Kvartalsrapport Q1 2023

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===== SIDA 1 =====

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 Q1 2023 | Interim report  
January-March 2023

===== SIDA 2 =====

Q1 2023  |  Interim report January-March 2023 
 
1  ● investor@cavotec.com 
  Strong increase in revenues and returning to profitability   JANUARY–MARCH   Order backlog increased 1.6% compared to Q422 and 20.1% compared to Q122 to EUR 149.6 million  Revenues increased 44.2% to EUR 39.5 million (27.4)  EBIT amounted to EUR 0.3 million (-1,5), corresponding to an EBIT-margin of 0.7% (-5.4%)  Net result for the period was EUR -1.3 million (-0.3)   Operating cash flow amounted to EUR -2.9 million (-0.1)  Earnings per share basic and diluted amounted to  EUR -0.014 (-0.003)       Unless otherwise stated, figures in brackets refer to the same period in the preceding year.  Key events during the quarter  On February 22nd Cavotec carried out a directed issue of 12,452,830 shares, raising proceeds of SEK 165 million. The increase was approved at an extraordinary general meeting March 17, 2023  On March 8th Joakim Wahlquist was appointed Chief Financial Officer of the Cavotec Group effective May 1, 2023. Mr. Wahlquist joined Cavotec on March 8, 2023, as CFO designate and will replace the current CFO Glenn Withers.  During the quarter Cavotec agreed with its lenders to amend the terms of the Credit Facility Agreement, with improvements in the conditions for the remainder of the term of the facility, which expires in mid 2025.

===== SIDA 3 =====

Q1 2023  |  Interim report January-March 2023   
2  ● investor@cavotec.com 
 FINANCIAL SUMMARY 
* The income statement has been restated for the year 2022 to reflect discontinued operations in line with IFRS 5.  Please refer to page 12 for further segmental details and page 14    
EUR 000’s Mar 2023 Mar 2022 Delta Dec 2022 Order backlog  149,621 124,531 20.1% 147,207      Revenues  39,528  27,408  44.2% 147,849      EBITDA  1,992 144 1,283.3% 1,631 EBITDA margin, % 5.0% 0.5% 4.5 pp 1.1%      EBIT  306 (1,473) 120.8% (4,506) EBIT margin, % 0.7% -5.4% 6.1 pp -3.0%      Net profit/(loss) for the period  (1,344) (277) 385.2% (3,170)      Operating Cash Flow  (2,922) (101) 2,793.1% (5,485)      Full time equivalent employees 625 605 20 640      The KPI´s below includes discontinued operations *          Net profit/(loss) for the period  (1,344) (4,207) -68.1% (14,692)      Basic and diluted earnings per share, EUR (0.014) (0.045) -68.9% (0.156)      Operating Cash Flow  (2,922) (5,942) -50.8% (20,993)      Net debt (19,155) (23,785) -19.5% (30,328) Equity/assets ratio 33.5% 35.3% -1.8 pp 26.2% Leverage ratio 4.54x 5.03x -0.49x 12.5x

