Etk Ems Næstved A/S

Development in activities and financesThe income statement for the year ending June 30th, 2023 shows a profit for
the year of DKK 7.6m.

The financial year 2022-23 has been a satisfactory year for the shareholders.

The year has been challenging, as we had to deal with supply chain constraints, continued international unrest
arising from the Russian invasion of Ukraine, global tensions with potential trade wars, and continued inflation
leading to price increases on raw materials and components. In the later part of the year 2022/23 we have
experienced somewhat normalization, lead times have dropped somewhat, albeit not to pre-pandemic levels,
inflation has returned to more normal levels, and customers have to a larger degree shifted their focus from
securing materials to focussing on risk mitigation, inventory reduction and cash fl ow improvements.

As a
consequence, we have during the later stages of the year seen an increase in customers requesting to postpone demand and reducing liabilities.

Despite these challenges, we managed to secure reliable and steady deliveries to our customers.

The Næstved site, which was acquired during 2022, has since Q3 2022 been fully integrated into the ETK
operating model, including implementing our backbone ERP system, so the Næstved site enjoys the same AI
driven planning systems as their sister companies.

Our Sourcing and Purchase teams have initially spent a large part of their focus on securing components for our
customers utilizing alternative vendors and routes, but have during the year 2022/23 shifted focus to cost
optimization, postponing supply and supporting new business opportunities.

This year's increase in revenue is a confirmation of our ability to integrate and stabilize the acquisition and enable us to support our customers despite market challenges.

As of 1st June 2023, ETK has onboarded new CEO Troels Hornsved to lead the company during the next stages,
supported by the Board of Directors.