Information about the business

OXE Marine AB (publ) was formed in 2012 and after several years of development has developed a diesel outboard for the marine market. The head office is located in Ängelholm, Sweden. OXE Marine AB is listed on Nasdaq First North Growth Market, ISIN SE0009888613. The global outboard market has long been dominated by gasoline engines, but with a diesel engine you get a more fuel-efficient engine in addition to carrying a less flammable fuel source on-board bringing many safety benefits to the end user. The OXE engine is based on marinizing automotive engines, enabling end users to lower their emissions levels compared to conventional gasoline engines as well as giving customers in certain regions to run on fossil-free diesel alternatives such as HVO100 which significantly reduces the CO2 footprint of the end user.

Several attempts have been made to develop outboard engines for diesel fuel, but the difficulty lies in developing a
sufficiently strong design for power transmission between the engine and the propeller. The patented belt propulsion ’lower-leg’ is at the core of OXE Marine’s unique technology. OXE Marine's outboard engine, OXE Diesel, is the first diesel outboard that is capable of replacing the well-established gasoline outboards in the higher power levels, in commercial and governmental operations. The engine is based on a modular platform that has been configured for a horizontally mounted engine, similar to a traditional inboard configuration and unlike traditional outboards that have vertical engine installations. OXE Marine's unique technology has offered a solution to the many users around the world requiring a diesel outboard. Among other things, the North Atlantic Treaty Organisation (“NATO”) introduced a directive, the Single Fuel Concept to maximize equipment interoperability through the use of a single fuel, which includes phasing out gasoline-driven equipment in favour of diesel engines.

Significant events during the financial year
OXE Marine AB (the "Company”) announced the following significant events during the year:

• OXE Marine received a purchase order worth USD 0.9 m from a US boat builder with an option to increase the total order to USD 3.3 m.
• OXE Marine received a purchase order worth USD 0.9 m from the US Department of State.
• OXE Marine received a confirmation from US boat builder to increase the previously announced order from USD 0.9 m to USD 3.3 m.
• OXE Marine received order of USD 1.5 m to supply a United States governmental agency.
• OXE Marine prepares Control Balance Sheet.
• OXE Marine announces discussions with the EIB and major bondholders to renegotiate terms in order to reinstate the balance sheet.
• OXE Marine receives an additional order from us boat builder for USD 2.6 m taking the total order value to USD 5.9 m including previously announced orders.
• OXE Marine announces conditional recapitalisation incl. a rights issue of approx. SEK 78 m and a full restructuring of debt financing of approx. SEK 243 m, removing all interest-bearing debt.
• Control Balance Sheet shows that the share capital of OXE Marine is fully intact.
• OXE Marine announces discussion with the EIB and major bondholders to renegotiate terms in order to reinstate the balance sheet.
• OXE Marine initiates a written procedure to obtain bondholder approval of the debt-to-equity swap.
• OXE Marine receives approval from bondholders in written procedure.
• OXE Marine publishes bulletin from the extraordinary general meeting on 28 October 2024
• OXE Marine announces the subscription period in OXE Marine’s rights issue begins 8 November 2024
• OXE Marine obtains top guarantee and therefore secures 100% subscription in ongoing rights issue
• OXE Marine announces outcome of rights issue.
• OXE Marine has successfully completed a comprehensive recapitalisation including a rights issue of approximately SEK 78 m and a full restructuring of debt financing of approximately SEK 243 m.
• OXE Marine resolves on previously announced directed share issue to top guarantor after completed rights issue.

Future prospects
OXE Marine 's future growth is dependent on the Company developing and producing sustainable products. The
Company continues to explore new technologies, including electric and hybrid solutions with the aim to be at the forefront of outboard marine technology. The Company continues to develop an organization that works in a structured and efficient way with quality and innovation. Additionally, OXE has strengthened its position in the US market, creating a direct to market model, gaining access to end-user, dealer, governmental and OEM networks. This, in combination with new ongoing development projects, supports management’s assessment that demand will continue to be strong from the market.

NOTE: The English version is a translation of the Swedish version, for any inconsistencies in the translation refer to the Swedish version.