Investor Presentaiton

nuuday Letter from the CEO In brief Business and strategy Performance Corporate governance Financial statements ....... costs) dropped by 3.1% but we experi- enced a positive trend through the year as our customer base stabilised and we began to realise efficiency gains; Q4 EBITDA grew by 14.3% compared with EBITDA in Q4 2021. From a broader perspective, we collabo- rated with network operators and regulators to ensure that the Danish telecoms landscape, particularly in fixed services, operates with consumers' interests in mind. The evolution of the Danish market has created a patchwork of multiple infra- structure operators, in many cases effective monopolies, but with a light touch approach to regulation of quality, and multiple different technical approaches. Particularly in a market of Denmark's scale, this causes undue complexity, higher costs and weaker incentives to innovate, which ultimately impacts Danish consumers and busi- nesses. We are working to encourage a shift to a more 'European' model that allows service providers such as Nuuday to create low-cost, standard offerings across Denmark while also incentivising innovation notably in the B2B market. - 2023 outlook 2023 will be a crucial year for Nuuday's transformation as we launch our con- sumer business on the Netcracker plat- form, starting with our mobile business in Q3 2023. Together with our highly dedi- cated and talented employees, I enter 2023 full of confidence that we will main- tain our strong transformation pace from 2022 and will take important steps in 2023 towards delivering the new Nuuday. म्छ Jon James CEO of Nuuday 1 Transformation costs exclusively comprise costs that will cease on completion of the transformation, and that are directly related to Nuuday's comprehensive business transformation, e.g. direct IT costs, external expenses and personnel costs for resources working on the transformation, as well as extra costs from running parallel systems during the transformation. Transfor- mation costs are fully funded, i.e. costs related to Nuuday's transformation are covered by Nuuday's current cash balance. Nuuday Annual Report 2022 7

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