Esmaeilzadeh Holding publishes annual report and sustainability report for 2025

"Throughout 2025, EHAB has undergone a comprehensive transformation. A successful refinancing was completed in the spring, resulting in a new three-year bond loan, and the portfolio was narrowed to the four core holdings: Lyvia, Novedo, Rebellion and Centripetal. In parallel, the financial position of the portfolio companies has been strengthened through capital strengthening measures and active preparations for possible IPOs, and we enter 2026 with a clearer structure and a more focused mission" - Sebastian Karlsson, Chief Executive Officer

Financial overview

• Total net asset value was MSEK 3,206 (6,384), corresponding to SEK 3,945 per ordinary share (8,117).
• Total assets were MSEK 4,942 (8,076).
• Net debt amounted to MSEK -1,670 (-1,469), resulting in a loan-to-value ratio (LTV)¹ of 34% (18%). The equity ratio was 65% (79%).
• Loss for the year amounted to MSEK -3,178 (-880) and earnings per share amounted to SEK -4,123 (-1,142).

Significant events during the 2025 financial year

• In March 2025, EHAB's bondholders approved a written procedure for the purpose of refinancing the company's bond loan through a mandatory securities exchange into new secured bonds.
• EHAB divested the company's holdings in Ametalis AB and Eitrium AB in April. The divestments resulted in a positive liquidity effect for EHAB of MSEK 130 and a negative effect on EHAB's total net asset value of MSEK 73.
• In April, EHAB repurchased its own bonds for a total nominal amount of MSEK 97.5, which were subsequently cancelled before the issuance of the new bond.
• EHAB's new bond loan was issued on 28 April 2025, which simultaneously resulted in the full redemption of the previous bond loan. The new bonds have a maturity of three years, a deferred annual interest rate of 11 per cent and a total nominal amount of MSEK 1,649. The bonds are secured by pledged shares in EHAB's portfolio companies and through a newly established intermediate holding company, EHAB MidCo AB.
• In 2025, EHAB reduced the fair value of its holding in Lyvia Group AB on two occasions, first in June to approximately MSEK 3,969 and subsequently in December to MSEK 3,162. The total decrease in fair value of the holding during the year amounted to MSEK 2,517, corresponding to approximately 44 per cent.
• In October, EHAB adjusted the fair value of its holding in Rebellion Capital to MSEK 282, which resulted in a reduction of net asset value of MSEK 265.

Significant events after the 2025 financial year

• At the end of February, EHAB and Lyvia decided to implement certain changes in their respective management teams. Sebastian Karlsson, who was CEO of Lyvia at the time, was appointed as the new CEO of EHAB. Martin Almgren, who at the time was CFO and Deputy CEO of Lyvia, was appointed as the new CEO of Lyvia. Mikael Ericson, former CEO of EHAB, transitioned to a consulting role focused on board-related matters. The changes were implemented on 1 March 2026.

For further information, please contact:

Sebastian Karlsson, CEO

sebastian.karlsson@ehab.group

The information was submitted for publication, through the agency of the contact person set out above, at 11.00 CEST on 28 April 2026.

About Esmaeilzadeh Holding AB (publ)

EHAB is an entrepreneurially driven investment company that invests in and develops resilient companies within selected industries. The primary focus is investments in operational groups with opportunities for both organic and acquisition-based growth. For more information, see www.ehab.group.

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¹ The definition of the loan-to-value ratio (LTV) has been amended from the previous annual report to better reflect the terms of EHAB's new bond loan. The comparative figures have also been restated accordingly. See the definition of alternative key ratios for further details.