SKEL Portfolio Update

Löður - valuation RESULT OF VALUATION VALUE OF EQUITY 1.75 BILLION ISK (144) 1,587 408 1,851 92 22 Loður SKEL PERFORMANCE AND FORECAST 2023E 2024E Gross profit 840 1,088 EBITDA 249 411 1,748 EBIT 149 307 (195) Depreciation 100 85 Investments 1,030 460 Change to NWC (84) (210) EBITDA / margin 29.6% 37.8% Inv./margin 122.6% 42.3% ROIC 18.8% 20.6% FCFF 2023-27 FCFF 2028–47 TV 2047 EV Non-operating assets IBD Value of equity IMPACT ON VALUE Growth opportunities Leading brand Increased environmental awareness Investments Competition with car wash at home YIELDS NOMINAL VALUE WACC Target leverage 13.6% 30.0% COMPARABLES 2023E 4.9x 4.5x 1.7x 16,0x EV/Revenue EV/EBITDA ■Löður Mister Car Wash

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