===== SIDA 4 =====

Q1 2023  |  Interim report January-March 2023    
3  ● investor@cavotec.com 
Comment from the CEO  Strong revenue development – start generating profit       In the first quarter, we reported revenues of EUR 39.5 million, up 44% compared to last year, and the order backlog grew slightly in the quarter to EUR 149.6 million, up 20% compared to last year. For the past two quarters we have proven our ability to deliver on our order book, while at the same time continuing to sign new orders at a good pace.    Although we started to generate a positive EBIT of EUR 0.3 million on the increased volume, there is still much to do. We saw losses in the second half of 2022 coming from lower margins and higher fixed costs. We are working with full focus to drive more profitability out of our order book. Step by step we will see the benefits of changes that we have already made in the past few months. But it takes time to become evident in our profitability for several reasons. Firstly, in our Port & Maritime division, we took orders some time ago where our pricing was too low and did not foresee the supply chain disruption and cost increases that occurred. It will take some time for this impact to unwind due to long delivery schedules, with several orders for shore power connected to new ship builds. However, the long schedule represents an opportunity to find ways to offset the higher costs than planned in these orders with optimization projects. We are actively working on this. Secondly, last year, like most companies, we had to increase our list prices to counter the impact of higher costs. We did not make the changes early and high enough, but we have caught up now. Both these effects combined point to a steady improvement in profitability during the year.  Operating cash flow was negative and amounted to EUR -2.9 million in the quarter, mainly as we continue to grow but also due to our overall profitability. As profitability improves, cash will follow, and we are also working on the order to cash cycle to start to make improvements.   In February we carried out a directed rights issue, raising proceeds of approximately SEK 165 million, which was approved at an extraordinary general meeting in March. We highly appreciate the support from our owners to provide Cavotec with new capital, to increase our financial flexibility to support the execution on our strong order book and strengthen our financial position. Having said that, cost consciousness is and will be an important part of our journey to become profitable. We focus on improving our efficiency in many areas and on renegotiating contracts where possible. In essence, resources must be focused on the right things.   Starting this quarter, we have decided to report Cavotec´s financial performance in two segments, Ports & Maritime and Industry.  
Ports & Maritime´s order backlog increased 2.9% compared to the previous quarter to EUR 120.4 million and 23.6% compared to the same period previous year. The increase was mainly driven by strong order intake for Shore Power and motorized cable reel orders, predominately in Asia.  Revenues increased 91.4% to EUR 23.6 million, mainly explained by a strong increase in revenues for shore power, Motorized Cable Reels and MoorMaster products in the Nordics, China, and Southeast Asia.    Industry´s order backlog decreased 3.4% compared to the previous quarter to EUR 29.3 million but increased 7.8% compared to the same period previous year. Regarding the decrease in this quarter, I do not see this as a trend as the main contributor was higher orders in December 2022 followed by a slower start in the first quarter. Revenues increased 5.5% to EUR 15.9 million compared to the same period last year.  On March 8th I appointed Joakim Wahlquist CFO of the Cavotec Group effective May 1st, 2023. Joakim joined the same day we announced the appointment and has since then worked in parallel with current CFO Glenn Withers. Joakim is a very good addition to the team, since he has been actively driving transformation projects like those Cavotec is now undertaking and will play a key role in turning Cavotec into a more profitable company. I have enjoyed working with Glenn during the past year and I respect his decision to leave Cavotec for family reasons.    It is very satisfying to see that we are making progress towards turning Cavotec into a profitable, as well as a growing company. I continue to spend most of my time meeting customers and colleagues around the world, and everywhere I see strong demand for our products. We are confident about our future, and we are in the right place to leverage on the technological shift to sustainable electrical solutions, and I am convinced we can get on the right track towards increased profitability.    Stockholm, April 27, 2023         David Pagels Chief Executive Officer

===== SIDA 5 =====

Q1 2023  |  Interim report January-March 2023   
4  ● investor@cavotec.com 
ORDER BACKLOG AND REVENUE      EUR 000s Q123 Q122        Ports & Maritime Industry Total Ports & Maritime Industry Total Revenue from sales of goods and services 23,637 15,891 39,528 12,351             15,057 27,408 Increase/(decrease) 11,286 834 12,120 (4,638) 2,704 (1,935) Percentage change 91.4% 5.5% 44.2% -27.3% 21.9% -6.6% Of which       - Volumes and prices 91.3% 6.7% 44.8% -30.3% 20.8% -8.8% - Currency effects 0.1% -1.2% -0.6% 3.0% 1.1% 2.2%    DIVISIONS  Revenue  EUR 000s Q123 Q122 Change % LTM Rolling FY22 Change % Ports & Maritime 23,637 12,351 91.4% 99,545 88,259 12.8% Industry 15,891 15,057 5.5% 60,424 59,590 1.4% Total 39,528 27,408 44.2% 159,969 147,849 8.2%   Order Backlog EUR 000s Q123 Q122 Change % FY22 Change % Ports & Maritime 120,357 97,380 23.6% 116,916 2.9% Industry 29,264 27,151 7.8% 30,291 -3.4% Total 149,621 124,531 20.1% 147,207 1.6%

