Kaldalón hf.: Announcement of a buyback of own shares through a reverse tender offer

At the annual general meeting of Kaldalón hf. held on 26 May 2026, it was approved to authorise the Company to purchase, on one or more occasions, shares in the Company amounting to up to 10% of the Company's total share capital, for the purpose of setting up a formal buyback programme or making shareholders a general offer for the Company to purchase its own shares, for example through a tender offer process. The commencement of a formal buyback programme of up to 10,000,000 shares was announced on 30 June last and is currently ongoing.

On the basis of the aforementioned authorisation, the Board of Kaldalón hf. has decided to make the Company's shareholders an offer to purchase its own shares through a reverse tender offer, for the purpose of reducing the Company's issued share capital. The buyback will amount to a maximum of 16,500,000 shares in the Company, provided however that the amount of the buyback shall never exceed ISK 400 million. In the buyback, the highest permissible consideration per share shall not be higher than the price of the last independent trade or the highest available independent bid in the trading systems in which the shares are traded, whichever is higher.
An agreement has been made with Acro verðbréf hf. to carry out the buyback. The purchase will be conducted through a reverse tender offer and in accordance with the Dutch auction method, i.e. all accepted offers are offered to investors at the highest price that will be accepted. All shareholders of Kaldalón hf. who are registered in the share register after the close of trading today, 21 September 2026, may submit offers to sell their shares to the Company through the market trading desk of Acro verðbréf hf.
Kaldalón hf. reserves the right to accept or reject any offer in whole or in part.
The buyback is in accordance with applicable laws and regulations, including Act No. 2/1995 on Public Limited Companies, Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (MAR) and Commission Delegated Regulation (EU) No 2016/1052 laying down regulatory technical standards for buyback programmes, which have legal effect in Iceland pursuant to Act No. 60/2021 on measures against market abuse.
Offers shall be submitted to the Market Trading desk of Acro verðbréf hf., which also answers enquiries, at the email address midlarar@acro.is marked „Kaldalón endurkaup“ before 08:30 on Tuesday, 22 September 2026.
The results will be announced through the Nasdaq Iceland news system before 9:30 on Tuesday, 22 September 2026. The settlement date of accepted offers is Thursday, 24 September 2026.
Kaldalón hf. holds 6,096,232 own shares before the buyback under the reverse tender offer commences.
For further information, please contact:
Market Trading, Acro verðbréf hf., midlarar@acro.is
Högni Hjálmtýr Kristjánsson, Chief Operating Officer, hogni.kristjansson@kaldalon.is