Resurs (RESURS) Trading Update summary

Board recommendation and offer details

• Unanimous board recommendation to accept Ronneby UK Limited's public cash offer of SEK 23.50 per share, valuing Resurs at approximately SEK 4.7 billion.

• Offer price represents a premium of 38.2% over the last closing price and 57.3% over the 90-day average.

• Major shareholders Waldakt (28.94%) and Catea Kapital AB (2.0%) have committed to the offer; Erik Selin (3.33%) supports it.

• The offer is conditional on more than 90% acceptance and regulatory approvals; the acceptance period is expected in August 2024.

Financial and trading update

• Q2 2024 operating profit is anticipated at SEK 110 million, down from SEK 244 million in Q2 2023, before exceptional costs.

• April 2024: lending to the public SEK 39,821 million, operating profit SEK 39 million.

• May 2024: lending to the public SEK 39,622 million, operating profit SEK 31 million.

• Credit losses remain elevated compared to 2023 but have stabilized at March 2024 levels.

Strategic outlook and rationale

• New strategy focuses on Retail Finance, corporate loans, and payment solutions, with reduced exposure to Consumer Loans.

• Transformation will require significant investment in IT and product development, with material financial impact expected no earlier than 2027-28.

• Board and advisers, including an independent fairness opinion, consider the offer fair given current trading, outlook, and premium to market and analyst targets.