ALPPES Capital bond issue

About company

ALPPES Capital is one of Latvia’s leading investment holding companies, established in 2019 and led by experienced entrepreneur and investor Aigars Kesenfelds, with a diversified investment portfolio spanning over 100 companies.

Today, ALPPES Capital’s investments span a broad range of industries, growth stages and asset classes, with portfolio companies in which ALPPES Capital is the largest or a leading investor collectively generating annual revenues exceeding EUR 750 million and operating, directly or indirectly, in 50+ countries.

In the first nine months of 2026, the Company generated total income of EUR 31.5m, with dividends of EUR 15.6m, about 72% of operating income, remaining its core and most stable source of earnings. EBIT came in at EUR 15.7m, a 49.8% margin, and net profit reached EUR 14.1m. The balance sheet remained solid, with equity of EUR 160.8m and an equity ratio of 82.1%, which is expected to hold around 80%, comfortably above the 50% covenant threshold.

The proceeds from the bond issuance will support equity and debt investments in existing portfolio companies, investments in AIFs managed by Merito Partners, other M&A transactions and general corporate purposes.

Additional information: https://signetbank.com/wp-content/uploads/2026/11/ALPPES-teaser-EN.pdf

Presentation: https://signetbank.com/wp-content/uploads/2026/11/ALPPES-Presentation_November-2026.pdf

Term Sheet

[1] Unsecured, but subject to unencumbered asset ratio coverage.

[2] With a EUR 5,000,000 upsize option, increasing the total size to EUR 20,000,000.

[3] Full list of covenants can be found in the Base Prospectus and Final Terms.