Esmaeilzadeh Holding publishes annual report and sustainability report for 2024

"The year was characterised by intensive work on financing and transactions, while our portfolio companies continued to show stable performance. Throughout the year, we have worked closely with them to strengthen capital structures and secure financial stability across the group. With the continued support of our bondholders, we are now in a position to take a longer-term approach – with a clear focus on realising value over time" - Mikael Ericson, Chief Executive Officer

Financial overview

• Total net asset value was MSEK 6,384 (7,164), equivalent to SEK 8,117 per share (9,294).
• Total assets were MSEK 8,076 (8,751).
• Net debt amounted to MSEK -1,469 (-1,308), resulting in a loan-to-value ratio (LTV) of 23% (18%). The equity ratio was 79% (82%).
• Loss for the year amounted to MSEK -880 (-443) and earnings per share amounted to SEK -1,142 (-574).

Significant events during the 2024 financial year

• In January, EHAB's general meeting decided on a new issue of preference shares, which resulted in a capital injection of MSEK 100. At the same time, some previously approved changes to the bond terms went into effect.
• In February, EHAB announced certain changes to EHAB's board and management team. Mikael Ericson was appointed CEO, Saeid Esmaeilzadeh as Chairman of the Board and Mouna Esmaeilzadeh as Deputy Chair.
• At the end of June, EHAB sold its entire holding in Dentalum. The sale provided EHAB with MSEK 138, resulting in a negative change in EHAB's net asset value of MSEK 400.
• During August, Novedo issued convertibles totalling MSEK 428, of which EHAB received MSEK 123 through conversion of its outstanding shareholder loan.
• In December, EHAB initiated a written procedure to, among other things, extend the term of the bond loan before the bond’s maturity.

Significant events after the 2024 financial year

• In the beginning of January 2025, EHAB’s bondholders approved the written procedure that the company had initiated in December 2024. The approval mainly involved an extension to the term of EHAB’s outstanding bond loan to 26 April 2025.
• During February, EHAB initiated a written procedure to refinance the company's bond loan through a mandatory exchange of securities for new secured bonds. The new bonds have a maturity of three years, carry deferred interest at a rate of 11% and have a total nominal amount of MSEK 1,649. The new bonds are secured by pledged shares in EHAB's portfolio companies and a new intermediate holding company. The proposal was approved on 24 March 2025 and the issue date for the new bonds is expected to be 28 April 2025. 
• During April, EHAB has divested the company's holdings in Ametalis AB and Eitrium AB. The disposals resulted in a positive liquidity effect for EHAB of MSEK 130 and a negative effect on EHAB's total net asset value of MSEK 73, as reflected in EHAB's net asset value as of 31 March 2025. The divestments streamline the portfolio and remove future capital commitments.
• During April, EHAB repurchased its own bonds for a total nominal amount of MSEK 97.5. These bonds were subsequently cancelled before the issuance of the new bonds.

For further information, please contact:

Mikael Ericson, CEO

mikael.ericson@ehab.group

The information was submitted for publication, through the agency of the contact persons set out above, at 11.05 CEST on 28 April 2025.

About Esmaeilzadeh Holding AB (publ)

EHAB is an entrepreneurially driven investment company that invests in and develops resilient companies within selected industries. The primary focus is investments in operational groups with opportunities for both organic and acquisition-based growth. For more information, see www.ehab.group.