GRØNTVEDT AS – FURTHER UPDATE ON CAPITAL RAISING, REFINANCING EFFORTS AND DELAYED PUBLICATION OF 2024 ANNUAL REPORT

30 May 2025 21:36 CEST

We refer to the previous stock exchange notices dated 28 March 2025, 11 April
2025 and 10 May 2025, respectively, from Grøntvedt AS (the "Company"). In the
notice of 28 March 2025, the Company announced its intention to raise new
capital in the region of NOK 300-500 million, and it also secured necessary
waivers and extensions under its financing arrangements until 9 May 2025. The
notice of 11 April 2025 informed that the annual report for 2024 is expected to
be published no later than 30 May 2025. In the notice of 10 May 2025, the
Company provided an update on the capital raise process and expected
implementation by 30 May 2025.

The Company has been working with its shareholders for an extensive period of
time to address its need for additional capital. The Company is pleased to
report further progress in its efforts to raise new capital and refinance its
financial debt obligations. The process has taken more time than initially
expected and the new target implementation date is end of June 2025.

The Company has for this purpose obtained a formal extension of the waiver from
the senior secured lender and working capital provider until 24 June 2025, and
will engage with remaining creditors to seek necessary waivers and extensions.

The Company further announces that its annual report for 2024 and its Q1 report
are expected to be published by 30 June 2025.

For further information, please contact:
Bjørnar Grøntvedt, CEO: 915 46 244
Atle Helberg, CFO: 909 15 822

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