HLRE Holding Plc announces expected breach of Net Interest Bearing Debt to EBITDA financial covenant

HLRE Holding Oyj (the "Company") has today informed the agent for the Company's senior secured bonds (ISIN SE0015530712) (the "Bonds"), Nordic Trustee & Agency AB (publ) (the “Agent”), that it expects to breach the Net Interest Bearing Debt to EBITDA maintenance financial covenant under the terms and conditions of the Bonds for the relevant period that ended on 31 October 2025 (the "Anticipated Breach"). The Company will publish its Q3 financial report, and deliver the related compliance certificate where the financial covenants are reported to the Agent, for the period between 1 February 2025 and 31 October 2024 during the week 49 in the beginning of December 2025.

The financial position of the Company and its group companies has been challenging for some time. Consequently, the Company has commenced negotiations with the largest holder of the Bonds of certain amendments to the terms and conditions of the Bonds as well as certain other financial restructuring measures whereby the financial situation of the Company would be improved. In order to obtain the consent of the holders of the Bonds to such measures, the Company will request the Agent to launch a written procedure, or to convene a bondholders' meeting, immediately once the proposed measures have been agreed. The Company plans to request for a waiver in respect of the Anticipated Breach as part of such measures

For further information:

Kimmo Riihimäki, Group CEO
kimmo.riihimaki@vesivek.fi
+358 400 730 671

Juha Nuutinen, Group CFO
juha.nuutinen@vesivek.fi                           
+358 50 438 0984