Spinnova

We have not made any material changes to our forecasts for the commercialization progress of Spinnova's technology following the company's H1 report. Due to the exceptionally difficult-to-assess risk/reward ratio, we are maintaining a cautious stance on Spinnova for the time being.

Spinnova released its H1 report this morning. For a development company like Spinnova, short-term numbers are of secondary importance, so our attention in the report was particularly drawn to the comments on technological development and the new strategy announced in June. On this note, the company provided reassuring news yesterday when it announced that it had signed agreements with Suzano regarding the purchase of Woodspin and Suzano Finland, as well as other matters related to the arrangement (incl. the removal of exclusivity rights and Suzano's 5 MEUR capital contribution to the purchased companies) in accordance with the letter of intent announced in June. Overall, based on our preliminary assessment, the report does not contain any significant surprises in relation to market expectations.

In the H1 report, we will pay particular attention to the comments regarding the new strategy, and we are also interested in the timeline for securing the letters of intent agreed upon with Suzano.