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Investor Presentaiton

Capital return dashboard for Energy Returns above the cost of capital reflecting the depreciated asset base Capital employed in Energy 9% ~10 BNOK (31 Dec.22) 30% 25% 18 % 19% 13 % 9% 4.9 BNOK 2017 2018 2019 2020 2021 2022 Adjusted EBITDA FY 2022 -19% 2017-2022 average ARoaCE Lower realized unit costs over time following Lyse Kraft DA transaction synergies Potential listing of REIN and Havrand Capex, BNOK 4.0 3.0 2.0 1.0 0.0 2022 actual REIN Batteries 2023 guiding 2024-26 guiding Growth and return-seeking Sustaining 6-7% Return requirement Selective growth Strategic theme Hydro 95 95

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