Translation: Original published in Finnish on 1/27/2026 at 8:07 am EET.

Spinnova and international fashion company BESTSELLER are expanding their collaboration as JACK & JONES introduces new products made from SPINNOVA® fiber to its collection. The news is a continuation of the companies' long-standing partnership and supports Spinnova's commercialization path for its technology-produced fiber. However, we estimate that actual delivery volumes will remain small in the coming years due to the very limited production capacity of SPINNOVA® fiber.

JACK & JONES strengthens its role as Spinnova's brand partner

Spinnova announced yesterday that JJXX, the women's clothing brand of JACK & JONES, which is part of the BESTSELLER group, is expanding the use of SPINNOVA® fiber in its new products. BESTSELLER is already a familiar partner to Spinnova, as the companies have been cooperating for several years. BESTSELLER has utilized SPINNOVA® fiber in the collections of several brands, including JACK & JONES and VERO MODA products. JACK & JONES has been one of the most prominent brands utilizing SPINNOVA® fiber to date, launching collections with the largest commercial production volumes from Spinnova's perspective. However, in absolute terms, we estimate the volumes to be quite small despite the use of fiber blends, as SPINNOVA® fiber can currently only be produced at Spinnova's pre-industrial scale plant in Jyväskylä, which has an annual production capacity of 1,000 tons.

The collaboration supports the ecosystem built by Spinnova

Spinnova has also recently signed non-binding cooperation agreements with INSIDER, Tearfil, and ARMEDANGELS. Although JACK & JONES is not a new brand partner for Spinnova, we believe the expanded collaboration provides further evidence of the commercial attractiveness of SPINNOVA® fiber at the downstream end of the value chain. The collaboration supports Spinnova's strategy to build an ecosystem around the fiber, i.e., a consortium, whose goal is to promote the demand and supply of the fiber in the market, ultimately leading to production facilities built on Spinnova's technology. In our view, the key purpose of the agreements with apparel brands is to demonstrate that there is demand for fiber volumes in the value chain. This is important from the perspective of players considering production investments, so that the risk profile of a potential investment remains tolerable.

The news is unlikely to have a significant financial impact on Spinnova in the near term

We view the news positively, as it supports the commercialization path of Spinnova's fiber technology and strengthens the company's position as a developer of more sustainable materials for brands. However, in our view, the news has no immediate financial impact on Spinnova or the share's risk profile, as we estimate delivery volumes to remain moderate in the near term. In the longer term, as the supply and cost-competitiveness of the fiber improve, BESTSELLER could, in our view, be a significant customer for SPINNOVA® fiber.

For Spinnova's investment story and value creation, the most critical aspect remains the technology sales at the core of the company's strategy, which requires not only building a consortium but also reducing the technology's investment and production costs to a competitive level. In our view, the most challenging and possibly the last piece of the puzzle in building the consortium is finding parties interested in production investments.