#1Hafslund For a world in balance, with renewables Investor presentation October 2023#2Disclaimer This presentation has been prepared by, and the information contained herein (unless otherwise indicated) has been provided by Hafslund AS (the "Company"). By viewing this presentation you agree to be bound by the following conditions: This document may only be used internally for business purposes and shall not be used for any unlawful or unauthorized purposes. This document and the information therein are being furnished to you solely for your information and may not be reproduced, redistributed or passed on, in whole or in part, to any other person. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. 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Company overview Financials Summary#4Hafslund — Oslo's energy and infrastructure group Norway's largest grid operator (>900t customers) Distribution grid ЄlviɅ Norway's Hydropower second largest Hafslund power producer (21 TWh) Eco (77% Norway's largest district heating producer (2 TWh) District heating and cooling Hafslund Oslo Celsio Eidsiva bioenergi Solar for buildings 50% ▸ Enny 50% 60% Fiber Fiber Green, smart city Green data storage telenor Hafslund HITECVISION Hafslund EIDSIVAB bredbånd Large-scale solar power Elaway EV Charging Hafslund New Magnora Sol renewable energy Onshore wind Offshore wind 33% Eidsiva Hafslund Vind Blåvinge#5Overall ownership structure in the Hafslund group wwww Of Oslo 100% Hafslund 56 % 77% Hafslund Eco 44 % Hafslund Produksjon 90% Holding 100% Oslo Lysverker HYDROPOWER Eids!va. 100% Hafslund Vekst 50 % Fredrikstad energi 49 % Hafslund Invest 65% GROWTH AND INVESTMENS 60% Hafslund Oslo Celsio Hafslund Fiber 100% DISTRICT HEATING AND COOLING#6130 years of history - from 8 to 23 TWh two last decades 10TWh E-CO Energi portfolio 8TWh 1892 E-CO • Kristiania Elektricitetsværk established (later E-CO Energi) Hafslund 1898 • Hafslund established H 1900-2000 . Growth and power plant development • 2009-2013 Streamlining and sale of venture business E-CO acquired Hafslund Produksjon 10TWh Hafslund Eco and Eidsiva Energi merged 23TWh 21 TWh 20TWh Celsio transaction Four large hydro expansion projects 13TWh Hafslund ECO 2017 • City of Oslo de-listed Hafslund and sold Production to E-CO Energi, Heat and Markets sold to others Hafslund restructured to a pure-play grid company 2018 Hafslund E-CO • The City of Oslo merges ownership of Hafslund and E-CO Energi in a new parent company 2019 Eidsiva • Asset swap transaction • Transferred grid • business to Eidsiva Energi Received power plants and cash consideration Cross ownership 2022 Hafslund Acquisition of Norway's largest district heating business together with two partners 6#7Profit and capital significantly increased since 2018 Profit development (NOK million) EBITDA Profit after tax 5 504 1 605 2018 6 072 +38% 2 160 2 297 1 040 2019 2020 8 979 20 087 2 611 2021 4 344 2022 Capital development (NOK million) Total assets Capital employed +19% 97 265 63 584 65 609 57 812 57 807 49 180 37 048 43 813 45 059 43 046 2018 2019 2020 2021 2022#8Hafslund's strategic initiatives towards 2035 Climate and nature positive Balance the energy system of the future Strong growth in renewable energy Smart, green urban development People are key 8#9Hafslund's sustainability strategy is integrated into the group's strategic focus areas towards 2035 . Climate and nature positive Strong growth in renewable energy Roadmap to climate positivity Roadmap to nature positivity Efficient and circular use of materials and resource utilisation Adapting to climate change Production of clean energy Investment in clean energy Driving force for renewable energy through good stakeholder dialogue Balance the energy system of the future Security of supply UN's Sustainable Development Goals 7 CLEAN ENERGY AFFORDABLE AND 8 DECENT WORK AND ECONOMIC GROWTH 11 SUSTAINABLE CITIES AND COMMUNITIES 13 CLIMATE ACTION Smart and green urban development Electrification, energy efficiency and simple green solutions People are key Safety for our employees Attractive and developing workplace Equal opportunities for all 15 LIFE ON LAND 9#10Challenge Expecting min 15 TWh consumption growth in Norway until 2030 → 10% growth next 6 years → Annual growth rate of 1,6% → 20% growth within 2035 