Sha eholde s wishi g to atte d the AGM must:
- be e te ed as sha eholde s i the sha e egiste mai tai ed by Eu oclea Swede AB o late tha o Thu sday, 23 July 2026, a d
- otify the Compa y of thei i te tio to pa ticipate o late tha o Mo day, 27 July 2026.
Atte da ce is to be otified by email to E ic.To ste sso @sette walls.se. The otificatio should state ame, social secu ity umbe /co po ate ide tificatio umbe a d egiste ed umbe of sha es. To facilitate admitta ce to the AGM, p oxies, egist atio ce tificates a d othe autho isatio docume ts should be submitted by email to E ic.To ste sso @sette walls.se o late tha Mo day, 27 July 2026. The Compa y p ovides p oxy fo ms o the Compa y’s web page www.a oto.com.
To be e titled to pa ticipate at the AGM, sha eholde s who have had thei sha es egiste ed th ough omi ees (Sw. fö valta e) must, i additio to otifyi g the Compa y of thei i te tio to pa ticipate at the AGM, have thei sha es egiste ed i thei ow ame so that the sha eholde is e te ed i to the sha e egiste pe the eco d date above. Such egist atio may be tempo a y (so-called voti g ights egist atio ) (Sw. öst ätts egist e i g) a d is equested with the omi ee i acco da ce with the omi ee’s outi es at such time i adva ce as the omi ee dete mi es. Voti g ights egist atio s made o late tha the otificatio deadli e a e co side ed whe p epa i g the sha e egiste .
If sha eholde s wish to atte d the AGM th ough a p oxy, a w itte a d dated powe of atto ey sig ed by the sha eholde must be e closed with the otificatio . The powe of atto ey fo m is available o the Compa y’s website www.a oto.com. If the sha eholde is a legal e tity, a egist atio ce tificatio o a equivale t autho isatio docume t must be e closed alo g with the otificatio .
- Ope i g of the Meeti g a d electio of Chai ma
- P epa atio a d app oval of voti g list
- App oval of the age da
- Electio of o e o two pe so s to ve ify the mi utes
- Dete mi atio of whethe the Meeti g has bee duly co ve ed
- P ese tatio of the A ual Repo t a d the Audito ’s Repo t a d the co solidated A ual Repo t a d co solidated Audito ’s Repo t
- Resolutio o
- adoptio of the I come Stateme t a d the Bala ce Sheet, a d the co solidated I come Stateme t a d co solidated Bala ce Sheet
- app op iatio of the Compa y’s p ofit o loss pu sua t to the adopted Bala ce Sheet
- discha ge fo liability of the Boa d membe s a d the Chief Executive Office
- Dete mi atio of the umbe of Boa d membe s a d audito s
- Dete mi atio of emu e atio fo the Boa d membe s a d the audito s
- Electio of Boa d membe s, Chai ma of the Boa d of Di ecto s a d audito
- Resolutio o app oval of the emu e atio epo t
- Resolutio to ame d the a ticles of associatio i cludi g e ame the Compa y INQ G oup AB
- Resolutio ega di g atificatio of the Ame ded a d Restated Secu ed Co ve tible Ag eeme t a d the pa ticipatio of boa d membe s the ei
- Resolutio ega di g ew a ticles of associatio , eductio of sha e capital a d issua ce of ew sha es
- Adoptio of ew a ticles of associatio
- Reductio of the sha e capital without edemptio of sha es
- Autho isatio fo the Boa d of Di ecto s to esolve o the issue of ew sha es to e able co ve sio u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t
- Di ected issue of ew sha es with payme t by set-off to di ecto s a d employees
- Autho isatio fo the Boa d of Di ecto s to issue ew sha es by way of di ected issue a d/o ights issue
- Bo us issue to esto e the sha e capital
- Reductio of the sha e capital without edemptio of sha es to esto e the quota value
- Resolutio o a lo g-te m i ce tive p og am (LTIP 2026) fo the ma ageme t team a d othe key employees
- Resolutio to impleme t a i ce tive scheme fo Chai ma of the Boa d of Di ecto s
- Resolutio to autho ise the Boa d of Di ecto s to esolve o di ected issue of Se ies C sha es
- Resolutio to autho ise the Boa d of Di ecto s to esolve o epu chase of Se ies C sha es a d t a sfe of o di a y sha es to pa ticipa ts u de i ce tive p og ams
- Resolutio o ame dme t of the a ticles of associatio to e able co solidatio of sha es
- Resolutio o co solidatio of sha es ( eve se split 1:100)
- Closi g of the Meeti g
Achilles Capital AB, Stolki Helicopte s Ltd. a d Ma k Stolki (the “
The Boa d of Di ecto s p oposes that the AGM shall esolve ot to dist ibute a y divide ds fo the fi a cial yea 2025 a d the dist ibutable p ofits a e ca ied fo wa d.
The P i cipal Sha eholde s p opose that the Boa d of Di ecto s shall co sist of five membe s elected by the Ge e al Meeti g, with o deputy membe s.
