TRESU Q3 2023 Financial Report

TRESU Risk factors (continued) 3. Risks related to the industry in which the Group operates 3.1. The Group may encounter financial difficulties if the EU, United States or other economies experience significant long-term economic downturn or impose trade barriers, decreasing the demand for the Group's products and negatively affecting sales The underlying global macroeconomic environment affects the Group's business, results and financial position. The Group's product sales are affected by declines in capital spending by its customers, which in turn is affected by among other factors the general economic developments in the countries where the Group sells its products. Decreased demand for the Group's products could result in decreased revenue, profitability and cash flows and may impair its ability to maintain operations and fund its obligations to others or deter the Group from entering into new markets. In the event of a new or continued significant long-term economic downturn in the EU, the United States or other economies, the Group's revenue could decline significantly. A long-term economic downturn that puts downward pressure on sales could also undermine credibility relative to the Group's growth targets. Furthermore, the Group may encounter financial difficulties if major markets in the EU, North America or Asia impose any type of trade barriers in terms of changed custom duties, volume quotas, raw material limitations or any other such measures. Any of the foregoing could have a material adverse effect on the Group's business, financial condition and results of operations and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 3.2. Competition in the markets in which the Group operates is intense and could have a material adverse effect on the Group's business, financial condition and results of operations The Group operates in highly competitive markets throughout the world. Companies in the industry compete not only on technology, performance, time-to-delivery, innovations, quality of goods but also on environmental impact, price per package and the ability to make tailored solutions. The Group operates in the highly specialized market for flexo printing equipment to the graphic industry. The Group has a number of competitors across different product categories/technologies (especially offset printing technology), segments and geographic markets. The Group may not be able to compete successfully against existing or future competitors. To compete effectively and to attract and retain customers, the Group must successfully market and price its products competitively. To expand market share or enter into new markets, competitors may use aggressive pricing strategies and the Group may experience downward pricing pressure and loss of market share. Within this environment, the Group could also be forced to increase prices due to increases in its costs, which it has experienced in the past year. If the Group implements significant price increases, the impact on its revenue and profit margin will depend on, among other factors, the pricing by competitors of similar products and the response by customers to higher prices. Such price increases may reduce the Group's sales. Like the Group, its competitors constantly strive to improve their product offerings and may be able to offer, now or in the future, lower-priced products that include the same or improved product- and technological features or products, which are otherwise superior to the Group's products. Any of the foregoing could have a material adverse effect on the Group's business, financial condition and results of operations and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 47

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