DFDS Dover Pitch Deck

Cash flow | Solid cash generation funding CAPEX and M&A Cash Flow DKKM 2019 2020 2021 2022 Cash available BOP 761 840 1,261 902 EBITDA 3,633 2,732 3,411 4,955 Special items, non-cash and other op. items -104 -111 -22 -33 Change in NWC -224 148 148 6 Financial items, net and taxes paid -306 -270 -328 -447 Cash Flow from Operations Capital expenditures M&A and divestments Cash Flow from Investments Lease payments Net loan proceeds Dividends Other Cash Flow from Financing Cash available EOP 2,999 2,499 3,209 4,481 -2,519 -1,604 -1,464 -2,706 -131 -14 -1,745 -282 -2,650 -1,618 -3,209 -2,988 -706 -602 -744 -948 667 142 461 238 • -229 0 0 -459 0 2 -75 -35 -268 -458 -358 -1,204 840 1,261 902 1,189 Free Cash Flow¹ Adjusted Free Cash Flow² 349 881 -1 1,491 -148 418 1,051 881 Solid free cash flow when adjusting for M&A activity Total cash and undrawn committed credit facilities of DKK 2.9bn end 2022: DKK 1.2bn of cash DKK 1.7bn of unused committed credit facilities 1) Free cash flow: Cash flow from operating activities minus cash flow from investing activities | 2) Adjusted Free cash flow: Free cash flow excluding acquisitions/divestments and special times minus payment of lease liabilities and currency contracts related to leases. 29 > DFDS

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