Company announcement no. 8 – 2512 May 2025 NTG Nordic Transport Group publishes interim report for Q1 2025 The interim report for Q1 2025 is enclosed. In connection with publication of the results for Q1 2025, a conference call will be hosted on 13 May 2025 at 10:00 AM CEST. The conference call will be held in English and can be followed live via NTG’s website; investor.ntg.com. Additional information For additional information, please contact: Investor relations and press:Sebastian Rosborg,Head of Investor ...

Investment Rating - The report indicates a positive investment outlook for infrastructure, particularly in developed markets, with a notable rebound in greenfield investments and a projected recovery in secondary market activities as interest rates decline [9][11][84]. Core Insights - Global private investment in infrastructure projects increased by 10 percent in 2023, primarily driven by developed markets, while low- and middle-income countries (LMICs) saw a slight decline [9][10]. - Infrastructure fundraising faced significant challenges in 2023, with total capital raised dropping to $94.9 billion, nearly half of 2022 levels, but is expected to stabilize in 2024 [18][84]. - Infrastructure debt remains attractive to investors due to its reliable cash flows and historically lower default rates compared to non-financial corporate debt, with a debt-to-equity ratio of 77 percent in 2023 [25][84]. - Renewable energy and transport sectors dominate infrastructure investment, accounting for two-thirds of total activity, with a significant surge in private investment in hydrogen projects [31][36]. - The report highlights a growing divergence in investment levels between high-income countries (HICs) and LMICs, with HICs experiencing a 15 percent increase in infrastructure investment in primary markets [45][46]. Summary by Sections Greenfield Investment - Greenfield investment in developed markets continues to rebound, while growth in emerging markets lags, with investment levels significantly higher than the five-year average [9][10]. Rising Interest Rates - Rising interest rates have tempered return expectations across most infrastructure fund types, leading to a significant decline in fundraising [17][18]. Infrastructure Resilience - Despite macroeconomic uncertainty, private infrastructure financing has maintained a stable debt-to-equity ratio, with infrastructure debt demonstrating lower default rates [25][84]. Policy and Incentives - Policy changes have influenced investor strategies, with renewable energy and transport consistently dominating investment, while digital infrastructure has gained importance [31][32]. Investment Gaps - There is a widening investment gap between HICs and LMICs, with LMICs representing less than 20 percent of overall volumes compared to 30 percent a decade ago [46][47]. Regulatory Frameworks - Strengthening regulatory frameworks is essential for attracting private capital in emerging markets, with improvements potentially increasing investment by approximately $500 million [54][58]. Development Institutions - Development institutions play a critical role in mobilizing private capital in LMICs, providing co-financing for 30 percent of total private investment [61][62]. Blended Finance - Blended finance and guarantees are effective tools for bridging investment gaps, with evidence showing that projects backed by guarantees have higher private commercial debt participation [65][67]. Local Currency Financing - Local currency financing for private investment in infrastructure projects in LMICs decreased to 37 percent in 2023, highlighting the need for stronger local markets [72][73]. Capital Markets - There is a growing shift towards leveraging domestic and international capital markets to mobilize long-term funding for infrastructure projects [78][79]. Conclusion - The report concludes that while private investment in infrastructure has faced volatility, it has shown resilience, particularly in the context of rising interest rates and macroeconomic uncertainty [83][84].