The P i cipal Sha eholde s p opose that the total emu e atio to the Boa d of Di ecto s shall amou t to SEK 2,100,000, of which SEK 900,000 shall be paid to the Chai ma of the Boa d a d SEK 300,000 to each of the othe Boa d membe s elected by the Ge e al Meeti g who a e ot employed by the G oup.
The P i cipal Sha eholde s also p opose that the audito ’s fee shall be paid i acco da ce with app oved i voices.
Fo the pe iod u til the e d of the ext A ual Ge e al Meeti g, The P i cipal Sha eholde s p opose the e-electio of Kevi Adeso , Alexa de Fällst öm, Ga y Stolki , a d Ad ia Welle as membe s of the Boa d of Di ecto s, a d the electio of E ik Fällst öm. The P i cipal Sha eholde s fu the p opose the e-electio of Kevi Adeso as Chai ma of the Boa d.
The P i cipal Sha eholde s p opose that the egiste ed audit fi m BDO Mäla dale AB be e-elected as the Compa y’s audito fo the pe iod u til the e d of the ext A ual Ge e al Meeti g.
The Boa d of Di ecto s p oposes that the AGM esolves to app ove the Boa d of Di ecto s’ epo t ega di g compe satio pu sua t to Chapte 8, Sectio 53 a of the Swedish Compa ies Act (2005:551).
The Boa d of Di ecto s p oposes that the AGM esolves to ame d § 1 of the Compa y’s a ticles of associatio to cha ge the Compa y’s egiste ed ame f om A oto G oup AB to INQ G oup AB (publ).
The Boa d of Di ecto s fu the p oposes that the AGM esolves to ame d the limits o the sha e capital (§ 4) a d the umbe of sha es (§ 5) i the a ticles of associatio as follows: The sha e capital limits set out i § 4 of the a ticles of associatio a e cha ged to ot less tha SEK 130,000,000 a d ot mo e tha SEK 520,000,000. The limits o umbe of sha es set out i § 5 of the a ticles of associatio a e cha ged to ot less tha 1,000,000,000 a d ot mo e tha 4,000,000,000.
A valid esolutio u de this item 12 equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM.
Backg ou d
As publicly a ou ced o 26 Feb ua y 2026, the Boa d of Di ecto s esolved to app ove the te ms of a ame ded a d estated co ve tible loa ag eeme t (the “Ame ded a d Restated Secu ed Co ve tible Ag eeme t”), ame di g a d estati g the co ve tible loa ag eeme t o igi ally dated 9 Octobe 2025 (the “O igi al Ag eeme t”) to which the Compa y is bo owe a d Achilles Capital AB (fo me ly DDM Debt AB), Ma k Stolki a d Mach oes Holdi gs Limited a e le de s (togethe , the “O igi al Le de s”).
The Ame ded a d Restated Secu ed Co ve tible Ag eeme t p ovides fo a secu ed co ve tible loa facility of up to USD 5,300,000 divided i to multiple t a ches, of which 3,300,000 USD have bee fu ded. Subsc iptio s u de the t a ches have bee o will be effected by a combi atio of: (a) ew a d existi g le de s by way of cash payme t; a d (b) subsc iptio s by way of set-off agai st ce tai acc ued a d u paid employee a d co t acto sala y payme ts, acc ued a d u paid di ecto s’ fees, a d amou ts payable u de a key-pe so ete tio bo us scheme.
The loa facility itself does ot equi e sha eholde app oval. Sha eholde app oval is equi ed specifically to e able the co ve sio of the outsta di g co ve tible otes i to o di a y sha es i the Compa y. The co t actual co ve sio p ice is SEK 0.06 pe sha e fo the t a ches fu ded p io to the ew t a che desc ibed above a d SEK 0.12 pe sha e fo the ew t a che e te ed i to o 8 Ju e 2026. Co ve sio equi es: (i) a eductio i the quota value of the Compa y’s sha es to SEK 0.06, bei g the lowest co t actual co ve sio p ice pe sha e a d the efo e sufficie t to e able co ve sio at both co ve sio p ices; a d (ii) a autho isatio fo the Boa d of Di ecto s to issue sufficie t ew sha es to satisfy co ve sio i full. Both of those equi eme ts a e add essed i the package esolutio u de item 14. Without the app ovals u de item 14, le de s will ot be able to exe cise thei co ve sio ights.
To the exte t that co ve sio u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t i volves the issue of sha es to membe s of the Boa d of Di ecto s o employees of the Compa y o a othe compa y withi the same g oup who have subsc ibed fo co ve tible otes by way of set-off agai st ce tai acc ued a d u paid employee a d co t acto sala y payme ts, acc ued a d u paid di ecto s’ fees, a d amou ts payable u de a key-pe so ete tio bo us scheme, the issue is di ected to the catego y of pe so s cove ed by Chapte 16 of the Swedish Compa ies Act (2005:551), which applies to issues of sha es, wa a ts a d co ve tibles i public compa ies that a e di ected to, amo g othe s, boa d membe s a d deputy boa d membe s, the ma agi g di ecto a d deputy ma agi g di ecto , a d othe employees of the issui g compa y o a othe compa y withi the same g oup. A esolutio cove ed by Chapte 16 is valid o ly if it is suppo ted by sha eholde s holdi g ot less tha i e-te ths of both the votes cast a d the sha es ep ese ted at the ge e al meeti g.
