypt="2a9ae921-660c-4906-8227-61374722628c" bm-img-original-height="401" bm-img-original-width="793" bm-img-svg="image:image_upload/90151_2726408a-f0b1-4d2f-9078-49fbbf856c7a.svg" id="bm-id-2a9ae921-660c-4906-8227-61374722628c" src="https://abgsc.bluematrix.com/images/image_upload/90151_2726408a-f0b1-4d2f-9078-49fbbf856c7a_733.png" svg="/nas/web/clients/abgsc/images/image_upload/90151_2726408a-f0b1-4d2f-9078-49fbbf856c7a.svg" width="733" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-d25053b2-aafc-4336-955c-632958308580" name="bm-comp-d25053b2-aafc-4336-955c-632958308580" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d25053b2-aafc-4336-955c-632958308580" style="vertical-align: top; width:100.000000%;"><table id="bm-img-94a62cff-568a-4300-aa89-c695f140cc86" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Margin breakdown</td></tr><tr><td><img bm-img-encrypt="94a62cff-568a-4300-aa89-c695f140cc86" bm-img-original-height="422" bm-img-original-width="761" bm-img-svg="image:image_upload/90151_c887a974-cff8-47a3-8e9d-fcb6ae0e4a15.svg" bm-img-width-hint="100%" id="bm-id-94a62cff-568a-4300-aa89-c695f140cc86" src="https://abgsc.bluematrix.com/images/image_upload/90151_c887a974-cff8-47a3-8e9d-fcb6ae0e4a15_733.png" svg="/nas/web/clients/abgsc/images/image_upload/90151_c887a974-cff8-47a3-8e9d-fcb6ae0e4a15.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-0753827e-1dac-4312-961a-f06b9aa4c75f" name="bm-comp-0753827e-1dac-4312-961a-f06b9aa4c75f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0753827e-1dac-4312-961a-f06b9aa4c75f" style="vertical-align: top; width:100.000000%;"><table id="bm-img-92420484-3b59-472e-b827-c37c2b32decc" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales breakdown (SEKm)</td></tr><tr><td><img bm-img-encrypt="92420484-3b59-472e-b827-c37c2b32decc" bm-img-original-height="361" bm-img-original-width="793" bm-img-svg="image:image_upload/90151_efcce83c-c3de-42a1-aeff-a637381f30f7.svg" bm-img-width-hint="100%" id="bm-id-92420484-3b59-472e-b827-c37c2b32decc" src="https://abgsc.bluematrix.com/images/image_upload/90151_efcce83c-c3de-42a1-aeff-a637381f30f7_733.png" svg="/nas/web/clients/abgsc/images/image_upload/90151_efcce83c-c3de-42a1-aeff-a637381f30f7.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>