Information on the Offering

The planned initial public offering is expected to consist of an offering of new shares in the Company (the “New Shares”) for subscription (the “Share Issue”) and in addition existing shareholders in the Company are expected to offer for purchase existing shares in the Company (together with the Share Issue, the “Offering”).

The contemplated Offering is expected to consist of (i) a public offering to private individuals and entities in Finland, (ii) an institutional offering to institutional investors in Finland and, in accordance with applicable laws, internationally, including in the United States to persons reasonably believed by the Managers (as defined below) to be qualified institutional buyers as defined in Rule 144A under the U.S. Securities Act of 1933 (as amended, the “U.S. Securities Act”), pursuant to exemptions from the registration requirements of the U.S. Securities Act and (iii) a personnel offering to the Company’s and its subsidiaries’ employees in Finland.

The objective of the Offering is to promote the implementation of the Company’s growth strategy, to strengthen the Company’s capital structure and to increase the Company’s recognition among its stakeholders. The Offering will enable the Company to obtain access to capital markets, expand its ownership base and increase the liquidity of the Company’s shares. Additional visibility is also expected to further increase the Company’s recognition among the public, customers and suppliers and as an employer, and thus enhance the Company’s competitiveness.

The Company aims to raise gross proceeds of approximately EUR 20 million by offering New Shares for subscription. The net proceeds received from the Share Issue are intended to be used to strengthen the Company’s financial flexibility and to strengthen its capital structure. In addition, the Company expects to use net proceeds to support its growth strategy, particularly to develop its smart office solution, which is a key focus area of the Company’s strategy.

The Company’s largest shareholders include Vaaka Partners Buyout Fund III Ky, Varma Mutual Pension Insurance Company, AlpInvest Partners B.V., the Company’s Chief Executive Officer Samu Hällfors and Elo Mutual Pension Insurance Company.

Samu Hällfors, CEO of Framery, comments:

”Framery was born from our own need to find a better way to work and focus in the office. This same need has proven to be universal, and as a result, we have helped shape this rapidly growing global market. We are the market leader in our core markets, and in total, we have sold our products for over a billion euros. Delivered to more than a hundred countries, our products already affect the daily lives of millions of people, offering a pleasant place to focus, collaborate, communicate, and make important decisions. Furthermore, our new smart office solution takes the workday experience to the next level: it streamlines the usability of our customers’ entire offices and helps them make data-driven decisions, such as optimizing the number and placement of various sized meeting and workspaces. We believe that listing would support our growth strategy and accelerate Framery’s development further, so that even more people would have the opportunity to benefit from Framery’s technology as part of their everyday work.”

Mika Sutinen, Chair of the Board of Directors of Framery, comments:

“Over the past 15 years, our company has created a strong growth story and become a pioneer in smart office solutions. We have established a strong foothold in international markets, and listing would be a natural next step in executing our strategy. It would enable us to accelerate growth even further, expand our global footprint, and strengthen our position as a frontrunner in smart pods.”

Framery’s Business

Framery aims to solve working disruptions stemming from the increased popularity of open office layouts, hybrid work, space optimisation and video conferencing while providing sustainable, space and cost efficient solutions compared to traditional meeting rooms. The Company offers a comprehensive range of smart office pods that are designed to provide the user with a soundproof space for virtual and face-to-face meetings, undistracted work and privacy in noisy open floor office settings and other environments. Framery’s smart office pods combine effective soundproofing, high-quality acoustics, ventilation and automated lighting, ensuring a pleasant and uninterrupted user experience. The smart office pods also include an integrated smart office solution, with full access available through the all-inclusive Framery Plus subscription. The smart office solution enables end users to book the smart pod both remotely and directly from the pod’s touch screen as well as to see the real-time booking status of the smart pods based on calendar bookings and real-time sensor monitoring. The smart office solution also provides office managers with versatile occupancy data for optimising office layouts, and over the air software updates, enabling continuous integration of new features and system improvements. Framery’s headquarters and assembly facility are located in Tampere, Finland, where all assembly of the Company’s smart pods is completed. The Company also has logistics hubs in Lempäälä, Finland, Michigan, the United States, and Singapore. As at 30 September 2025, Framery had 489 employees. For the nine months ended 30 September 2025, Framery’s revenue was EUR 164 million and adjusted EBIT was EUR 39 million (based on unaudited figures).

Framery’s business model generates multiple non-recurring and recurring revenue streams through smart office pods and the smart office solution. Smart office pods are either sold to end-customers, predominantly through dealers, or rented through Framery Subscribed, a smart office pod rental business with a monthly fee per pod. Access to Framery’s full smart office offering is provided through the Framery Plus subscription, the price of which is calculated based on the number of connected spaces in the workplace.