===== SIDA 6 =====

Q1 2023  |  Interim report January-March 2023   
5  ● investor@cavotec.com 
Financial Review  JANUARY-MARCH 2023  Starting January 2023, Cavotec SA reports its business in two segments: Ports & Maritime and Industry.   Revenue and Order Backlog The order backlog increased 20.1% compared to Q122 to EUR 149.6 million. Revenue increased 44.2% to EUR 39.5 million (27.4).    Operating Result (EBIT) EBIT amounted to EUR 0.3 million (-1.5), corresponding to an EBIT margin of 0.7% (-5.4%), mainly driven by higher revenues. Despite the increase of list prices, profitability was impacted by orders taken a while ago where in hindsight our pricing was too low and the supply chain disruption and cost increases that occurred were not foreseen. Investments into the growth of the organization also had a negative impact on the EBIT margin.   Employees The number of full-time equivalent employees in Cavotec was 626 as of 31 December 2023 (605).  Profit for the period and earnings per share Finance costs amounted to EUR -1.0 million (-0.1). Currency exchange differences amounted to EUR 0.0 million (1.1). Income tax expenses for the quarter amounted to EUR -0.6 million (0.2).  Net result for the period was EUR -1.3 million (-0.3).  Earnings per share basic and diluted amounted to EUR -0.014  (-0.003).            
     Cash flow Operating cash flow amounted to EUR -2.9 million (-0.1) in the quarter. Inventory levels at the end of Q1 increased by 1.4 million (4.4) compared to the end of Q4. Receivables and contract assets decreased EUR -3.9 million (-3.8), due to collections after a large increase in invoicing in December 2022. Payables and contract liabilities decreased by -6.4 million (3.4).   Investing activities amounted to a cash outflow of EUR -0.1 million  (-0.6), mainly due to investments in property, plant, and equipment as well as R&D investments in New Cavotec products.  Cash flow from financing activities was EUR 10.2 million (3.3), mainly due to the equity increase, partially offset by repayment of the revolving credit facility and lease payments. Cash and cash equivalents amounted to EUR 16.5 million as of 31 March 2023 (8.7).                      - 5 10 15 20 25 30 35 40 45 50Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123Millions EURQuarterly Revenues Cavotec-6%-5%-4%-3%-2%-1%0%1%2% (2.0) (1.5) (1.0) (0.5) - 0.5Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123Millions EURQuarterly Operating Result Cavotec
Ports & Maritime 
Industry 
 Operating Result Cavotec  
Operating Result Cavotec, %

===== SIDA 7 =====

Q1 2023  |  Interim report January-March 2023   
6  ● investor@cavotec.com 
 Ports & Maritime   Ports & Maritime´s order backlog increased 2.9% compared to the previous quarter to EUR 120.4 million and 23.6% compared to the same period previous year (97.4). The increase was mainly driven by strong order intake for Shore Power and motorized Cable Reel orders in China and Southeast Asia.   Cavotec continued to perform very well in the growing shore power market. In Q123 we experienced a remarkable demand for on-ship shore power solutions, especially for new and existing container vessels.   Revenues increased 91.4% to EUR 23.6 million compared to the same period last year (12.4). Driven by significant revenues for Shore power, Motorized Cable Reels and MoorMaster products in the Nordics, China, and Southeast Asia.  We saw a continuously high level of activity from customers in the European Union, looking to prepare their ports in advance of the mandates. There are an increasing number of ports authorities, terminal operators, and shipping lines across the world investing in shore power to increase the sustainability of their operations even without facing regulatory pressure.  Industry   Industry´s order backlog decreased 3.4% compared to the previous quarter to EUR 29.3 million and increased 7.8% compared to the same period previous year (27.2). The decrease was mainly caused by a decrease in orders from large OEM and SME customers.  In surface mining, there was a good level of orders for cable and hose reels in Far East and for motorized cable reels in North America.  Revenues increased 5.5% to EUR 15.9 million compared to the same period last year (15.1). Revenue growth was dampened to lower revenues from large OEM customers, when comparing this quarter with the same period last year.                                   0%0%0%0%0%0%0% (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) - 0.5Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123Millions EURQuarterly Operating Result Ports & Maritime0%0%0%0%0%0%0% (2.0) (1.5) (1.0) (0.5) - 0.5 1.0 1.5 2.0Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123Millions EURQuarterly Operating Result Industry
Operating Result Industry 
Operating Result Industry, % 
Operating Result P&M 
Operating Result P&M, %

