Statement from the CEO We will remember 2022 as a challenging year impacted by COVID-19 and the war in Ukraine as yet another destabilizing factor that hit the world and our business. We closed down our activities in Russia, but we have continued our business in Ukraine. We faced increased uncertainty, the energy crisis, high inflation, and component shortages, which impacted our customers due to severe delivery challenges. However, in the last quarter we succeeded to scale up on component deliveries, and together with improvements in our way of working we increased throughput of manufacturing and deliveries to our customers. Despite the significant challenges, it was also a year where we at Kamstrup could celebrate several milestones and achievements. We continued to experience a growing demand for solutions and services to combat the global environmental challenges. Water and energy utility industries and residential and commercial property management are having high demands for digital solutions. Both industries and end- consumers are transitioning from fossil to renewable energy, and there is an increasing electrification of our society. Our customers have adapted to the challenges of accelerating operational effectiveness and improving energy efficiency and waste of clean water. And we are proud to partner with our customers to meet their ambitious goals. The increased collaboration with customers resulted in an exceptionally strong order intake in 2022, and especially our focus on internationalization has been successful, with two- and three-digit growth in several markets. Although the global component shortage resulted in a delivery backlog, we have delivered financially strong results in 2022. Although facing challenges in our supply chain, we have celebrated a record- high number of delivered meters to our customers, though not being able to fulfill customer demands on delivery time. We are investing substantially in expanding our manufacturing and supply chain capabilities and along with the expected continued improvements in component availability in 2023, we plan to increase our delivery performance significantly in the future. We believe that the right knowledge and insights of innovative and digital solutions and services are key to supporting utilities around the world in reaching their goals of energy efficiency and reducing waste of clean water. In co-creation with the industry, we will continue to invest heavily in developing high-quality solutions and services that accelerate the global ambitions for the green transition. Our investment in innovative technology will also allow us to support future demands, so we stay ahead in an ever-changing world and improve our ability to service and support our partners and customers. Our expectations for the coming years are high, and for 2023 we expect continued strong growth. And we are confident we will deliver on the global ambitions in close collaboration with our partners, customers, and employees. Kim Lehmann, CEO 3
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