Branicks - comment

Step 1 is done. The first SchVG vote cleared with the required 75% qualified majority; the quorum was met with significantly more than 50% participating, and MR Treuhand GmbH (Munich) has been appointed joint representative. The bond maturity is extended to 31 December 2026, with the option to push to 31 March 2027.

The EUR 35m bridge financing and the maturity extension together now provide the runway for step 2, the second SchVG vote implementing the restructuring itself, expected in autumn. The one-month challenge period on the resolutions needs to run before the amendments formally take effect, so technically the vote is not legally binding until mid-September, but the vote result is clear.

This is squarely in line with expectations. No surprises. The restructuring is on track.