I additio , sha eholde app oval is equi ed to atify the pa ticipatio of membe s of the Boa d of Di ecto s as le de s u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t a d to esolve the co flict of i te est a isi g the ef om.
Co flict of i te est
Ce tai membe s of the Boa d of Di ecto s have pa ticipated i the Ame ded a d Restated Secu ed Co ve tible Ag eeme t as le de s, whethe by way of cash subsc iptio a d/o by way of set-off of acc ued a d u paid di ecto s’ fees. The i dividual amou ts set off by each pa ticipati g di ecto a e as follows:
Kevi Adeso USD 287,931
Alexa de Fällst öm USD 62,644
Ga y Stolki USD 62,644
Ad ia Welle USD 168,909
Matthew Doe e USD 32,269
As each pa ticipati g di ecto holds a di ect pe so al fi a cial i te est i thei ow pa ticipatio i the Ame ded a d Restated Secu ed Co ve tible Ag eeme t, all membe s of the Boa d of Di ecto s we e co flicted i elatio to the Boa d’s esolutio to app ove the i dividual di ecto pa ticipatio s i the Ame ded a d Restated Secu ed Co ve tible Ag eeme t, withi the mea i g of Chapte 8, Sectio 23 of the Swedish Compa ies Act (2005:551). The Boa d of Di ecto s exp essly ack owledged this co flict of i te est at its meeti g of 26 Feb ua y 2026 a d esolved to seek sha eholde atificatio at this AGM.
P oposal
It is p oposed that the AGM esolves to specifically app ove a d atify the pa ticipatio of each of the di ecto s set out i the table above i the Ame ded a d Restated Secu ed Co ve tible Ag eeme t as le de s, i cludi g thei espective subsc iptio s effected by set-off of acc ued a d u paid di ecto s’ fees, o te ms o less favou able to the Compa y tha those applicable to o -co flicted pa ticipa ts, a d co fi m that such pa ticipatio s a e i the best i te ests of the Compa y.
The Boa d of Di ecto s p oposes that the AGM adopts the followi g esolutio s as a si gle i divisible package. The esolutio s u de items 14(a) th ough 14(g) a e i te depe de t a d shall be adopted togethe o ot at all. No e of the i dividual sub- esolutio s shall take effect u less all sub- esolutio s a e passed.
The Boa d of Di ecto s p oposes that the AGM esolves to adopt ew a ticles of associatio . The ame dme ts a e co seque tial upo the eductio of the sha e capital u de 14(b), by which the sha e quota value is educed f om SEK 0.13 to SEK 0.06 pe sha e, a d a e equi ed to e su e that the sha e capital limits a d sha e cou t limits i the a ticles of associatio a e co siste t with the Compa y’s sha e capital st uctu e followi g the t a sactio s co templated at this AGM. Acco di gly, the sha e capital limits adopted u de item 12 (which a e based o a quota value of SEK 0.13) a e ame ded u de this item to eflect the educed quota value of SEK 0.06. The sha e capital limits set out i § 4 of the a ticles of associatio a e cha ged to ot less tha SEK 60,000,000 a d ot mo e tha SEK 240,000,000.
A valid esolutio u de this item 14(a) equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM.
The Boa d of Di ecto s p oposes that the AGM esolves to educe the Compa y’s sha e capital by SEK 77,165,392.71. The eductio shall be made without edemptio of sha es by cha gi g the sha e quota value f om SEK 0.13 to SEK 0.06 pe sha e. The eductio amou t shall be allocated to a o – est icted ese ve to be used i acco da ce with the sha eholde s’ esolutio .
The eductio is ca ied out i o de to educe the quota value of the sha es to SEK 0.06 a d the eby e able the issue of ew sha es at a subsc iptio p ice of SEK 0.06 pe sha e to satisfy co ve sio u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t pu sua t to 14(c), the di ected set-off issue pu sua t to 14(d) a d the issue of ew sha es pu sua t to 14(e). The eductio fo ms pa t of a si gle coo di ated seque ce of t a sactio s comp isi g: (i) the eductio of the sha e capital by cha gi g the quota value to SEK 0.06 u de this item 14(b); (ii) the issue of ew sha es pu sua t to 14(c), 14(d) a d/o 14(e); (iii) the bo us issue to esto e the sha e capital pu sua t to 14(f); a d (iv) the eductio of the sha e capital pu sua t to 14(g), such that the et effect of the eductio , issua ce, esto atio a d fu the eductio is o pe ma e t dec ease i the Compa y’s sha e capital.
The esolutio to educe the sha e capital u de this item 14(b) is co ditio al upo the issues of ew sha es u de 14(c), 14(d) a d 14(e) a d the bo us issue u de 14(f), togethe e taili g a i c ease of the sha e capital by at least the eductio amou t, bei g egiste ed with the Swedish Compa ies Regist atio Office, a d upo the eductio u de this item 14(b), the sha e issues u de 14(c), 14(d) a d 14(e), the bo us issue u de 14(f) a d the eductio u de 14(g) togethe ot esulti g i a dec ease i the Compa y’s sha e capital.
