Airthings ASA: Airthings signs Letter of Intent to sell Business segment assets to Zehnder Group

(Oslo, 16 June 2025) Airthings ASA has agreed a non-binding exclusive LetterofIntent (LOI) for the sale of the company's Business segment assets to ZehnderGroup AG, a global company offering indoor climate solutions. The transactionwill secure additional funding for Airthings to accelerate innovation andvaluecreation in the fast-growing global consumer market for indoor air quality(IAQ)technology.

On 29 April this year, Airthings announced a non-binding LOI to sell thecompany's Business segment assets to Firda AS, an investment firm controlledbythe chair of the Airthings board of directors. At the same time, the boardinitiated a process to explore alternative offers for the Business segmentassets, as well as a strategic review of all Airthings assets.

Airthings has since the announcement engaged in discussions with severalinterested parties and received multiple indicative bids for the Businesssegment assets. After considering the alternative proposals, the company hasconcluded that a sale to Zehnder Group would represent the best availableoutcome for Airthings and its stakeholders, including from a valuationperspective.

Under the LOI, Zehnder Group will take over all operational Airthings Businesssegment assets, including technology, customer contracts, inventory andemployees. Following a customary due diligence by Zehnder Group, Airthings andZehnder Group intend to sign a definitive Asset Purchase Agreement by earlyJuly2025.

The company's ongoing strategic review of the Consumer and Pro segment assetsasannounced on 29 April will continue.

Significant B2B synergies

Headquartered in Switzerland, Zehnder Group provides world-leading solutionsfora comfortable, energy-efficient and healthy indoor climate. The products andservices of the Group include heating, cooling, indoor ventilation and aircleaning. Zehnder Group aims to expand its digital indoor air qualityofferingsand sees significant potential for synergies in the B2B market between itsCleanAir Solutions division and the indoor air quality monitoring solutions fromAirthings' Business segment activities.

Milestone for Consumer strategy execution

Selling the Business segment assets represents an excellent opportunity forAirthings to further execute its more focused strategy, which was updated inAugust 2024. Over the past several years, consumer awareness of indoor airquality and health-related monitoring has grown significantly, particularly inNorth America. "This potential transaction represents a strong outcome for all partiesinvolved. Airthings gains financial flexibility and the ability to fullyconcentrate on scaling its consumer business. At the same time, the businesssegment will be taken forward by a committed industrial owner that sharesAirthing's passion for indoor air quality, with strong synergies and clearambitions for future growth," says Emma Tryti, CEO of Airthings.

DNB Carnegie, a part of DNB Bank ASA acts as financial advisor to AirthingsandSchjødt as legal advisor.

For further queries, please contact:Emma Tryti, CEO: ir@airthings.comHelge Øien, CFO: ir@airthings.com

About AirthingsAirthings is a leading global technology company specializing in radondetectorsand indoor air quality (IAQ) monitors for homes, businesses, and publicinstitutions.

The award-winning technology, recognized by TIME's Best Inventions, and theCESInnovation Awards, generates billions of environmental datapoints, from morethan 1 million devices sold worldwide. Built on proprietary data, IAQ insightispresented through Airthings' public radon map, and its hardware-enabledsoftwareoffering, and through research in collaboration with world-leading researchinstitutes.

With more than 80 percent of sales in North America, Airthings has establishedastrong foothold in one of the world's largest markets, distributing throughtop-tier retailers such as Amazon, The Home Depot and Target.For more information on Airthings' comprehensive range of IAQ solutions andthebenefits of healthy indoor air, please visit airthings.com.

This information is subject to the disclosure requirements pursuant to MARArticle 17 and Section 5-12 of the Norwegian Securities Trading Act.

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