The offering of 3North Partners Plc, who is acquiring Steady Energy Oy, has been oversubscribed, and the subscription period will be discontinued

The offering of 3North Partners Plc, who is acquiring Steady Energy Oy, has been oversubscribed, and the subscription period will be discontinued

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

3North Partners Plc, Company announcement 28 September 2026 at 4:00 p.m. EEST

3North Partners Plc (“3NP” or the “Company”), an investment company whose purpose is to combine with a technology company and to support the company in its growth and value creation, and Steady Energy Oy, a developer of heat-only small modular reactor (“SMR”) technology (“Steady Energy”) announced on 15 September 2026 that they are planning an initial public offering (the “Offering”) and listing on the Nasdaq First North Growth Market Finland (the “First North”) maintained by Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) (the “Listing”). 3NP and the shareholders of Steady Energy have on 11 September 2026 entered into a share exchange agreement whereby 3NP acquires all outstanding shares in Steady Energy by way of a directed share issue consisting of new shares in 3NP to form a combined company. On 18 September 2026, 3NP announced further information on the contemplated Offering and Listing and published the company description related to the Offering and the Listing. The Offering consists of a public offering to private individuals and entities in Finland. The subscription period for the Offering commenced on 21 September 2026 at 10:00 a.m. (Finnish time).

The Offering has been oversubscribed. 3NP’s Board of Directors has, in accordance with the terms and conditions of the Offering, decided to discontinue the subscription period for the Offering today 28 September 2026 at 4:00 p.m. (Finnish time).

No other changes will be made to the Offering timetable due to the discontinuation.

Further inquiries

Steady Energy’s CEO Tommi Nyman, tel. +358 50 360 7823

3NP’s CEO Tuomo Vähäpassi, tel. +358 40 736 0676

Certified Adviser

Aktia Alexander Corporate Finance Oy

About Steady Energy

Steady Energy is a Finnish nuclear technology company developing a new generation of small modular reactors (SMRs) especially suited for district heating. Its LDR-50 reactor is designed to provide cities and utilities with a reliable, scalable and low-carbon alternative to combustion-based heat production. The reactor concept is based on proven light-water reactor technology, combined with a simplified design focused exclusively on producing heat. Steady Energy aims to make nuclear energy more cost-effective to deploy and to establish its technology as a scalable solution for decarbonising district heating globally. Steady Energy was founded in 2023 as a spin-off from the Technical Research Centre of Finland VTT and has approximately 75 full-time employees.

About 3NP

3NP is an investment company whose purpose is to bring together technology investors, entrepreneurs and executives, identify and analyse technology companies as potential combination partners, combine with one such company, and support the combined company in its growth and value creation.

Important information

The information contained in this release is not for publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa or any other jurisdiction in which the release, publication or distribution would be unlawful.

The information contained in this release does not constitute an offer of securities for sale in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. 3NP does not intend to register any securities in the United States or to offer securities to the public in the United States. Any offering of securities by the Company in the United States may only be made pursuant to an exemption from registration under the U.S. Securities Act of 1933, as amended.

The issue, offer, exercise and/or sale of securities are subject to specific legal or regulatory restrictions in certain jurisdictions. The Company or Nordea Bank Abp (the “Sole Global Coordinator”), assumes no responsibility in the event there is a violation by any person of such restrictions.

The information contained in this release shall not constitute an offer to sell or a solicitation of an offer to purchase or subscribe for, nor shall there be any sale of, the securities referred to in this release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Investors must neither accept any offer for, nor acquire, any securities to which this release refers, unless they do so on the basis of the information contained in the company description published by the Company.

The Company has not authorized any offer to the public of securities in the United Kingdom or in any Member State of the European Economic Area other than Finland. In the United Kingdom, public offers of relevant securities are prohibited under the Public Offers and Admissions to Trading Regulations 2024 (SI 2024/105) (the “POATRs”) unless an exemption set out in Schedule 1 to the POATRs applies. With respect to each Member State of the European Economic Area other than Finland and which applies the Prospectus Regulation (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 (a) to any legal entity, which fulfils the requirements of a qualified investor as defined in the Prospectus Regulation; or (b) in any other circumstances falling within Article 1(4) of the Prospectus Regulation, and in the United Kingdom only to persons who are qualified investors within the meaning of Schedule 1 to the POATRs or in other circumstances where an exemption under the POATRs applies. For the purposes of this paragraph, the expression an “offer of securities to the public” means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities. The expression “Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council, as amended.