===== SIDA 8 =====

Q1 2023  |  Interim report January-March 2023   
7  ● investor@cavotec.com 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR 000s Unaudited three months  31 Mar, 2023 Unaudited three months  31 Mar, 2022 Audited year  31 Dec, 2022 Revenue from sales of goods and services 39,528 27,408 147,849 Other income 413 513 1,776 Cost of materials (21,580)  (14,003) (80,911) Employee benefit costs (12,028)  (10,807) (47,807) Operating expenses (4,341)  (2,967) (19,276) Gross Operating Result 1,992 144 1,631     Depreciation and amortisation (906) (780) (2,906) Depreciation of right-of-use of leased asset (780) (837) (3,222) Impairment losses - - (9) Operating Result 306 (1,473) (4,506)     Interest income - - 108 Interest expenses (1,039) (76) (1,354) Currency exchange differences – net 41 1,068 5,471 Other financial items 14 - -     Profit / (loss) before income tax (707) (481) (281)     Income taxes (637) 204 (2,890)     Profit / (loss) for the period, continuing operations (1,344) (277) (3,170) Profit / (loss) for the period, discontinued operations - (3,930) (11,522) Profit / (loss) for the period (1,344) (4,207) (14,692)     Other comprehensive income:    Remeasurements of post employment benefit obligations continued operations 4 16 507 Remeasurements of post employment benefit obligations discontinued operations - 5 193 Items that will not be reclassified to profit or loss 4 21 700     Currency translation differences (529) (540) (8,364) Currency translation differences of discontinued operations - (139) (155) Items that may be subsequently reclassified to profit / (loss) (529) (679) (8,519)     Other comprehensive income for the period, net of tax (525) (658) (7,819)     Total comprehensive income for the period (1,869) (4,865) (22,511)     Total comprehensive income attributable to:    Equity holders of the Group (1,869) (4,866) (22,511) Non-controlling interest - 1 (29) Total (1,869) (4,865) (22,540)     Profit / (loss) attributed to:    Equity holders of the Group continued operations (1,344) (277) (3,170) Equity holders of the Group discontinued operations - (3,930) (11,522) Total (1,344) (4,207) (14,692)     Basic and diluted earnings per share from continuing operations attributed to the equity holders of the Group (0.014) (0.003) (0.034) Basic and diluted earnings per share from discontinued operations attributed to the equity holders of the Group - (0.042) (0.122) Basic and diluted earnings per share attributed to the equity holders of the Group (0.014) (0.045) (0.156) Average number of shares 96,180,307 94,243,200 94,243,200

===== SIDA 9 =====

Q1 2023  |  Interim report January-March 2023   
8  ● investor@cavotec.com 
 CONSOLIDATED BALANCE SHEET EUR 000s Unaudited 31 Mar, 2023 Unaudited 31 Mar, 2022 Audited 31 Dec, 2022 Assets    Current assets    Cash and cash equivalents 16,543  8,669  9,625 Trade receivables 30,593  21,358  33,315 Contract assets -  1,948  1,171 Tax assets 3,991  3,134 6,399 Other current receivables 7,524  3,846  6,256 Inventories 43,917  34,133  43,002 Assets held for sale 2,141 26,202 2,320 Total current assets 104,709 99,290 102,088     Non-current assets    Property, plant and equipment 5,435  6,826  5,941 Right-of-use of leased assets 12,403  14,114  13,213 Intangible assets 38,564  38,627  38,920 Non-current financial assets 106  70  106 Deferred tax assets 6,103  8,898  6,201 Other non-current receivables 1,203  7,332  1,215 Total non-current assets 63,814 75,867 65,597 Total assets 168,523 175,157 167,685     Equity and Liabilities    Current liabilities    Current financial liabilities (2,955)  (4,101) (4,914) Current lease liabilities (2,907)  (2,802) (2,687) Trade payables* (33,568)  (26,059) (36,126) Contract liabilities* (24,246)  (16,098) (28,125) Tax liabilities (2,382)  (2,311) (3,101) Provision for risk and charges, current (1,831)  (2,889) (2,032) Other current liabilities (11,647)  (8,490) (11,906) Liabilities directly associated with assets classified as held for sale - (15,504) - Total current liabilities (79,536) (78,254) (88,891)     Non-current liabilities    Non-current financial liabilities (19,254)  (13,006) (21,172) Non-current lease liabilities (9,836)  (11,550) (10,353) Deferred tax liabilities (1,135)  (2,160) (1,100) Other non-current liabilities (463)  (49) (461) Provision for risk and charges, non-current (1,349)  (6,980) (1,357) Employee benefit obligation (468)  (1,282) (501) Total non-current liabilities (32,505) (35,027) (34,944)     Total liabilities (112,041) (113,281) (123,835)     Equity    Share Capital (54,131) (100,169) (45,288) Reserves (56,766) (4,263) (51,633) Retained earnings 54,415 42,586 53,071 Equity attributable to owners of the parent (56,482) (61,846) (43,850) Non-controlling interests - (30) - Total equity (56,482) (61,876) (43,850)     Total equity and liabilities (168,523) (175,157) (167,685) * Comparative figures have been reclassified to conform to changes in presentation in the current year.

