AAC Clyde Space (AAC) investor relations material

Strategic investment and transaction structure

• Bonnier Capital is making a strategic investment of up to SEK 140 million in three tranches: SEK 50 million now, SEK 50 million after an EGM in January, and an optional SEK 40 million later in 2026, including a share issue of approximately SEK 100 million and potential warrant proceeds of SEK 40 million.

• The first SEK 50 million is issued under the board's mandate, the second requires shareholder approval and regulatory clearance, and the third is an option for future expansion via 700,000 warrants exercisable in 2026.

• The subscription price for new shares is SEK 84.13, set at a 5.9% discount to the recent closing price, resulting in a 15% dilution of shares; pricing uses a VWAP mechanism for stability.

• Lock-up agreements restrict further share issuance and Bonnier Capital share sales until April 2026, reflecting long-term investment intent.

• The transaction is subject to review by the Swedish Inspectorate of Strategic Products due to dual-use technology considerations.

Strategic rationale and partnership

• Bonnier Capital, part of a 200-year-old Nordic family group, aligns with the company's focus on information and data services and brings professional management experience and long-term ownership.

• The partnership is seen as a strong strategic fit, with the dialogue developing from mutual interest in the space sector and the company's growth trajectory.

• The investment strengthens long-term ownership structure and provides stability for strategic execution.

• The investment will not change the company's strategy, which remains focused on growth in maritime intelligence and satellite data services.

Funding impact and future plans

• Both INFLECION and VIREON programs are now fully funded, providing stability and enabling acceleration of maritime intelligence activities.

• Proceeds will expand operational capacity, add satellite capacity, and support scaling to meet growing demand for space-based intelligence and maritime data services.

• The optional SEK 40 million tranche would allow for further expansion, but current programs do not depend on it.

• No immediate plans for further capital raises; future funding will depend on board and AGM decisions and potential opportunities.

• Dilution is minimized and offset by the value creation from bringing in a strategic investor and supporting long-term growth.