Q3 2024 Presentation

26 November 2024

IWS | A fully integrated offshore wind solutions provider

1

IWS | A fully integrated offshore wind solutions provider

Q3 2024 | Recent highlights – A record quarter

Q3 2024 | Recent highlights (cont.)

IWS Fleet | Current charter contracts

IWS Fleet | Strong revenue backlog1 to tier 1 clients

1) As of 30 September 2024. Project startup based on management estimates, gross victualling income of EUR 5,000 per day and zero inflation adjustments. 2) Charter contract with Asso.subsea Single Member S.A. terminated in November against a termination fee.

IWS Seawalker | In Dutch waters

IWS Skywalker class | Vessel overview

Operating at Dogger Bank

Delivered on 21 November

Preparing for launch

IWS Skywalker class | Overview

IWS Fleet | Favourable yard prices → attractive cash flow yields

Newbuilding yard prices¹ (EUR million) Attractive free equity cash flow yields ► ²

' improves free cash flow yield in a rising market.

' six CSOVs ordered at an attractive average fixed yard price of EUR 48m per vessel, which includes additional equipment and features that would add EUR ~5m to standard yard prices.

' on about 50% Norwegian equipment and content.

1) Source: Clarksons

2) Assumed for comparison only: 60% loan with 12-year amortisation profile and 6% interest, 90% utilisation, operating expenses of EUR 13k per day and EUR 1k net margin on victualling

Key financials | Q3 2024

		Income statement (EUR '000)
--	--	-----------------------------

	Q2 2024	Q3 2024	Q3 2023
Operating revenue	12,433	16,775	5,421	EUR 8.0m revenue from IWS Fleet, EUR 8.8m from IWS Services.
Share of net profit of associates	155	195	109	Share of net profit based on 30% for full quarter1
Total revenue	12,588	16,970	5,530
Operating expenses	-10,980	-13,061	-5,903	EUR 4.4m related to IWS Fleet, 8.4m relates to IWS Services.
EBITDA	1,608	3,909	-373
Depreciation and amortisation	-652	-934	-157
EBIT	956	2,975	-530
Finance income	299	666	270
Finance expense	-593	-645	-65
Net foreign currency exchange gains	-6	34	-231
Net financial income / expense	-300	55	-26
Profit before tax	656	3,030	-556
Tax benefit / expense	-16	-402	-7
Net profit	640	2,628	-563
Attributable to non-controlling interests	73	691	-18
Attributable to shareholders of the parent	567	1,937	-545

Key financials | Q3 2024

Balance sheet (EUR '000)
	Q2 2024	Q3 2024		Q2 2024	Q3 2024
Vessels	93,803	93,111	Share capital	7,703	7,703
Vessels under construction	36,104	75,162	Share premium reserve	126,809	126,809
Other fixed assets	1,550	1.478	Retained earnings and other equity	10,220	12,181
Intangible assets	6,080	6,044	Non-controlling interests	36,347	37,042
Investments, equity method	13,449	24,385	Total equity	181,079	183,735
Other assets	905	1,265
Total non-current assets	151,891	201,445	Non-current interest-bearing debt	47,744	73,366
			Deferred tax liability	309	751
			Other non-current liabilities	882	1,099
			Total non-current liabilities	48,935	75,216
Contract assets	3,525	4,687
Trade receivables	9,513	16,297	Trade payables	7,121	9,219
Other short term assets	3,229	3,056	Current interest-bearing debt	6,866	13,750
Cash and cash equivalents	77,954	59,451	Other current liabilities	2,111	3,016
Total current assets	94,221	83,491	Total current liabilities	16,098	25,985
Total assets	246,112	284,936	Total equity and liabilities	246,112	284,936