Panostaja's Investment Company Grano Ends Change Negotiations

Panostaja Oyj Stock Exchange Bulletin, Insider Information        March 18, 2024    2.00 p.m

Panostaja's Investment Company Grano Ends Change Negotiations

Panostaja Oyj's investment company Grano has completed the change negotiations started on 23.1.2024. The measures agreed in the negotiations will be taken to improve the company's profitability and competitiveness and to secure its future operational capacity in a weakened market situation. As a result of the negotiations, a total of 56 positions will be terminated as a result of the reorganisation of operations. The company will lay off 45 people and there are 11 job description changes threatened with redundancy. In addition, the company plans to implement temporary layoffs of personnel, the duration of which varies from two weeks to a maximum of four weeks. The intention is to implement the redundancies as soon as possible, and the temporary layoffs as soon as possible and at the latest by the end of 2024.

The company originally estimated that the change negotiations may lead to the termination of the employment contracts of a maximum of 84 employees. During the negotiations, retirements and other voluntary arrangements have had an impact on the number of final redundancies. The change negotiations covered approximately 800 people.

Structural and organisational changes and other cost-saving measures will result in permanent annual cost savings of approximately EUR 4.5 million. The financial impact of the changes for the current financial year 2024 is estimated to be approximately EUR one million and mainly focused on the last quarter of the financial year. The full cost savings are expected to materialise in the financial year 2025.

Panostaja Oyj

Tapio Tommila

CEO

Additional information:

CEO Tapio Tommila, Panostaja Oyj, Panostaja Oyj, 1

CEO Kimmo Kolari, Grano Oy, +358 40 769 5807

Panostaja is an investment company developing Finnish companies in the growing service and software sectors as an active shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja increases the Group's shareholder value and creates Finnish success stories. Panostaja has a majority holding in four investment targets. Panostaja’s shares (PNA1V) are quoted on the Nasdaq Helsinki Stock Exchange. In the 2023 financial year, the Group’s net sales totaled MEUR 136,2.