===== SIDA 1 ===== INTERIM REPORT JANUARY–SEPTEMBER 2023 Q3 Improved profitability with positive cash flow and net profit JULY–SEPTEMBER 2023 • Revenue amounted to EUR 42.0 million (42.0) • EBIT increased to EUR 1.7 million (-0.4), corresponding to an EBIT margin of 4.1% (-1.1%) • Net result for the period was EUR 0.1 million (-3.0) • Operating cash flow improved to EUR 4.3 million (-4.7) • Earnings per share, basic and diluted, increased to EUR 0.001 (-0.032) JANUARY–SEPTEMBER 2023 • Order backlog decreased -11.3% to EUR 136.5 million (153.9) • Revenue increased 25.9% to EUR 127.2 million (101.0) • EBIT improved to EUR 3.2 million (-2.9), corresponding to an EBIT margin of 2.5% (-2.8%) • Net result for the period was EUR -2.2 million (-6.3) • Operating cash flow amounted to EUR -3.2 million (-2.6) • Earnings per share, basic and diluted, amounted to EUR -0.021 (-0.067) EUR 000s Q323 Q322 Change 9M23 9M22 Change LTM 2022 Change Order backlog 136,510 153,865 -11.3% 136,510 153,865 -11.3% 136,510 147,207 -7.3% Revenue 41,966 41,952 0.0% 127,227 101,030 25.9% 174,046 147,849 17.7% EBITDA 3,143 996 215.6% 7,791 1,720 352.9% 7,701 1,631 372.2% EBITDA margin 7.5% 2.4% 5.1 pp 6.1% 1.7% 4.4 pp 4.4% 1.1% 3.3 pp EBIT (operating result) 1,706 (445) - 3,183 (2,859) - 1,535 (4,506) - EBIT margin 4.1% -1.1% 5.2 pp 2.5% -2.8% 5.3 pp 0.9% -3.0% 3.9 pp Net profit/(loss) for the period* 104 (2,996) - (2,172) (6,304) 65.5% (10,560) (14,692) 28.1% Operating cash flow 4,279 (4,703) - (3,214) (2,636) -21.9% (6,063) (5,485) 10.5% Basic and diluted EPS, EUR* 0.001 (0.032) - (0.021) (0.067) 68.7% (0.1100) (0.156) 29.5% Net debt* (21,423) (23,958) 10.6% (21,423) (23,958) 10.6% (21,423) (30,328) 29.4% Equity/assets ratio* 33.3% 32.0% 1.3 pp 33.3% 32.0% 1.3 pp 33.3% 26.2% 7.1 pp Leverage ratio* 2.68x 8.60x -5.92x 2.68x 8.60x -5.92x 2.68x 12.50x -9.82x The income statement has been amended for the year 2022 to reflect discontinued operations in line with IFRS 5. KPIs marked with * include discontinued operations for the period in 2022. Please refer to page 13 for further information. LTM (Last Twelve Months) refers to the cumulative results of the last twelve months. KEY EVENTS DURING THE THIRD QUARTER • Commissioning of the world’s first ultra-fast 3 MW charging system for battery-powered heavy-duty vehicles, supplied by Cavotec KEY EVENTS AFTER THE THIRD QUARTER • Order valued at EUR 6.65 million from one of the world’s largest shipping companies for PowerFit, Cavotec’s containerized solutions for high-voltage connection of vessels to shore • Long-term service agreement signed with COSCO Group FINANCIAL SUMMARY ===== SIDA 2 ===== Q3 2023 | Interim Report January–September 2023 ● cavotec.com 2 Comment from the CEO On the right track to build a stronger Cavotec We have achieved important progress in the transformation of Cavotec during the quarter. We report positive EBIT for the third consecutive quarter as well as positive operating cash flow and net result in the quarter. These are key improvements in our work to create a stronger, value creating Cavotec. We have set clear strategic priorities that we focus on to capitalize on the strong megatrends of electrification and reduced greenhouse gases that drive our market. In the quarter, revenue amounted to EUR 42.0 million and was at the same level as previous year. Our focus on profitable growth has resulted in a normalization of the order backlog while we continue to see a steady stream of customer inquiries and strong interest in our cleantech solutions. An example of a recent customer win after the end of the quarter, is the order from one of the world’s largest shipping companies for shore power, valued at EUR 6.65 million. At the same time, the trend persists where customers carefully evaluate the macroeconomic environment. It is encouraging to see that we for the third consecutive quarter report a positive EBIT. In the quarter, EBIT amounted to EUR 1.7 million, an improvement from last year’s loss of EUR -0.4 million. This improvement is mainly reflecting reduced operating expenses. We also achieved a positive operating cash flow of EUR 4.3 million and report a net profit of EUR 0.1 million in the quarter. These numbers demonstrate that we are on the right track with the transformation and building of a stronger company. We lay the foundation for value