Q2 2024 Presentation

28 August 2024

IWS | A fully integrated offshore wind solutions provider

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2) 30%* ownership. Fixed price option exercisable by September 2024 to acquire an additional 19%* of shares (*pre-dilution from share-based option program to key employees)

¹⁾ Clarksons

IWS | A fully integrated offshore wind solutions provider

Q2 2024 | Recent highlights

Q2 2024 | Recent highlights (cont.)

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Sumitomo Corporation | IWS Fleet strategic partnership

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IWS Fleet | Ongoing and upcoming charter contracts

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IWS Fleet | Strong revenue backlog1 to tier 1 clients

1) As of 1 July 2024. Project startup based on management estimates, gross victualling income of EUR 5,000 per day and zero inflation adjustments.

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

IWS Skywalker | Dogger Bank A, North Sea

IWS Skywalker class | Vessel overview

Operating at Dogger Bank

Operating for TenneT

Mobilising to Europe

Final commissioning phase

Preparing for dry dock

Havfram Fleet Management | A strategic joint venture

Key financials | Q2 2024

Income statement (EUR '000)
	Q1 2024	Q2 2024	Q2 2023
Operating revenue	5,226	12.433	5,273	EUR 7.6m revenue from IWS Services, EUR 4.9m from IWS Fleet.
Share of net profit of associates	175	155	-103	PEAK Wind share of net profit of EUR 0.2m after EUR 0.1m amortisation of acqn-related intangible assets.
Total revenue	5,401	12,588	5,170
Operating expenses	-8,575	-10,980	-6,170	EUR 2.6m related to IWS Fleet, 7.3m relates to IWS Services
EBITDA	-3,174	1,608	-1,000
Depreciation and amortisation	-153	-652	-126
EBIT	-3,327	ીર્ચદ	-1,126
Finance income	267	299	274
Finance expense	-79	-593	-56
Net foreign currency exchange gains	gg	-6	234
Net financial income / expense	287	-300	452
Profit before tax	-3,040	656	-674
Tax benefit / expense	236	-16	-24
Net profit	-2,804	640	-698
Attributable to non-controlling interests	-198	73	15
Attributable to shareholders of the parent	-2,606	567	-713

Key financials | Q2 2024

Balance sheet (EUR '000)
	Q1 2024	02 2024		Q1 2024	Q2 2024
Vessels	48,204	93,803	Share capital	7,703	7,703
Vessels under construction	78,928	36,104	Share premium reserve	126,809	126,809
Other fixed assets	1,639	1,550	Retained earnings and other equity	-17,088	10,220
Intangible assets	6,117	6,080	Non-controlling interests	2,941	36,347
Investments, equity method	13,293	13,449	Total equity	120,365	181,079
Other assets	933	905
Total non-current assets	149,114	151,891	Non-current interest-bearing debt	49,397	47.744
			Deferred tax liability	268	309
			Other non-current liabilities	912	882
			Total non-current liabilities	50,577	48,935
Contract assets	852	3,525
Trade receivables	8,471	9,513	Trade payables	5,418	7,121
Other short term assets	3,147	3,229	Current interest-bearing debt	8,266	6,866
Cash and cash equivalents	26,873	77,954	Other current liabilities	3,831	2,111
Total current assets	39,343	94,221	Total current liabilities	17,515	16,098
Total assets	188,457	246,112	Total equity and liabilities	188,457	246,112

IWS Fleet | Capex & financing

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q2'24	Q3-Q4 2024	2025	Total payments	Status
IWS Skywalker	43			43	Delivered Dec '23
IWS Windwalker	43	0		43	Delivered Mar '24
IWS Seawalker	12	37	-	49	Delivered Aug '24
IWS Starwalker	12	37		49	Under construction
IWS Moonwalker	5	8	40	53	Under construction
IWS Sunwalker	5	8	40	53	Under construction
Total	121	89	80	290
Equity financed	65	27	11	102
Debt financed	56			56
Committed debt financing	-	62		62
Expected debt financing	-		દિવે	69

1) Debt facility signed for IWS Skywalker, IWS Windwalker, IWS Seawalker and IWS Starwalker for up to EUR 118.65m. 2) The bank financing for IWS Moonwalker and IWS Sunwalker is signed and expected to become effective in Q3 2024.