TRESU Q3 2023 Financial Report

TRESU Executive summary (I/II) Recap of the TRESU journey (since A&E in 2021) Since the amendment of the bond in 2021, TRESU, with the support of Altor, has been executing on the business plan then presented while navigating an unprecedented macro-economic environment. The results have so far been disappointing driven by: Unprecedented macro-environment of inflation and component supply shortage, especially challenging for a small, customized machine-builder like TRESU Significant cost overruns on one legacy project (sold in 2020, DKK -28m GP vs. pre-calc. as per Sep-23). The project was clearly (in hindsight) outside TRESU's core application know-how, and should not have been taken on The owners and the new management have taken swift actions to turn the situation around focused on: • Setting new strong management team led by industry veteran, Stephan Plenz (ex CTO at Heidelberger Druckmaschinen). New CFO (Jul-22), CTO (Jan-23) and multiple changes to 2nd level of mgmt. over the last three years Strengthening E2E project execution Re-vitalizing customer dialogues and R&D efforts Driving highly profitable customer care growth (8% order intake CAGR from 2020A - Sep-23 LTM at 55% CM1 margin; DKK 15m GP1 uplift over same period) Altor has continued to support TRESU including DKK 64m of capital injections since the 2021 bond amendment Despite short-term challenges, outlook for TRESU is positive • . TRESU operates in attractive packaging and specialty printing end-markets with structural tailwinds with a relevant, strong product offering and application know-how Long-standing customer relationships with market-leading blue-chip customers within all key customer segments Healthy core business (55% of sales on avg. between '20-'23) of high-margin recurring aftermarket and system sales with significant untapped growth potential Capital sales operating model overhauled and strengthened significantly led by Stephan Plenz Well-defined strategy to return to profitable growth with ambition to achieve DKK 71m EBITDA (IFRS) by 2025 and DKK 95m by 2026

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