A valid esolutio u de this item 14(b) equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM.
The Boa d of Di ecto s p oposes that the AGM autho ises the Boa d of Di ecto s to esolve, o o e o mo e occasio s, to issue ew o di a y sha es with deviatio f om the sha eholde s’ p efe e tial ights, i o de to e able holde s of co ve tible otes issued u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t to co ve t thei otes i to o di a y sha es i the Compa y. Payme t fo the ew sha es shall be made by way of set-off of the claim ep ese ted by the eleva t co ve tible ote.
The autho isatio may be exe cised o o e o mo e occasio s du i g a pe iod of fou (4) mo ths f om the date of the A ual Ge e al Meeti g 2026. The Boa d of Di ecto s shall be e titled to dete mi e the subsc iptio p ice (co espo di g to the co t actual co ve sio p ice of the eleva t ote) a d all othe te ms a d co ditio s of the issue.
The easo fo the deviatio f om sha eholde s’ p efe e tial ights is to fulfil the Compa y’s existi g, publicly a ou ced co t actual obligatio s to co ve tible ote holde s a d to e able co ve sio of debt i to equity, the eby st e gthe i g the Compa y’s bala ce sheet.
A valid esolutio u de this item 14(c) equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM.
The P i cipal Sha eholde s p opose that the AGM esolves o a di ected issue of a maximum of 206,046,477 ew o di a y sha es, with deviatio f om the sha eholde s’ p efe e tial ights. The ight to subsc ibe fo the ew sha es shall acc ue o ly to those membe s of the Boa d of Di ecto s a d employees of the Compa y o a othe compa y withi the same g oup who hold claims agai st the Compa y u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t, bei g the pe so s a d amou ts set out i the table below. The subsc iptio p ice shall be SEK 0.06 pe sha e fo T a ches 1-5 a d SEK 0.12 fo T a che 6, applyi g a fixed excha ge ate of SEK/USD 9.05 to claims de omi ated i USD.
| Kevi Adeso | USD 287,931 | 36,306,035 | 3,561,778 | Alexa de Fällst öm | USD 62,644 | 7,074,234 | 1,187,284 | Ga y Stolki | USD 62,644 | 7,074,234 | 1,187,284 | Ad ia Welle | USD 168,909 | 23,102,538 | 1,187,284 | Matthew Doe e | USD 32,269 | 2,492,671 | 1,187,284 | Employees a d Co t acto s | USD 819,428 | 119,774,640 | 1,911,211 |
Payme t fo the ew sha es shall be made solely by way of set-off of the eleva t subsc ibe ’s claim agai st the Compa y u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t. Subsc iptio a d payme t by set-off shall be made withi fou (4) mo ths f om the date of the A ual Ge e al Meeti g 2026, with the Boa d of Di ecto s e titled to exte d the subsc iptio a d payme t pe iod. The ew sha es shall e title to divide ds fo the fi st time o the fi st eco d date fo divide ds occu i g afte the egist atio of the ew sha es with the Swedish Compa ies Regist atio Office.
The easo fo the deviatio f om the sha eholde s’ p efe e tial ights is to e able the eleva t di ecto s a d employees to co ve t thei existi g claims agai st the Compa y u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t i to o di a y sha es, the eby fulfilli g the Compa y’s co t actual obligatio s to those le de s a d st e gthe i g the Compa y’s bala ce sheet by co ve ti g debt i to equity. The basis fo the subsc iptio p ice is the co t actual co ve sio p ice ag eed u de the Ame ded a d Restated Secu ed Co ve tible Ag eeme t, bei g SEK 0.06 pe sha e fo T a ches 1-5 a d SEK 0.12 pe sha e fo T a che 6 at a fixed excha ge ate of SEK/USD 9.05.
As the ew sha es a e issued to membe s of the Boa d of Di ecto s a d employees of the Compa y o a othe compa y withi the same g oup, the issue is di ected to the catego y of pe so s cove ed by Chapte 16 of the Swedish Compa ies Act (2005:551). A esolutio u de this item 14(d) is the efo e valid o ly if it is suppo ted by sha eholde s holdi g ot less tha i e-te ths of both the votes cast a d the sha es ep ese ted at the AGM.
The Boa d of Di ecto s p oposes that the AGM autho ises the Boa d of Di ecto s to esolve, o o e o mo e occasio s du i g the pe iod u til the ext A ual Ge e al Meeti g, with o without deviatio f om the sha eholde s’ p efe e tial ights, agai st cash payme t, payme t i ki d o by way of set-off, to issue ew o di a y sha es by way of di ected issue a d/o ights issue. The agg egate umbe of ew sha es issuable u de this autho isatio shall ot exceed 390,000,000, co espo di g to app oximately twe ty (20) pe ce t of the total umbe of sha es i the Compa y followi g full co ve sio u de items 14(c) a d 14(d), i.e. cu e t sha es plus maximum co ve sio sha es.
