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Investor Presentaiton

Adj. FCF in H1 was DKK 1,137 million. Operating cash flow impacted by increased working capital; NWC-to-sales still expected at 24% for FY 99 99 FCF development¹ 98 90 93 93 88 80 77 4,547 4,058 4,086 3,858 4,016 25 23 23 21 18 1,137 17/18 18/19 19/20 20/21 21/22 YTD 22/23 FCF (DKKm) (1) Cash Conversion (2) FCF-to-Sales (%) 1 H1 2022/23 highlights Free cash flow for H1 2022/23 was an inflow of DKK 795 million compared to an outflow of DKK 9,715 million in the same period last year Excluding acquisitions last year, the FCF decreased by DKK 123 million (13%) from DKK 918 million in H1 2021/22, driven by a decline in cash flow from operating activities. Adjusted for Mesh payments and the US Veteran Affairs matter³ payment, the H1 2022/23 FCF was an inflow of DKK 1,137 million Operating cash flow for H1 2022/23 was DKK 1,176 million, compared to DKK 1,381 million last year, due to higher income tax paid and an increase in working capital Reported EBIT before special items was DKK 110 million (3%) higher than H1 2021/22 NWC-to-sales of 26% compared to 25% at year-end 2021/22, mostly impacted by an increase in inventories. NWC-to-sales for the year still expected around 24% of revenue CAPEX-to-sales ratio of 5%, compared to 4% last year • H1 CAPEX was driven by investments in automation at volumes sites as part of GOP5, IT investments, and Atos Medical capex and integration capex 1) FCF adjustments: H1 2022/23 Mesh payments and payment related to the formal resolution of the US Veteran Affairs matter; FY 2021/22 adjusted for acquisitions, mostly Atos Medical and Mesh payments; FY 2020/21 adjusted for acquisitions and Mesh payments; FY 2018/19 adjusted for Mesh payments; FY 2017/18 adjusted for Mesh payments and acquisitions. 2) Cash Conversion calculated as FCF ex. Mesh payments, interest payments, tax payments, M&A and marketable securities relative to EBIT before special items. Cash Conversion is trailing twelve months. 3) Formal resolution of the US Veteran Affairs matter of incorrect management of contractual obligations related to past agreements, uncovered and disclosed to authorities in FY 2016/17 13 Coloplast
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