Steady Energy (STEADY) investor relations material

Transaction and financing

• 3North Partners signed a share exchange agreement with Steady Energy shareholders and plans a Nasdaq First North Growth Market Finland listing following the merger.

• Funding package includes €69.8m in institutional investor commitments, an EIB convertible loan of up to €40m and a Finnish IPO targeting up to €5m gross proceeds.

• IPO offers up to 500,000 new A shares at €10 each; investors receive one bonus share for every 15 allocated shares, with a 50-share minimum subscription.

• Planned ticker STEADY; subscriptions run from 21–29 September 2026, with First North trading expected to begin 2 October 2026.

Technology and market

• LDR-50 is a 50 MW thermal-only SMR based on established light-water reactor technology, with passive heat removal and underground installation.

• Development began at VTT in 2019; the organization was founded in 2023 in Espoo and has approximately 75 professionals.

• Management estimates a €30bn district-heating market, equivalent to about 30% of European district-heating demand; priority markets are Finland, Sweden, Poland and Czechia.

• Priority-market estimates: Finland 35 reactors/2,000 MW; Sweden 130/7,500 MW; Poland 65/3,500 MW; Czechia 40/2,300 MW.

• Delivery model combines EPC turnkey reactor supply with HaaS, under which facilities are financed, owned and operated and heat is sold under long-term contracts.

Development and financial targets

• Pilot test program is targeted to start in 2027; principle decision in 2027–2028, construction permit application in 2028–2029 and first commercial plant construction by 2029–2030.

• Management scenario targets a 70-reactor project pipeline for deliveries in 2033–2045, with roughly two-thirds via EPC and one-third via HaaS.

• Long-term targets include revenue above €500m and 25–30% operating margin, rising to revenue above €1bn and 35–40% margin; margins are adjusted for FAS goodwill amortization.

• HaaS is targeted to grow from a small share to approximately 50% of revenue by 2045.

• Combined proceeds are intended for technology development, licensing, initial technology supply contracts, organizational growth, financial flexibility and expansion into markets and applications.