creation With the transformation of Cavotec, we create the conditions for growth with stable profitability and good cash flow. In that work, we do a total review of the company and focus on strategic priorities which include customers and go-to-market, operational excellence, cost control, culture and values, and innovation. This work has been ongoing since I took on the CEO role just over a year ago and we have already achieved major strategic improvements that lay the foundation for a Cavotec that creates value for customers, employees and shareholders. Comprehensive change programs Our change programs are comprehensive and cover the entire group. Let me give some examples of what the changes include. As part of the go-to-market priorities, we will establish clear responsibilities for following up on customer projects which will make us more efficient and reduce for example invoicing time. An example of how we improve production and procurement is our new Indian assembly unit that will serve the significant Indian market and gives us the opportunity to use the local supplier base. By having our assembly units close to customers, we save costs while building closer customer relationships. Cost control is also an important component of the transformation and must constantly be present in all our processes and characterize our daily work. Culture key to success I am convinced that we can only achieve our strategic priorities if we have a culture characterized by openness and a common desire to reach the same goals, while working as one company. At the same time, innovation – which I give a broader meaning than just developing and creating new products and services – must be present in everything we do. If we are to succeed in our change work, we must all be innovative, dare to question existing routines and be open to new ideas and ways of working. Megatrends supported by legislation We have an attractive offer and our markets are driven by strong megatrends. The need to electrify operations and reduce greenhouse gas emissions is growing worldwide. This trend is supported by authorities that all over the world introduce regulations in, for example ports, to reduce emissions and noise pollution. With Cavotec’s solutions, our customers can electrify their operations as well as reduce emissions and noise. In addition, our products and solutions create safer and more attractive workplaces. Good customer case from Sweden A good example of how we succeed in this is from the port of Kapellskär, north of Stockholm in Sweden. In mid-September, Sweden got its first port – Kapellskär – with automatic mooring of a ship using vacuum technology. We have delivered and provided service for the automatic mooring with vacuum plates and next-generation electrical connection at this port. It is Finnline's brand new ship M/S Finnsirius, which runs on the route Kapellskär – Naandal in Finland with automated vacuum plates. The plates moor and unmoor the ship in less than 30 seconds. In addition to making mooring and unloading faster, emissions are reduced and workplaces become safer. On the right track With the plans and strategic priorities we have, I am confident that we are on the right track to build a stronger Cavotec and grow profitably. We are well positioned to be a key player in the transition to a more sustainable, emission-free world. David Pagels Chief Executive Officer ===== SIDA 3 ===== Q3 2023 | Interim Report January–September 2023 3 ● cavotec.com Financial Review – Group REVENUE – GROUP AND SEGMENTS – VOLUMES, PRICES, CURRENCY EUR 000s Q323 Q322 9M23 9M22 Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Revenue 41,966 27,421 14,545 41,952 26,337 15,615 127,227 79,821 47,406 101,030 56,085 44,945 Increase/(decrease) 14 1,084 (1,070) 12,722 10,774 1,949 26,197 23,736 2,461 16,663 10,531 6,133 Change 0.0% 4.1% -6.9% 43.6% 69.2% 14.2% 25.9% 42.4% 5.5% 19.8% 23.1% 15.8% Of which - Volumes and prices 1.0% 5.1% -5.9% 40.5% 70.2% 15.2% 29.1% 45.3% 9.0% 16.6% 19.0% 13.6% - Currency effects -1.0% -1.0% -1.0% 3.1% -1.0% -1.0% -3.2% -2.9% -3.5% 3.2% 4.1% 2.2% JULY–SEPTEMBER 2023 Order backlog and revenue Order backlog decreased -2.7% to EUR 136.5 million from EUR 140.3 million in the previous quarter. Revenue was at the same level as the third quarter previous year and amounted to EUR 42.0 million (42.0). The focus on profitable growth has resulted in a normalization of the order backlog while there is a continuous steady stream of customer inquiries and strong interest in Cavotec’s cleantech solutions. EBIT (operating result) EBIT improved to EUR 1.7 million (-0.4), corresponding to an EBIT margin of 4.1% (-1.1%). The improvement is mainly reflecting lower operating expenses. Profit for the period and earnings per share Net financial income amounted to EUR -0.7 million (-0.5). Income taxes amounted to EUR -0.8 million (-1.5). Profit for the period increased to EUR 0.1 million (-3.0). Earnings per share, basic and diluted, improved to EUR 0.001 (-0.032). Cash flow Operating cash flow improved to EUR 4.3 million (-4.7) due to improved results from operating activities. Ports & Maritime EBIT margin, % EBIT, EUR million Industry - 5 10 15 20 25 30 35 40 45 50 Q321Q421Q122Q222Q322Q422Q123Q223Q323 Revenue quarterly developmentEUR m -6%-4%-2%0%2%4% -2 -1 0 1 2 Q321Q421Q122Q222Q322Q422Q123Q223Q323 EBIT and EBIT marginEUR m ===== SIDA 4 ===== Q3 2023 | Interim Report January–September 2023 4 ● cavotec.com JANUARY–SEPTEMBER 2023 Order backlog and revenue In the nine-month period, the order backlog decreased -11.3% to EUR 136.5 million (153.9) while revenue increased 25.9% to EUR 127.2 million (101.0). The strong growth is mainly driven by the Ports & Maritime segment. Growth in North America amounted to 72.7% to EUR 15.4 million (8.9), in Europe and Middle East 17.4% to EUR 65.8 million (56.0), and in Asia Pacific 27.6% to EUR 46.1 million (36.1). EBIT (operating result) EBIT improved to EUR 3.2 million (-2.9), corresponding to an EBIT margin of 2.5% (-2.8%). The improvement is reflecting higher revenue following increased volumes and prices. Profit for the period and earnings per share Net financial income amounted to EUR -2.6 million (-7.9). Income taxes amounted to EUR -2.8 million (-1.6). Loss for the period decreased to EUR -2.2 million (-6.3). Earnings per share, basic and diluted, improved to EUR -0.021 (-0.067). Cash flow Operating cash flow amounted to EUR -3.2 million (-2.6). Financial position Net debt decreased to EUR 21.4 million from EUR 30.3 million at 31 December 2022. Net debt also decreased from 30 June 2023 when it amounted to EUR 23.3 million. The leverage ratio (measured as debt-to-equity) improved in the quarter to 2.68x from 3.73x at the end of the previous quarter. The assets to equity ratio decreased from 3.82x at 31 December 2022 to 3.00x at the end of the period and increased from 2.88x at the end of the previous quarter. Employees At the end of the period, Cavotec had 630 (636) full-time equivalent employees. Ports & Maritime Industry ===== SIDA 5 ===== Q3 2023 | Interim Report January–September 2023 5 ● cavotec.com Financial Review – Segments ORDER BACKLOG – SEGMENTS EUR 000s 30 Sep, 2023 30 Sep, 2022 Change 30 Jun, 2023 Change 31 Dec, 2022 Change Order backlog Ports & Maritime 107,015 123,289 -13.2% 108,755 -1.6% 116,916 -8,5% Industry 29,496 30,575 -3.5% 31,502 -6.4% 30,291 -2.6% Group 136,510 153,865 -11.3% 140,257 -2.7% 147,207 -7.3% PORTS & MARITIME JULY–SEPTEMBER 2023 Revenue Revenue increased by 4.1% to EUR 27.4 million (26.3), primarily driven by strong growth in North America. EBITDA EBITDA improved to EUR 2.2 million (-1.2), mainly due to lower operating expenses. The EBITDA margin increased to 8.1% (-4.6%). JANUARY–SEPTEMBER 2023 Order backlog and revenue Order backlog decreased -13.2% to EUR 107.0 million (123.3) while revenue increased 42.3% to EUR 79.8 million (56.1). Growth in North America amounted to 101% to EUR 11.5 million (5.7), in Europe and Middle East 33.8% to EUR 33.4 million (25.0), and in Asia Pacific 37.6% to EUR 34.9 million (25.4). After the end of the quarter, an order valued at EUR 6.65 million from one of the world’s largest shipping companies was signed for shore power. The order includes PowerFit, Cavotec’s containerized solution for high-voltage connection of vessels to shore. Deliveries will take place between late 2023 and early 2025. After the end of the quarter, a long-term service agreement was signed with COSCO Group, one of the world’s largest shipping companies. EBITDA EBITDA improved to EUR 5.2 million (-3.2), mainly due to increased sales and lower operating expenses. The EBITDA margin increased to 6.6% (-5.6%). EBITDA