Investor Presentaiton

FINANCING AND LEVERAGE CONSIDERATIONS HISTORICAL AND EXPECTED LEVERAGE DEVELOPMENT 32 2.6x 2.1x 1.6x =1.2x ~2.5x 2019 2020 2021 2022 FC 2023 2024 2025 Net Debt/EBITDA > Net Debt/ EBITDA (incl. early CB conversion) ■ 2023 Leverage expected at =2.5x ■ With early Convertible Bond conversion at around 0.5 turns lower ■ Fast deleveraging - similar deleveraging profile as with Parex BUILDING TRUST Jika

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