===== SIDA 10 =====

Q1 2023  |  Interim report January-March 2023   
9  ● investor@cavotec.com 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR 000s Share Capital Reserves Retained earnings Equity related to owners of the parent Non- controlling interest Total equity Unaudited       Balance as at 1 January 2022 (100,169)  (4,833)  38,379  (66,623)  (29)  (66,652)        (Profit) / Loss for the period - - 4,207 4,207 - 4,207 Currency translation differences - 679 - 679 (1) 678 Remeasurements of post employment benefit obligations - (21) - (21) - (21) Total comprehensive income and expenses - 658 4,207 4,865 (1) 4,864        Employees share scheme - (88) - (88) - (88) Transactions with shareholders - (88) - (88) - (88)        Balance as at 31 March 2022 (100,169)  (4,263) 42,586 (61,846) (30) (61,876)        Audited       Balance as at 1 January 2022 (100,169)  (4,833)  38,379  (66,623)  (29)  (66,652)        (Profit) / Loss for the period - - 14,692 14,692 29 14,721 Currency translation differences - 8,519 - 8,519 - 8,519 Remeasurements of post employment benefit obligations - (700) - (700) - (700) Total comprehensive income and expenses - 7,819 14,692 22,511 29 22,540        Employees share scheme - 262 - 262 - 262 Share Premium Reserve 54,881 (54,881) - - - - Transactions with shareholders 54,881 (54,619) - 262 - 262        Balance as at 31 December 2022 (45,288) (51,633) 53,071 (43,850) - (43,850)  Unaudited       Balance as at 1 January 2023 (45,288) (51,633) 53,071 (43,850) - (43,850)        (Profit) / Loss for the period - - 1,344 1,344 - 1,344 Currency translation differences - 529 - 529 - 529 Remeasurements of post employment benefit obligations - (4) - (4) - (4) Total comprehensive income and expenses - 525 1,344 1,869 - 1,869        Employees share scheme - (63) - (63) - (63) Capital increase (8,843) - - (8,843) - (8,843) Share Premium Reserve - (5,595) - (5,595) - (5,595) Transactions with shareholders (8,843) (5,658) - (14,501) - (14,501)        Balance as at 31 March 2023 (54,131) (56,766) 54,415 56,482 - 56,482

