Dellia Group intends to apply for a listing on Euronext Oslo Børs

09 Sep 2025 08:03 CEST

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL.

Oslo, 9 September 2025: Dellia Group AS, to be renamed Dellia Group ASA (the
“Company”, and including its consolidated subsidiaries, the “Group” or “Dellia”)
today announces its intention to apply for a listing on Euronext Oslo Børs (the
“Listing”).

Dellia is a Nordic consumer goods group with a fast-growing position in the
dried fruit category. The Group develops and markets brands such as Sunshine
Delights®, Dippies® and A Date With® – exciting and tasty products broadening
the dried fruit category through mass market appeal. Dellia’s products are
distributed across approximately 12,800 stores in the Nordics. Between 2022 and
2024, Dellia’s revenue grew at a CAGR of 124%. As of June 2025, Dellia had LTM
revenues of NOK 440 million and an adjusted EBIT of NOK 54 million (unaudited).

Dellia launched Sunshine Delights® Dried Mango in 2019, which quickly gained
traction in Norway and laid the foundation for rapid growth. The brand has since
expanded into peach, pineapple, melon and other tropical fruits, and comprise of
13-products today. Sunshine Delights® was subsequently introduced across the
Nordics and now has a number of bestselling products in the dried fruit category
across markets. Building on this momentum, Dellia introduced Dippies® and A Date
With® in 2024 – innovative ranges built on the success of Sunshine Delights®.
Together, the three brands now offer 24 products, widely distributed across the
Nordics and with early foothold in 8 additional European markets.

Dellia has built a strategic position by focusing on selected reliable,
long-term supply chain partnerships. By collaborating closely with suppliers on
forecasting, production practices and capacity expansion, Dellia has established
a supply platform ensuring both reliable raw material access and consistent
product quality. This foundation has enabled Dellia to scale rapidly, drive
continuous innovation, and strengthen its position in the Nordic dried fruit
market.

The Listing is expected to support Dellia’s growth strategy by helping it fund
working capital to scale in selected European markets, secure production
capacity, invest in innovation and product development and further strengthen
its supply chain from raw material to finished products on shelves.

The Company is currently owned 51% by its founders and management and 49% by a
group of approximately 40 external investors.

Jan Storli Eriksen, CEO and Co-founder of Dellia, comments: “The contemplated
listing marks a significant milestone in Dellia’s journey, since our first
products entered stores in 2019. I am very proud of how our team has built
Dellia from a start-up into a recognized supplier of dried fruit and an
innovator within the category in the Nordics. We have strong sales growth, a
resilient supply chain and trusted retail partnerships. As we take this next
step, our focus remains on expanding our Nordic position, establish
proof-of-concept in Europe, continue innovation, and further scale and
strengthen our supply chain. Together with our colleagues and partners, we are
committed to creating long-term value for our customers, consumers and
shareholders.”

Financial highlights

Dellia generated NOK 266 million in revenue for the year ended 31 December 2024,
corresponding to a 151% year-over-year growth, with an adjusted EBIT margin of
5%. Current trading remains solid, and for the first half of 2025, Dellia
delivered NOK 280m in revenues (165% year-over-year) and an adjusted EBIT margin
of 15%. As of 30 June 2025, the company had LTM revenue of NOK 440 million and
adj. EBIT of NOK 54 million.

Listing highlights

In connection with the contemplated Listing, the Company is expected to raise
approximately NOK 100 million through an offering of new shares. In addition,
there may be an offering of existing shares from current shareholders (together
with the new share issue, the “Offering”). The size of such secondary sale, if
any, will be determined prior to the start of the bookbuilding period. However,
none of the Company’s founders and members of management will sell any shares in
the Offering. The shares will be offered through a public offering in Norway,
Sweden, Denmark and Finland, as well as a private placement to institutional
investors in Norway and internationally.

DNB Asset Management and Strawberry Capital have undertaken to acquire and will
be allocated shares for NOK 20 million each in the Offering (for a total
cornerstone investor tranche of NOK 40 million), subject to certain conditions,
and for a price per share of NOK 135.00, which is equivalent to a pre-money
equity value of the Company of NOK 549 million.

Full terms, conditions and instructions for the Listing and Offering will be
included in the prospectus expected to be published by the Company in connection
with the Listing and the Offering.

