Offering results of the bonds of Eesti Energia AS

Offering results of the bonds of Eesti Energia AS

The public offering of bonds by Eesti Energia AS (registry code 10421629; "Eesti Energia") (the "Offering") concluded on Friday, 30 May 2025. The Offering was conducted based on the prospectus approved by the Estonian Financial Supervision and Resolution Authority on 19 May 2025.

As part of the Offering, Eesti Energia offered up to 100,000 bonds under the name "EUR 5.00 EESTI ENERGIA BOND 25-2028." Each bond has a nominal value of EUR 100, a maturity date of 4 June 2028, and a fixed annual interest rate of 5%, payable quarterly. In the event of oversubscription, Eesti Energia reserved the right to increase the Offering by up to 500,000 bonds. The Offering was conducted exclusively in Estonia and was not extended to any other jurisdiction.

Total demand for the public offer amounted to EUR 94.4 million. In total, 4715 retail investors participated in the Offering, submitting subscription orders amounting to EUR 71 million. As a result, the base issue volume of EUR 10 million was oversubscribed by approximately 9 times. Eesti Energia has decided to exercise its right to increase the Offering by up to 400,000 bonds, bringing the total issue volume to EUR 50 million.

The Management Board of Eesti Energia has approved the allocation of bonds based on the following principles:

1) Shareholders of Enefit Green AS (as of the end of 28 March 2025) received full allocation for subscription orders up to EUR 100,000 (100%), with an additional 32,91% allocation applied to the portion exceeding that amount.

2) All other investors received full allocation for subscription orders up to EUR 25,000 (100%), with an additional 32,91% allocation applied to the portion exceeding that amount.

A total of EUR 29.6 million in bonds was allocated to shareholders of Enefit Green AS, representing 81% of the total amount they subscribed for. Additionally, EUR 20.4 million in bonds was allocated to other retail investors, corresponding to 59% of their total subscribed amount.

Marlen Tamm, CFO of Eesti Energia, thanked all the investors who participated in the public offer for their trust and said that the record interest of retail investors in the bonds shows their trust in the company and their desire to contribute to the long-term success of the Estonian energy system.

Mihkel Torim, Head of LHV Bank's Investment Banking unit, said that although the offer was open only to Estonian retail investors, it set several records. "The results of Eesti Energia's bond issuance show the importance of investor confidence in the company and its long-term strategy in such offerings. Eesti Energia's offering turned out to be the largest retail-only bond issue in the Baltics. In addition, it turned out to be the largest ever unsubordinated bond offering in the Baltics with the largest retail investor demand," Torim said.

The bonds are expected to be transferred to investors' securities accounts on or around 4 June 2025. Trading on the Baltic Bond List of Nasdaq Tallinn Stock Exchange is anticipated to commence on or around 5 June 2025.

Danel Freiberg

Head of Treasury and Financial Risk Management

Phone: +372 5594 3838

E-mail: [email protected]