Translation: Original published in Finnish on 10/14/2026 at 7:35 am EEST.

On Tuesday, Revenio announced the preliminary results of its rights offering. The issue was ~158% subscribed, with the company raising gross proceeds of ~80.0 MEUR and net proceeds of 77.1 MEUR, in line with expectations.  The outcome is positive for the share, as no underwriter is needed and financing for the Visionix acquisition is now secured. The result matches our estimates and prompts no changes to them, and our positive view on the share remains unchanged.

Clearly oversubscribed share issue

The issue offered ~12.9 million new shares, of which roughly 12.35 million, or about 96%, were subscribed for using subscription rights. We consider the subscription rate to be strong, but typical for issues with a steep discount. The ~44% discount of the subscription price relative to the theoretical ex-rights price (TERP) made the subscription rights valuable, so nearly all rights were either exercised or sold to be exercised. In addition, William Demant, Caravelle Capital, and other Visionix sellers had committed to subscribing for ~31% of the offered shares.

Subscriptions without subscription rights totaled ~8.1 million shares, but only ~0.6 million shares remain to be allocated. Consequently, secondary subscribers will tentatively receive only ~7% of the amount they applied for. The figure exaggerates the actual demand, as investors intentionally subscribe to oversized amounts when oversubscription is likely. Overall, however, we consider the 158% subscription rate to be a strong performance, reflecting good demand.

No shares will be left for the guarantor, which reduces selling pressure

The most important observation for the share is that the underwriting commitment of the lead manager, Nordea, was not needed. Shares left with the underwriter are a typical drag on the share price after an offering, and this risk is now absent. In the short term, selling pressure may come from those who bought subscription rights for arbitrage purposes and sell the new shares as soon as trading begins. However, the demand for around 7.5 million shares left unfilled in the secondary subscription will likely act as a buffer against this selling, which is why we take a positive view of the share issue's outcome.

Balance sheet is strengthening as planned

The net proceeds will be used to repay the 80 MEUR bridge financing drawn in connection with the Visionix acquisition. The share issue costs of ~3 MEUR are in line with our previous estimate. According to our forecasts, leverage will develop as follows:

• Our estimate for net debt at the end of 2026 is ~139 MEUR.
• Relative to the pro forma adjusted EBITDA for 2025 (45.3 MEUR), net debt/EBITDA is ~3x.
• With our 2027 forecasts, the ratio will drop to ~2.5x.

Indebtedness is high compared to Revenio's history, but in our view, at a very manageable level. We estimate that the cash flow generated by the business will strengthen the balance sheet quite rapidly going forward.

Number of shares in line with estimates

The total number of shares will increase from 29.2 million to 42.1 million, or by ~44%. We had already updated our model to reflect the subscription price of EUR 6.19, and our estimate for the number of shares outstanding (~42.0 million) matches the actual figure. Therefore, the share issue has no new impact on our per-share estimates.

Focus shifts to integration

The final result of the share issue is expected to be published on or about October 15, 2026, and trading in the new shares is expected to begin on or about October 19, 2026. However, in our view, the uncertainty surrounding the financial structure has now dissipated, and investors' attention is turning to Visionix's integration, the realization of synergies, and profit development.