TRESU Q3 2023 Financial Report

Net debt development Net debt in TRESU Group, DKKm Cash Super Senior Revolving Credit Facility The unsecured shareholder loan to be converted into super senior term loan as part of bond amendment Unsecured shareholder loan¹ Super Senior term loan Bond (incl. accrued interest) IFRS liabilities Altor cancelled €12m nominal bond holding as part of the 2021 amendment Altor has injected further DKK 4m as unsecured shareholder loan (to be converted into super senior term loan) in November 2023 682 646 612 632 101 103 542 519 85 94 89 518 519 518 429 TRESU 688 670 741 60 66 75 529 547 493 439 434 72 79 86 0 10 101 0 71 -0 0 -6 -9 -16; 42 0 104 112 112 112 36 -18: -24- 1-20 -6 -11 -99 -135 2018A² 2019A 2020A 2021A 2022A Q3-2023A 2024E 2025E 2026E3 30.8x 20.5x 26.7x n.m. n.m. 15.8x 9.6x 7.3x Leverage Net debt/LTM n.m. EBITDA (IFRS) Notes: Numbers in DKKm; 1. Converted into Super Senior term loan as part of bond amendment process; 2. IFRS accounting implemented on 1st of January 2019; 3. Showing numbers for October 2026 before repayment of SSRCF and Super Senior term loan by Altor; Source: TRESU financial model 33

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