Ports & Maritime, EUR million EBITDA margin Ports & Maritime, % 05101520253035 Q321Q421Q122Q222Q322Q422Q123Q223Q323 Ports & Maritime RevenueEUR m -15%-10%-5%0%5%10% -3-2-10123 Q321Q421Q122Q222Q322Q422Q123Q223Q323 Ports & Maritime EBITDA and EBITDA marginEUR m ===== SIDA 6 ===== Q3 2023 | Interim Report January–September 2023 6 ● cavotec.com INDUSTRY JULY–SEPTEMBER 2023 Revenue Revenue decreased by -6.9% to EUR 14.6 million (15.6) across all regions. In the quarter, the world’s first ultra-fast 3 MW charging system for battery-powered heavy-duty vehicles, supplied by Cavotec, was commissioned. EBITDA EBITDA amounted to EUR 0.9 million (2.2) and the EBITDA margin decreased to 6.4% (14.1%), negatively impacted mainly by lower volumes. JANUARY–SEPTEMBER 2023 Order backlog and revenue Order backlog decreased -3.5% to EUR 29.5 million (30.6) while revenue increased 5.5% to EUR 47.4 million (45.0). Growth in North America amounted to 21.8% to EUR 4.0 million (3.2), in Europe and Middle East 4.3% to EUR 32.3 million (31.0), and in Asia Pacific 4.1% to EUR 11.1 million (10.8). EBITDA EBITDA amounted to EUR 2.6 million (4.9) and the EBITDA margin decreased to 5.4% (10.9%), negatively impacted mainly by lower volumes. EBITDA Industry, EUR million EBITDA margin Industry, % -10%-5%0%5%10%15% -10123 Q321Q421Q122Q222Q322Q422Q123Q223Q323 Industry EBITDA and EBITDA marginEUR m 024681012141618 Q321Q421Q122Q222Q322Q422Q123Q223Q323 Industry RevenueEUR m ===== SIDA 7 ===== Q3 2023 | Interim Report January–September 2023 7 ● cavotec.com CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR 000s Unaudited three months 30 Sep, 2023 Unaudited three months 30 Sep, 2022 Unaudited nine months 30 Sep, 2023 Unaudited nine months 30 Sep, 2022 Audited year 31 Dec, 2022 Revenue from sales of goods and services 41,966 41,952 127,227 101,030 147,849 Other income 71 484 1,165 1,584 1,776 Cost of materials (23,132) (23,489) (69,906) (54,072) (80,911) Employee benefit costs (11,248) (12,921) (36,514) (34,511) (47,807) Operating expenses (4,515) (5,030) (14,182) (12,312) (19,276) Gross operating result 3,143 996 7,791 1,720 1,631 Depreciation and amortisation (564) (904) (2,137) (2,381) (2,906) Depreciation of right-of-use of leased asset (773) (827) (2,370) (2,417) (3,222) Impairment losses (100) 291 (100) 220 (9) Operating result (EBIT) 1,706 (445) 3,183 (2,859) (4,506) Interest income 2 - 9 - 108 Interest expenses (768) (535) (2,612) (1,048) (1,354) Currency exchange differences – net (19) 4,546 94 8,937 5,471 Other financial item (5) - (37) - - Profit / (loss) before income tax 961 3,567 637 5,026 (281) Income taxes (812) (1,467) (2,809) (1,580) (2,890) Profit / (loss) for the period, continuing operations 104 2,100 (2,172) 3,449 (3,170) Profit / (loss) for the period, discontinued operations - (5,096) - (9,753) (11,522) Profit / (loss) for the period 104 (2,996) (2,172) (6,304) (14,692) Other comprehensive income: Remeasurements of post-employment benefit obligations continued operations - (19) 3 (7) 507 Remeasurements of post-employment benefit obligations discontinued operations - (6) - (22) 193 Items that will not be reclassified to profit or loss - (25) 3 (29) 700 Currency translation differences 245 (6,167) (1,165) (9,733) (8,364) Currency translation differences of discontinued operations - 613 - 155 (155) Items that may be subsequently reclassified to profit / (loss) 245 (5,554) (1,165) (9,888) (8,519) Other comprehensive income for the period, net of tax 245 (5,579) (1,162) (9,917) (7,819) Total comprehensive income for the period 349 (8,573) (3,335) (16,216) (22,540) Total comprehensive income attributable to: Equity holders of the Group (349) (8,576) (3,335) (16,221) (22,511) Non-controlling interest - 2 - 5 (29) Total (349) (8,574) (3,335) (16,216) (22,540) Profit / (loss) attributed to: Equity holders of the Group continued operations 104 2,100 (2,172) 3,449 (3,170) Equity holders of the Group discontinued operations - (5,096) - (9,753) (11,522) Total 104 (2,996) (2,172) (6,304) (14,692) Basic and diluted earnings per share from continuing operations attributed to the equity holders of the Group 0.001 0.022 (0.021) 0.037 (0.034) Basic and diluted earnings per share from discontinued operations attributed to the equity holders of the Group - (0.054) - (0.103) (0.122) Basic and diluted earnings per share