Kaldvik AS - Resolution to launch the subsequent offering

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR
ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATIONOR RELEASE WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Frøya, 29 August 2025: Reference is made to the stock exchange announcement by
Kaldvik AS ("Kaldvik" or the "Company") on 5 June 2025 regarding a successfully
completed private placement (the "Private Placement") of 38,011,050 new shares
raising gross proceeds of approximately EUR 46.2 million and potential
subsequent offering (the "Subsequent Offering") of up to 4,300,000 new shares at
an offering price of NOK 14 per new share (the "Subscription Price").

The board of directors has today resolved to launch the Subsequent Offering.

The resolution is conditional on the registration of a prospectus prepared for
offering new shares to eligible shareholders in the Subsequent Offering with the
Norwegian Register of Business Enterprises (the "Prospectus"). It is expected
that the Prospectus will be registered on or about 1 September 2025, and that
the subscription period in the Subsequent Offering will commence at 09:00 hours
(CEST) on 2 September 2025 and end at 16:30 (CEST) on 16 September 2025.

The Subsequent Offering is available to shareholders of the Company as of close
of trading on 4 June 2025, as recorded in the VPS on 6 June 2025 (the "Record
Date"), who (i) were not included in the pre-sounding phase of the Private
Placement, (ii) were not allocated offer shares in the Private Placement, and
(iii) are not resident in a jurisdiction where such offering would be unlawful
or, would (in jurisdictions other than Norway) require any prospectus, filing,
registration or similar action ("Eligible Shareholders"). The Eligible
Shareholders will be granted non-tradeable subscription rights (the
"Subscription Rights") that, subject to applicable law, give a right to
subscribe for and be allocated shares in the Subsequent Offering at the
Subscription Price. The Eligible Shareholders will be granted 0.16865
Subscription Rights for each existing share registered as held by such Eligible
Shareholder as of the Record Date. The Subscription Rights will be registered on
each Eligible Shareholder's VPS account. Over-subscription will not be permitted
and subscription without subscription rights will not be permitted.

Allocation of new shares in the Subsequent Offering is expected to take place on
or about 17 September 2025, and the new shares are expected to be delivered on
or about 24 September 2025 (subject to timely payment of the Subscription Price
and registration of the share capital increase pertaining to the Subsequent
Offering with the Norwegian Register of Business Enterprises). Further
information regarding the Subsequent Offering will be set out in the Prospectus.

DNB Carnegie, a part of DNB Bank ASA, Arion Banki hf and Nordea Bank Abp, filial
i Norge are acting as managers (the "Managers") in the Subsequent Offering.
Advokatfirmaet Thommessen AS is acting as legal advisor to the Company in
relation to the Subsequent Offering.

For further information, please contact:
Róbert Róbertsson, CFO: +354 843 0086 (mobile)

This information is subject to the disclosure requirements of Section 5-12 of
the Norwegian Securities Trading Act.

IMPORTANT NOTICE
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company 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 (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.