Germany updates: Companies pledge €631 billion investment
Chancellor Friedrich Merz met with executives from top German firms on Monday, hoping to rally fresh investment after two years of recession.
While the government has approved billions in tax relief and a €500-billion ($580 billion) fund for infrastructure and climate, Berlin says public money alone won't be enough.
Below is a roundup of what Germany is talking about on Monday, July 21:
Far-right AfD want new interview following protest disruption
Germany's far-right Alternative for Germany (AfD) has called for a new television interview to be held, after protesters on Sunday drowned leader Alice Weidel's "summer interview" in Berlin.
Each year, broadcaster ARD holds annual televised question and answer sessions with the country's main political parties.
However, as Weidel was preparing to begin the interview on a terrace in Berlin's government quarter, demonstrators arrived nearby.
They broke into loud singing, dancing, and chanting and made it difficult for Weidel to hear the questions she was being asked.
"In such a situation, ARD should have moved to a studio to ensure a fair, uninterrupted interview," Markus Frohnmaier, the AfD's deputy parliamentary group leader, told news portal Politico.
"I expect the conversation to be repeated under fair conditions," Weidel said.
Meanwhile, the general secretary of the conservative Christian Democrats (CDU) who lead Germany's coalition government, said it was better for democracy to hear her views.
"If you want to strengthen the AfD, go ahead and disrupt these interviews," Carsten Linnemann told broadcasters RTL/ntv.
German corporate alliance pledges to invest €631 billion over 3 years
An alliance of German companies, numbering in the dozens, pledged to invest at least €631 billion ($733 billion) in the German economy over the next three years.
"The investments by the initiative are a very powerful signal that we are now experiencing a shift in sentiment and consolidating it," German Chancellor Friedrich Merz said.
"The message ... is very clear: Germany is back. It's worth investing in Germany again. We are not a location of the past, but a location of the present and above all the future," he added.
German Chancellor Friedrich Merz said that large public investments could be boosted significantly by private funding.
"We want to leverage this potential and thus trigger further growth effects," Merz said after meeting with representatives of the "Made for Germany" initiative at the Chancellery in Berlin.
The new government has launched a program to spur on investment and establish a €500 billion fund to splash on German infrastructure over the next 12 years. It has also pledged to cut bureaucratic red tape and speed up digitization.
The initiative is being led by executives from Germany's blue-chip companies, including lender Deutsche Bank and industrial group Siemens.
WATCH: Protesters derail AfD leader Weidel's interview
A summer interview with Alice Weidel, the leader of the far-right party Alternative for Germany (AfD), was severely disrupted by protesters on Sunday.
Members of her party have called for a repeat. Watch what happened here:
German metal and electrical industries continue shedding jobs
There has been a continued decline in the number of people employed in Germany's metal and electrical industry, according to the employers' association Gesamtmetall.
The association said that since the beginning of 2025, there had been around 60,000 job losses.
Basing its findings on a survey of companies, the association said that the number of employees in May was 2.5% lower than compared to the same period the year before.
While Germany's new government has taken some measures to relieve the situation, Gesamtmetall's managing director Oliver Zander higlighted a reduction in the electricity tax and the immediate investment program as outstanding issues.
"The speed at which the decline in employment in the metal and electrical industry continues shows, however, that the federal government has no time for breathers," Zander said.
How Germany manages extreme heat and climate change
The next heat wave has been forecast in Germany. How is a country known for its lack of air conditioning preparing?
Read the full story about Germany's preparations for heat waves.
How far-right social media impacted Germany's highest court
Researchers say a far-right social media campaign — that painted a respected law professor as extremist — caused the suspension of the election of judges to Germany's highest court.
Read the full story on the controversial failure to elect a judge to Germany's top court.
Why is Deutsche Bahn facing even more delays and cancellations?
Once famed for never being late, German trains almost never run on time anymore.
Deutsche Bahn has launched a refurbishment program that is likely to last at least a decade, and the costs and criticism are increasing.
Read the full story on increasing delays on Germany's rail network.
German bond yields ease ahead of key Eurozone data
Germany's bond market calmed slightly on Monday after weeks of rising long-term interest rates. Investors are now waiting for new economic data from the Eurozone and a key decision from the European Central Bank (ECB).
A bond yield is the return investors get for lending money to the government by buying its bonds. When bond prices go up, yields go down — so falling yields often reflect expectations of slower growth or lower interest rates.
Economists believe the ECB will keep interest rates steady for now, but might cut them again as early as September.