attributed to the equity holders of the Group - (0.032) - (0.067) (0.156) Average number of shares 106,696,030 94,243,200 104,315,342 94,243,200 94,243,200 ===== SIDA 8 ===== Q3 2023 | Interim Report January–September 2023 8 ● cavotec.com CONSOLIDATED BALANCE SHEET EUR 000s Unaudited 30 Sep, 2023 Unaudited 30 Sep, 2022 Audited 31 Dec, 2022 Assets Current assets Cash and cash equivalents 12,493 8,995 9,625 Trade receivables 29,081 28,270 33,315 Contract assets 1,781 721 1,171 Tax assets 3,146 2,881 6,399 Other current receivables 8,474 4,779 6,256 Inventories 46,231 41,406 43,002 Assets held for sale 2,168 2,305 2,320 Total current assets 103,373 89,357 102,088 Non-current assets Property, plant and equipment 5,153 6,451 5,941 Right-of-use of leased assets 11,304 13,299 13,213 Intangible assets 38,018 39,418 38,920 Non-current financial assets 106 38 106 Deferred tax assets 6,414 8,204 6,201 Other non-current receivables 1,177 1,283 1,215 Total non-current assets 62,173 68,693 65,597 Total assets 165,545 158,049 167,685 Equity and Liabilities Current liabilities Current financial liabilities (181) (18,590) (4,914) Current lease liabilities (2,918) (3,005) (2,687) Trade payables (32,712) (43,203) (36,126) Contract liabilities (23,723) (10,987) (28,125) Tax liabilities (2,962) (1,170) (3,101) Provision for risk and charges, current (2,202) (1,870) (2,032) Other current liabilities (12,528) (12,579) (11,906) Liabilities directly associated with assets classified as held for sale - - - Total current liabilities (77,226) (91,404) (88,891) Non-current liabilities Non-current financial liabilities (21,384) - (21,172) Non-current lease liabilities (8,817) (10,439) (10,353) Deferred tax liabilities (1,134) (2,323) (1,100) Other non-current liabilities (42) (654) (461) Provision for risk and charges, non-current (1,295) (1,222) (1,357) Employee benefit obligation (519) (1,182) (501) Total non-current liabilities (33,191) (15,820) (34,944) Total liabilities (110,418) (107,224) (123,835) Equity Share Capital (54,131) (45,288) (45,288) Reserves (56,239) (50,184) (51,633) Retained earnings 55,242 44,681 53,071 Equity attributable to owners of the parent (55,128) (50,791) (43,850) Non-controlling interests - (34) - Total equity (55,128) (50,825) (43,850) Total equity and liabilities (165,545) (158,049) (167,685) ===== SIDA 9 ===== Q3 2023 | Interim Report January–September 2023 9 ● 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 - - 6,304 6,304 - 6,304 Currency translation differences - 9,888 - 9,888 (5) 9,883 Remeasurements of post-employment benefit obligations - 29 - 29 - 29 Total comprehensive income and expenses - 9,918 6,304 16,221 (5) 16,216 Employees share scheme - (388) - (388) - (388) Share Premium Reserve 54,881 (54,881) - - - - Transactions with shareholders - (55,269) - (388) - (388) Balance as at 30 September 2022 (45,288) (50,184) 44,681 (50,791) (34) (50,825) 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 - - 2,172 2,172 - 2,172 Currency translation differences - 1,165 - 1,165 - 1,165 Remeasurements of post-employment benefit obligations - (3) - (3) - (3) Total comprehensive income and expenses - 1,162 2,172 3,335 - 3,335 Employees share scheme - (174) - (174) - (174) Capital increase (8,843) - - (8,843) - (8,843) Share Premium Reserve - (5,595) - (5,595) - (5,595) Transactions with shareholders (8,843) (5,769) - (14,621) - (14,621) Balance as at 30 September 2023 (54,131) (56,240) 55,243 (55,128) - (55,128) ===== SIDA 10 ===== Q3 2023 | Interim Report January–September 2023 10 ● cavotec.com CONSOLIDATED STATEMENT OF CASH FLOWS EUR 000s Unaudited three months 30 Sep, 2023 Unaudited three months 30 Sep, 2022 Unaudited nine months 30 Sep, 2023 Unaudited nine months 30 Sep, 2022 Audited year 31 Dec, 2022 Profit / (loss) for the period 104 (2,996) (2,172) (6,304) (14,692) Loss from discontinued operations, net of income taxes - (5,096) - (9,753) (11,522) Adjustments for: Net interest expenses 766 535 2,603 1,048 1,246 Current taxes 991 628 3,015 1,507 2,709 Depreciation and amortization 564 904 2,137 2,381 2,906 Depreciation of right-of-use of leased assets 773 827 2,370 2,417 3,222 Impairment losses 100 (291) 100 (220) 9 Deferred tax (179) 994 (207) 228 181 Provision for risks and charges 57 (306) 487 401 (827) Capital (gain) or loss on assets (20) (18) (18) (22) - Other items