Financial report Q2-2021

27. August 2021 • Boreal is a leading provider of mobility in Norway with 2 700 employees. Mobility is about people, and in Boreal we strive to provide our passengers with service beyond what is expected

• Our core values reflect who we are and our way of working:

Safety Quality Environment

• We are ISO 9001-certified, which commits us to strive for satisfied customers

• We are ISO 14001-certified, which commits us to take care of the environment

• Our zero philosophy commits us to strive for an operation without damage to people, the environment or equipment 2 Boreal at a glance Vast majority of the business relates to PTA contracts

A public transportation provider Geographical footprint

• Leading public transport provider in Norway Services Provided

• Operating in four PTA segments; bus, car ferry, fast ferry, light rail in addition to commercial Commercial PTA Bus Car Ferry Fast Ferry Light Rail Activities activities and Minol services

• 2 700 employees, HQ in Stavanger Troms & Finmark Hammerfest Tromsø • Main revenues stem from operating long-term gross contracts (i.e. availability based) from Norwegian Public Transport Administrators Bodø (“PTAs”) Nordland

• Boreal is owned by Everbright Overseas Infrastructure Investment Fund, managed by China Everbright Limited, since 2018 Trøndelag Møre & Trondheim Boreal Holding AS Romsdal (Consolidation level)

Vestland Boreal Norge AS

Bergen Oslo Urban Areas Rogaland Current PTA Operations Boreal Sjø AS Boreal Travel AS Boreal Buss AS Boreal Bane AS Stavanger Oslo

Real Estate Companies 3 Agder Kristiansand Boreal Sverige AB Financial highlights – Q2

• Increase in revenue Q2-2021 versus Q2-2020 NOKm Q2 2021 Q2 2020 Changes stems from several areas; – Start up Molde – Vestnes ferry contract Total revenue 860,0 739,4 120,7 – Increased Minol sale Cost of goods sold -94,4 -66,7 -27,8 – Start up Salten short-term bus contract Personnel expenses -313,2 -274,5 -38,7 – Increased travel market, however far from the Other operating expenses -312,9 -282,7 -30,3 level before the pandemic Operating expenses -720,6 -623,8 -96,7 EBITDA 139,5 115,5 23,9 EBITDA margin 16,2 % 15,6 % 0,6 % • Increase in EBITDA current quarter is mainly due Depreciation -93,8 -83,6 -10,2 to the start up of Molde - Vestnes and increased travel market Net financial items -32,9 -29,0 -3,9 • The latter is a combination of increased travel Result before taxes 12,7 2,9 9,8 market and cost savings initiatives/restructuring Estimated tax* -7,9 -5,5 -2,3 process within the Groups business aimed at Result after taxes 4,8 -2,6 7,5 tourism and airport buses (compared to Q2-2020 * Full tax calculations is performed on annual figures. Quarterly tax is estimated from 22% on result before taxes in addition to include deferred tax related to depreciation which was the first quarter after the pandemic added values that stems from PPA18 started)

4 Financial highlights – YTD

• Increase in revenue stems from several area as NOKm YTD 2021 YTD 2020 Changes mentioned in the previous page, partly offset by a decreased travel market in the first quarter Total revenue 1 697,7 1 620,7 77,0 compared to 2020 Cost of goods sold -172,9 -160,6 -12,3 Personnel expenses -668,6 -638,2 -30,4 • Increase in EBITDA relates mainly to the current Other operating expenses -633,6 -628,8 -4,8 quarter (refer previous page) Operating expenses -1 475,0 -1 427,5 -47,5 EBITDA 222,7 193,2 29,4 EBITDA margin 13,1 % 11,9 % 1,2 % Depreciation -187,9 -166,8 -21,1 Net financial items -66,4 -66,6 0,2 Result before taxes -31,6 -40,2 8,6 Tax on ordinary result -3,5 -0,9 -2,5 Result after taxes -35,1 -41,1 6,1 * Full tax calculations is performed on annual figures. Quarterly tax is estimated from 22% on result before taxes in addition to include deferred tax related to depreciation added values that stems from PPA18