===== SIDA 11 =====

Q1 2023  |  Interim report January-March 2023   
10  ● investor@cavotec.com 
CONSOLIDATED STATEMENT OF CASH FLOWS EUR 000s  Unaudited three months  31 Mar, 2023 Unaudited restated three months  31 Mar, 2022 Audited year  31 Dec, 2022 Profit / (loss) for the period  (1,344) (4,207) (14,692) Adjustment to reconcile net income to cash flow from operating activities – continued operations: Loss from discontinued operations, net of income taxes  -  (3,930) (11,522)      Adjustments for:     Net interest expenses  1,039 76 1,246 Current taxes  512 370 2,709 Depreciation and amortization  906 780 2,906 Depreciation of right-of-use of leased assets  780 837 3,222 Impairment losses  - - 9 Deferred tax  126 (574) 181 Provision for risks and charges  220 21 (827) Capital (gain) or loss on assets  2 (1) - Other items not involving cash flows  101 (964) (4,907) Interest paid  (1,117) (69) (945) Taxes (paid) / received  1,177 (1,409) (6,225)   3,745 (933) (2,631)      Cash flow before changes in working capital  2,401 (1,210) (5,802)      Impact of changes in working capital:     Inventories  (1,416) (4,370) (12,960) Trade receivables and contract assets  3,887 3,805 (8,784) Other current receivables  (1,268) (559) (2,613) Trade payables and contract liabilities  (6,437) 3,374 23,161 Other current liabilities  (89)  (1,141) 1,513 Impact of changes involving working capital  (5,323) 1,109 317      Net cash inflow / (outflow) from operating activities from continued operations  (2,922) (101) (5,485) Net cash inflow / (outflow) from operating activities from discontinued operations  - (5,841) (15,508) Net cash inflow / (outflow) from operating activities  (2,922) (5,942) (20,993)      Financial activities:     Increase of equity capital  14,438 - - Net changes in loans and borrowings  (3,969) 3,695 12,257 Repayment of lease liabilities  (297) (358) (3,073) Net cash inflow / (outflow) from financial activities from continued operations  10,172 3,337 9,184 Net cash inflow / (outflow) from financial activities from discontinued operations  - (366) (907) Net cash inflow / (outflow) from financial activities  10,172 2,971 8,277      Investing activities:     Investments in property, plant and equipment  (98) (114) (1,183) Investments in intangible assets  (2) (503) (1,399) (Increase)/Decrease of non current financial asset  - (12) (50) Disposal of assets  - 1 1,142 Net cash inflow / (outflow) from investing activities from continued operations  (100) (628) (1,490) Net cash inflow / (outflow) from investing activities from discontinued operations  - (12) 9,679 Net cash inflow / (outflow) from investing activities  (100) (640) 8,189      Cash at the beginning of the period  9,625 12,230 12,230 Cash flow for the period from continued operations  7,149 2,608 2,209 Cash flow for the period from discontinued operations  - (6,219) (6,736) Cash flow for the period  7,149 (3,611) (4,527) Currency exchange differences  (231)  50 1,922 Cash at the end of the period  16,543 8,669 9,625

===== SIDA 12 =====

Q1 2023  |  Interim report January-March 2023   
11  ● investor@cavotec.com 
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The group derives revenue from the transfer of goods and services over time and at a point in time in the following Divisions and geographical regions.  31 March 2023 EUR 000s         Ports & Maritime        Industry  Total Revenue from external customer    Timing of revenue recognition    At a point in time 23,429 15,891 39,320 Over time       208 - 208 Total 23,637 15,891 39,528   31 March 2022 EUR 000s         Ports & Maritime  Industry  Total Revenue from external customer    Timing of revenue recognition    At a point in time 12,075 15,057 27,132 Over time 276 - 276 Total 12,351 15,057 27,408   31 December 2022 EUR 000s    Ports & Maritime    Industry    Total Revenue from external customer    Timing of revenue recognition    At a point in time 85,855 59,590 145,445 Over time 2,404 - 2,404 Total 88,259 59,590 147,849   31 March 2023 EUR 000s  AMER  EMEA  APAC  Total Ports & Maritime 2,088 8,831 12,718 23,637 Industry 854 11,813 3,224 15,891 Total 2,942 20,643 15,942 39,528   31 March 2022 EUR 000s  AMER  EMEA  APAC  Total Ports & Maritime 1,285 5,068 5,998 12,351 Industry 818 11,120 3,119 15,057 Total 2,103 16,188 9,117 27,408   31 December 2022 EUR 000s  AMER  EMEA  APAC  Total Ports & Maritime 8,621 40,616 39,022 88,259 Industry 4,040 41,602 13,948 59,590 Total 12,661 82,218 52,970 147,849

