Dellia Group (”Dellia” or ”the Company”) offers dried fruit snacks that are often considered best-in-class. By acquiring its largest supplier, Kirirom Food Production, in 2025 and expanding the factory’s capacity, the Company has strengthened its supply chain and secured the ability to meet demand without incremental capital expenditures. This marks a key step in supporting continued growth in Northern Europe and enabling the Company’s pan-European expansion, which had been constrained by supply limitations in 2025. As Dellia scales volume and Kirirom consolidates, the revenue is estimated to increase from NOK 665m in 2025 to NOK 1,473m in 2027. The EBIT margin is estimated to follow, rising from 15% in 2025 to 19% in 2027 driven by a different sales split and operating leverage. By using the 2027 target EBIT of NOK 280m and assuming a fully diluted share count of 5.9m shares in 2027, reflecting the consideration shares issued in connection with the Kirirom acquisition, the implied equity value corresponds to a share price of NOK 468.