The basis fo the issue p ice shall be the p evaili g ma ket co ditio s at the time of the issue. The pu pose of this autho isatio a d the easo fo a y deviatio f om the sha eholde s’ p efe e tial ights is to i c ease the Compa y’s flexibility to fi a ce its o goi g ope atio s a d at the same time b oade a d st e gthe the Compa y’s sha eholde base with st ategic o lo g-te m i vesto s.
A valid esolutio u de this item 14(e) equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM. This autho isatio is sepa ate f om a d does ot limit the co ve sio autho isatio u de 14(c).
The Boa d of Di ecto s p oposes that the AGM esolves to ca y out a bo us issue, without the issue of ew sha es, i c easi g the Compa y’s sha e capital by a amou t co espo di g to the eductio of the sha e capital u de 14(b), bei g SEK 77,165,392.71, by t a sfe f om the Compa y’s o – est icted equity. The pu pose of the bo us issue is to esto e the sha e capital followi g the eductio u de 14(b), such that the eductio , the sha e issues u de 14(c), 14(d) a d 14(e) a d this bo us issue togethe do ot esult i a pe ma e t dec ease i the Compa y’s sha e capital. The esolutio is co ditio al upo the AGM esolvi g i acco da ce with items 14(a)–14(e) a d 14(g).
The Boa d of Di ecto s p oposes that the AGM esolves to educe the Compa y’s sha e capital, without edemptio of sha es, by a amou t co espo di g to the i c ease i the sha e capital pu sua t to the sha e issues u de 14(c), 14(d) a d 14(e) a d the bo us issue u de 14(f), less the mi imum amou t equi ed fo the sha e quota value afte the eductio to co espo d to a whole umbe of ö e. The eductio shall be made by cha gi g the sha e quota value, a d the eductio amou t shall be allocated to a o – est icted ese ve to be used i acco da ce with the sha eholde s’ esolutio . The eductio u de this item 14(g) is co ditio al upo the AGM esolvi g i acco da ce with items 14(a)–14(f), a d upo the eductio u de 14(b), the sha e issues u de 14(c), 14(d) a d 14(e), the bo us issue u de 14(f) a d this eductio togethe ot esulti g i a dec ease i the Compa y’s sha e capital.
A valid esolutio u de this item 14(g) equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM.
Fo the pu pose of imp ovi g the oppo tu ity fo etai i g a d ec uiti g compete t pe so el to the A oto g oup (the “G oup”) a d i c easi g the motivatio amo gst the membe s of the ma ageme t team, the Boa d of Di ecto s p oposes that the AGM esolves to i t oduce a lo g-te m i ce tive p og am (“LTIP 2026”) fo membe s of the ma ageme t team a d othe key employees. Boa d membe s shall ot be e titled to pa ticipate i LTIP 2026.
Ge e al
LTIP 2026 co sists of stock optio s i te ded fo membe s of the ma ageme t team of the Compa y a d othe key employees (also i cludi g co sulta ts) (the “Stock Optio s”). To impleme t LTIP 2026 i a cost-effective a d flexible ma e , the Boa d of Di ecto s p oposes that the obligatio s of the Compa y to delive sha es u de the Stock Optio s a e secu ed by a autho isatio fo the Boa d of Di ecto s to esolve upo issue, epu chase a d t a sfe of Se ies C sha es, which the eafte ca be co ve ted i to o di a y sha es. The Boa d of Di ecto s’ p oposal fo the autho isatio to issue a d epu chase Se ies C sha es as well as t a sfe of o di a y sha es u de the LTIP 2026 is set out i items 17 a d 18 below.
Dilutio effects
The Boa d of Di ecto s p oposes that LTIP 2026 shall co sist of a maximum of 166,184,777 ew Stock Optio s e titli g to pu chase of the same umbe of o di a y sha es i the Compa y, co espo di g to app oximately 6.5 pe ce t of the sha e capital a d votes i the Compa y afte dilutio , also taki g i to accou t the sha es that may be issued upo co ve sio of the Compa y’s outsta di g co ve tible debt.
The Compa y’s existi g sha e-based i ce tive p og ams fo employees of the G oup a e desc ibed i the A ual Repo t fo 2025, Note 30, comp isi g 13,466,667 outsta di g stock optio s as at 31 Decembe 2025 with exe cise p ices betwee SEK 0.81 a d 1.06. I additio , 275,000,000 stock optio s u de LTIP 2025 have bee allotted to employees a d co sulta ts afte the A ual Repo t was issued, with a exe cise p ice of ot less tha SEK 0.12 a d ot mo e tha SEK 0.18 pe sha e.
Dist ibutio of the Stock Optio s
Stock Optio s ca o ly be allotted to the G oup’s cu e t a d futu e membe s of the ma ageme t team a d othe key employees (also i cludi g co sulta ts). The Stock Optio s shall be g a ted to the pa ticipa ts f ee of cha ge a d may ot be t a sfe ed o pledged, except that the Boa d of Di ecto s may allow fo the t a sfe of Stock Optio s to a family t ust o equivale t e tity.
