• Rental income increased by 11% and amounted to MSEK 997 (901).
• Net operating income increased by 9% and amounted to MSEK 660 (608), corresponding to a surplus ratio of 66.2% (67.4%).
• Profit from property management increased by 20% and amounted to MSEK 377 (314). The increase is mainly attributable to higher earnings from associated companies in connection with the sale of shares.
• Profit from project activities amounted to MSEK -7 (77).
• The market value of the properties amounted to MSEK 15,779 (14,632). Unrealised changes in the value of properties for the year amounted to MSEK 223 (-77).
• Profit after tax amounted to MSEK 491 (179). The increase is mainly attributable to unrealised changes in the value of properties.

Significant events during the year 2025:

• At the beginning of the year, CA Fastigheter acquired Lidingö Centrum through KB Nya Lidingö Centrum at a property value of MSEK 811 before deduction for deferred tax. The shopping centre comprises a total lettable area of just over 20,000 square metres and an annual rental value of approximately MSEK 78.5. The acquisition was completed on 28 February.
• During the year, the zoning plan for Gasverket Östra in Stockholm formally gained legal force. This means that CA Fastigheter can now proceed with the reuse and modernisation of the historic buildings in the area, complemented by new construction. The detailed plan allows for the construction of 190 apartments and approximately 30,000 square metres of space for retail, offices and services for those who live or work in the area.
• At the beginning of the year, sales of apartments in Brf Kvirkelhusen 2 commenced, which is the second phase of the residential project Kvirkelhusen in the Strandfuret area of Lomma. During the third quarter, the ceremonial start of construction was held. Brf Kvirkelhusen 2 is the final phase of the project and will consist of two buildings with a total of 28 apartments.
• During the fourth quarter, an agreement was signed for the purchase of approximately 10,500 square metres of land in the Nylanda industrial area in Växjö. On the property, CA Fastigheter will construct commercial premises for workshop and office use. The premises to be built will comprise approximately 1,900 square metres. The lease agreement, signed in 2025 with a term of 18 years, will commence upon occupancy, which is expected to take place no later than December 2026.
• CA Fastigheter is constantly working with sustainability and during the year, the properties Jungfrun 2 in Kalmar and Resedan 33 in Borås have been certified according to Miljöbyggnad iDrift.

The Swedish investment company Claesson & Anderzén (“CA Group”) places one of Europe’s first sector-coupled data centers in GreenLab, Denmark, combining large-scale digital infrastructure with energy flexibility and industrial symbiosis. The data center is expected to be fully operational in 2027.

CA Group has signed an agreement to establish a flexible data center of up to 100 MW IT-load in GreenLab’s green industrial park in Skive, Denmark. The project represents a billion-scale investment and marks a significant step towards integrating large-scale digital infrastructure into a flexible, electrified energy system.

CA Group chose GreenLab due to its pre-zoned land, fast permitting processes and already available electrical infrastructure, enabling significantly faster time-to-market than alternative locations in Europe. In addition, GreenLab’s location uniquely combines access to clean, cost efficient electricity and access to one of Europe’s most stable power grids, an essential factor for reliable data center operations.

–          This project reflects our belief that future data centers must be designed differently,” says Erik Rune, CEO of CA Group. “GreenLab offers a unique environment where large-scale energy projects can be developed with energy flexibility, sector coupling and sustainability built in from day one. “This project will not only power the next generation of AI applications and high-performance computing, but also contribute to digitalisation, create skilled jobs and accelerate the green transition, all while setting new benchmarks for green data center operations.

–          The project represents the realisation of GreenLab’s original ambition, and it is a major step forward in accelerating the green transition in digital infrastructure,” says Thomas Helsgaun, CEO of GreenLab. “Our goal has always been to be able to integrate large energy users into our green industrial park and reduce strain on the power grid – and the scale of this project highlights the strategic importance of industrial symbioses and microgrids when building the energy system of the future.

