Management Presentation

Attractive market fundamentals | Leadership and scale | Multiple growth drivers Margin improvement | Attractive financial outlook Compelling sustainability story Investment grade credit rating confirmed by key rating agencies MOODY'S Baa2 stable Credit Rating 2023 S&P Global Ratings BBB stable Strong balance sheet offers future optionality Financing at spin-off through bank loans Successful issue of CHF 750 million in inaugural bonds Target Net debt to core EBITDA ratio in the range of 1.7-2.0x Credit Rating 2023 Note: For additional information regarding the core results, which are non-IFRS measures, see "Appendix" starting on slide 31 25 Management Presentation

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