TRESU Q3 2023 Financial Report

Risk factors (continued) TRESU 4.23. The terms of the Group's financing arrangements may limit its commercial and financial flexibility and the Group may need to incur further debts or raise further equity capital to fund its operations The Issuer and Nykredit Bank A/S have entered into a Super Senior Revolving Credit Facility Agreement and a DKK 50 million committed but unsecured Guarantee Facility (please see above in paragraph 4.18). The Super Senior Revolving Credit Facility Agreement provides working capital facilities in the amount of DKK 112 million. In addition, the Group is contemplating obtaining an additional new Super Senior Term Loan Facility of up to DKK 75 million. The financial and other covenants contained in the Super Senior Revolving Credit Facility Agreement or in any future financing arrangements (including in respect of the Super Senior Term Loan Facility) or any failure to extend or maintain the Guarantee Facility could limit the Group's future operations and the Group's ability to pursue its business strategy, including taking in new orders. In the event of a default under any of the Group's debt obligations, the lenders could terminate their commitments and require immediate repayment of the outstanding loans. Defaulting on a financing agreement could also result in a cross- default on other financing agreements. The Group's assets and cash flow may not be sufficient to fully repay these debts in such circumstances. Any of the foregoing may force the Group to re-negotiate the terms of its debts, incur further debts and/or raise further equity. There can be no assurance that the Group will be able to raise further debts on acceptable terms or at all. Any of the foregoing could have a material adverse effect on the Group's business, financial condition, results of operations and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 4.24. Litigation risk In the ordinary course of business, the Group may become involved in litigation, arbitration, legal proceedings and other types of disputes that may have a material adverse effect on its business, results of operations, financial condition and/or prospects of the Issuer. In addition, such actions may also expose it to negative publicity, which might affect the brands and reputation as well as the customer preference for the products, and/or result in substantial legal expenses to the Issuer and distract significant time and attention of its executive management from the business and operations. The Issuer (including each member of the Group) is not currently involved in any significant litigation, arbitration, legal proceedings and other types of disputes that may have a material adverse effect on the business, results of operations, financial condition and/or prospects of the Group and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 4.25. Majority owner The Group is currently controlled by Altor Fund IV Holding AB and the interests of the majority owner may conflict with the Bondholders', particularly if the Issuer or its Subsidiaries encounter additional difficulties or are unable to pay their debts as they fall due. The majority owner has the power to control all matters to be decided by vote at a shareholders' meeting and has the ability to appoint the board of directors in the Issuer. Furthermore, the majority owner may also have an interest in pursuing acquisitions, divestitures, financings or other transactions that, in its judgment, could enhance its equity investments, even though such transactions might involve risks to the Bondholders. There is nothing in the Bond Terms that prevents the majority owner or any of its affiliates from acquiring businesses that directly compete with the Issuer. If any such event were to arise this may adversely affect the results of operations, financial condition and/or prospects of the Group and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 58

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