5 Balance sheet Currently significant newbuilds program

• As a result of PTA ferry contracts starting up the NOKm Q2 2021 Q2 2020 Changes coming two years Boreal has a large newbuild ferry program. Currently 10 ferries are under Assets construction. As such fixed assets will increase Fixed assets 4 721,0 3 862,1 858,9 quarter by quarter Cash and cash eq. 296,9 279,9 17,0 Other current assets 279,0 267,8 11,2 Total assets 5 296,9 4 409,8 887,1 • Bsjø took delivery of Malmefjord, the first out of three electric newbuilds to the Molde –Vestnes Equity and liabilities ferry contract Equity 884,4 946,9 -62,5 Long term liabilities 3 784,5 2 868,6 915,9 • Two ferry contracts will commence in second half Current liabilities 628,0 594,2 33,7 of 2021 and several ferries are expected to be Total equity and liabilities 5 296,9 4 409,8 887,1 delivered within the year

Spec long term debt Q2 2021 • Increase in long-term debt is related to vessels Bond 2 343,3 under construction, delivered ferries and bond Subordinated loan 572,0 tap Term loan and other 696,7 Deferred tax liabilties 172,4 • Boreal is in compliance with covenants Long term liabilities 3 784,5

6 Cash flow statement

NOKm Q2 2021 Q2 2020

Ordinary result before taxes 4,8 2,9 Depreciation and write-downs 93,8 83,6 Paid taxes 0,0 -1,0 Change current rec., liab. and other periodisation 9,0 15,2 Net cash flow from operations 107,7 100,7

Capex fixed assets -271,0 -190,4 Sales fixed assets 0,0 1,4 Net cash flow from investments -271,0 -189,0

Proceeds from increased long term debt 210,0 0,0 Repayments long term debt -123,7 1,6 Other changes (e.g. financial lease) 9,9 -7,1 Net cash flow from financing activites 96,2 -5,5

Change in cash position in the period -67,0 13,0 Liquidity reserve at the begining of the period 363,9 266,9 Liquidity reserve at the end of the period 296,9 279,9

7 Operational highlights – Q2

• Malmefjord, the first out of four electric ferries to the Molde – Vestnes contract, was delivered in the second quarter and had a successful start-up

• Boreal continuing its focus on the green shift by signing a NOK 140 million rebuilding contract with the Norwegian yard Fiskarstrand verft. The contract is related to electric converting of the ferry Karlsøyfjord, operating in the Molde – Vestnes contract

• Due to Covid-19 the market in general are experiencing delays regarding construction of newbuilds. This also applies for Boreal. However all operations are conducted according to the PTA contract requirements

• Boreal Sjø, -Buss and -Bane have insignificant effects related to Covid-19 regarding our PTA contract portfolio. Boreal saw an increase in revenue in Q2 compared to last year related to the travel market for the first time since the Covid-19 pandemic started. Mainly related to national tourism due to ongoing international travel restrictions

• Boreal Buss was awarded a 9+2 years PTA bus contract in Halden. The contract comprise of 40 electric buses and will start-up at 20.06.2022

• Boreal Sjø acquired 49% of Trollcruise AS, one of the largest charter cruise operators in Oslofjorden

SAT - first of the Oslofjorden ferries 8 Operational highlights – YTD

• Boreal Sjø had a positive startup of the new 8-year Molde-Vestnes contract. Due to Covid-19 there is some delay in delivery of new vessels, but all operations are conducted according to contract requirements

• Boreal Buss acquired Arctic Bus Sweden AB in January 2021

• Boreal Travel took delivery of the first Norwegian registered electric tour bus

• Boreal Sjø had a planned following up audit from NMA in March 2021. Boreal has maintained its DOC until September 2021 where the regular yearly audit will take place

9 First electric tour bus in Norway registered in Q1-21 IR – Boreal Sven Kloster Olsen CFO +47 959 68 297 [email protected]