Some analysts think this week's Eurozone business activity data could show little change, partly due to global trade worries and a strong euro. That could make German government bonds more attractive, pushing their prices up and yields down.
Germany, UK and Ukraine lead military aid meeting
Senior representatives from around 50 countries are reconvening for another meeting of the Ukraine Defense Contact Group.
The virtual session is set to begin with opening statements from German Defense Minister Boris Pistorius, UK Defense Secretary John Healey, and Ukrainian Prime Minister Denys Shmyhal.
The Ukraine Defense Contact Group was first launched on April 26, 2022, at the US air base in Ramstein, Germany — leading to the term "Ramstein format."
US President Donald Trump's turnaround on military aid for Ukaine is likely to be the main topic of discussion, as NATO allies work to facilitate the weapons delivery.
Abuse survivors urge Vatican to act after prosecutors drop charges against cardinal
Survivors of abuse within the Catholic Church are urging the Vatican to take action against Cologne Cardinal Rainer Maria Woelki, following years of controversy and a newly closed investigation.
The plaintiffs accuse Woelki of shielding perpetrators and retraumatizing victims through his handling of abuse cases in the archdiocese.
The complaint, submitted by all 12 members of the survivors' advisory board at the German Bishops' Conference, was drafted by physician and board member Katharina Siepmann.
"The affected often experience the cardinal's behavior as offensive," said Siepmann, who suffered three years of severe abuse as a child and has served on the board since early this year.
The body was established in 2022 to represent victims and advise the Church.
The group's formal complaint against Woelki refers to alleged breaches of church law, not state law. "We ultimately hope that officials in Rome — and the pope himself — will view the cardinal's behavior as unacceptable and intervene," Siepmann told German broadcaster WDR.
In May, Cologne prosecutors announced that Woelki would not face perjury charges in connection with his sworn statements about when he learned of abuse allegations in his archdiocese. The archbishop had been under investigation for more than two years.
Woelki, who remains a cardinal and Archbishop of Cologne, took part in the conclave that chose Pope Leo XIV.
Car crashes into trampoline, lodges in barn roof
The small town of Bohmte near the city of Osnabrück in the northwestern state of Lower Saxony was the scene of a spectacular accident that left two people seriously injured, including a seven-year-old boy.
For as yet unknown reasons, local police reported, a car appears to have come off the road at high speed before colliding with a parked vehicle and crashing through a hedge.
It then landed on a trampoline, hitting and injuring the child who was playing on it, and bounced into the attic of a barn.
Read the full story about the car that crashed into a trampoline in northern Germany.
Merz to meet German business leaders on investment push
German Chancellor Friedrich Merz is set to meet top executives from major German firms on Monday in a bid to restore investor confidence and revive the struggling economy.
Representatives from around 30 companies — including Siemens and Deutsche Bank — are expected to attend the talks in Berlin, according to sources cited by DPA. More than a dozen firms listed on the DAX, Germany's main stock index, are among those invited.
The meeting will focus on the "Made for Germany" initiative, launched by Siemens and Deutsche Bank, which aims to strengthen the country's investment climate. Participating firms are expected to outline upcoming projects and signal readiness to commit fresh capital.
After two years of recession and amid a bleak outlook for 2025, Merz is urging companies to ramp up domestic investment. His government, which took office in May, has approved multi-billion-euro tax relief packages to stimulate growth.
A government spokesperson last week pointed to the recently passed €500 billion (over $580 billion) infrastructure and climate fund, saying public investment will lead the way — but private sector participation is essential.
Once Europe's growth engine, the German economy has been hit hard by inflation, energy price shocks, and mounting global competition in the wake of the pandemic and the war in Ukraine.
Welcome to our coverage
Guten morgen from the DW newsroom, overlooking the Rhine River in Bonn — the former capital of West Germany.
You join us as Chancellor Friedrich Merz gets ready to woo some of Germany's biggest business bosses to help get the sluggish economy back on its feet.
Top names like Siemens and Deutsche Bank are expected talks in Berlin, along with more than a dozen other DAX-listed giants.
About 30 firms are set to join what's being billed as a major push to rebuild investor confidence in the country's economic future.
Merz is under pressure after two back-to-back years of recession and little sign that 2025 will turn things around.
Follow along for the latest on what Germany is talking about on Monday, July 21.
