Solteq Oyj

On September 6, 2024, Solteq Plc announced the formation of its Shareholders’ Nomination Committee, comprising representatives from its four largest shareholders as of August 30, 2024. The committee members are: - Markku Pietilä, nominated by Profiz Business Solution Oy (11.32% shares and votes) - Jukka Vähäpesola, nominated by Keskinäinen Työeläkevakuutusyhtiö Elo (10.31% shares and votes) - Karoliina Lindroos, nominated by Keskinäinen Eläkevakuutusyhtiö Ilmarinen (8.51% shares and votes) - Hanna Kaskela, nominated by Keskinäinen työeläkevakuutusyhtiö Varma (7.97% shares and votes) The committee is responsible for preparing proposals for the election and remuneration of the Board of Directors to be presented at the Annual General Meeting. These proposals will be submitted to the Board of Directors by January 31, 2025. For further information, contact CEO Aarne Aktan. Solteq Plc is a Nordic software and expert services provider with over 400 employees, operating in several countries.

Solteq Plc has initiated a written procedure to amend the terms and conditions of its EUR 23 million senior unsecured fixed rate notes. The company aims to ensure sufficient funding and operational continuity. Noteholders are requested to consent to the proposed amendments, which are expected to aid in refinancing the notes and improving profitability through cost-saving measures. A Consent Fee of 1.75% of the nominal amount of the notes will be offered to those who vote in favor by the specified deadline. A quorum requires participation from noteholders holding at least 50% of the adjusted nominal amount, and approval needs a two-thirds majority of votes cast. Noteholders must participate by 13 September 2024, and further details are available in the Request document attached to the release. If the request is not approved, the current terms will remain unchanged. The notes have been listed on Nasdaq Helsinki since October 2020.

Solteq has released preliminary financial information to assist with financing negotiations. The unaudited figures indicate a significant earnings turnaround, with a EUR 1.9 million improvement in comparable EBITDA and a EUR 2.1 million increase in the comparable operating result for the second quarter, resulting in a profitability boost of over 15% and a slightly positive operating result. CEO Aarne Aktan credits the company's renewed business strategy, enhanced operations, and cost-saving programs over the past two years for this success, along with the efforts of the personnel. The net cash flow improved by EUR 3.0 million in the first half of the year compared to the previous period. Solteq plans to publish its Half-Year Report on August 22. The company is considering initiating a written procedure to amend the terms of its EUR 23 million senior unsecured fixed-rate notes due October 1, 2024, to ensure sufficient funding and operational continuity. If this procedure is pursued, Solteq will issue a release and draft a request for Noteholders' approval, requiring at least 20% of the Adjusted Nominal Amount and a two-thirds majority of the votes cast. For further information, contact CEO Aarne Aktan or CFO Mikko Sairanen. Solteq is a Nordic software solution and expert service provider in the retail and energy sectors, operating in multiple countries with over 400 professionals.

Solteq has completed its efficiency and cost-savings program aimed at the Retail & Commerce segment’s Commerce & Data business unit and Group administration. The company expects to achieve annual savings of approximately EUR 3.4 million, with about a third of these savings realized in 2024. Following change negotiations in Finland, which began on May 6, 2024, and concluded on June 24, 2024, Solteq will reduce its workforce by 24 employees in Finland. These measures are intended to create a more agile organization and improve profitability, with a long-term target of at least 8 percent annual growth in revenue and operating result margin for the Retail & Commerce segment. Solteq operates with nearly 500 professionals across several countries, including Finland, Sweden, Norway, Denmark, Poland, and the UK.

Solteq Plc's CEO, Aarne Aktan, will assume leadership responsibilities for the Utilities segment following the resignation of Jaakko Hirvensalo, the former EVP of Utilities. This is in addition to Aktan's current duties as CEO. The change will be effective from May 1, 2024. Aktan's extensive experience in software product development and business leadership is expected to benefit the company. The executive team of Solteq also includes Jesper Boye, Mikko Sairanen, Oona Silén, and Christa Tavan. Solteq is a Nordic software solution provider specializing in retail and energy sectors, operating in several countries.