Kongsberg Automotive

Investor Presentation • Mar 14, 2023

KONGSBERG AUTOMOTIVE Q4 2022 EARNINGS CALL MARCH 14, 2023

FORWARD-LOOKING STATEMENTS AND NON-IFRS MEASURES

FORWARD-LOOKING STATEMENTS

This presentation contains certain "forward-looking statements". These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this presentation include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in the 2021 Kongsberg Automotive Annual Report and the Kongsberg Automotive Quarterly Reports.

NON-IFRS MEASURES

Where we have used non-IFRS financial measures, reconciliations to the most comparable IFRS measure are provided, along with a disclosure on the usefulness of the non-IFRS measure, in this presentation.

TODAY'S PRESENTERS

JOERG BUCHHEIM CEO // Zurich (Switzerland) FRANK HEFFTER CFO // Zurich (Switzerland) AGENDA

EXECUTIVE SUMMARY MARKET UPDATE FINANCIAL UPDATE SHIFT GEAR UPDATE OUTLOOK Q&A

EXECUTIVE SUMMARY

Executive summary

EXECUTIVE SUMMARY – Q4 2022 REVENUES, EARNINGS AND CASH POSITION IMPROVED

1 Includes IFRS 16; excluding IFRS 16, leverage ratio is equal to (0.3)x in Q4 2022 compared to 3.3x in Q4 2021

² NIBD / Adjusted EBITDA (LTM)

³ Lifetime revenue of business wins during the quarter

⁴ Net Interest Bearing Debt

Executive summary

EXECUTIVE SUMMARY – FY 2022 DELEVERAGING PROVIDES FUTURE FINANCIAL STABILITY

€905.6M R E V E N U E S	€35.6M A D J . E B I T	0.8x L E V E R A G E R A T I O1,2
Increase of 8.9% vs. FY 2021	Decrease by MEUR 15.1 vs. FY 2021	Improved from 4.2x in 2021
€760.2M N E W B U S I N E S S3	€76.5M F R E E C A S H F L O W	€54.7M 4 N I B D
Decrease from MEUR 841.6 in FY 2021	Increase from MEUR 19.1 in FY 2021	Improved from MEUR 316.3 as of 31/12/2021

1 Includes IFRS 16; excluding IFRS 16, leverage ratio is equal to (0.3)x in 2022 compared to 3.3x in 2021

• ² NIBD / Adjusted EBITDA (LTM)
• ³ Lifetime revenue of business wins during the full year
• ⁴ Net Interest Bearing Debt

Executive summary

AT A GLANCE BUSINESS SEGMENTS UPDATE

ADJUSTED EBIT¹ , MEUR ADJUSTED EBIT MARGIN, %

ADJUSTED EBIT¹ , MEUR ADJUSTED EBIT MARGIN, %

MARKET UPDATE

MARKET TRENDS HIGHER PRODUCTION OF PASSENGER CARS, A DECLINE FOR COMMERCIAL VEHICLES IN CHINA

GLOBAL COMMERCIAL VEHICLES PRODUCTION, thousand units

REGION	Q4-22 vs. Q4-21	2022 vs. 2021
China	-6.2%	+6.1%
APAC w/o China	+9.8%	+9.8%
Europe	+3.9%	-1.3%
North America	+7.8%	+9.7%
South America	+4.3%	+8.5%
Rest of World	-16.6%	+9.2%
Total	+1.7%	+6.2%
Total (excl. China)	+6.2%	+6.3%
China	-21.0%	-46.6%
APAC w/o China	-2.6%	+14.7%
Europe	+0.3%	+4.6%
North America	+3.2%	+8.5%
South America	+12.7%	+7.9%
Rest of World	+29.9%	+28.7%
Total	-6.0%	-15.5%
Total (excl. China)	+1.2%	+9.5%

Source: IHS Light Vehicle Production Base (January 2023); LMC Global Commercial Vehicle Forecast (Q4 2022)

Market update

CHALLENGING GLOBAL MARKET SITUATION ENERGY PRICES COMING OFF HIGHS – GLOBAL INFLATION STILL ON A HIGH LEVEL

KONGSBERG AUTOMOTIVE // 10

Source: Company analysis and research, OECD Outlook, IPSOS PCSI, World Bank Commodities Price Data - June 2022

MACROECONOMIC UNCERTAINTY POSITIVE DEVELOPMENT FOR KA WITHIN COMMERCIAL VEHICLES

* Change in revenues at constant currencies and changes to vehicle production levels for selected regions and markets from Q4 2021 to Q4 2022. The split across vehicle types does not correspond to our business unit segments – see p. 7 and 8 in the quarterly report for details.

R E V E N U E G R O W T H V S M A R K E T G R O W T H I N Q 4 * O U T P E R F O R M A N C E I N K E Y M A R K E T S

• > Due to the right brands and product mix, KA outperformed the market growth in the Commercial Vehicle segment.
• > Even though some of KA's largest customers experienced a decline in production in Q4, KA was able to maintain and increase sales to some of our long-term customers. That goes for both markets in Europe and the Americas. Price increases were also contributing positively.
• > In Eastern Europe, mainly Russian CV OEMs, which KA is not selling to, experienced a decline.
• > The Asia Pacific region experienced the most negative development, a region that entails a much smaller part of KA's revenues
• > The substantial decrease in "Other" is related to the sale of the powersport business to BRP, hence it is not included in the Q4 2022 revenues.