The Stock Optio s vest ove th ee yea s f om the vesti g comme ceme t date, with o e thi d vesti g o each of the fi st, seco d a d thi d a ive sa ies. A pa ticipa t must the efo e emai withi the G oup fo th ee yea s fo all Stock Optio s to vest.
Each Stock Optio e titles the employee o co sulta t to acqui e o e o di a y sha e of the Compa y du i g the pe iod comme ci g o the thi d a ive sa y of g a t date a d e di g o the sixth a ive sa y of the g a t date at a exe cise p ice co espo di g to 150 pe ce t of the ave age closi g sha e p ice fo the Compa y’s sha e o Nasdaq Stockholm fo a pe iod of 120 days p io to the AGM.
Co ve sio due to split, agg egatio , ew issue etc.
The exe cise p ice a d the umbe of sha es that each Stock Optio e title to pu chase shall be ecalculated i the eve t of a sha e split, eve se sha e split, p efe e tial sha e issue, ext ao di a y divide d, etc. i acco da ce with Swedish ma ket p actice.
Ove all Te ms
Withi the f amewo k of the esolved te ms a d co ditio s a d guideli es, the Boa d of Di ecto s shall be espo sible to p epa e the mo e detailed te ms a d co ditio s of LTIP 2026. The Boa d of Di ecto s shall have the ight to adjust the te ms a d co ditio s of LTIP 2026 if sig ifica t cha ges occu withi the G oup’s st uctu e o i its ma ket, which mea s that the te ms a d co ditio s fo exe cisi g the Stock Optio s a e o lo ge app op iate. Fu the mo e, fo special easo s, the Boa d of Di ecto s may decide that Stock Optio s may be etai ed a d utilised, as applicable, despite the te mi atio of employme t o co sulta cy ag eeme t withi the G oup, fo example due to ill ess.
Expe ses fo LTIP 2026
The Stock Optio s a e expected to esult i tax at employme t i come ates fo the pa ticipa ts a d will be accou ted fo i acco da ce with IFRS 2, which stipulates that the Stock Optio s will be eco ded as pe so el expe ses du i g the vesti g pe iod.
P epa atio of the p oposal
LTIP 2026 has bee p epa ed by the Boa d of Di ecto s togethe with exte al adviso s. LTIP 2026 has bee eviewed by the Boa d of Di ecto s du i g the seco d qua te of 2026.
The atio ale fo the p oposal
The atio ale fo the p oposal fo LTIP 2026 is to imp ove the co ditio s fo etai i g a d ec uiti g compete t pe so el to the G oup a d i c easi g the motivatio of the membe s of the ma ageme t team. Fu the mo e, mo e visible oppo tu ities a e established fo lo g-te m pa ticipatio i the G oup’s ope atio s a d i eachi g the Compa y’s ove all ta gets. The Boa d of Di ecto s is of the opi io that the i t oductio of LTIP 2026 as desc ibed above be efits the G oup a d the Compa y’s sha eholde s.
Co ditio s
The esolutio to impleme t LTIP 2026 i acco da ce with this item 15 is co ditio al upo the AGM esolvi g i acco da ce with the p oposal fo issue a d epu chase of Se ies C sha es a d t a sfe of o di a y sha es pu sua t to items 17 a d 18 below.
The P i cipal Sha eholde s p opose that the AGM esolves to adopt a i ce tive scheme fo the Chai ma of the Boa d of Di ecto s of the Compa y.
The pu pose of the i ce tive scheme is to e ha ce the Compa y’s ability to att act, etai a d motivate ma ageme t who a e expected to make impo ta t co t ibutio s to the Compa y a d by p ovidi g the Chai ma with equity ow e ship oppo tu ities that a e i te ded to bette alig the i te ests of the Chai ma with those of the sha eholde s of the Compa y. The P i cipal Sha eholde s co side that the adoptio of the i ce tive p og am as desc ibed he ei is i the favou of the G oup a d the sha eholde s of the Compa y.
The p oposed i ce tive p og am mea s that the Chai ma , Kevi Adeso , will be g a ted stock optio s f ee of cha ge. The p og am comp ises a maximum of 76,700,666 stock optio s e titli g to the pu chase of the same umbe of o di a y sha es i the Compa y, ep ese ti g app oximately 3.0 pe ce t of the sha e capital a d votes i the Compa y afte dilutio , also taki g i to accou t the sha es that may be issued upo co ve sio of the Compa y’s outsta di g co ve tible debt a d the sha es that may be issued u de the Compa y’s outsta di g i ce tive p og ams.
The optio s g a ted to the Chai ma vest ove th ee yea s f om the vesti g comme ceme t date to match the LTIP 2026, with o e thi d vesti g o each of the fi st, seco d a d thi d a ive sa ies. The optio s may ot be exe cised u less the Chai ma , at the time he o she exe cises the optio s, is, a d has bee at all times si ce the date of g a t of the optio s, appoi ted Chai ma of the Boa d of Di ecto s of the Compa y o a y compa y of which the Compa y holds at least 20 pe ce t of the votes fo all the sha es o the Compa y’s subsidia y o the Compa y with o e o mo e subsidia ies o seve al subsidia ies togethe holds at least 20 pe ce t of the votes.
