Amwood AB (publ)

Amwood AB (publ) initiates a written procedure to waive and amend the terms and conditions of its senior secured bonds 2024/2027 and provides financial update

Amwood AB (publ) (the "Company") hereby announces that it through CSC (Sweden) AB as agent under its senior secured bonds 2024/2027 with ISIN SE0023113998 (the "Bonds") (the "Agent"), has initiated a written procedure (the "Written Procedure") regarding certain proposed amendments and waivers to the terms and conditions of the Bonds (the "Terms and Conditions"), and provides in connection therewith a financial update.

In this press release, a capitalised term used but not defined herein shall have the meaning given to it in the notice of Written Procedure and / or the Terms and Conditions.

Written procedure

On 30 June 2026, the Company announced that it had initiated a written procedure (the "June Written Procedure") to request certain waivers and amendments to the Terms and Conditions, as further described in the press release published by the Company on that date.

Following constructive dialogue with Bondholders, the Company has received voting undertakings from Bondholders representing more than 70 percent of the adjusted nominal amount (the "WP Bondholders") to vote in favor of the proposals. The Company communicated hence accordingly on 17 July 2026 its withdrawal of the June Written Procedure and its intention to initiate this new Written Procedure, which reflects the terms agreed with the WP Bondholders.

Pursuant to the Written Procedure, the Company is requesting that the holders of the Bonds vote in favour of certain amendments and waivers to the Terms and Conditions.

The amendments and waivers requested pursuant to the Written Procedure are summarised below. The full details of the requests are set out in the notice of Written Procedure.

Waivers

1. That the Event of Default which has arisen under the Terms and Conditions due to non-compliance with the Interest Coverage Ratio on the Reference Date falling 30 April 2026 is waived.
2. Amendments
3. That the amount permitted to be incurred pursuant to the Working Credit shall be increased from SEK 300,000,000 to SEK 375,000,000, with the possibility for the Company to elect to further increase the permitted amount to SEK 400,000,000, SEK 425,000,000 or SEK 450,000,000, subject to compliance with the Incurrence Test and payment of the Working Credit Fee.
4. That the Equity Ratio shall be amended to, for each Reference Date from (and including) 31 July 2026 until (and including) 31 October 2026, 17.50 per cent. and for each Reference Date from (but excluding) 31 October 2026 until (and including) the Final Maturity Date, 20 per cent.
5. That the Interest Coverage Ratio will not be tested on the Reference Dates falling 31 July 2026 and 31 October 2026 and shall be amended to, for the Reference Date falling 31 January 2027, 1.50:1. From (and including) 30 April 2027 until (and including) the Final Maturity Date, the Interest Coverage Ratio shall be reinstated to 2.25:1.
6. That additional undertakings is added in relation to certain governance matters, pursuant to which the Company will undertake to, amongst other things, (i) appoint a CFO and an independent board member, (ii) initiate valuations to be prepared by a reputable valuer in relation to the Pledged Companies (iii) contact at least three (3) commercial banks for the purpose of refinancing the Bonds in full or in part; (iv) initiate a Strategic Review (for the purpose of refinancing the Bonds in full by way of a debt financing, a sale of assets of at least SEK 200,000,000, and/ or an equity raise of at least SEK 200,000,000) and (v) enter into a term sheet and/or letter of intent in relation to the Strategic Review.
7. That further information undertakings are added in favour of the Agent in relation to the measures to be undertaken by the Company pursuant to the new governance undertakings.
8. That additional security shall be granted over the shares in Sweden Timber Malmbäck AB, Sweden Timber Hjortkvarn AB, Sweden Timber Skillingaryd AB, Sweden Timber Mora AB, Woodcomposite Sweden AB, Hylte Paper UK Ltd, and Fastighets AB Häggatorp within 45 days from the date of which the request in the Written Procedure is approved.
9. That the Company shall mandatorily repay the Bonds in part on each interest payment date starting on 25 January 2027, in an amount determined by reference to the Relevant WC Basket Amount, such partial repayment being minimum SEK 20,000,000 (if the Relevant WC Basket Amount is SEK 375,000,000), minimum SEK 25,000,000 (if SEK 400,000,000), minimum SEK 30,000,000 (if SEK 425,000,000) or minimum SEK 35,000,000 (if SEK 450,000,000).
10. That a redemption premium ranging between 0.00 and 4.50 per cent. of the Nominal Amount per Bond shall be applicable to any Bonds redeemed or repurchased, including pursuant to mandatory partial redemption, or any voluntary or mandatory redemption or repurchase of Bonds, in addition to any applicable premium pursuant to the Terms and Conditions. The applicable Redemption Premium will depend on the Relevant WC Basket Amount, being 0.00 per cent. (if the Relevant WC Basket Amount is SEK 375,000,000), 1.50 per cent. (if SEK 400,000,000), 3.00 per cent. (if SEK 425,000,000) or 4.50 per cent. (if SEK 450,000,000).
11. That upon any election to increase the Relevant WC Basket Amount, the Company shall pay to the holders of Bonds a one-off working credit fee within ten (10) Business Days from the relevant WC Basket Increase Date. The applicable Working Credit Fee will depend on the elected WC Basket Amount, being 0.00 per cent. (if the Relevant WC Basket Amount is SEK 375,000,000), 0.50 per cent. (if SEK 400,000,000), 1.00 per cent. (if SEK 425,000,000) or 1.50 per cent. (if SEK 450,000,000) of the Nominal Amount per Bond. Any previously paid Working Credit Fee and the Consent Fee will be deducted when calculating the Working Credit Fee payable.

The record date for a holder of Bonds being eligible to vote in the Written Procedure is 27 July 2026 and the last day for voting in the Written Procedure is 7 August 2026 at 12:00 CEST. However, the Written Procedure may be concluded prior to the expiry of the voting period if the required majority is obtained.

If the Written Procedure is approved by a requisite majority of the holders of Bonds, each eligible holders of Bonds will be entitled to a consent fee amounting to 1.00 per cent of the outstanding nominal amount of all Bonds held by such holders of Bonds at the relevant record date, subject to the terms set out in the notice of the Written Procedure.

For further information regarding the Written Procedure and the request, including the full details of the proposals, please refer to the notice of Written Procedure available on the Company's website (https://amwood.se/) and via the Agent's information service (https://blog.cscglobal.com/our-services/capital-markets-services/bond-assignments/amwood-ab-publ).

Financial Update

All figures in the tables below are stated in millions of Swedish kronor (SEK).

Set out below are the principal assumptions on which the above estimated numbers are based:

• that the bondholders accept the Company's request for an increase in its working credit facility;
• that electricity and energy prices develop in accordance with current market prices; and
• that the planned maintenance shutdown at Aspa Pulp in Q1 2026/27 impacts EBITDA by EUR 5.5 million.

For additional information, please contact:

Mikael Arvidsson, CEO

Amwood AB (publ)

Tel.: +46 721 888 688

Email: [email protected]

This information is information that Amwood AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 21 July 2026 14:30 CEST.