Market update

BOOK-TO-BILL CUSTOMER ACTIVITY INCREASED AFTER THE MACROECONOMIC UNCERTAINTY

1. Lifetime sales assumptions are based on IHS and LMC production estimates at the time of the booking

FINANCIAL UPDATE

REVENUES SOLID Q4 REVENUES

QUARTERLY REVENUES (continuing operations), MEUR

Quarterly revenues in 2022 include significant positive translation effects. On the constant currency basis, quarterly revenues are as follows:

• Q1 2022: MEUR 209 (positive translation effects of MEUR 10.3)
• Q2 2022: MEUR 213 (positive translation effects of MEUR 13.2)
• Q3 2022: MEUR 226 (positive translation effects of MEUR 19.7)
• Q4 2022: MEUR 209 (positive translation effects of MEUR 6.6)

ADJUSTED EBIT EARNINGS IN ACCORDANCE WITH GUIDANCE

QUARTERLY ADJ. EBIT (continuing operations), MEUR and % of revenues

Q4 2022 EARNINGS ADJUSTED EBIT AND NET INCOME INCREASED, DESPITE INFLATIONARY PRESSURE

ADJUSTED EBIT (continuing operations), MEUR +2,5 +0,6 8.2 Currency effects and other Q4 2021 P&C SPP -0.3 11.0 Q4 2022 -0,8 +30,6 Gain after tax on sale from divestment +2.8 +0.7 Q4 2021 Adj. EBIT Restructur. Costs -3.6 -3.2 Provision for onerous contracts and impairment -5.7 +0.8 Interests Other Financial items -8.4 Currency Tax* gains/losses Q4 2022 13.2 *excludes the tax of MEUR 10.4 on capital gain on sale to BRP

KONGSBERG AUTOMOTIVE // 16

NET INCOME (continuing operations), MEUR

FREE CASH FLOW SUBSTANTIALLY IMPROVED CASH POSITION

FREE CASH FLOW¹ , MEUR

Q4 2022 FCF DETAILS

1. Free Cash Flow is measured based on sum of cash flow from operating activities, investing activities, financial activities and currency effects on cash (together described as change in cash), excluding net draw-down/repayment of debt and proceeds received from capital increase/purchase of treasury shares.

TOTAL CASH FLOW IN Q4 INCLUDING SHARE AND BOND BUY-BACK

CONTINUING AND DISCONTINUED OPERATIONS

TOTAL CASH FLOW IN 2022

CONTINUING AND DISCONTINUED OPERATIONS

LIQUIDITY DEVELOPMENT SOLID LIQUIDITY POSITION

CONTINUING AND DISCONTINUED OPERATIONS

FINANCIAL RATIOS

CONTINUING AND DISCONTINUED OPERATIONS

3,3 1,5 1,1 1,1 3,8 2,4 2,0 2,0 0,8 Q4 2021 Q1 2022 Q4 2022 -0.3 Q2 2022 Q3 2022

1. Adjusted EBITDA refers to continuing operation only 2.Excluding restructuring costs 3. Net interest-bearing debt 3.Capital employed at quarter end; as the indices are calculated based on the figures from last 12 months

617 509 503 508 487 675 567 558 560 539 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022

CAPITAL EMPLOYED³ , MEUR

SHIFT GEAR UPDATE

Shift Gear update

EXTRAORDINARY PERFORMANCE IN SHIFT GEAR IMPROVEMENT - FULL YEAR BENEFITS OF MEUR 63 IN 2022

FY 2022 MEASURE IMPACT DEVELOPMENT BY CALENDAR WEEK, MEUR > SG1 performance improvements

• offsetting majority of the supply chain, inflation, and volume effects
• > Full year benefits of MEUR 63 in 2022
• > Improvements include commercial excellence, operational efficiency improvements and overhead cost reductions
• > KA successfully achieved fair price increases and cost sharing with our major customers and partners

>120 MEUR TOTAL IDEAS

NET RESULT >60 MEUR

GENERATED

Outlook

DIVESTMENTS IN 2022 RECEIVED ~ MEUR 300 IN NET PROCEEDS

Suprajit Engineering Limited.

* Incl. the cable-related part of the OFH business

* Incl. reimbursement for spot-buy costs)

DIVESTMENTS INCREASED KA'S EXPOSURE TO COMMERCIAL VEHICLES

MARKET FORECASTS

GLOBAL PASSENGER CAR PRODUCTION, sales in million units

GLOBAL COMMERCIAL VEHICLES PRODUCTION, sales in thousand units

Source: IHS Light Vehicle Production Base (January 2023); LMC Global Commercial Vehicle Forecast (Q4 2022)

OUTLOOK 2023 EXPECT CONTINUED REVENUE AND EBIT GROWTH

NOTE REGARDING GUIDANCE: A prolonged or worsening geopolitical situation could result in further lasting consequences for production, supply chains and demand which are not currently reflected in our forecasts. Depending on the severity of these disruptions, this may result in lower sales and earnings than currently expected for KA Group.

Outlook

OUTLOOK 2023 REVENUE AND ADJ. EBIT GUIDANCE INCREASED, ADJUSTED FOR DIVESTMENTS

REVENUES, MEUR ADJ. EBIT, MEUR

ON THE AGENDA FOR 2023

Initiate a strategic review of the company

KA, together with the Board of Directors, has decided to initiate a dedicated strategic review of the company. The aim is to unlock the full potential of the business beyond the current performance.

MOBILITY SOLUTIONS FOR THE FUTURE