I additio to the optio s desc ibed above, the Chai ma shall be g a ted a fu the 76,700,666 stock optio s o the same te ms as the othe optio s u de this item 16, i cludi g as to exe cise p ice a d te m, save as set out i this pa ag aph. These additio al optio s shall vest i full a d immediately upo the Compa y, th ough the effo ts of the Chai ma , e te i g i to a g ou d-b eaki g ag eeme t fo the sale of co-b a ded digital pe s a d elated se vices, to a al eady ide tified majo global b a d, with t a sfo mative eco omics fo the Compa y, withi o e yea f om the date of g a t, a d may be exe cised immediately upo such vesti g (a d acco di gly a e ot subject to the exe cise pe iod comme ci g o the thi d a ive sa y of the g a t date that applies to the othe optio s u de this item 16). If that co ditio is ot satisfied withi that pe iod, the additio al optio s shall lapse.
If the Chai ma ceases to be appoi ted as Chai ma , fo a y easo , the , the ight to exe cise the optio s shall te mi ate o e yea afte the fi st day whe optio s ca be exe cised, p ovided that the Chai ma ca o ly exe cise such vested optio s the pa ticipa t was e titled to exe cise o the date of such cessatio .
Each optio e titles the Chai ma to acqui e o e o di a y sha e of the Compa y du i g the pe iod comme ci g o the thi d a ive sa y of the g a t date a d e di g o the sixth a ive sa y of the g a t date, afte which a y outsta di g optio s lapse, at a p ice equal to 150 pe ce t of the ave age volume weighted closi g p ice of the Compa y’s sha es o Nasdaq Stockholm fo each t adi g day du i g a pe iod to be dete mi ed by the Boa d of Di ecto s.
The esolutio to impleme t the i ce tive p og am i acco da ce with this item 16 is co ditio al upo the AGM esolvi g i acco da ce with the p oposal fo issue a d epu chase of Se ies C sha es a d t a sfe of o di a y sha es pu sua t to items 17 a d 18 below.
The Boa d of Di ecto s p oposes that the AGM autho ises the Boa d of Di ecto s, o o e o mo e occasio s u til the ext A ual Ge e al Meeti g, to esolve o a ew issue of Se ies C sha es. The autho isatio shall ot be limited as to the umbe of Se ies C sha es othe tha as follows f om the limits o the sha e capital a d the umbe of sha es set out i the a ticles of associatio f om time to time. With the deviatio f om the sha eholde s’ p efe e tial ights, the ew sha es may be subsc ibed fo by a ba k o secu ities compa y at a subsc iptio p ice co espo di g to the quota value.
The pu pose of the autho isatio a d the easo fo the deviatio f om the sha eholde s’ p efe e tial ights is to e su e delive y of sha es to pa ticipa ts u de the Compa y’s outsta di g i ce tive p og ams a d secu e liquidity fo payme t of social secu ity cha ges as a esult of the i ce tive p og ams. P io to the t a sfe of sha es to pa ticipa ts exe cisi g stock optio s, the Boa d of Di ecto s will esolve to eclassify Se ies C sha es i to o di a y sha es.
A esolutio pu sua t to this item is o ly valid if app oved by sha eholde s ep ese ti g at least two thi ds of the votes cast as well as the sha es ep ese ted at the Ge e al Meeti g.
The Boa d of Di ecto s p oposes that the AGM esolves to autho ise the Boa d of Di ecto s, o o e o mo e occasio s u til the ext A ual Ge e al Meeti g, to esolve o epu chases of Se ies C sha es. Repu chases may o ly be made th ough a acquisitio offe add essed to all holde s of Se ies C sha es a d shall comp ise all outsta di g Se ies C sha es. Acquisitio s shall be made at a p ice co espo di g to the quota value of the sha es. Payme t fo acqui ed sha es shall be made i cash.
The pu pose of the epu chase is to e su e delive y of sha es to pa ticipa ts u de the Compa y’s outsta di g i ce tive p og ams a d to secu e liquidity fo payme t of social secu ity cha ges elated to such i ce tive p og ams. Befo e delive y of sha es to the pa ticipa ts o t a sfe of o di a y sha es to secu e liquidity fo payme t of social secu ity cha ges, the Boa d of Di ecto s will esolve o eclassificatio of Se ies C sha es to o di a y sha es i acco da ce with the p ovisio i the a ticles of associatio .
The Boa d of Di ecto s p oposes that the AGM esolves to (i) app ove delive y of o di a y sha es to pa ticipa ts u de LTIP 2026 a d the Chai ma i ce tive scheme, a d (ii) autho ise the Boa d of Di ecto s to esolve, o o e o seve al occasio s u til the ext A ual Ge e al Meeti g, to t a sfe ow o di a y sha es.
