9M 2023 Financial Overview

9M 2023: APPENDIX Solid financial foundation from which to execute on our strategy Net debt and Net debt/EBITDA (FY - DKKM) Net debt 8,000 6,635 6,000 4,000 2,000 0 -2,000 -4,000 -2,183 -3,189 -4,106 -6,000 -6,566 -8,000 2018 2019 2020 2021 54 Net debt Net debt/EBITDA Net debt/EBITDA 1.6 1.2 0.8 0.4 0 0.0 -0.4 -0.8 -1.2 -1.6 2022 2023e (mid-point) Comments • FY 2023: Cash flow negatively impacted by Dividend increase from DKK 397m to DKK 576m CAPEX investments Net debt expected to reach around DKK Obn by end-2023 and Net debt/EBITDA expected to be around zero

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