TRESU Q3 2023 Financial Report

TRESU Short-term challenges have hampered performance since bond amendment in 2021 1 Supply chain disruptions: Issue: Unprecedent supply chain disruption and inflation impacting project progress and margins • Mitigant: (Started mid '23, ongoing) Broadening of supplier base Insourcing of automation system to reduce supplier dependency . Delivery time in weeks from electrical component supplier # weeks 2 Four main challenges over the past two years E2E project execution: Issue: Weak project execution with limited standardization and high dependency on project managers Mitigant: (Started Sep '23, ongoing) Updated project execution model developed and implemented Sep '23 with standard processes and clear decision- and escalation-structure • Standardization and modularization of the complete portfolio in focus Detailed project execution model in place Project Execution Model (PEM) | Overview 3 One non-core project: Issue: Non-core project from 2020 with significant cost overruns as project is outside TRESU's core • Mitigant: (Started Sep '23) Strengthened bid review process to avoid similar situation arising again¹ Processes in place to avoid sales to non-core application areas • • Quality Gate process implemented (started end of '22, ongoing) Gross profit (DKKm) for project Note: Current POC² of 97% 4 Customers delaying capex: Issue: Customers have delayed capex in uncertain times, with only most essential capex prioritized Mitigant: (Started '22-'23, ongoing) Being a relevant life-cycle partner (e.g. OEE³ workshop with GPI) - Started in '22, ongoing Increased R&D efforts (e.g. dual ink deck) Started Sep '23, ongoing - Capex as % of sales4 WestRock Graphic Packaging INTERNATIONAL Initiation +40 52 ⚫ Agnethal 12 Average 2022/2023 requirements Machine sketch Draft Layout Engineering Assembly Shipping Installation Commissioning Closure Mechanical Mechanical Automation Software FAT Qualty specs Documentation Now, let's 'double-click'... Kickoff Design Review 1 Assembly Start FAT Shipping Installation Commissioning Closeout -28 10 Contract -18 Q3-23 1. Including not undertaking operational guarantees like in this non-core project; 2. Percentage of completion; 3. Original Equipment Effectiveness; 4. Showing average Capex as % of sales levels from 2016-2021 Source: Company monthly reports; Management; Factset -27% -24% 6% 4% 8% 6% Avg. 2022 Avg. 2022 11

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