To grow in line with energy demand, Hafslund needs to grow by ~20% by 2035 Balance sheet development going forward (indicative) GROWTH AND INVESTMENTS DISTRICT HEATING AND COOLING Wind +60% Solar Green urban solutions Growth in heating +40% Cooling Fiber Today 2035 HYDROPOWER +5% + 1TWh new hydropower#11NO5 +14 TWh NO3 -4 TWh NO4 +7 TWh Oslo is the largest deficit area in the Nordics both in terms of power and especially installed capacity NO1 NO2 -18 TWh +14 TWh Oslo SE3 SE4 -16 TWh -5 TWh Power deficit in Eastern Norway expected to increase #TWh = Energy balance (average 2016- 2022)#12Many opportunities for more renewables District heating and cooling Hydropower Urban possibilities Solar for buildings Consumer flexibility, batteries etc Onshore wind Solar energy from large-scale solar parks Offshore wind Larger opportunities outside Oslo area#13We can cover most of the Oslo customer's energy and infrastructure needs Solar on roof tops C ▸ Enny Emission-free construction sites District heating and cooling Hafslund Oslo Celsio 44 Grid GIVIA Fiber Hafslund Fiber I I telenor Hafslund Secure and energy-efficient data storage Retail volte I I Charging for electric cars 1999-200000 Battery capacity and Hafslund Flex - Solutions that utilize flexibility '11 ■ Elaway#14Hafslund Eco Vannkraft Hydropower 14#15Hafslund Eco Second largest power producer in Norway Powerplant area Aurland (3,3 TWh) Powerplant area Hallingdal and Valdres (5,3 TWh) Powerplant area Innlandet (8,0 TWh) • Powerplant area Glomma (4,8 TWh) ■ Elvia 21 TWh and 5,3 GW 15#16A medium- to well-regulated hydropower portfolio Hafslund's water reservoirs Sum of all water reservoirs Max reservoir capacity 1): 10 TWh Generator Sum of all power capacity 5,3 GW Normalized annual production volume 21 TWh In theory, Hafslund can: store ~50 % of the annual production in our reservoirs generate the full annual production volume during 50% of the year 1) Of 21 TW operated volume. 8 TWh of 18 TWh owned volume. 16#17New hydropower production recent years +1040 GWh From new hydropower plants +400 GWh From upgrades and rehabilitation of existing power plants 2018 2019 2020 2021 2022 Rosten Vamma Nedre Otta Tolga Mork 17#18Skjåk 1 Dovrefjell Dombas Lom 15 Grotli pumpe Ø Vinstra unheimen Ylja Aurland Tunna Identified development projects Tynset Ronda Storrusten Vinstra Øyangen Kåja Planget oppang Rena Lillehammer nnbygda Osa Strandfossen Frosen Gjøvik Hemsil 3 Hamar foss Flisa Hol 1 Nes Os havn Gardermoen Lillestrar m E FKF 5 Vamma 11 Sarp 2 New power plants Expansion projects Upgrade projects ~ 200 GWh and 60 MW ~ 500 GWh and 1000 GW ~ 80 GWh and 70 MW 2 In addition to the projects listed above, there is a potential for some smaller power plants under existing regulations. Several smaller upgrade projects in existing power plants are also being considered. The projects are in various stages of development with regards to planning, concessions and general project maturity 18#19Deloitte Hafslund Oslo Celsio District heating and cooling 19#20Ullevål Korsvoll Sagene Majorstuen Skøyen Frogner Oslo sentrum Concession area Existing DH network Storo Bjerke Grorud Grünerløkka Haraldrud Haugerud Ekeberg Østensjø Holmlia Lamberseter Klemetsrud Høybråten Hafslund Oslo Celsio Norway's leading district heating company 1,8 TWh Heat per year 160t Households covered 1040 MW Installed capacity A15 日日日 Plants iiii 215 Employees#21Norway's leading company in circular energy Waste incineration Heating Cooling CCS Fiber Electricity Norway's largest waste incinerator Norway's largest supplier of district heating Focus on area cooling Ambitions within CCS on waste management A major player in dark fiber in Oslo (capacity 400 000 t/y) (1,8 TWh in 2022) Largest producer of electricity in Oslo (140 GWh in 2022)#22Hafslund Vekst Growth and investments 222 22#23Hafslund Vekst with two objectives 1 2 Be an active and professional industrial MAGNORA ASA owner Fredrikstad energi Hafslund Vekst Create new growth New renewable power Balance and flexibility Green, smart urban development Eids!va. 23#24Future growth along the renewable value chain Degree of operational control High Industrial investments with majority ownership Industrial investments Low Venture investments Hydropower District heating Grid Fiber Wind and cooling Solar power