From passive consumer to active contributor

Traditionally, data centers are seen as large, inflexible electricity consumers that place increasing pressure on power grids all over the world. The new CA Group data center in GreenLab does the exact opposite. It is not designed as a passive energy consumer, but as an active contributor to the energy system, both in GreenLab’s internal energy grid and in the national grid. The data center will be directly connected to GreenLab’s energy park and run on renewable power from wind and solar in combination with a dual-fed connection to the national grid. It will also be integrated into GreenLab’s industrial symbiosis, the SymbiosisNet™, which provides a series of advantages.

–          Data centers are often seen as a strain on the energy system. Here, we are demonstrating the opposite,” says Thomas Helsgaun. “This facility is designed to operate as part of the energy system, not outside it. It will support energy balance and flexibility and even share surplus heat, and it shows how digital infrastructure and the green transition can reinforce each other when planned as one system.

Balancing the energy system is a key benefit

A key benefit of integrating a large-scale data center into GreenLab’s industrial cluster lies in its ability to strengthen and stabilise the local energy system. While surplus heat from the data center can be reused by site partners and potentially supplied to district heating networks, the data center’s most important contribution is its backup systems as a flexible asset in the power system. Supported by a hybrid auxiliary and backup system, the facility can provide grid balancing and flexibility when it is not required for backup. The system combines battery storage with bio- or e-fueled power generation which can be activated quickly to supply or store electricity during peak demand or when renewable energy production does not align with the consumption. This helps stabilise the electricity system in real time, reducing pressure on the national electricity grid and supports a secure, resilient energy system based on renewable energy. This creates value not only for GreenLab, but for society as a whole.

FACTS

• Capacity: 100 MW or the equivalent computing power of hundreds of thousands of high-performance servers, enough to run millions of advanced applications simultaneously
• Facility: 45,000 m² two-storey building
• Backup systems: large-scale hybrid solution combining battery storage and sustainable fuel power generation
• 30 full-time positions on site

Erik Rune, CEO Claesson & Anderzén
erik.rune@claessonanderzen.com
+46 733 99 40 30

About CA Group
Claesson & Anderzén Group is a private investment company with over 110 years of history in investing in real estate, agriculture, infrastructure and tech. Learn more at: claessonanderzen.com

About GreenLab
GreenLab is a green and circular industrial park where power generation, conversion, storage, and usage are intelligently integrated. Located in Skive, Denmark, GreenLab is a catalyst for green innovation and sector coupling, offering companies a unique platform to electrify and operate sustainably and efficiently. Learn more at: www.greenlab.dk

The independent bid committee of Arise AB (publ) (“Arise” or the “Company”) unanimously recommends the shareholders of Arise to accept the cash-based public offer submitted by Aneo Holding AS[1] (“Aneo”), through Aneo BidCo 1 AB[2] (“Aneo BidCo”) today on 26 November 2025.

Background

This statement is made by the independent bid committee of Arise (the “Bid Committee”) pursuant to Nasdaq Stockholm’s Takeover Rules (the “Takeover Rules”).

Today, on 26 November 2025, Aneo BidCo submitted a public offer to the shareholders in Arise to tender all of their shares[3] in Arise to Aneo BidCo for SEK 45 in cash per share (the “Offer” and such consideration being, the “Offer Price”).

The total value of the Offer amounts to approximately SEK 1.8 billion.[4]

The Offer Price corresponds to a premium of:

• approximately 56.3 percent compared to the closing price of SEK 28.8 per Arise share on Nasdaq Stockholm on 26 November 2025, which was the last trading day prior to the announcement of the Offer); and
• approximately 46.0 percent compared to the volume-weighted average trading price of SEK 30.8 per Arise share on Nasdaq Stockholm during the last 30 trading days prior to the announcement of the Offer.

At the time of the Offer, neither Aneo BidCo nor any of its affiliated companies or other related parties own any shares in Arise. Aneo BidCo expects to publish an offer document regarding the Offer on or around 1 December 2025.

The initial acceptance period for the Offer is expected to commence on or around 2 December 2025 and end on or around 30 December 2025.

