Outlook

Outlook and guidance

Boreo's primary objective is sustainable long-term profit generation. This is achieved with a business model
that is based on the acquisition and ownership of great entrepreneurial companies with the ability to generate
sustainable long-term earnings growth and strong cash flows. The profits generated by the portfolio of
companies are re-invested back to operations or to acquisitions with attractive expected returns on capital.
The decentralized operating structure promoting a culture of ownership and release of entrepreneurial energy
is a core pillar of the company's business concept and sustainable earnings growth is ensured through the
support and coaching of companies and the personnel.

Boreo’s focus is on earnings growth with attractive return on capital. The company's long-term strategic
financial targets are:

• Minimum 15% average annual operational EBIT growth
• Minimum 15% Return on Capital Employed (ROCE)
• Net debt to operational EBITDA between 2-3 (including acquired businesses as if they had been held for 12 months at the reporting date)

Boreo’s dividend policy is to pay an annually increasing dividend per share, considering capital allocation
priorities.

The above-mentioned strategic financial objectives still serve as the company's financial guidelines. In line
with its guidance policy, the company does not give separate short-term financial guidance.