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Episurf — Capital/Financing Update 2026
May 22, 2026
3157_rns_2026-05-22_087e6d5e-898a-4b40-aa94-18b692d539ad.pdf
Capital/Financing Update
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EPISURF Medical
Episurf Medical acquires a real estate portfolio with an agreed property value of SEK 660m from Lilium
Episurf Medical AB (publ) (Nasdaq: EPIS B) has entered into an agreement to acquire a portfolio of vehicle inspection and logistics properties from Lilium AB. The agreed property value amounts to SEK 660m. The acquisition adds to the Company a portfolio of vehicle inspection and logistics properties with rental income of approximately SEK 49m per year and a net operating income of approximately SEK 41m.
"The Lilium acquisition is another step in building our real estate platform. The Lilium acquisition expands our exposure to industrial properties and adds a portfolio with strong cash flow and stable tenants."
– Jens Andersson, CEO Episurf Medical
"It is with great pleasure that Lilium Fastigheter, through this structural transaction, can now confirm that we will become one of the larger shareholders in Episurf Medical. In this way, we are above all also able to offer investors in northern Sweden – as the majority of the properties are located along the coast of northern Sweden – the opportunity to acquire shares in the fine logistics portfolio that we have built up over more than 15 years. We are also convinced that Episurf Medical will develop the portfolio further and that the company, together with its current property holdings and future acquisitions, will be a stable and profitable investment."
– Peter Gotthardsson, Chairman of the Board, Lilium AB
The acquisition in brief
The property portfolio consists of 45 properties, primarily vehicle inspection and logistics properties with a focus on industrial infrastructure, in Sweden.
The agreed property value amounts to SEK 660m. The annual rental income amounts to approximately SEK 49m and the net operating income (NOI) to approximately SEK 41m.
Completion (access) is expected to take place during the third quarter of 2026.
Payment of the purchase price
The purchase price is financed through an issue of class B shares of approximately SEK 264m at a price of SEK 0.08 per class B share, a convertible loan of SEK 198m with a 24-month term, and through bank financing.
The conversion price is determined by the time at which conversion is requested: SEK 0.085 (8.5 öre) per class B share during the first six months, SEK 0.090 (9.0 öre) during the following twelve months, and SEK 0.095 (9.5 öre) during the final six months.
Dilution
The issue of class B shares and the conversion of convertible loans may result in dilution for existing shareholders of up to approximately 56 percent based on the current number of
registered shares. Calculated on all issued and contracted shares prior to the acquisition (fully diluted basis), the dilution amounts to approximately 15 percent.
Background and rationale
On 30 December 2025, Episurf's Board of Directors announced that the Company had decided to acquire real estate companies in order to broaden its operations and strengthen its financial position. Episurf has subsequently entered into agreements to acquire Frusipe Intressenter Target 1 AB, KlaraBo Empire Holding AB, Mofast Invest II AB, as well as a real estate portfolio from Botrygg AB.
With the acquisition of the property portfolio from Fastighetsaktiebolaget Lilium, Episurf continues to build its Nordic real estate platform with a focus on cash flow and returns. Based on already signed property acquisitions, the annual rental income of Episurf's real estate segment is expected, on a pro forma basis after the acquisition, to increase from approximately SEK 285m to approximately SEK 334m, and total property assets from approximately SEK 3,350m to approximately SEK 4,010m.
Stable tenants such as Opus Bilprovning, Svensk Bilprovning, Däckia, the Swedish Police Authority and Byggmax ensure predictable income and support the Company's continued growth.
Key figures for the property portfolio
The portfolio consists of 45 properties in Sweden with a total lettable area of approximately 59,095 sqm and a land area of approximately 482,000 sqm. The portfolio consists primarily of vehicle inspection properties, with vehicle-inspection-related income making up approximately 60% of total rental income. The agreed property value amounts to SEK 660m with a NOI yield of 6.3 percent and a WAULT of 2.7 years. The occupancy rate amounts to 99.2%.
For more information, please contact:
Jens Andersson, CEO, Episurf Medical
Tel: +46 (0) 768 55 67 02
Email: [email protected]
Peter Gotthardsson, Chairman of the Board, Lilium AB
Tel: +46 60 51 52 01
Email: [email protected]
About Episurf Medical
Episurf Medical is a real estate company with exposure to a diversified portfolio of property assets. The Company's goal is to create value growth through the acquisition and management of Nordic real estate. The Company also has a medical technology operation based on the individualized Episealer® implant and associated surgical instruments, which are used to treat cartilage damage in joints. Episurf Medical's head office is located in Stockholm, Sweden.
About Lilium
Fastighetsaktiebolaget Lilium, reg. no. 556852-9753, is a family-owned Swedish real estate company headquartered in Sundsvall. The company owns and manages commercial properties in Sweden and Norway, with an emphasis on centrally located office premises, retail premises, industrial facilities and residential properties in growth regions.
This information is information that Episurf Medical AB is obliged to disclose pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted, through the agency of the contact person set out above, for publication at 07:30 CEST on 22 May 2026.
THIS PRESS RELEASE HAS BEEN PUBLISHED IN SWEDISH AND ENGLISH. IN THE EVENT OF ANY DISCREPANCY BETWEEN THE LANGUAGE VERSIONS, THE SWEDISH VERSION IS OFFICIAL.