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Graanul announces entry into an agreement with 50% of noteholders for an extension of the maturity of €630 million aggregate principal amount of its Existing Notes to 2029
LUXEMBOURG--(BUSINESS WIRE)--Jul 25, 2025-- Cullinan Holdco SCSp (the ' Issuer ', and together with its subsidiaries, ' Graanul ' or the ' Group ') is pleased to announce that it has entered into a transaction support agreement (the ' Transaction Support Agreement ') with noteholders (the ' Participating Holders ') collectively representing 50% of the aggregate principal amount of its (i) 4.625% Sustainability-Linked Senior Secured Notes due 2026 (the ' Existing Fixed Rate Notes ') and (ii) Sustainability-Linked Senior Secured Floating Rate Notes due 2026 (the ' Existing Floating Rate Notes ' and, together with the Existing Fixed Rate Notes, the ' Existing Notes '), to proactively address the Group's capital structure and create a clear maturity runway until 2029 while the Group negotiates new commercial contracts (the ' A&E Transaction '). The key terms of the A&E Transaction include a 3-year extension of the maturity of the Existing Notes to October 15, 2029, in return for enhanced economics and fees as well as certain other amendments to the indenture governing the Existing Notes (the ' Existing Indenture '). Pursuant to the Transaction Support Agreement, the Issuer and the Participating Holders have agreed to implement the A&E Transaction either by amending the Existing Indenture with the consent of noteholders representing at least 90% of the aggregate outstanding principal amount of the Existing Notes, or through a scheme of arrangement under Part 26 of the Companies Act 2006 (the ' Scheme '). Accordingly, the Issuer has launched a solicitation for consents (the ' Consent Solicitation ') to amend the Existing Indenture to implement the A&E Transaction and to support commencement of the Scheme (the ' Scheme Solicitation '). Any Eligible Holders (as defined below) that elect to participate will thereafter become Participating Holders and will also be required to accede to the Transaction Support Agreement. The Transaction Support Agreement obliges each of the parties thereto (including those that subsequently accede to it) to provide approvals and take actions as required to implement the A&E Transaction, subject to the terms of the Transaction Support Agreement. The obligations of the parties under the Transaction Support Agreement will automatically terminate on the earliest of: Parties to the Transaction Support Agreement also have the ability to terminate the Transaction Support Agreement in other circumstances including where the A&E Transaction is not capable of implementation prior to the 'Long-Stop Date'. The full details of the A&E Transaction, the Scheme, the Consent Solicitation and Scheme Solicitation are provided in the consent solicitation statement dated July 25, 2025 (the ' Consent Solicitation Statement ') issued by the Issuer. This announcement is a summary of the Consent Solicitation Statement only. It highlights selected information contained in the Consent Solicitation Statement and does not contain all of the information that you should consider before making a determination with respect to the Scheme, the Consent Solicitation or Scheme Solicitation. Capitalized terms used but not otherwise defined in this press release have the meaning given to them in the Consent Solicitation Statement. The key terms of the Consent Solicitation and Scheme Solicitation are as follows: Eligibility to Participate The Consent Solicitation and the Scheme Solicitation are directed only to those holders of the Existing Notes (the ' Noteholders ') who are either (i) 'qualified institutional buyers' (as that term is defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the ' U.S. Securities Act ')), transacting in a private transaction in reliance upon an exemption from the registration requirements of the U.S. Securities Act, (ii) institutional 'accredited investors' (within the meaning of Rule 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) under the U.S. Securities Act) or (iii) holders who are not U.S. persons (as defined in Regulation S (' Regulation S ') under the Securities Act) transacting outside of the United States in an offshore transaction, as defined in, and in reliance on, Regulation S (provided that, if such persons are resident in (i) a member state of the European Economic Area, they must be 'qualified investors' (within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the ' Prospectus Regulation ')) or (ii) the United Kingdom, they must be 'qualified investors' (within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018) (each such Noteholder, an ' Eligible Holder '), unless the Issuer in any instance otherwise agrees. Consent Solicitation to make amendments to the Existing Indenture and the Existing Notes The Issuer proposes to amend the Existing Indenture as follows, depending on the level of consents received in the Consent Solicitation: Scheme Solicitation If the Issuer obtains through the Transaction Support Agreement or the Consent Solicitation the consent of Noteholders representing: If the A&E Transaction is implemented by a Scheme, it will result in (i) Participating Holders receiving, on the Settlement Date, (x) the same Early Consent Consideration that such Participating Holders would have been eligible to receive in this Consent Solicitation, subject to certain conditions and, (y) as further detailed below and in the Consent Solicitation Statement, Participation Consideration paid at