Öresund Investment

Interim / Quarterly Report • Dec 2, 2025

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Company Announcement for A/S Øresund

• The share of the result (50 per cent) from Øresundsbro Konsortiet I/S constitutes an income of DKK 746 million, which includes positive fair value adjustments of DKK 65 million. The share of the result before fair value adjustments, amounting to DKK 681 million, is DKK 41 million higher than the same period last year.
• Road traffic on the Øresund Bridge increased by 6.4 per cent in the period January to September compared to the same period in 2024. Passenger car traffic and road freight traffic increased by 6.6 per cent and 3.9 per cent, respectively.
• In the period January to September 2025, other external costs amounted to DKK 65 million, which is DKK 2 million lower than in the same period last year.
• Other operating expenses amounted to DKK 96 million, which is DKK 13 million lower than the same period last year. The fall is due to a repayment of DKK 12 million in 2024 to the Danish Ministry of Transport for unjustified state aid resulting from the EU Commission's state aid decision.
• The result before fair value adjustments and tax showed a profit of DKK 224 million in the period, compared to a profit of DKK 149 million in the period from January 1 to September 30, 2024.
• The result in after tax amounted to a profit of DKK 419 million in the period from January 1 to September 30, 2025, compared to a profit of DKK 200 million in the same period last year.
• The interest-bearing net debt for A/S Øresund as of September 30 is DKK 13.4 billion. The repayment period of the debt in A/S Øresund remains unchanged since the 2024 annual report and is 47 years (2045).
• The expectations for the annual result are adjusted upwards to a profit before fair value adjustments and tax in the range of DKK 170 - 270 million. In the half-year report, the company expected a result in the range of DKK 130 - 230 million.

The upward adjustment is due to higher-than-expected traffic growth on the Øresund link, as well as the company's overall satisfactory financial performance with a lower cost level than previously anticipated.

Expectations for 2025 are subject to uncertainty and continue to depend on developments in the financial markets and macroeconomic conditions.

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Results for A/S Øresund 1 January-30 September

(DKK million)	2025 Q1-Q3	2024 Q1-Q3
Net revenue
Net revenue	8	8
Total net revenue	8	8
Expenses
Other external expenses	-65	-67
Other operating income	3	0
Other operating expenses	-96	-109
Depreciation, amortisation and writedowns	-76	-74
Total expenses	-234	-250
Operating loss (EBIT)	-226	-242
Financial items
Financial income	36	34
Financial expenses	-267	-283
Value adjustments, net	248	60
Total financial items	17	-189
Profit/loss before inclusion of share of
results in jointly managed company and tax	-209	-431
Share of results in jointly managed company	746	688
Profit/loss before tax	537	257
Tax	-118	-57
Profit/loss for the period	419	200
Other comprehensive income	0	0
Tax on other comprehensive income	0	0
Comprehensive income	419	200