Debt financing

Tokmanni Group Corporation

Tokmanni Group’s target is an efficient capital structure. The long-term goal is to keep the ratio of net debt to comparable EBITDA, excluding the impact of IFRS 16, below 2.25 at year-end.

Financing of Tokmanni Group Oyj consists of a syndicated bank loan, a committed revolving credit facility, bank account overdraft facility, and a commercial paper Program.

On 20 November 2025, Tokmanni Group Corporation announced the issuance of senior unsecured notes totalling EUR 100 million. The notes will mature on 27 February 2031 and carry a fixed interest rate of 4.75% per annum. The Finnish Financial Supervisory Authority approved the listing prospectus for the notes on 25 November 2025. Nasdaq Helsinki admitted the notes to trading on the stock exchange list on 27 November 2025.

At the end of 2025, Tokmanni Group had a total of EUR 223.0 million (226.0) available in credit facilities, consisting of loan agreements with credit institutions and a commercial paper programme. Cash and cash equivalents amounted to EUR 69.4 million (15.9) at the end of 2025, and the Group’s financing position is stable.

At the end of 2025, Tokmanni Group’s interest-bearing debt totalled EUR 955.9 million (832.2), including EUR 170.0 million (230.0) in non-current loans from credit institutions, and bond loan of EUR 100.0 million (excluding accrued issue costs). Short-term credit facility loans and commercial papers amounted to EUR 47.0 million (42.0). The remainder of the liabilities mainly consists of lease
agreement liabilities reported under IFRS 16. The Group’s net debt excluding lease liabilities amounted EUR 245.6 million (255.3).

Tokmanni Group’s ratio of net debt to comparable EBITDA excluding the impact of IFRS 16 was 2.71 at the end of 2025 (2.39). Tokmanni Group’s target is an efficient capital structure. The long-term goal is to keep the ratio of net debt to comparable EBITDA, excluding the impact of IFRS 16, below 2.25 at year-end.

Tokmanni Group’s equity ratio was 19.1% (19.1%) at the end of 2025.

Senior unsecured notes

Releases:

Listing prospectus

Important information

The distribution of the information contained in the pages that follow may, in certain jurisdictions, be restricted by law. The information contained in the pages that follow or any other information relating to the listing of the notes may not be used for the purpose of, or in connection with, any offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. No actions have been taken to register or qualify the notes, or otherwise to permit a public offering of the notes in any jurisdiction. The notes may not be offered, sold, resold, transferred or delivered, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, Singapore, South Africa or any other jurisdiction in which it would not be permissible to offer the notes, and the information contained in the pages that follow or any other information relating to the listing of the notes may not be sent to any person in the aforementioned jurisdictions.

The notes have not been, and will not be, registered under the U.S. Securities Act 1933, as amended (the “Securities Act”) or the securities laws of any state of the United States. The notes may not be offered, sold, pledged or otherwise transferred directly or indirectly within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act), except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

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