Framery operates globally across three main geographic regions: Europe, Middle East and Africa; North, Central and South America; and Asia Pacific. For the nine months ended 30 September 2025, revenue was generated from the Company’s main geographic regions as follows: 53 per cent from Europe, Middle East and Africa, 29 per cent from North, Central and South America and 18 per cent from Asia Pacific. For the same period, over 95 per cent of Framery’s revenue was generated outside of Finland, and the United States was Framery’s largest individual export country. As at 30 September 2025, Framery’s global dealer network consisted of over 650 dealers^[1], and the Company has had over 11,900 end-customers in over 100 countries during its entire period of operation. Framery’s customer base is well-diversified globally across a broad range of countries and industries, and the Company’s solutions are used both in traditional office settings and in other types of workspaces, such as facility floors, learning environments, hospitals and airport lounges. As at 30 September 2025, Framery had delivered more than 123,000^[2] pods in total, and thus the Company’s management estimates that millions of people have used its pods.[3]

Framery’s Key Strengths

The Company’s management believes that particularly the following factors are key strengths and represent competitive advantages of the Company:

• pioneer and global market leader in its core markets for office pods[4];
• category-defining product offering and the ability to continuously innovate new products and solutions;
• fast-growing target markets with low current penetration;
• global dealer network;
• loyal and diverse customer base and strong new customer inflow;
• asset-light, highly scalable operating platform; and
• strong financial profile.

Framery’s Strategy

The Company’s mission is to empower people at work to get things done. Framery’s vision is to transform ordinary offices into workspaces people love, and the vision serves as the foundation for the Company’s strategy. Framery’s strategy for the coming years is built on four strategic projects grouped under two main themes, “best smart pods and best smart office solution” and “effortless global availability”. The strategic projects are focusing on strengthening a leading market position in all core markets, driving the adoption of the smart office solution to scale a SaaS business, strengthening sales channels, and further deployment of the Company’s subscription service Framery Subscribed.

Framery’s Financial Targets, Dividend Policy and Outlook

The Company’s Board of Directors has set the following medium- and long-term (3 to 5 years) financial targets for the Company:

• Growth: Above 10 per cent average annual organic revenue growth;
• Profitability: Adjusted EBIT margin of 25 per cent in the mid-term;
• Leverage: Net debt/adjusted EBITDA below 2.0x; and
• Dividend policy: Target payout of 70–90 per cent of profit for the period.

Framery estimates that its revenue in 2025 will be EUR 214–226 million (2024: EUR 162 million) and adjusted EBIT will be EUR 48–54 million (2024: EUR 33 million).

The statements set forth above include forward-looking statements and are not guarantees of the Company’s future financial performance. The Company’s actual results and financial position may differ materially from those expressed or implied by these forward-looking statements as a result of many factors.

Framery’s Financial Highlights

Framery has a track record of strong organic growth, high profitability, and high cash conversion. The Company’s revenue in the nine months ended 30 September 2025 was EUR 164 million and in the nine months ended 30 September 2024 it was EUR 112 million. The Company’s revenue increased approximately 46 per cent over the same period. The economies of scale from increased revenue also supported profitability, and the Company’s adjusted EBIT margin increased from 16 per cent in the nine months ended 30 September 2024 to 24 per cent in the nine months ended 30 September 2025. The Company’s operating profit for the nine months ended 30 September 2025 amounted to EUR 31 million, an increase of EUR 15 million as compared to EUR 16 million for the nine months ended 30 September 2024. The Company’s gross margin for the nine months ended 30 September 2025 was 48 per cent. The Company’s ROCE for the nine months ended 30 September 2025 was 130 per cent. The figures are unaudited.

Financial Key Figures

Advisers

DNB Carnegie Investment Bank AB, Finland Branch and Skandinaviska Enskilda Banken AB (publ) Helsinki Branch have been appointed as the joint global coordinators and joint bookrunners (together, the “Joint Global Coordinators”) and Danske Bank A/S, Finland Branch has been appointed as the joint bookrunner (the “Joint Bookrunner”) for the Offering (the Joint Bookrunner together with the Joint Global Coordinators, the “Managers”). In addition, the Company has appointed Nordnet Bank AB to act as the subscription place in the Offering. Hannes Snellman Attorneys Ltd is acting as the legal adviser to the Company. White & Case LLP is acting as the legal adviser to the Managers. Miltton Ltd is acting as communications adviser to the Company. PricewaterhouseCoopers Oy is acting as the Company’s adviser for financial reporting, IPO, tax and financial due diligence services.

Company Presentation

Framery will organise a company presentation (in Finnish) today, Tuesday, 11 November 2025, at 1:00 PM EET. Join us online or in person at the Framery Helsinki Showroom, located at Keskuskatu 5, Helsinki. Framery’s Chief Executive Officer Samu Hällfors and Chief Financial Officer Lauri Isotalo will be speaking at the event. Register your attendance at https://framery.videosync.fi/tiedotustilaisuus/register.

