<a id="bm-comp-63f98d93-8089-473d-8a0e-3d5a2efa169f" name="bm-comp-63f98d93-8089-473d-8a0e-3d5a2efa169f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="63f98d93-8089-473d-8a0e-3d5a2efa169f" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Will lower financial expenses by SEK 2m per year</font></li><li><font color="#000000">We estimate</font> <font color="#000000">ND/EBITDA of ~1.4x in Q4'25e</font></li><li><font color="#000000">Better terms, improved financial visibility</font></li></ul></td></tr></table><a id="bm-comp-424a3d03-0158-421e-a81a-176ee520ecd8" name="bm-comp-424a3d03-0158-421e-a81a-176ee520ecd8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="424a3d03-0158-421e-a81a-176ee520ecd8" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><font color="#000000">Directed rights issue, loan facility and repurchase of warrants</font></h3><p><font color="#000000">This week, Clavister announced a directed share issue of SEK 167m, ~62m shares, representing 17% dilution. This will be used to repay all outstanding debt (including issued warrants) to the European Investment Bank (EIB), alongside other organic growth initiatives. In combination with the rights issue, Clavister will take in a loan facility of SEK 100m from Swedbank. This loan will be amortised over a five-year period (SEK 20m per year), and will lower Clavister's financial expenses by ~SEK 2m per year. Moreover, the company will repurchase ~15m warrants at SEK 2.70, which is the same price as the rights issue.</font></p><h3 class="bm-h3"><font color="#000000">Impact for Clavister</font></h3><p><font color="#000000">The total dilution is around 17% for existing shareholders. The refinancing shifts Clavister to a facility with better terms and lower financing costs, resulting in a better financial position and improved earnings. Effectively, Clavister raises ~SEK 40m in deployable cash for its organic growth initiatives (we estimate ~SEK 8m in transaction costs). We estimate that this results in net debt decreasing by ~70% q-o-q, bringing leverage from ND/EBITDA of 4.7x to ~1.4x for Q4'25e.</font></p><h3 class="bm-h3"><font color="#000000">Our thoughts</font></h3><p><font color="#000000">Clavister's leverage profile has been a structural constraint on growth for several years, with the EIB facility carrying unfavourable terms. Despite this, the company has continued to grow and gradually improved its cost base. The refinancing marks a meaningful turning point: the EIB debt is fully removed, the EUR exposure disappears, and Clavister transitions to a more conventional Swedish banking relationship with Swedbank, something that would have been unlikely only a few years back. In our view, the new facility provides materially better terms, improves financial visibility, and reduces risk. Combined with the strengthened equity base, this gives Clavister a cleaner balance sheet and the operational flexibility needed to pursue growth at a pace supported by its underlying demand.</font></p><table id="bm-img-9fee565d-c501-461f-be41-07e434907c7d" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Estimates illustration over debt situation</td></tr><tr><td><img bm-img-encrypt="9fee565d-c501-461f-be41-07e434907c7d" bm-img-original-height="166" bm-img-original-width="757" bm-img-svg="image:image_upload/92295_2027f159-84e3-48de-aa0f-41c9712fdac1.svg" bm-img-width-hint="100%" id="bm-id-9fee565d-c501-461f-be41-07e434907c7d" src="https://abgsc.bluematrix.com/images/image_upload/92295_2027f159-84e3-48de-aa0f-41c9712fdac1_733.png" svg="/nas/web/clients/abgsc/images/image_upload/92295_2027f159-84e3-48de-aa0f-41c9712fdac1.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>