<a id="bm-comp-31e85d56-07ff-43cb-9512-8f0a3b39baea" name="bm-comp-31e85d56-07ff-43cb-9512-8f0a3b39baea" class="BMCustomAnchor"></a><table><tr><td bm-component-id="31e85d56-07ff-43cb-9512-8f0a3b39baea" style="vertical-align: top; width:100.000000%;"><ul><li>Rights issue of SEK 51.8m to accelerate recycling expansion</li><li>Fully covered by subscription and underwriting commitments</li><li>Prelim. Q4: sales SEK 44m, EBITDA SEK 0m (ABGSCe 54m, 4m)</li></ul></td></tr></table><a id="bm-comp-46e0423a-abfd-449e-9e34-1130bd5183c8" name="bm-comp-46e0423a-abfd-449e-9e34-1130bd5183c8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="46e0423a-abfd-449e-9e34-1130bd5183c8" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Rights issue of SEK 52m, fully covered</h3><p>This morning, Nexam announced it is carrying out a rights issue of approximately SEK 51.8m (~SEK 6.6m in costs), fully covered by subscription and underwriting commitments. Moreover, the rights issue is accompanied by a proposed over-allotment issue of up to SEK 15m. The subscription price is set at SEK 2.4 (~30% discount to Friday's closing price). Upon full subscription, the issue will result in a dilution effect of ~21% (ex. over-allotment) and ~26% at maximum, including the over-allotment and potential underwriter compensation shares. Proceeds are intended to accelerate Nexam&#8217;s commercial expansion within the Recycling business area and to strengthen financial flexibility (Q3 cash balance of SEK 11m). During 2025, the Recycling segment has continued to scale commercially, leading to higher working capital requirements and an increased need for growth funding.</p><h3 class="bm-h3">Preliminary Q4 figures released</h3><p>In connection with the rights issue announcement, Nexam also disclosed preliminary Q4 figures, with sales of SEK 43.5m (vs. ABGSCe SEK 54m, SEK 49m LY) and EBITDA around break-even (vs. ABGSCe SEK 4m, SEK 2m LY). The weaker-than-expected sales were primarily driven by the High Temperature business area, which was impacted by a temporary inventory adjustment by a major customer. Nexam considers this effect to be non-recurring and does not expect it to affect the segment&#8217;s long-term market position. The Aesthetics (Masterbatch) and Lightweight business areas were also impacted by softer market conditions. However, the Recycling segment remained a bright spot in Q4, with a continued increase in sales to SEK 8.2m (SEK 2.3m LY).</p><h3 class="bm-h3">Long-term potential intact</h3><p>On numbers alone, '25e-'27e sales is impacted negatively by 5-4% and EBITDA adj. by SEK -4m (vs. FY'25e EBITDA of SEK 8m). Despite Q4 figures coming in below expectations, our long-term view of the company remains unchanged. We view Nexam&#8217;s increased strategic focus on scaling its Recycling operations as positive and find its niche in Reactive Recycling attractive, offering a compelling growth opportunity supported by customer cost savings and environmentally driven demand.</p></td></tr></table>