This release is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this release relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this release or any of its contents.

Full terms and conditions for the Offering are included in the company description that has been prepared by 3NP and Steady Energy (together, the “Combined Company”) in connection with the Offering. The company description and its Finnish translation are available on the website of 3NP at www.3north.fi/en, on the website of Steady Energy at investors.steadyenergy.com/en/ipo and on the website of Nordea Bank Abp at www.nordea.com/fi/steadyenergy.

Any offer to subscribe for the securities referred to in this release will be made by means of a company description that has been published by 3NP following a review by Nasdaq Helsinki. The company description contains detailed information about the Combined Company and its management as well as its financial information. This release is an advertisement and not a prospectus for the purpose of the Prospectus Regulation. Investors should not acquire any securities referred to in this release except on the basis of information contained in the company description.

Certain statements in this release are “forward-looking statements”. Forward-looking statements include statements concerning plans, assumptions, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, the Combined Company’s competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, the Combined Company’s business strategy and the anticipated trends in the industry and the political and legal environment in which it operates and other information that is not historical information, investments, the contemplated initial public offering and listing, future cash flow generation, operating profit margin, financial position and liquidity. In some instances, they can be identified by the use of forward-looking terminology, including the terms “believes”, “intends”, “may”, “will” or “should” or, in each case, their negative or variations on comparable terminology.

Forward-looking statements in this release are based on assumptions, many of which in turn are based on assumptions. By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and the risk exists that the predictions, forecasts, projections, plans and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained in this release speak only as at the date of this release. Save as required by law, the Combined Company does not intend, and does not assume any obligation, to update or correct any forward-looking statement contained in this release.

The Sole Global Coordinator is acting exclusively for 3NP and for no-one else in connection with any transaction mentioned in this release and will not regard any other person (whether or not a recipient of this release) as a client in relation to any such transaction and will not be responsible to any other person for providing the protections afforded to its clients, or for advising any such person on the contents of this release or in connection with any transaction referred to in this release.

The contents of this release have been prepared by, and are the sole responsibility of, 3NP and Steady Energy. Neither the Sole Global Coordinator nor any of its 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 release or any other information relating to the Combined Company, its subsidiaries or associated companies (or whether any information has been omitted from this release), 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 release or its contents or otherwise arising in connection therewith.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments (as amended, “MiFID II”); (b) Articles 9 and 10 of the Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the new series A shares in 3NP offered in the Offering (the “Offer Shares”) and additional new series A shares in 3NP that investors may receive in connection with the Offering (the “Bonus Shares”) have been subject to a product approval process, which has determined that the Offer Shares and the Bonus Shares are: (i)  compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II (the “Positive Target Market Assessment”); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II. Distributors should note that: the price of the Offer Shares and the Bonus Shares may decline and investors could lose all or part of their investment; the Offer Shares and the Bonus Shares offer no guaranteed income and no capital protection; and an investment in the Offer Shares and the Bonus Shares is compatible only with investors who do not need a guaranteed income or capital protection and who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. Conversely, an investment in the Offer Shares and the Bonus Shares is not compatible with investors looking for full capital protection or full repayment of the amount invested or having no risk tolerance, or investors requiring a fully guaranteed income or fully predictable return profile (the “Negative Target Market” and, together with the Positive Target Market, the “Target Market Assessment”). The Target Market Assessment is without prejudice to the requirements in any contractual, legal or regulatory selling restrictions in relation to the Offering.

The Target Market Assessment does not constitute (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, obtain, or take any other action concerning the Offer Shares and the Bonus Shares. Each distributor is responsible for its own Target Market Assessment in respect of the Offer Shares and the Bonus Shares and determining the appropriate distribution channels.