Result of sale of shares in Beijer Ref AB (“Beijer Ref”) by Breeze TopCo S.à r.l. (“EQT Private Equity”), a company ultimately owned by the fund known as EQT IX

PRICING PRESS RELEASE

Not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States, Canada, Japan, South Africa or Australia or any other jurisdiction in which the release, publication or distribution would be unlawful.

26 August 2025

Result of sale of shares in Beijer Ref AB (“Beijer Ref”) by Breeze TopCo S.à r.l. (“EQT Private Equity”), a company ultimately owned by the fund known as EQT IX

Following the press release issued earlier today 26 August 2025, Breeze TopCo S.à r.l. (“EQT Private Equity”), a company ultimately owned by the fund known as EQT IX, has successfully completed the sale of 20,000,000 class B shares in Beijer Ref AB (publ) (“Beijer Ref” or the “Company”), equivalent to approximately 3.9% of the share capital of, and approximately 32.4% of EQT Private Equity’s shareholding in, Beijer Ref, through a placing to institutional investors by way of an accelerated bookbuilding process (the “Placing”). The price in the Placing was set at SEK 157 per class B share and the Placing will be settled by delivery of shares and payment of the consideration on 29 August 2025. Citigroup Global Markets Limited (“Citi”), DNB Carnegie Investment Bank AB (publ) (“DNB Carnegie”) and Jefferies GmbH (“Jefferies”) acted as Joint Global Co-ordinators and Joint Bookrunners, and Mizuho Bank Europe N.V. (“Mizuho”) acted as a Joint Bookrunner in the Placing (together the “Managers”).

EQT Private Equity has agreed to a 60-day lock-up period, subject to waiver with the prior written consent of the Managers and to certain customary exceptions.

Following the Placing, EQT Private Equity will hold 41,746,207 shares in Beijer Ref, corresponding to approximately 8.2% of its share capital and approximately 13.6% of its voting rights. Beijer Ref will not receive any proceeds from the Placing.

Advokatfirman Vinge is acting as advisor to EQT Private Equity and White & Case as advisor to the Managers in connection with the Placing.

IMPORTANT NOTICE

This announcement is not for distribution, directly or indirectly, in whole or in part, in or into the United States, Canada, Japan, South Africa or Australia, or any other jurisdiction where to do so might constitute a violation or breach of any applicable law or regulation. This announcement is not a prospectus for the purposes of the Prospectus Regulation (as defined below). This announcement is for information purposes only and is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy any securities of the Company in the United States, Canada, Japan, South Africa, Australia or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction, and the distribution of this communication in such jurisdictions may be similarly restricted. No action has been taken by EQT Private Equity, the Managers or any of their affiliates to permit an offering of the shares or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Neither this announcement nor anything contained herein shall form the basis of, or be the basis of, or be relied upon in connection with, any offer or purchase whatever in any jurisdiction and shall not constitute or form part of an offer to sell or the solicitation of an offer to buy securities in the United States or in any other jurisdiction. This announcement should not be regarded as an opinion or recommendation concerning the purchase or sale of securities of the Company. Persons into whose possession this communication comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions.

The securities mentioned herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States absent registration under the US Securities Act or an available exemption from, or transaction not subject to, the registration requirements of the US Securities Act. There will be no public offering of securities in the United States.

In the United Kingdom this announcement is only being distributed to, and is only directed at, and any investment or investment activity to which this announcement relates is available only to, and will be engaged in only with, qualified investors as defined in the prospectus regulationarticle 2 of the Prospectus Regulation, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the ”UK Prospectus Regulation”) who are (i) investment professionals falling with article 19(5) of the UK Financial Services and Markets Act 2000 (financial promotion) order 2005 (the "Order"); or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order, or (iii) other persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as "Relevant Persons"). Persons who are not Relevant Persons should not take any action on the basis of this announcement and should not act or rely on it.

No person has authorised any offer to the public of securities in any member state of the European Economic Area. With respect to any Member State of the European Economic Area (each a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in any Relevant Member State. As a result, the securities may only be offered in Relevant Member States (i) to any legal entity which is a qualified investor as defined in the Commission Regulation (EU) 2017/1129, as amended (the “Prospectus Regulation”); or (ii) in any other circumstances falling within article 1(3) and 4(2) of the Prospectus Regulation provided that no such offer will result in a requirement for the publication of a prospectus pursuant to article 3 of the Prospectus Regulation. For the purpose of this paragraph, the expression "offer of securities to the public" means the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable the investor to decide to purchase or subscribe for the securities.

None of the Managers or any of their or their affiliates’ directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to EQT Private Equity, the Company, their respective subsidiaries or associated companies, 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.

Each of the Managers is acting on behalf of EQT Private Equity and no one else in connection with any offering of the placing shares and will not be responsible to any other person for providing the protections afforded to any of its clients or for providing advice in relation to any offering of the placing shares.

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