TRESU Q3 2023 Financial Report

TRESU Liquidity is stressed and needs to be addressed after two disappointing years Development in Adj. EBITDA (IFRS), Equity position and Liquidity 2021-2023 140 120 100 80 60 60 60 40 I | Liquidity position significantly worsened in past 12 months resulting in no capacity to pay Q4-23 bond interest Comments Available liquidity in TRESU Group Drought in M&U order intake in H2- 22 and 2023, component shortage driving delays and additional cost on projects have reduced available liquidity LTM Adj. EBITDA (IFRS) Declining profitability since H2-22 as a result of limited order intake, supply chain disruptions, and significant cost overruns 20 20 0 -20 -40 Q1-21 Altor has injected DKK ~64m since Q4-22 to support bond interest and operational liquidity Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Available liquidity in Group (incl. Altor injections to date) 14 I I -12 I -291 Q2-23 Q3-23 Equity position in TRESU A/S Negative equity position since H2- 2022. Inability to upstream cash from TRESU A/S (OpCo) to TIH A/S (Issuer) for bond interests (Altor has funded bond interest since Q4-22) Q4-22 Q1-23 LTM Adj. EBITDA (IFRS) Equity position in TRESU A/S - 13

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