Translation: Original published in Finnish on 5/29/2026 at 7:00 am EEST.

Revenio announced on Thursday that it has completed the acquisition of Visionix, which was announced in April. The terms and financing structure of the transaction have naturally not changed, but the deal was closed slightly faster than we anticipated. We previously assumed that Visionix would be consolidated into the figures only starting from the beginning of the second half of the year, so the completion at the end of May adds a little over a month of additional Visionix figures to our forecasts for the current year. Based on this, we will make minor mechanical adjustments to our estimates in connection with our Q2 pre-comment, but we see no reason to change our view on the share.

Consolidation begins slightly earlier than our assumptions

In our previous research, we have already modeled Visionix as part of Revenio's figures by making numerous assumptions, which can be reviewed, for example, in our latest update. The confirmed terms of the transaction matched these assumptions exactly: a directed share issue of ~2.49 million shares to the sellers was carried out at a price of EUR 22.40 per share, which corresponds to a 55.7 MEUR portion of the purchase price. Following the transaction, Visionix's former owners will own roughly 8.5% of Revenio. The structure of the financing package, with its 130 MEUR term loan and 80 MEUR bridge financing, is also fully in line with previous information.

The only deviation from our assumptions relates to the timing of the transaction. We assumed the transaction would close at the end of June, with Visionix being consolidated into Revenio from the beginning of the second half of 2026. Now the company has announced that the consolidation will begin as early as May 28, 2026. This means that the Q2 figures will include just over a month of Visionix's revenue and earnings, which mechanically raises our forecasts for the current year but does not change the big picture regarding the company's value or potential. The timing of the transaction did not come as a surprise either; rather, our previous assumption had been made more for the sake of simplicity. We will make the related forecast adjustments at the latest in connection with the Q2 earnings preview.

Yesterday, Revenio also announced the compositions of its new leadership team and Board of Directors. We cannot comment on the individuals appointed to the former at this stage, and the latter was already elected at the Annual General Meeting.

Next steps for the acquisition

The completion of the acquisition was an expected step, but the real work of creating shareholder value and achieving synergies is only just beginning. In the short term, investors' attention will be focused on the following milestones:

• New guidance and Q2 results: Revenio will issue new financial guidance for 2026 in connection with its upcoming half-year report in August (August 6, 2026). At the same time, we will receive the first official figures for the combined company, even though they only cover a short period and the company's balance sheet is still in a transitional phase. We consider the guidance important for improving visibility.
• Pro forma figures: The company will publish unaudited pro forma figures no later than before the upcoming rights issue, which will help in understanding the historical performance of the new entity and refining our own modeling. We estimate the usefulness of the figures to depend on the level of detail provided for each business.
• Rights issue: A rights offering worth 80 MEUR, intended for the repayment of bridge financing, is expected to be arranged around mid-H2’26. In connection with the offering, we believe a listing prospectus will be published, which will provide a significant amount of additional information on the new entity. The largest owners (Demant and the sellers) have already irrevocably committed to subscribing to their respective portions (~31%). In our view, the upcoming rights issue is one reason why investors remain cautious about Revenio.
• Capital Markets Day: The merged company's new strategy will be published and presented at a Capital Markets Day in the second half of 2026. We expect to receive more detailed information on, among other things, the strategy of the new entity, the timetable for realizing the targeted synergies of over 20 MEUR, and plans related to the integration. The Visionix acquisition is truly significant for Revenio and will largely determine the company's future.