Eternali Clarifies

March 19, 2026

Eternali has received a number of inquiries from shareholders regarding the company’s potential connection to J&O Forest Fund, a fund that was founded and managed by the same individuals who once founded Eternali. Therefore, Eternali wishes to clarify the company’s history in order to avoid further speculation.

The only connection that Eternali currently shares with J&O Forest Fund is that Eternali was founded in 2020 by the same two individuals who previously founded and managed the fund. This constitutes the entirety of the relationship. The fund and Eternali have never had shared assets, joint operations, or a common capital structure. A restructuring plan communicated by the fund—whereby fund unit holders would convert their holdings into shares in Eternali—was never approved, according to information available to Eternali, by the financial regulatory authority in Bermuda, where the fund was registered, and was therefore never implemented. No units were converted, and no fund investors became shareholders in Eternali as a result of any exchange or conversion.

Following the cancelled restructuring and after new management had assumed leadership at Eternali, the fund once again approached Eternali in 2022 with a proposal to acquire one of the fund’s assets. Eternali’s management carefully evaluated the proposal and ultimately rejected it in its entirety. Subsequently, the new management and board of directors of Eternali bought out the two original founders from the company. Today, these individuals hold only a very minor shareholding and have not had any role in, nor exercised any influence over, Eternali since that time.

Eternali is today a Swedish company with operational activities in northern Brazil. We produce biofuel from sawmill residues and plan to engage in trading fast-growing timber raw materials for the European pulp and paper industry. Nothing else. Our first biofuel production facility became operational in 2024 and currently supplies major industrial customers in Brazil. Recently, we were ranked third out of more than 100 suppliers in a supplier audit conducted by one of our customers. A second facility is under construction. The company has approximately 500 shareholders and a business model that has proven to work in practice.

We hope this clarifies the historical background, and the board of directors welcomes direct contact from shareholders (and others) who wish to learn more.

For Swedish version please click here.