Translation: Original published in Finnish on 9/22/2026 at 7:00 am EEST.

As expected, Revenio announced the terms of its rights offering of around 80 MEUR on Monday. The size and purpose of the rights issue – the repayment of the Visionix acquisition bridge financing – were already known, but the subscription price of EUR 6.19 came in well below our EUR 10.0 assumption. This means that the company will issue more new shares than we expected, which creates mechanical downward pressure on our per-share forecasts and target price. However, the lower subscription price has no impact on the fundamental value or operational performance of the company itself.

Terms and schedule of rights issue

The company is offering a maximum of approximately 12.9 million new shares at a subscription price of EUR 6.19. Shareholders will receive one subscription right for each share owned on the record date of September 23, 2026, and nine subscription rights entitle the holder to subscribe for four new shares. The subscription price includes a discount typical of rights issues, which is approximately 43.8% relative to the theoretical ex-rights price (TERP) of the share. The discount was higher than we anticipated. The subscription period begins on September 28, 2026, and ends on October 12, 2026.

As previously known, the rights issue is fully underwritten. The main shareholder William Demant, Caravelle Capital, and the other Visionix sellers have committed to subscribing for approximately 31.4% of the shares, and Nordea has underwritten the rest. The net proceeds of ~77 MEUR raised in the offering will be used to repay the 80 MEUR bridge financing drawn in connection with the Visionix acquisition, which strengthens the company's balance sheet structure in line with our expectations. At the same time, this means that the costs related to the share issue are estimated to be around 3 MEUR.

Lower subscription price mechanically dilutes per-share metrics

We had previously modeled the rights issue to take place at a subscription price of EUR 10.0, in which case approximately 8.0 million new shares would have been issued. At the now confirmed price of EUR 6.19, a maximum of ~12.9 million new shares will be issued, which is significantly more than we assumed. Since the size of the share issue remains unchanged, the lower subscription price does not affect the total value of the company; rather, it simply distributes the same value across a larger number of shares. This mechanically lowers our per-share figures, such as earnings per share (EPS) and the DCF value, by more than we had previously estimated.

We will update our per-share forecasts to reflect the new number of shares. However, we remind you that the subscription price has no financial significance for a shareholder who subscribes for their pro-rata share in the offering or sells their subscription rights on the market. A lower subscription price merely means a more valuable subscription right, and the dilution affects only those shareholders who fail to react to the offering altogether. A shareholder who either subscribes for their proportional share or sells their subscription rights does not suffer dilution. In this case, the level of the subscription price has no practical significance for them. The growing number of shares and our declining per-share forecasts are therefore purely mechanical in nature and do not indicate a weakening of the company's fundamental value or operational performance.