The public offering of AS Pro Kapital Grupp bonds, which closed on Friday, 18 September, was oversubscribed twice by retail and institutional investors in the Baltic states, prompting the company to increase the total volume of bonds to be issued to €10 million.

A total of 985 investors took part in the offer, subscribing to bonds totalling 11,976,000 euros, meaning that the base volume of the offer – 6 million euros – was oversubscribed twice. Of the total subscription amount, €9.3 million (77.5 per cent) was subscribed in Estonia, €1.7 million (14.2 per cent) in Lithuania and €1 million (8.3 per cent) in Latvia. When allocating the bonds, all subscription orders submitted by the same subscriber were aggregated; investors who subscribed for at least 100 bonds were allocated 100 per cent of their subscribed quantity, whilst all other investors were allocated 56.5 per cent of their subscribed quantity, but no fewer than 3 bonds and no more than the quantity subscribed by the investor.

“The successful bond issue, which was more than two times oversubscribed, enabled us to consolidate the company’s financing in the Baltic States, where Pro Kapital’s business operations and real estate portfolio are also located. In the near future, we will fully redeem the bonds listed in Sweden and terminate their listing there, while continuing the design and engineering, construction and sales of our planned development projects in Tallinn, Riga and Vilnius,” commented Edoardo Axel Preatoni, Member of the Management Board of Pro Kapital, on the results of the issue. “We would like to thank all investors who subscribed for the bonds for their strong interest, confidence and contribution to the implementation of Pro Kapital’s future plans,” he added.

„It is the largest bond issue completed by a Baltic residential developer this year. Priced at 8.3%, it also achieved the sector’s tightest spread over base rate in the Baltic bond market this year. Strong participation from both institutional and retail investors demonstrates that the market recognises Pro Kapital’s profitability and strong equity ratio. The message from investors was clear: a strong balance sheet matters,” said Silver Kalmus, Head of DCM at LHV Pank.

The funds raised through the issue will be used, together with Pro Kapital’s own funds, to service the existing secured bonds (ISIN SE0013801172; outstanding nominal value of 10,545,000 euros, plus accrued interest) and to delist them from the Nasdaq Stockholm stock exchange.

The bonds will be credited to investors’ securities accounts on 25 September 2026 or a date close to that, and the first trading day for the bonds on the Baltic Bonds list of the Nasdaq Tallinn Stock Exchange will be 25 September 2026 or a date close to that.

The offering of Pro Kapital bonds was conducted on the basis of the base prospectus for the public offering and admission to trading approved by the Financial Supervision Authority on 7 September 2026 (hereinafter the ‘prospectus’). As part of the offering, up to 6,000 bonds with a nominal value of 1,000 euros per bond, a fixed interest rate of 8.3% per annum and a maturity date of 25 September 2028 were offered to retail and professional investors in Estonia, Latvia and Lithuania. Interest is paid quarterly, with the first interest payment due on 28 December 2026. The base size of the offering was 6 million euros and, in the event of oversubscription, Pro Kapital had the right to increase the issue size to up to 10 million euros, i.e. to issue up to 10,000 bonds.

AS Pro Kapital Grupp is a property developer founded in 1994, whose core activities are centred on Tallinn, Riga and Vilnius. Over the course of its 32 years in operation, the group has developed over 515,000 square metres of gross floor area, and its development portfolio also includes over 322,000 square metres of planned gross floor area. Pro Kapital’s shares have been listed on Nasdaq Tallinn since 2012 and have been included in the Baltic Main List since 2018.

Further information

AS Pro Kapital Grupp

Andrus Laurits, Managing Director | +372 614 4920 | andrus.laurits@prokapital.com

AS LHV Pank

Silver Kalmus, Debt Securities Area Manager | +372 5620 6450 | silver.kalmus@lhv.ee

IMPORTANT INFORMATION

The Offering has closed and, thus, the purpose of this announcement is solely to publish the results thereof (not to advance the subscription or acquisition of the bonds).The information contained in this announcement is not intended for publication, distribution or transmission, in whole or in part, directly or indirectly, in any country or under any circumstances where such publication, distribution or transmission would be unlawful, or to any person subject to financial sanctions imposed by the competent authorities.