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Original-Research: Aiforia Technologies Oyj - from NuWays AG

17.06.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Aiforia Technologies Oyj

     Company Name:                Aiforia Technologies Oyj
     ISIN:                        FI4000507934

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 3.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo

EUR20m EIB debt term sheet de-risks Aiforia's funding outlook

Aiforia announced yesterday evening that it had agreed on a non-binding
indicative term sheet with the European Investment Bank (EIB) for a venture

debt facility of up to EUR 20m, structured in three tranches of EUR 5m, EUR 7m and

EUR 8m respectively. Disbursement of each tranche is conditional on revenue
and other milestones to be met within 36 months of signing a binding
agreement. Each tranche carries a three-year grace period, matures seven
years after drawdown, and comes with synthetic warrants granted to the EIB,
which are cash-settled instruments that avoid shareholder dilution.

While the term sheet is non-binding, the EIB's involvement meaningfully
de-risks the funding outlook. The EIB is the European Union's lending arm,
which finances priority projects across digitalisation, healthcare and
innovation. The EIB typically conducts long-standing, extensive due
diligence, and funds innovative companies that are already backed by private
investors. An EIB term sheet is a meaningful vote of confidence in Aiforia's
technology differentiation, commercial potential and financial viability.

We had estimated that Aiforia's liquidity would run out by Q4 2026 in the
absence of a viable funding solution. This theme has likely created pressure
on the share price in the past months, as investors have priced in execution
risk around the next financing round. This term sheet materially alleviates
this concern. If the first tranche of EUR 5m were drawn, it would extend
runway through Q3 2027, supporting management's target of financial
independence by end-2027. Notably, the EIB would receive synthetic warrants
on ~EUR 2.5m notional, settled in cash only upon a trigger event, such as a
change of control. Thus the venture debt is not cheap, but it gives Aiforia
leeway, funding options and the backing of a strong supranational
institution. Further, compared to private venture debt financiers, the EIB
takes a significantly longer-term view, offering a three-year grace period
and remaining with borrowers for seven or more years versus the typical
one-to-three year horizon of private lenders. Finally, it appears that in
this case, venture debt is designed to complement rather than replace equity
financing, meaning Aiforia retains flexibility to pursue additional funding
avenues in parallel.

Catalyst for a sentiment turnaround. Combined with the valuation benchmark
implied by Roche's acquisition of PathAI, which highlights strategic
interest in AI-powered pathology platforms, we see the conditions for a
meaningful sentiment reversal falling into place

Despite the strategic significance of the announcement, the term sheet is
explicitly non-binding and indicative, subject to further terms negotiations
and milestones achievements. Accordingly, we make no changes to our DCF
model at this time. The next concrete datapoint will be the H1 report due
August 28th, as revenue ramp-up remains the central catalyst that could
meaningfully drive the share price higher. We reiterate our BUY rating with
an unchanged PT of EUR 3.80.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7fd218d1fe266d7da2e5d43562e907d6
For additional information visit our website:
https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2347618 17.06.2026 CET/CEST

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