not involving cash flows 1,960 3,929 211 (8,526) (4,907) Interest paid (594) (701) (2,330) (811) (945) Taxes (paid) / received 161 (926) 98 (3,435) (6,225) 4,579 (2,281) 8,467 (5,031) (2,631) Cash flow before changes in working capital 4,682 181 6,295 (1,582) (5,802) Impact of changes in working capital: Inventories (3,510) (798) (3,946) (12,049) (12,960) Trade receivables and contract assets (1,210) (5,686) 3,850 (2,800) (8,784) Other current receivables (447) 212 (2,218) (1,335) (2,613) Trade payables and contract liabilities 4,840 (73) (7,815) 15,192 23,161 Other current liabilities (75) 1,824 621 (62) 1,513 Impact of changes involving working capital (403) (4,522) (9,509) (1,055) 317 Net cash inflow / (outflow) from operating activities from continued operations 4,279 (4,703) (3,214) (2,636) (5,485) Net cash inflow / (outflow) from operating activities from discontinued operations - (5,309) - (12,752) (15,508) Net cash inflow / (outflow) from operating activities 4,279 (9,309) (3,214) (15,389) (20,993) Financial activities: Increase of equity capital - (1,812) 14,438 5,542 - Net changes in loans and borrowings 2,103 (417) (4,515) (1,989) 12,257 Repayment of lease liabilities (410) - (1,861) - (3,073) Net cash inflow / (outflow) from financial activities from continued operations 1,693 (2,229) 8,062 3,553 9,184 Net cash inflow / (outflow) from financial activities from discontinued operations - (153) - (907) (907) Net cash inflow / (outflow) from financial activities 1,693 (2,382) 8,062 2,646 8,277 Investing activities: Investments in property, plant and equipment (86) (205) (361) (594) (1,183) Investments in intangible assets (319) (261) (320) (1,144) (1,399) (Increase)/Decrease of non-current financial asset - (1) - (19) (50) Disposal of assets 23 19 21 832 1,142 Net cash inflow / (outflow) from investing activities from continued operations (382) (447) (661) (925) (1,490) Net cash inflow / (outflow) from investing activities from discontinued operations - 12,047 - 12,038 9,679 Net cash inflow / (outflow) from investing activities (382) 11,600 (661) 11,113 8,189 Cash at the beginning of the period 8665 10,032 9,625 12,230 12,230 Cash flow for the period from continued operations 5,591 (7,380) 4,187 (8) 2,209 Cash flow for the period from discontinued operations - 7,288 - (1,622) (6,736) Cash flow for the period 5,591 (91) 4,187 (1,630) (4,527) Currency exchange differences (1,763) (946) (1,319) (1,605) 1,922 Cash at the end of the period 12,493 8,995 12,493 8,995 9,625 ===== SIDA 11 ===== Q3 2023 | Interim Report January–September 2023 11 ● 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. 30 September 2023 EUR 000s Ports & Maritime Industry Total Revenue from external customer Timing of revenue recognition At a point in time 78,144 47,406 125,550 Over time 1,677 - 1,677 Total 79,821 47,406 127,227 30 September 2022 EUR 000s Ports & Maritime Industry Total Revenue from external customer Timing of revenue recognition At a point in time 55,833 44,945 100,778 Over time 252 - 252 Total 56,085 44,945 101,030 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 30 September 2023 EUR 000s AMER EMEA APAC Total Ports & Maritime 11,522 33,428 34,871 79,821 Industry 3,849 32,341 11,216 47,406 Total 15,371 65,769 46,087 127,227 30 September 2022 EUR 000s AMER EMEA APAC Total Ports & Maritime 5,741 24,992 25,352 56,085 Industry 3,160 31,012 10,773 44,945 Total 8,901 56,004 36,125 101,030 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 12 ===== Q3 2023 | Interim Report January–September 2023 12 ● cavotec.com SEGMENT INFORMATION EUR 000s Ports & Maritime Industry Other reconciling items Total Unaudited Three months ended 30 September 2023 Revenue from sales of goods and services 27,421 14,545 - 41,996 Other income (154) 225 - 71 Cost of materials and operating expenses before depreciation and amortization (24,234) (13,172) (1,489) (38,895) Gross Operating Result (EBITDA) 3,034 1,597 (1,489) 3,143 Unaudited Three months ended 30 September 2022 (restated) Revenue from sales of goods and services 26,337 15,615 - 41,952 Other income 211 274 - 485 Cost of materials and operating expenses before depreciation and amortization (26,925) (13,167) (1,347) (41,439) Gross Operating Result (EBITDA) (377) 2,721 (1,347) 996 Unaudited Nine months ended 30 September 2023 Revenue from sales of goods