par and on a pro rata basis to all Noteholders in respect of all Existing Notes; and (ii) Noteholders receiving notes with terms substantially the same as the terms of the New Notes. Timing. The Consent Solicitation and Scheme Solicitation will have an Early Consent Deadline of 5:00 p.m. New York time on August 7, 2025, and will expire at 11:59 p.m. New York time on August 21, 2025, in each case, unless extended, re-opened, amended or earlier terminated by the Issuer in accordance with the Consent Solicitation Statement. Eligible Holders may submit their instructions in respect of the Consent Solicitation and Scheme Solicitation at any time prior to the Expiration Time, but Noteholders will receive the Early Consent Consideration (as defined below) only if they validly submit (and do not withdraw) their consent (or Abstention Instruction, as applicable) and become a party to the Transaction Support Agreement prior to the Early Consent Deadline (or otherwise as set forth below). Consideration. Eligible Holders who (w) validly submit and do not withdraw an Electronic Consent Instruction (or an Abstention Instruction, as applicable) with respect to all of the Existing Notes held or beneficially owned by them (except for any Existing Notes held by it in its capacity as a Qualified Market-maker and after taking into account any pending transfers), (x) (in the case of Participating Holders that are not Original Consenting Noteholders) accede to the Transaction Support Agreement by validly executing and delivering to the Information and Tabulation Agent an Accession Letter and Supporting Notes Confirmation Letter (including Evidence of Beneficial Ownership, as set out in the Transaction Support Agreement), (y) if the A&E Transaction is to be implemented by a Scheme, vote in favor or (in the case of an Abstaining Holder) abstain from voting in respect of the Scheme at the Scheme Meeting and (z) have not breached the Transaction Support Agreement on or prior to the Settlement Date, subject to satisfaction of the Settlement Conditions, will receive the New Notes, accrued and unpaid interest in respect of the Amended Notes that will be replaced by the New Notes (at the rate specified in the Existing Notes) to (and excluding) the Settlement Date and the following Consideration: provided that, if the A&E Transaction is implemented by way of a Scheme, the Participation Consideration will be paid to all Noteholders, rather than to only the Eligible Holders of Supporting Notes who take the actions described above; and provided further that, (A) to be eligible to receive the Early Consent Consideration, Eligible Holders will be required to take the actions described under (w) and (x) above prior to the Early Consent Deadline and (B) in the case a Specific CLO Holder has submitted an Abstention Instruction prior to the Early Consent Deadline, such Abstention Instruction may be withdrawn (solely for the purpose of submitting an Electronic Consent Instruction in favor of the A&E Transaction in lieu of such Abstention Instruction that is withdrawn) and any Specific CLO Holder will continue to be eligible to receive the Early Consent Consideration. In each case such Consideration will be payable on the Settlement Date and conditional upon the completion of the Scheme or the Proposed 90% Amendments. Holders who may be unable to consent to the Consent Solicitation, for fund constitutional, governance or legal reasons, will also be eligible to receive the Consideration provided they sign or accede to the Transaction Support Agreement, abstain from any vote (or vote in favor if ultimately able to do so) in the Scheme or Consent Solicitation (including by submitting an Abstention Instruction under, and as defined in, the Consent Solicitation Statement) and otherwise remain in compliance with the Transaction Support Agreement. The Issuer may, on one or more occasions, at its option and in its discretion, at any time, subject to applicable laws and on the terms and subject to the conditions set forth in the Consent Solicitation Statement and the Transaction Support Agreement, (a) extend the Expiration Time or Early Consent Deadline to a date no later than September 15, 2025, or (b) re-open the Consent Solicitation following the Expiration Time, provided that the Expiration Time following such re-opening is no later than September 15, 2025 and provided further that any subsequent or longer extensions of the foregoing to a date after September 15, 2025 but up to and including September 30, 2025 shall require the consent of the Majority Consenting Noteholders (as defined in the Transaction Support Agreement) and any extensions to such date to a date on or later than October 1, 2025 up to and including the Long-Stop Date shall require the consent of the Super Majority Consenting Noteholders (as defined in the Transaction Support Agreement). Substantially contemporaneously with the entry into the Transaction Support Agreement, the Issuer and certain of its subsidiaries have entered into an agreement with 100% of the lenders of its €100.0 million super senior revolving credit facility (the ' ssRCF ') to extend the maturity of the ssRCF to July 15, 2029. The closing of the A&E Transaction will be effected substantially contemporaneously with the extension to the maturity of the ssRCF. Additional Information Eligible Holders that wish to support the A&E Transaction and receive the Early Consent Consideration are invited to accede to the Transaction Support Agreement as from today by accessing the documents here: Eligible Holders will be required to complete and execute an accession letter