===== SIDA 13 =====

Q1 2023  |  Interim report January-March 2023   
12  ● investor@cavotec.com 
SEGMENT INFORMATION  EUR 000s Ports & Maritime Industry Other reconciling items Total Unaudited Three months ended 31 March 2023     Revenue from sales of goods and services 23,637 15,891 - 39,528 Other income 156 257 - 413 Cost of materials and operating expenses before depreciation and amortization (21,894) (14,857) (1,198) (37,949) Gross Operating Result (EBITDA) 1,898 1,292 (1,198) 1,992 Unaudited  Three months ended 31 March 2022     Revenue from sales of goods and services 12,351 15,057 - 27,408 Other income 276 238 - 513 Cost of materials and operating expenses before depreciation and amortization (13,714) (12,728) (1,335) (27,777) Gross Operating Result (EBITDA) (1,089) 2,567 (1,335) 144 Audited Year ended 31 December 2022     Revenue from sales of goods and services 88,259 59,590 - 147,849 Other income 830 946 - 1,776 Cost of materials and operating expenses before depreciation and amortization (89,026) (54,294) (4,673) (147,994) Gross Operating Result (EBITDA) 61 6,243 (4,673) 1,631

===== SIDA 14 =====

Q1 2023  |  Interim report January-March 2023   
13  ● investor@cavotec.com 
PARENT COMPANY – CONDENSED STATEMENT OF COMPREHENSIVE INCOME  CAVOTEC SA EUR 000s  Unaudited three months  31 Mar, 2023 Unaudited three months  31 Mar, 2022 Audited year 31 Dec, 2022 Dividend  - -  -  Other income  552  568   1,104  Employee benefit costs  (350)  (185)   (1,481) Operating expenses  (634)  (586)  (7,393) Operating Result  (433) (203)  (7,770) Interest expenses – net  (645) (11)  (319) Currency exchange differences – net  56 (4)  (29) Other financial items  (19) - - Write down on investments  - -  3,776  Profit / (Loss) for the period  (1,041) (218)  (4,342) Income taxes  (2) (8)  (87) Profit / (Loss) for the period  (1,043) (226)  (4,429) Other comprehensive income:     Actuarial gain (loss)  - -  (22) Total comprehensive income for the period  (1,043) (226)  (4,451)  PARENT COMPANY – CONDENSED BALANCE SHEET CAVOTEC SA EUR 000s Unaudited 31 Mar, 2023 Unaudited 31 Mar, 2022 Audited  31 Dec, 2022 Assets    Current assets    Cash and cash equivalents 4,888 -  166  Trade receivables 1,209  40   1,136  Tax assets -  22   85  Other current receivables 1,400  596   13,664  Total current assets 7,497 658  15,051  Non-current assets    Investment in subsidiary companies 93,365 93,365  93,365  Deferred tax assets - 76  -   Other non-current financial liabilities 68 -  68  Total non-current assets 93,433 93,441  93,433      Total assets 100,930 94,099 108,484     Equity and Liabilities    Current liabilities    Bank overdraft - (29,311)  (1,081) Current financial liabilities (2,955) (2,955)  (2,955) Trade payables (3,208) (966)  (3,647) Other current liabilities (9,819) (102)  (16,669) Total current liabilities (15,982) (33,334)  (24,352) Non-current liabilities    Provision for risks and charges – non current - (88) - Long-term financial debt (29,639) (14,000)  (42,045) Other non-current liabilities (17) (29)  (14) Total non-current liabilities (29,656) (14,117)  (42,059)     Total liabilities (45,638) (47,451)  (66,411)     Total equity (55,292) (46,648)  (42,073)     Total equity and liabilities (100,930) (94,099)  (108,484)