Completion of the Offer is conditional upon:

1. the Offer being accepted to such an extent that Aneo BidCo becomes the owner of shares in Arise representing more than 90 percent of the total number of outstanding shares in Arise (on a fully diluted basis);
2. with respect to the Offer and acquisition of Arise, receipt of all necessary clearances, approvals, decisions and other actions from authorities or similar, including from competition authorities and authorities responsible for screening of foreign direct investments (“FDI”), in each case on terms which, in Aneo BidCo’s opinion, are acceptable;
3. no circumstances having occurred which could have a material adverse effect or could be reasonably expected to have a material adverse effect on Arise’s financial position or operation, including Arise’s sales, results, liquidity, equity ratio, equity or assets;
4. neither the Offer nor the acquisition of Arise being rendered wholly or partially impossible or significantly impeded as a result of legislation or other regulation, any decision of a court or public authority, or any similar circumstance, which is actual or can reasonably be anticipated, and which Aneo BidCo could not reasonably have foreseen at the time of the announcement of the Offer;
5. Arise not taking any action that is likely to impair the prerequisites for making or completing the Offer;
6. no information made public by Arise or otherwise made available to Aneo BidCo by Arise being inaccurate, incomplete or misleading, and Arise having made public all information which should have been made public by it; and
7. no third party announcing an offer to acquire shares in Arise on terms that are more favorable to the shareholders of Arise than the terms that apply to the Offer.

Aneo BidCo reserves the right to withdraw the Offer in the event it becomes clear that any of the above conditions is not satisfied or cannot be satisfied. However, with regard to conditions 2-7, such withdrawal of the Offer may only be made if the non-satisfaction is of material importance to Aneo BidCo’s acquisition of the shares in Arise or if otherwise approved by the Swedish Securities Council (Sw. Aktiemarknadsnämnden).

Aneo BidCo reserves the right to waive, in its sole discretion and in whole or in part, one or more of the conditions above, including, with respect to condition 1 above, to complete the Offer at a lower level of acceptance.

The Offer does not include warrants issued by Arise under its incentive program to employees given that the warrants represent a limited value.

Aneo BidCo has, in connection with the preparations of the Offer, conducted a customary confirmatory due diligence review of Arise. Apart from certain limited information from the quarterly report subsequently published by Arise on 6 November 2025, no inside information has been disclosed to Aneo BidCo during this review.

For further information about the Offer, please refer to www.aneo.com/en/offer-a.

The Bid Committee

The Board of Directors of Arise has, within the Board of Directors, appointed the Bid Committee, which will handle matters relating to the Offer. The Bid Committee consists of Joachim Gahm (chairman), Mikael Schoultz, P-G Persson, Mia Bodin and Johan Damne. The Board member Erik Rune is considered to have a conflict of interest, as Johan Claesson including companies have undertaken to accept the Offer, and Erik Rune has therefore not participated in, and will not participate in, the Board of Directors’ handling of matters relating to the Offer.

Impact on the Company and its employees

In accordance with the Takeover Rules, the Bid Committee is required, on the basis of Aneo BidCo’s statement in the press release announcing the Offer, to present its opinion regarding the impact that the implementation of the Offer will have on the Company, particularly on terms of employment, and its opinion regarding Aneo Bidco’s strategic plans for the Company and the effects it is anticipated that such plans will have on employment and on the locations where the Company operates.

In its press release, Aneo BidCo stated, among other things, the following:

“Aneo BidCo values Arise’s organisation highly and there is currently no intention, and no decisions have been made, regarding any changes that may affect the Company’s employees or management, and completion of the Offer is not expected to entail any material changes to the Company’s employees (including terms of employment), nor for the existing organisation and operations, including the employment rate and the sites where the Company conducts business. Aneo BidCo attaches great importance to maintaining Arise’s entrepreneurial culture and local presence, which have been key drivers behind the Company’s success to date. Furthermore, Aneo BidCo has no employees, which means that the Offer will not entail any changes for the management and employees of Aneo BidCo or the locations where Aneo BidCo conducts its operations.”

The Bid Committee assumes that this description is accurate and has for relevant purposes no reason to adopt a different opinion.