Charging Technology 24#25Creating solutions and values in partnerships Hafslund Magnora Sot Blåvinge = Elaway Fred. Olsen Seawind Orsted Hafslund Stenkalles Grund MAGNORA ASA Helios eviny Hafslund Onshore wind Hafslund >FASTCHARGE SUSI OBLIGO PARTNERS Hafslund Enny volte Eidsiva. Innlandet Energi Holding AS Hafslund Energy efficient data storage Cloudberry Eidsiva. ✰ OBOS eviny Hafslund Hafslund Hafslund Hafslund telenor HITECVISION analysys mason Hafslund 25#26A stabilizing contribution from 50 % stake in Eidsiva Regulated grid business > 80% of EBIT from regulated grid business, Elvia Income framework model sets regulated income Largest regional grid in Norway Diversified operations Norway's third largest heating company Well positioned for significant growth within fiber Minimum MNOK 1000 from Eidsiva, increasing with CPI Dividend policy 60-90% of underlying profit from Hafslund Eco Vannkraft Dividend from shareholder agreements. 26#27Company overview Financials Summary#28Key figures NOK million Revenues EBITDA 1H23 1H22 2022 11 604 6 695 22 028 9 975 5 592 20 087 Profit before tax 9 536 5 074 18 879 Profit after tax 3 626 1 154 4 344 Net interest-bearing debt 6 797 20 194 9 523 Capital employed 65 092 63 945 65 609 Net debt/EBITDA (x) 0,8 2,8 0,5 FFO / Net debt (%) 28 % 1 % 141 % Equity ratio 48 % 48 % 44 % Hydropower production (GWh) 8 631 6 753 13 787 District heating sales (GWh) 971 41 761 Nordic system price (øre/kWh) 79 115 137#29Partial hedging of power prices Power price development Øre/kWh, Spot price: NO1, Forward price: System price Hedging activity in the Hafslund Group 43 36 22 ئنا 42 39 29 23 24 18 ill 10 76 194 127 88 68 80 67 71 69 59 67 5.4 54 50 50 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Spot price Forward price per Dec. 2022 Forward price per Aug. 2023 Source: Nasdaq Commodities and Nordpool Spot Partial power hedging to stabilize income and cash flow over time Hafslund seeks to diversify its hedging positions to minimize risk and uses a variety of hedge instruments: 1. Long-term contracts for delivery of physical power ("industrikraftkontrakter") and other long-term fixed price contracts 2. Bilateral financial contracts with solid counterparts 3. Exchange traded financial contracts Counterparty and collateral risk is followed up on a continuing basis. 29#30Hafslund's financing model Centralized external financing in parent company Focus on sustainable and green financing Solid liquidity reserves Multiple loan sources 30#31Balanced debt maturity profile and funding sources. Debt maturity profile Hafslund 1) NOK million 1 613 1 665 643 1473 1 269 1 201 1 100 980 848 600 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 JPY PP NIB Schuldschein USPP NOK Bonds Cert. Distributed funding sources 100% NOK 11,392 million NOK Bonds 25% Cert. JPY PP 4% 5% USPP 40% NIB 23% Schuldschein 2% Unutilized credit facility of NOK 2,5 bn to support short term funding and reduce refinancing risk. Overdraft facilities of NOK 1000 million plus EUR 50 million for operational liquidity and Nasdaq cash requirements. 1) As of August 2023. Excluding subordinated shareholder loans from CCS Finansiering AS (wholly owned by the city of Oslo) of NOK 5.4 bn, and shareholder loans of NOK 1.6 bn from HitecVision and Infranode to Celsio 31#32Hafslund's Green Finance Framework Second Party Opinion – Dark Green Rating • • • • Aligned with ICMA Green Bond Principles and LMA/LSTA/APLMA Green Loan Principles Defines assets and projects that can be financed with Green Bonds and Green Loans Use of proceeds exclusively for low-carbon solutions and climate change adaption. All projects take into account environmental concerns, social impacts, landowner and potential local resistance. Green Finance Framework March 2021 °C • Green Finance Committee includes member(s) with sustainability expertise. • Green Finance Report will be published annually as long as there are Green Finance Instruments outstanding or until full allocation. °C °CICERO Dark Green Fair Good °C Excelle Hafslund Eco "CICERO Shades of Green Hafslund Eco AS Green Finance Second Opinion March 10th, 2021 Hafslund Eco AS ("Hafslund Eco") is a renewable energy group that is wholly owned by the City of Oslo, Norway. Hafslund Eco is Norway's second largest power producer with business areas power