to the Transaction Support Agreement and provide evidence of their beneficial holdings to Kroll Issuer Services Limited. The Consent Solicitation Statement will also be made available to all Eligible Holders through the information and tabulation agent. If you experience any issues in accessing this website or have any questions about accession to the Transaction Support Agreement, the Consent Solicitation and Scheme Solicitation, you should contact: Kroll Issuer Services Limited Address: The News Building, 3 London Bridge Street, London SE1 9SG, United Kingdom Telephone: +44 207 704 0880 Email: [email protected] Website: Attention: Jacek Kusion / Ivan Šantek Goldman Sachs Bank Europe SE is acting as the Issuer's financial advisor. Goldman Sachs Bank Europe SE, which is authorized and supervised by the European Central Bank and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), is acting for the Issuer and no one else in connection with the transactions described herein and will not be responsible to anyone other than the Issuer for providing the protections afforded to clients of Goldman Sachs Bank Europe SE, or for giving advice in connection with the transactions described herein or any matter referred to herein. For further information on the A&E Transaction, please contact Latham & Watkins LLP, who have advised supporting noteholders, at the following email address: [email protected] About Graanul Graanul is the largest sustainable wood-pellet manufacturer in Europe, focusing primarily on the European pellet market. The wood pellets produced are low-carbon alternative fossil fuels that are used for renewable power generation, commercial and residential heating, as well as combined heating and power applications. Graanul operates across Estonia, Latvia, Lithuania and the United States. Important Notice This press release does not constitute an offer to sell or the solicitation of an offer to buy the Existing Notes or any other security in any jurisdiction and shall, in any circumstance, not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. The Existing Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States or in any other jurisdiction. Graanul is issuing this statement on a one-off basis to update its investors, and does not currently anticipate that it will issue similar quarterly recent developments updates in the future. Certain information contained in this press release constitutes, or can be deemed, 'forward looking statements'. These forward looking statements may be identified by the fact that they do not relate only to historical or current facts but to expectations or projections of future events, results and circumstances that may or may not occur in the future, and by use of forward looking terminology such as 'may,' 'could,' 'should,' 'will,' 'would,' 'expect,' 'plan,' 'anticipate', 'project,' 'estimate,' 'believe', 'intend,' 'maintain,' or 'continue' or the negatives thereof or other variations thereon or comparable terminology or other forms of projections. By their nature, forward looking statements involve risks and uncertainties. You are cautioned that forward looking statements are not guarantees of future performance and that due to various risks, uncertainties and assumptions, actual events or results or the actual performance of Graanul, and developments in the industries in which Graanul operates, future capital expenditures and acquisitions, as well as any disruption in general economic and business conditions, particularly in geographic areas where business may be concentrated, may differ materially from those reflected or contemplated in such forward looking statements or projections. Forward looking statements are not historical facts but are based on certain assumptions of management regarding Graanul's present and future business strategies and the environment in which it will operate, which management believes to be reasonable but are inherently uncertain, and describe Graanul's future operations, plans, strategies, objectives, goals and targets and expectations and future developments in the markets. No representation, express or implied, is made or will be made by Graanul (or any of its affiliates, members, directors, officers, employees, advisors, consultants, agents, and representatives) that any forward looking statements will be achieved or will prove to be correct. The actual future business, financial condition, results of operation and prospects could vary materially from the forward looking statements. As a result, you should not rely on these forward looking statements. All forward looking statements, projections, objectives, estimates and forecasts and any other information contained in this press release apply only as of the date hereof and Graanul undertakes no obligation to update this information, whether as a result of new information, future events or otherwise, except as may be required by applicable law. This announcement may constitute a public disclosure of inside information by Graanul under Regulation (EU) 596/2014 (16 April 2014). View source version on CONTACT: Kroll Issuer Services Limited Address: The News Building, 3 London Bridge Street, London SE1 9SG, United Kingdom Telephone: +44 207 704 0880 Email:[email protected] Website: Attention: Jacek Kusion / Ivan Šantek KEYWORD: ESTONIA UNITED STATES LITHUANIA NORTH AMERICA LATVIA EUROPE INDUSTRY KEYWORD: OTHER MANUFACTURING FINANCE OTHER ENERGY PROFESSIONAL SERVICES MANUFACTURING ALTERNATIVE ENERGY ENERGY FOREST PRODUCTS NATURAL RESOURCES SOURCE: Graanul Copyright Business Wire 2025. PUB: 07/25/2025 05:38 PM/DISC: 07/25/2025 05:38 PM