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Q1 2023  |  Interim report January-March 2023   
14  ● investor@cavotec.com  
General information  Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonization of ports and industrial applications worldwide. Backed by more than 40 years of experience, our systems ensure safe, efficient, and sustainable operations for a wide variety of customers and applications worldwide. Our credibility comes from our application expertise, dedication to innovation and world class operations. Our success rests on the core values we live by: Integrity, Accountability, Performance and Teamwork. Cavotec’s personnel represent many cultures and provide customers with local support, backed by the Group’s global network of engineering expertise. Cavotec SA, the Parent company, is a limited liability company incorporated and domiciled in Switzerland and listed on Nasdaq Stockholm Mid Cap.   These unaudited Financial Statements have been approved by the Board of Directors for publication on 26 April 2023.   Basis of preparation of Financial Statements This quarterly report was prepared in accordance with IFRS, applying IAS 34 Interim Financial Reporting. The same accounting and valuation policies were applied in the most recent annual report. The amendments to the standards that became applicable for the current reporting period did not have an impact on Cavotec accounts. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended in December 2022. The preparation of quarterly financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. Actual results may differ from these estimates.   Segment information Operating segments have been determined based on the Group Management structure in place and on the management information and used by the Chief Operating Decision Maker (CODM) to make strategic decisions. On July 29, 2022, Cavotec completed the divestment of its Airports business. As a result of the divestment process, the Group has changed the organizational structure and reporting to the CODM. The Segment information presented in Q123 report reflects the two new operating segments:   Ports & Maritime – development, manufacture and service of innovative automation and electrification technologies for the global ports and maritime sectors  Industry – development, manufacture and service of electrification and radio control products for industrial applications, such as cranes, energy, processing and transportation, mining, and tunnelling.  Noteworthy risks and uncertainties Cavotec’s significant risks and uncertainties are divided into three categories, market, credit, and liquidity risks. In these categories, there are both risks due to political and macroeconomic trends and specific risks directly linked to business carried out by the Group. Market risk includes currency and interest rate risk. Credit risk includes the risk of managing our customers and other receivables while liquidity risk includes the management of cash in a diverse, global group.  Key events during the quarter  In February 2023, Cavotec agreed with its lenders to amend the terms of the Credit Facility Agreement, with improvements in the conditions for the remainder of the term of the facility, which expires in mid-2025.   On March 8th Joakim Wahlquist was appointed Chief Financial Officer of the Cavotec Group effective May 1st, 2023. Mr. Wahlquist joined Cavotec on March 8th, 2023, as CFO designate and will replace the current CFO Glenn Withers. Mr. Withers will continue to support Cavotec during his notice period. Mr. Wahlquist will report to Cavotec Group CEO David Pagels and will be a member of the Cavotec Management Team.    On February 22nd Cavotec carried out a directed issue of 12,452,830 shares, at a subscription price of SEK 13.25 per share, entailing raising proceeds of approximately SEK 165 million. The subscription price was determined through an accelerated book building procedure conducted by Skandinaviska Enskilda Banken AB as Sole Bookrunner.  
The Share Issue was subject to a subsequent resolution at an extraordinary general meeting, that was held on 17 March 2023, and which approved the share issue. The purpose of the Share Issue is to increase financial flexibility to support the company to execute on its strong order book, growth plans and in addition strengthen the Company’s financial position by reducing net debt.  Key events after the quarter  There were no key events after the end of the quarter.   Forward looking statement Some statements in this report are forward-looking, and the actual outcome could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcome. Such factors include, but are not limited to, general business conditions, fluctuations in exchange rates and interest rates, political developments, the impact of competing products and their pricing, product development, commercialisation and technological difficulties, interruptions in supply, and major customer credit losses.   Financial calendar June 1, 2023: Annual General Meeting  July 28, 2023: Q223 Report  November 10, 2023: Q323 Report  February 23, 2023: Q423 Report  Webcast  A webcast - in English – will be held on 27 April 2023 at 11:30 CEST. CEO David Pagels and CFO Glenn Withers will present the Quarterly Report.  If you wish to participate via webcast, please use the link below. Via the webcast you may submit written questions. https://ir.financialhearings.com/cavotec-q1-2023   If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://conference.financialhearings.com/teleconference/?id=5002142  Quarterly Reports on www.cavotec.com The full report for the period January-March 2023 and previous quarterly and full year reports are available at: http://ir.cavotec.com/financial-reports   Analysts & Media Johan Hähnel – Investor Relations Manager Mobile: +46 70 605 63 34 – Email: investor@cavotec.com  This is information that Cavotec SA is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on 27 April 2023.

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Cavotec SA 
Via G.B. Pioda 14 
CH-6900 Lugano, Switzerland 
+41 91 911 40 10 
cavotec.com 
 
investor@cavotec.com