Clean Battery Solutions for a Better Planet

Pro Forma Financial Projections ($ millions) Income Statement Items Customer Qualification Plant Gigafactories Joint Venture Gigafactories Total Revenue % Growth 2021 2022 2023 2024 2025 2026 2027 2028 $0 $11 $16 $16 $16 $16 $16 $16 0 0 305 877 2,154 2,869 3,451 4,073 0 0 0 499 705 687 1,132 1,307 $0 $11 $321 $1,392 $2,875 $3,573 $4,600 $5,396 nm nm nm 333% 107% 24% 29% 17% COGS $0 $9 $257 $951 $1,980 $2,358 $3,131 $3,693 Gross Profit $0 $1 $65 $441 $895 $1,215 $1,468 $1,703 Gross Profit Margin % nm 13.0% 20.1% 31.7% 31.1% 34.0% 31.9% 31.6% Technology Licensing Fees $0 $1 $13 $36 $87 $116 $139 $164 Other Expenses and SG&A 35 45 45 66 105 113 125 127 EBITDA ¹) ($35) ($44) $7 $339 $703 $986 $1,205 $1,412 EBITDA Margin % nm nm nm 24.4% 24.4% 27.6% 26.2% 26.2% Balance Sheet and Cash Flow Items Debt Net Debt/EBITDA Capital Expenditures % of Revenues $0 $120 $896 nm nm nm $1,493 3.0x $2,011 $2,497 1.9x 1.6x $2,743 1.6x $3,203 1.5x $144 $517 $832 $609 $612 $880 $996 $1,110 nm nm nm 44% 21% 25% 22% 21% Projected annual free cash flow of ~$1.6 billion upon completion of FREYR's Gigafactory build-out plan 1) Non-GAAP financial metric - EBITDA defined as earnings before interest expense, interest income and other income, taxes, depreciation, amortization and stock-based compensation FREYR Clean battery solutions 33

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