generation and electrification solutions, in addition to a 50% ownership of Eidsiva Energi. Hafslund Eco is operating annual production of more than 21 TWh, and owns hydroelectric power plants which together produce more than 17 TWh. The power plants are located in Oslo and the counties of Viken, Innlandet, Vestland Agder. The eligible green project categories Hafslund Eco's green finance framework are Renewable energy, Climate change adaptation and Clean transportation. Expected shares of proceeds going to the different categories are approximately 70% for renewable energy projects, 30% to climate adaptation projects (mostly dams) and minor share to clean transportation (charging stations). Net proceeds from green finance instruments can be used for the financing of new assets and projects, as well as for refinancing purposes. Initially, new assets and projects will receive the majority of net proceeds and are defined as green projects taken into operation less than 12 months prior to the issuance of a green finance instrument. Thus, a fair share of net proceeds will go to new hydro power plants. Investments linked to fossil energy generation are excluded. asset swap Hafslund Eco acquired Eidsiva Vannkraft as part of transaction in late 2019. The establishment of quantitative environmental goals is therefore still at a planning stage. When finalised, the expectation is that they will cover more than 'in-house' emissions and be quite ambitious. The selection process and criteria for eligible projects are both well defined, as is the management of proceeds. Screening for controversial projects is always carried out and climate resilience issues are also considered. At this stage, there remain some uncertainties with respect to the methodology (grid factor) chosen for reporting reductions in greenhouse gas emissions. Hafslund Eco's green finance framework is likely aligned with the technical mitigation criteria and minimum social safeguards in the proposed EU taxonomy. Some of the Do-No-Significant- Harm criteria relevant to this framework may be only partly aligned (such quantitative recycling criteria). the Based on the overall assessment of the eligible green assets and governance and transparency considerations, Hafslund Eco's green finance framework receives a CICERO Dark Green shading and a governance score of Good. To improve the framework, Hafslund Eco could conduct life cycle assessments of major projects and instil stricter environmental criteria for their suppliers. Better climate reporting, qualitative climate targets and a clear roadmap towards those targets would strengthen the goverance structure supporting the framework. SHADES OF GREEN Based on our review, we rate the Hafslund Eco's green finance framework CICERO Dark Green. Included in the overall shading is an assessment of the governance structure of the green finance framework. CICERO Shades of Green finds the governance procedures in Hafslund Eco's framework to be Good. GREEN BOND and GREEN LOAN PRINCIPLES Based on this review, this Framework is found in alignment with the principles. CICERO °C Dark Green 'Second Opinion' on Hafslund Eco's Green Finance Framework 32 32#33Company overview Financials Summary#34Summary: Solid foundation for further value creation Stable, secure power supply Portfolio of new renewable energy projects Significant initiatives in green, smart city development Record high profits Solid investment grade rating 34#35Hafslund - key credit strengths Strong ownership 100% owned by the City of Oslo (capital of Norway, Aaa/AAA rated) Size and renewable production Second largest hydropower producer in Norway and largest district heating producer High reservoir capacity Income stabilizer Partial price hedging Sustainability focused Solid investment grade rating ~50% of annual operated production 50% ownership in Norway's largest power grid company, Elvia, through Eidsiva Energi Reduces earnings volatility from power prices over time Focus areas and goals fully integrated with the group strategy A- (positive outlook) from Scope Ratings 35 35#36Investor relations Additional information is available from Hafslund's website: www.hafslund.no CFO, Berit Sande [email protected] Tel: +47 911 69 057 Head of Treasury, Andreas Wik [email protected] Tel: +47 924 97 255 36