and services 79,821 47,406 - 127,227 Other income 474 691 - 1,165 Cost of materials and operating expenses before depreciation and amortization (72,586) (44,030) (3,986) (120,602) Gross Operating Result (EBITDA) 7,709 4,067 (3,986) 7,791 Unaudited Nine months ended 30 September 2022 (restated) Revenue from sales of goods and services 56,085 44,945 - 101,030 Other income 899 685 - 1,584 Cost of materials and operating expenses before depreciation and amortization (58,045) (38,889) (3,960) (100,895) Gross Operating Result (EBITDA) (1,060) 6,740 (3,960) 1,720 Unaudited Year ended 31 December 2022 (restated) 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 From 1 January 2023, the Group has changed the organizational structure and reporting to the CODM. The Segment information reflects these changes, the comparatives are restated in line with the revised segments. ===== SIDA 13 ===== Q3 2023 | Interim Report January–September 2023 13 ● cavotec.com Report on the Review of Interim consolidated financial statements to the Board of Directors of Cavotec SA Lugano Introduction We have reviewed the interim consolidated financial statements (consolidated statement of comprehensive income, consolidated balance sheet, consolidated statement of changes in equity, consolidated statement cash flows on pages 7 to 10 and notes on pages 11-12 and 15-16) of Cavotec SA for the period ended 30 September 2023. The Board of Directors is responsible for the preparation and presentation of these interim consolidated financial statements in accordance with International Accounting Standard 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion on these interim consolidated financial statements based on our review. Scope of Review We conducted our review in accordance with Swiss Auditing Standard 910 and International Standard on Review Engagements 2410, “Review of interim financial information performed by the independent auditor of the entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Swiss Auditing Standards and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements have not been prepared, in all material respects, in accordance with International Accounting Standard 34 “Interim Financial Reporting”. PricewaterhouseCoopers SA Efrem Dell'Era Laura Cazzaniga Lugano, 10 November 2023 PricewaterhouseCoopers SA, Piazza Indipendenza 1, casella postale, 6901 Lugano, Switzerland Telefono: +41 58 792 65 00, www.pwc.ch PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. ===== SIDA 14 ===== Q3 2023 | Interim Report January–September 2023 14 ● cavotec.com PARENT COMPANY – CONDENSED STATEMENT OF COMPREHENSIVE INCOME CAVOTEC SA EUR 000s Unaudited three months 30 Sep, 2023 Unaudited three months 30 Sep, 2022 Unaudited nine months 30 Sep, 2023 Unaudited nine months 30 Sep, 2022 Audited year 31 Dec, 2022 Other income 518 474 2,579 1,567 1,104 Employee benefit costs (250) (1,605) (862) (2,018) (1,481) Operating expenses (629) (3,435) (2,023) (5,433) (7,393) Operating Result (361) (4,566) (306) (5,884) (7,770) Interest expenses – net (378) (10) (1,377) (113) (319) Currency exchange differences – net (2) (20) 81 (38) (29) Other financial items - - (37) - - Write down on investments - - - - 3,776 Profit / (Loss) for the period (741) (4,596) (1,639) (6,035) (4,342) Income taxes (5) (1) (11) (9) (87) Profit / (Loss) for the period (746) (4,597) (1,650) (6,044) (4,429) Other comprehensive income: Actuarial gain (loss) - - - - (22) Total comprehensive income for the period (746) (4,597) (1,650) (6,044) (4,451) PARENT COMPANY – CONDENSED BALANCE SHEET CAVOTEC SA EUR 000s Unaudited nine months 30 Sep, 2023 Unaudited nine months 30 Sep, 2022 Audited 31 Dec, 2022 Assets Current assets Cash and cash equivalents - 298 166 Trade receivables 1,834 255 1,136 Tax assets 2 58 85 Other current receivables 2,299 1,908 13,664 Total current assets 4,135 2,519 15,051 Non-current assets: Investment in subsidiary companies 93,365 80,350 93,365 Deferred tax assets - 76 - Other non-current financial liabilities 68 68 68 Total non-current assets 93,433 80,494 93,433 Total assets 97,567 83,013 108,484 Equity and Liabilities Current liabilities Bank overdraft (181) (18,211) (1,081) Current financial liabilities - (18,955) (2,955) Trade payables (570) (2,984) (3,647) Other current liabilities (5,776) (3,847) (16,669) Total current liabilities (6,527) (43,997) (24,352) Non-current liabilities: Provision for risks and charges – non-current - (88) - Long-term financial debt (36,215) - (42,045) Other non-current liabilities (30) (55) (14) Total non-current liabilities (36,245) (143) (42,059) Total liabilities (42,772) (44,140) (66,411) Total equity (54,795) (38,873) (42,073) Total equity and liabilities (97,567) (83,013) (108,484) ===== SIDA 15 ===== Q3 2023 | Interim Report January–September 2023 15 ● cavotec.com Other informationGeneral 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. Cavotec SA is listed on Nasdaq Stockholm in the Mid Cap segment. These audited Financial Statements have been approved by the Board of Directors for publication on 10 November 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. In 2022 Cavotec completed the divestment of its airports business. As a result of the divestment process, from 1 January 2023, the Group has changed the organizational structure and reporting to the CODM. The Segment information presented in the Q323 report reflects these changes, the comparatives are restated in line with the revised segments. The two new operating segments are: a) Ports & Maritime – development, manufacture and service of innovative automation and electrification technologies for the global ports and maritime sectors. b) 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. Read more about the risks in the Annual Report 2022. 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, commercialization and technological difficulties, interruptions in supply, and major customer credit losses. Annual General Meeting 2024 The Annual General Meeting 2024 will take place on 4 June 2024 in Lugano, Switzerland. Shareholders wishing to raise an issue for discussion at the AGM may do so by submitting their proposal to the Chairman of Cavotec by email: investor@cavotec.com or by post to: Cavotec SA, AGM 2024, Via G.B, Pioda 14, CH-6900 Lugano, Switzerland. To ensure their inclusion in the notice and thus on the agenda for the AGM, proposals must be received by the Company no later than 5 April 2024. ===== SIDA 16 ===== Q3 2023 | Interim Report January–September 2023 16 ● cavotec.com The Nomination Committee Prior to the Annual General Meeting 2024, the Nomination Committee consists of Henrik Blomquist, representing Bure Equity AB, Fabio Cannavale, representing Nomina SA, Per Colleen, representing TomEqt Private, Thomas Ehling, representing The Fourth Swedish National Pension Fund, and Patrik Tigerschiöld, Chairman of Cavotec’s Board of Directors. Henrik Blomquist is the Chairman of the Nomination Committee. Shareholders wishing to submit proposals to the Nomination Committee for the 2024 AGM may do so by sending an email to nomination@cavotec.com or writing to: Cavotec SA, Nomination Committee, Via G.B, Pioda 14, CH-6900 Lugano, Switzerland. Proposals must be submitted no later than 17 April 2024. Financial calendar Fourth quarter and year-end report 23 February, 2024 Annual and Sustainability Week that begins Report 2023 15 April, 2024 First quarter report 26 April, 2024 Second quarter report 25 July, 2024 Third quarter report 8 November, 2024 Fourth quarter report 21 February, 2025 Annual and Sustainability Week that begins Report 2024 31 March 2025 Webcasted presentation and telco CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Friday 10 November at 10:00 am CET. If you wish to participate via webcast, please use the link https://ir.financialhearings.com/cavotec-q3-report-2023/register. Via the webcast you may submit written questions. If you wish to participate via teleconference, please register on the link https://conference.financialhearings.com/teleconference/?id=2001522. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. The presentation is in English. Interim reports on cavotec.com The full report and previous interim and annual reports are available on https://ir.cavotec.com/financial-reports. Contact person for analysts and media Joakim Wahlquist, Group CFO Phone +41 91 911 4010 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 am CET on 10 November 2023. About Cavotec Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonization of ports and industrial applications. 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. To find out more about Cavotec, please visit cavotec.com.