Polestar Investor Presentation Deck

$mn Net income (+) Income Tax EBIT (+) Depreciation & Amortization EBITDA Free Cash Flow, $mn EBITDA (+) Change in NWC (+) Total Investments (+) Other cash & non-cash items Unleveraged Free Cash Flow (+) Related Party NWC adjustment (+) Capex timing adjustment (+) Payables Equitisation Adjusted Unleveraged Free Cash Flow Appendix Reconciliation of financials 2022E (960) 0 (910) 180 (730) 2021 (1,007) 0 (995) 239 (756) 2021 (756) 348 (130) 96 (442) (540) (300) 0 (1,282) 2022E (730) (690) (1,200) (2,620) 0 300 590 (1,730) 2023E (250) 0 (150) 310 160 2023E 160 (890) (550) (1,280) 540 0 0 (740) 2024E 280 0 400 480 880 2024E 880 (340) (700) (160) 0 OO 0 0 (160) 2025E 1,220 0 1,340 570 1,910 2025E 1,910 (120) (660) 1,130 OO 0 0 0 1,130 42

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