The Company’s founders and members of management will be subject to an 18-months
lock-up for their shareholdings, subject to customary exemptions. Any new
employees or members of the Board of Directors who subscribe for and are
allocated shares in the IPO will be subject to the same 18-months lock-up.

Subject to receiving the relevant approvals from Euronext Oslo Børs and the
Norwegian Financial Supervisory Authority, as well as prevailing equity capital
market conditions, the Offering and the Listing is expected to take place in
either late Q3 or early Q4 2025.

Advisors

ABG Sundal Collier ASA is acting as Lead Manager and Bookrunner in the Listing
and Offering, and Pensum Asset Management AS is acting as Co-Manager (together,
the "Managers").

Wikborg Rein Advokatfirma AS is acting as legal advisor to Dellia, and Deloitte
Advokatfirma AS is acting as legal advisor to the Managers.

For further queries, please contact:
Geir Bjørlo, Corporate Communications, +47 915 40 000, geir.bjorlo@corpcom.no

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of Dellia Group AS in
the United States or any other jurisdiction. The securities of the Company may
not be offered or sold in the United States absent registration or an exemption
from registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States. In any EEA
Member State, this communication is only addressed to and is only directed at
qualified investors in that Member State within the meaning of the EU Prospectus
Regulation, i.e., only to investors who can receive the offer without an
approved prospectus in such EEA Member State. The expression "EU Prospectus
Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of
the Council of 14 June 2017 (together with any applicable implementing measures
in any Member State). In the United Kingdom, this communication is only
addressed to and is only directed at Qualified Investors who (i) are investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are
persons falling within Article 49(2)(a) to (d) of the Order (high net worth
companies, unincorporated associations, etc.) (all such persons together being
referred to as "Relevant Persons"). These materials are directed only at
Relevant Persons and must not be acted on or relied on by persons who are not
Relevant Persons. Any investment or investment activity to which this
announcement relates is available only to Relevant Persons and will be engaged
in only with Relevant Persons. Persons distributing this communication must
satisfy themselves that it is lawful to do so.

This statement contains certain forward-looking statements (as such defined in
Section 21E of the U.S. Securities Exchange Act of 1934, as amended) concerning
future events, including possible issuance of equity securities of the Company.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as "anticipate", "believe", "continue", "estimate",
"expect", "intends", "may", "should", "will" and similar expressions. The
forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although the Company
believes that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Such risks, uncertainties, contingencies and
other important factors include, but are not limited to, the possibility that
the Company will determine not to, or be unable to, issue any equity securities,
and could cause actual events to differ materially from the expectations
expressed or implied in this release by such forward-looking statements. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. None of the
Manager or any of their respective affiliates makes any representation as to the
accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. None of the
Managers or any of their respective affiliates accept any liability arising from
the use of this announcement. Each of the Company, the Managers and their
respective affiliates expressly disclaims any obligation or undertaking to
update, review or revise any statement contained in this announcement whether as
a result of new information, future developments or otherwise.

The Offering may be influenced by a range of circumstances, such as market
conditions, and there is no guarantee that the Offering will proceed and that
the Listing will occur. Certain figures contained in this announcement,
including financial information, may have been subject to rounding adjustments.
Accordingly, in certain instances, the sum or percentage change of the numbers
contained in this announcement may not conform exactly with the total figure
given. The distribution of this announcement and other information may be
restricted by law in certain jurisdictions. Persons into whose possession this
announcement or such other information should come are required to inform
themselves about and to observe any such restrictions. Specifically, neither
this announcement nor the information contained herein is for publication,
distribution or release, in whole or in part, directly or indirectly, in or into
or from the United States (including its territories and possessions, any State
of the United States and the District of Columbia), Australia, Canada, Hong Kong
Japan or any other jurisdiction where to do so would constitute a violation of
the relevant laws of such jurisdiction. The publication, distribution or release
of this announcement may be restricted by law in certain jurisdictions and
persons into whose possession any document or other information referred to
herein comes should inform themselves about and observe any such restriction.
Any failure to comply with these restrictions may constitute a violation of the
securities laws of any such jurisdiction.

This is not a prospectus, but an advertisement, and investors should not
subscribe for or purchase any securities or make any investment decisions
referred to herein except on the basis of information contained in the
prospectus issued by the Company. The prospectus will be published and made
available on the Company’s website.

More information:
Access the news on Oslo Bors NewsWeb site

654918_ITF - Dellia Group.pdf