The outsta di g i ce tive p og ams of the g oup (i cludi g LTIP 2026 a d the Chai ma i ce tive scheme) mea s that employees, co sulta ts o the Chai ma a e g a ted Stock Optio s, which e title the holde to pu chase sha es i the Compa y. Such t a sfe s a e subject to Chapte 16 of the Swedish Compa ies Act, which mea s that a esolutio to app ove delive y of o di a y sha es to pa ticipa ts u de this item 18 is valid o ly if it is suppo ted by at least i e te ths of both the votes cast a d the sha es ep ese ted at the AGM.
I o de to e able the co solidatio of sha es p oposed u de item 20 below, the Boa d of Di ecto s p oposes that the AGM esolves to ame d the limits o the umbe of sha es set out i § 5 of the a ticles of associatio f om ot less tha 1,000,000,000 a d ot mo e tha 4,000,000,000 to ot less tha 10,000,000 a d ot mo e tha 40,000,000. The co solidatio is ca ied out befo e the eductio of the sha e capital a d is the efo e based o the cu e t sha e quota value of SEK 0.13 pe sha e. The limits o the sha e capital set out i § 4 of the a ticles of associatio emai u cha ged. As a co seque ce of the co solidatio , the sha e quota value will i c ease f om SEK 0.13 to SEK 13 pe sha e.
The esolutio u de this item 19 is co ditio al upo the AGM esolvi g o the co solidatio of sha es u de item 20. A valid esolutio u de this item 19 equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM.
I o de to achieve a umbe of sha es app op iate fo the Compa y, the Boa d of Di ecto s p oposes that the AGM esolves o a co solidatio of the Compa y’s sha es (1:100), whe eby the umbe of sha es i the Compa y is educed by combi i g o e hu d ed (100) sha es i to o e (1) sha e. The co solidatio shall be ca ied out befo e the eductio of the Compa y’s sha e capital a d is based o the cu e t sha e quota value of SEK 0.13 pe sha e, esulti g i a ew sha e quota value of SEK 13 pe sha e. The Boa d of Di ecto s shall be autho ised to dete mi e the eco d date fo the co solidatio , to fall afte the esolutio has bee egiste ed with the Swedish Compa ies Regist atio Office, a d othe wise to take the measu es equi ed to impleme t the co solidatio .
If a sha eholde ’s holdi g of sha es is ot eve ly divisible by o e hu d ed (100) a d the efo e does ot co espo d to a whole umbe of ew sha es, the excess sha es shall pass i to the ow e ship of the Compa y o the eco d date. Such excess sha es t a sfe ed to the Compa y will be sold without u due delay at the Compa y’s expe se th ough a secu ities i stitutio . The p oceeds eceived upo the sale of the excess sha es t a sfe ed to the Compa y shall be dist ibuted amo g the sha eholde s who ow ed the sha es at the time they passed i to the ow e ship of the Compa y, i p opo tio to thei espective pa ticipatio i the sha es sold. Fu the i fo matio o the p ocedu e fo the co solidatio will be a ou ced i co ectio with the Boa d of Di ecto s esolvi g o the eco d date.
If the co solidatio of sha es is ca ied out, the othe esolutio s of the A ual Ge e al Meeti g shall be ecalculated i the applicable pa ts to adjust fo the co solidatio whe e app op iate i the opi io of the Boa d of Di ecto s.
The Boa d of Di ecto s, o a pe so appoi ted by the Boa d of Di ecto s, shall be autho ised to make such mi o adjustme ts to the esolutio as may p ove ecessa y i co ectio with egist atio of the esolutio with the Swedish Compa ies Regist atio Office a d Eu oclea Swede AB. The esolutio u de this item 20 is co ditio al upo the AGM esolvi g o the ame dme t of the a ticles of associatio u de item 19. A valid esolutio u de this item 20 equi es that the esolutio be suppo ted by sha eholde s ep ese ti g at least two-thi ds of both the votes cast a d the sha es ep ese ted at the AGM.
The Boa d of Di ecto s, o a pe so appoi ted by the Boa d of Di ecto s, will be autho ised to make mi o cha ges to the esolutio s u de items 12 – 20 o the age da as may p ove ecessa y i co ectio with egist atio of the esolutio s with the Swedish Compa ies Regist atio Office a d Eu oclea Swede AB.
Complete p oposals a d docume tatio i acco da ce with the Swedish Compa ies Act (2005:551) will be kept available at the Compa y’s office as well as at the Compa y’s website www.a oto.com o late tha 10 July 2026 a d will be se t f ee of cha ge to those sha eholde s who equest it a d p ovide thei postal add ess.
Acco di g to Chapte 7, sectio 32 of the Swedish Compa ies Act, at a ge e al meeti g the sha eholde s a e e titled to equi e i fo matio f om the Boa d of Di ecto s a d the CEO ega di g ci cumsta ces which may affect items o the age da a d ci cumsta ces which may affect the Compa y’s fi a cial situatio .
Fo i fo matio o how pe so al data is p ocessed, see www.eu oclea .com/dam/ESw/Legal/P ivacy- otice-bolagsstammo -e gelska.pdf.
As of the date of this otice, the total umbe of o di a y sha es a d votes i the Compa y was 1,102,362,753. The Compa y is ot holdi g a y ow sha es.
Stockholm, July 2026
The Boa d of Di ecto s