The Bid Committees statement on the Offer

The Bid Committee’s opinion of the Offer is based on an overall assessment of a number of factors that the Bid Committee has considered relevant in the evaluation of the Offer. These factors include, but are not limited to, the market share price of Arise, the Company’s strategic options given its operational and financial prerequisites as well as prevailing market conditions and challenges in each market in which the Company operates, the Company’s expected future development and the opportunities and risks related thereto. Further, the Bid Committee has analyzed the Offer using the methods normally used for evaluating public offers for listed companies, including Arise’s valuation in relation to comparable listed companies and comparable transactions, premiums in previous public offers, the stock market’s expectations in respect of Arise and the Bid Committee’s view on Arise’s long-term value, based on expected future cash flows.

The Bid Committee has full confidence in the management’s ability to successfully execute Arise’s current strategy and achieve the Company’s financial goals, but also notes that there are risks associated with these. The Bid Committee can see several opportunities and benefits with having Aeno as a strategic owner in a non-listed environment. By being part of a larger Nordic group, there are also significant opportunities for the Company to benefit from Aneo’s extensive operational experience as well as operational synergies and an ability to scale up operations with good access to long-term industry capital.

Furthermore, the Bid Committee has noted that the Offer includes cash consideration, which, subject to the completion of the Offer, provides Arise’s shareholders with an opportunity to realise value from their investment in cash in the near future and at a significant premium in relation to the share prices at which the Company’s shares have recently been traded.

The Bid Committee also notes that the Offer represents a premium of approximately 56.3 percent compared to the closing price of SEK 28.8 per Arise share on Nasdaq Stockholm on 26 November 2025, which was the last trading day prior to the announcement of the Offer and) and a premium of  approximately 46.0 percent compared to the volume-weighted average trading price of SEK 30.8 per Arise share on Nasdaq Stockholm during the last 30 trading days up until and including 26 November 2025.

The Bid Committee also notes that the Offer is not subject to any financing conditions and that the Offer will be fully financed by Aneo BidCo through a combination of new credit facilities and available funds in Aneo Holding 2 AS (a subsidiary to Aneo) which Aneo Holding 2 AS has committed to provide to Aneo BidCo, directly or indirectly. Hence, Aneo BidCo has sufficient cash resources available to satisfy in full the consideration payable in the Offer.

The Bid Committee has also taken into account that the Company’s major shareholders, Johan Claesson including companies and AltoCumulus Asset Management, which together control approximately 50.5 per cent of the total number of outstanding shares and votes in the Company, have entered into irrevocable undertakings to accept the Offer on certain conditions[5].

As part of its evaluation of the Offer, the Bid Committee has also investigated other possibilities in light of the discussions with Aneo BidCo and has taken into account the interests of other potential bidders.

After conducting this evaluation, the Bid Committee considers that the terms of the Offer are attractive to Arise’s shareholders and, in all material respects, reflect the Company’s current position and future growth opportunities, taking into account the risks associated with these opportunities.

Against this background, the Bid Committee unanimously recommends that Arise’s shareholders accept the Offer.

Governing law

Swedish law applies to this statement, and the statement shall be construed accordingly. Disputes arising pursuant to this statement are to be settled exclusively by Swedish courts.

Advisers

The Bid Committee has appointed DNB Carnegie Investment Bank AB as financial adviser and Setterwalls Advokatbyrå AB as legal adviser in connection with the Offer.

ARISE AB (publ)                                                                                                

For further information, please contact:

Per-Erik Eriksson, CEO Arise AB, +46 702 409 902

This information is such information as Arise 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 person set out above at 23.40 CET on 26 November 2025.

About Arise
Arise is a leading independent company that realises new green energy. The company develops, builds, sells and manages renewable electricity production. The company is listed on Nasdaq Stockholm.

Arise AB (publ), Linjegatan 7, SE-302 50 Halmstad, Sweden, telephone 46 (0)10 450 71 00, corporate id .no. 556274-6726. E-mail info@arise.se, www.arise.se