Share issue 2026

This page provides information on Lamor’s planned share issue and its background. The answers are based on information disclosed by the company. This page does not constitute an offer to subscribe for or purchase shares. In the event of any discrepancy, the company’s releases take precedence.

Why is Lamor raising equity?

Lamor is planning a share issue of at least EUR 5 million to fulfil a condition of the financing arrangements agreed in July 2026 and to strengthen its liquidity. Delays in customers’ procurement processes have increased the need to strengthen liquidity.

What did Lamor announce on 23 October 2026?

The Board of Directors announced that it was contemplating a directed share issue of at least EUR 5 million to a group of domestic investors to be determined by the Board. A directed share issue deviates from existing shareholders’ pre-emptive subscription rights. The Board convened an Extraordinary General Meeting to consider the authorisation required for the issue. A final decision on the implementation and terms of the issue has not yet been announced.

Who are the investors?

Larsen Family Corporation Oy has committed to participate with EUR 2 million. Finnish Industry Investment Ltd, Ilmarinen Mutual Pension Insurance Company, Veritas Pension Insurance Company Ltd, Mandatum Life Insurance Company Limited and Kaleva Mutual Insurance Company have committed to participate with a total of EUR 3 million. The commitments are conditional and cover the preliminary total issue size of EUR 5 million.

Are the commitments unconditional?

No. The commitments are subject to customary conditions and to Lamor obtaining a certain covenant waiver for the testing date of 31 December 2026 before completion of the issue. Covenants are conditions agreed in financing agreements; a waiver means that a financing provider accepts a deviation from an agreed condition.

On 23 October, the company stated that it aimed to obtain the necessary waivers by the end of October. Covenant levels for 2027 and subsequent periods are to be negotiated separately.

Why is the issue directed rather than open to all shareholders?

The Board also considered a rights issue and an accelerated bookbuilding. According to the Board, the time and cost savings of the planned issue are decisive given the 15 December 2026 deadline and the need to strengthen liquidity. The longer timeline and uncertainty associated with the alternatives could jeopardise timely completion of the financing arrangements. The reasons are described in the share issue release dated 23 October 2026.

Can I participate as an existing shareholder?

The planned issue is intended for investors determined by the Board. Existing share ownership does not, in itself, entitle a shareholder to participate. The Board will decide separately on the final terms of the issue based on the authorisation granted by the General Meeting.

How will the subscription price be determined?

The Board will decide on the final subscription price, which will be announced separately. Under the announced plan, the price is expected to be 10 per cent below the volume-weighted average price of the share on the regulated market maintained by Nasdaq Helsinki Ltd over a 30-day period. The period ends on the publication date of the January–September business review, expected to be 6 November 2026, including that date. In a volume-weighted average, trades are weighted by the number of shares traded.

How many new shares will be issued?

The number depends on the final subscription price and the amount of capital raised. The illustrative estimate published by the company on 23 October was approximately 7.0 million new shares. It was based on price data calculated up to the close of trading on 22 October 2026.

The proposed authorisation for the Board covers a maximum of 10 million shares. The authorisation is not a decision to issue that number of shares. The planned issue would consist of new shares; the proposed authorisation also allows the transfer of treasury shares held by the company.

What does the share issue mean for my ownership?

If the share issue is carried out by issuing new shares, the number of shares held by a shareholder who does not participate un the issuen will remain unchanged, but their proportional ownership in the company will decrease. This is called dilution. The extent of dilution will depend on the final number of new shares issued.

When is the Extraordinary General Meeting and how can I vote?

The meeting will be held on 13 November 2026 at 10:00 a.m. as a virtual meeting without a meeting venue. The right to participate is determined by the shareholders’ register on the record date, 3 November 2026. Registration and advance voting are open from 26 October 2026 at 10:00 a.m. until 6 November 2026 at 4:00 p.m. All times are Finnish time.

Separate instructions and deadlines apply to holders of nominee-registered shares. Participation and voting instructions, the notice to the meeting and the Board’s proposals are available on the General Meeting webpage.

Shareholders holding a total of 57.82 per cent of the company’s shares on 23 October 2026 have committed to vote in favour of the authorisation. The General Meeting decides on the authorisation; the Board then decides on the implementation and final terms of the issue under that authorisation.

Extraordinary General Meeting instructions and materials

What is the planned timetable for the issue?

Date	Stage
6 November 2026	Announced publication date of the January–September business review
13 November 2026	Extraordinary General Meeting considers the share issue authorisation
After authorisation is granted	The Board decides separately on implementation and the final terms
By 15 December 2026	Deadline for completing the share issue required by the financing arrangements

Completion of the issue requires the necessary authorisation and fulfilment of the conditions for completion. The company will announce the decisions and final completion of the issue separately.

What happens if the share issue is not completed?

The condition subsequent relating to the share issue under the financing arrangements would remain unfulfilled. In its half-year financial report published on 28 July 2026, Lamor disclosed a material uncertainty related to its financial position and the assessment of its ability to continue as a going concern, linked to completion of the share issue by 15 December 2026. Further details are provided in the half-year financial report. The company will announce progress on the financing arrangements separately.

What is the status of the Lamor Recycling Kilpilahti plant?

On 20 October 2026, Lamor announced that the plant had produced its first circular oil on 19 October 2026. A minor fire during commissioning on the same day was announced on 19 October. The continuation of the ramp-up was announced in a press release on 30 October 2026.

Updates on commissioning progress are published in the company’s releases. The first oil is a milestone and does not itself demonstrate continuous commercial production.

What is Lamor’s guidance for 2026?

Lamor updated its guidance on 29 September 2026. Revenue is expected to be EUR 65–75 million and adjusted operating profit to be significantly below the previous year’s level. In 2025, adjusted operating profit was EUR 6.5 million. The reasons for the change are described in the release.