Further enquiries

Samu Hällfors, CEO, Framery Group Plc, tel. +358 50 410 5133, samu.hallfors@framery.com
Lauri Isotalo, CFO, Framery Group Plc, lauri.isotalo@framery.com

Media requests:

Inka Saxholm, Acting Chief Marketing Officer, Framery Group Plc, tel. +358 40 561 2701, inka.saxholm@framery.com

Framery in Brief

Framery enables people to focus on what truly matters and to get things done. With its soundproof smart pods and smart office solution, Framery turns ordinary offices into places people love. This is why Framery is an essential part of a successful workday for millions of workers in over a hundred countries and within most of the world’s leading companies.
 

Important Information

It may be unlawful to distribute this announcement in certain jurisdictions. This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, the Hong Kong Special Administrative Region of the People’s Republic of China, Japan, New Zealand, Singapore, South Africa or the United States, or any other jurisdiction in which the release, publication or distribution would be unlawful. The information in this announcement does not constitute an offer of securities for sale in such jurisdictions.

The issue, purchase or sale of securities in connection with the Offering is subject to specific legal or regulatory restrictions in certain jurisdictions. The Company and the Managers assume no responsibility in the event there is a violation by any person of such restrictions.

This announcement is not a prospectus for the purposes of the Prospectus Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and underlying legislation. A prospectus prepared pursuant to the Prospectus Regulation and approved by the Finnish Financial Supervisory Authority will be published, and when published can be obtained from the Company and other places indicated in the prospectus. Investors should not subscribe for or purchase any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

This announcement does not constitute an offer for sale, or a solicitation of an offer to purchase or subscribe for, any securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any of the securities in the United States or to conduct a public offering of securities in the United States. Copies of this announcement are not being, and should not be, distributed in or sent into the United States.

This announcement does not constitute an offer of securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities referred to herein. In the United Kingdom, this announcement is for distribution only to and is directed only at persons who are “qualified investors” within the meaning of the Prospectus Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 and (i) who have professional experience in matters relating to investments which fall within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) other persons to whom this announcement may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this announcement or its content. 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.

In any Member State of the European Economic Area other than Finland this announcement is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation.

The information contained in this announcement is for informational purposes only and does not purport to be full or completed. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor. The information in this announcement is subject to change. Investors must neither accept any offer for, nor acquire, any securities to which this announcement refers, unless they do so on the basis of the information contained in the applicable prospectus published or offering circular distributed by the Company.

This announcement includes forward-looking statements, that are not historical facts. Words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “target”, “estimate”, “project”, “predict”, “forecast”, “guideline”, “should”, “aim”, “continue”, “could”, “guidance”, “may”, “potential”, “will”, as well as similar expressions and the negative of such expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements. Except for any ongoing obligation to disclose material information as required by the applicable law, the Company does not have any intention or obligation to publicly update or revise any forward-looking statements after it distributes this announcement, whether to reflect any future events or circumstances or otherwise.

The timetable of the Offering may be influenced by a range of circumstances such as market conditions. There is no guarantee that the Offering will proceed and that the Listing will occur and you should not base your financial decisions on the Company’s intentions in relation to the Offering and Listing at this stage. Making investments to which this announcement relates may expose an investor to a significant risk of losing all or part of the amount invested. Persons considering making such an investment should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the Offering. The value of shares can decrease as well as increase. Potential investors should consult a professional adviser as to the suitability of the Offering for the person concerned.

The Managers are acting exclusively for the Company and the Selling Shareholders and no one else in connection with the Offering. The Managers will not regard any other person as their client in relation to the Offering. The Managers will not be responsible to anyone other than the Company and the Selling Shareholders for providing protections afforded to their respective clients, nor for giving advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

The contents of this announcement have been prepared by, and are the sole responsibility of, the Company. None of the Managers nor any of their directors, officers, employees, advisers or agents accept any responsibility or liability whatsoever for or make any representation or warranty, express or implied, as to the truthfulness, accuracy or completeness of the information in this announcement or any other information relating to the Company, its subsidiaries or associated companies (or whether any information has been omitted from this announcement), whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares have been subject to a product approval process, which has determined that the shares are (i): compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II (the “Target Market Assessment”); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II. Notwithstanding the Target Market Assessment, distributors should note that: the price of the shares may decline and investors could lose all or part of their investment; the shares offer no guaranteed income and no capital protection; and an investment in the shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any transaction mentioned in this announcement. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares. Each distributor is responsible for undertaking its own Target Market Assessment in respect of the shares and determining appropriate distribution channels.

[1] Number of dealers sold to between 1 January 2023 and 30 September 2025.
[2] Refers to Framery group’s full operational history from the establishment of Framery Oy to 30 September 2025.
[3] Management estimate based on third-party market study.
[4] Framery’s core markets for office pods are the United States, Canada, Western Europe (including Germany, Switzerland, the United Kingdom, Finland, Denmark, Sweden, France, Norway, Belgium and Spain), Singapore, Hong Kong and Australia.