Q1 2024 Presentation

31 May 2024

IWS | A fully integrated offshore wind solutions provider

1

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

1) Subject to closing of transaction, expected in June, 2) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon and 100% of Green Ducklings, 3) Fixed price option exercisable within September 2024 to acquire an additional 19% of shares (predilution from share-based option program to key employees)

Q1 2024 | Recent highlights

Q1 2024 | Recent highlights (cont.)

Sumitomo Corporation | IWS Fleet strategic partnership

-

Havfram Fleet Management | A strategic joint venture

IWS Fleet | Recent contract highlights

-

IWS Fleet | Strong revenue backlog1 to tier 1 clients

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 Windwalker | Port of Hanstholm, Denmark

Photo: Frederik Lambrecht 27/05/2024

IWS Skywalker class | Vessel overview

Operating at Dogger Bank

Soon in operation

In commissioning

Soon ready for sea trials

Keel laying in April '24

Key financials | Q1 2024

	Q4 2023	Q1 2024	Q1 2023
Operating revenue	6,263	5,226	5,643
Share of net profit of associates	196	175	168	PEAK Wind share of net profit of EUR 0.3m less EUR 0.1m amortisation of acqn-related intangible assets.
Total revenue	6,459	5,401	5,811
Operating expenses	-6,696	-8,575	-6,849	EUR 5.5m relates to IWS Services
EBITDA	-237	-3,174	-1,038
Depreciation and amortisation	-177	-153	-97
EBIT	-414	-3,327	-1,135
Finance income	1.489	267	206	Q4 included EUR 1.2m fair value gain on fixed-price option to acquire additional shares in Peak Wind.
Finance expense	-60	-79	-48
Net foreign currency exchange gains	-195	99	366
Net financial income / expense	1,234	287	524
Profit before tax	820	-3,040	-611
Tax benefit / expense	-89	236	-39
Net profit	731	-2,804	-650
Attributable to non-controlling interests	53	-198	69
Attributable to shareholders of the parent	678	-2,606	-719

Key financials | Segment reporting

Operating segments (EUR'000)
	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023
External customer revenue	571	-	4,569	5,618	86	25	5,226	5,643
Share of profit of associate				-	175	168	175	168
Operating expenses	-1,091	-169	-5,527	-5,281	-1,957	-1,399	-8,575	-6,849
EBITDA	-520	-169	-958	337	-1,696	-1,206	-3,174	-1,038
Depreciation and amortisation	-		-87	-97	-66	-	-153	-97
EBIT	-520	-169	-1,045	240	-1,762	-1,206	-3,327	-1,135

Net finance income	505	7	36	-63	-254	580	287	524
Profit before tax	-15	-162	-1,009	177	-2,016	-626	-3,040	-611

Key financials | Q1 2024

Balance sheet (EUR '000)
	Q4 2023	Q1 2024		Q4 2023	Q1 2024
Vessels	0	48,204	Share capital	7,703	7,703
Vessels under construction	95,672	78,928	Share premium reserve	126,809	126,809
Other fixed assets	1,692	1,639	Retained earnings	-14,551	-17,088
Intangible assets	6,158	6,117	Non-controlling interests	3,108	2,941
Investments, equity method	13,127	13,293	Total equity	123,069	120,365
Other assets	1,116	933
Total non-current assets	117,765	149,114	Non-current interest-bearing debt	25,658	49.397
			Deferred tax liability	420	268
			Other non-current liabilities	745	912
			Total non-current liabilities	26,823	50,577
Contract assets	4,431	852
Trade receivables	5,127	8,471	Trade payables	1,689	5,418
Other short term assets	1,852	3,147	Current interest-bearing debt	4,240	8,266
Cash and cash equivalents	30,975	26,873	Other current liabilities	4,329	3,831
Total current assets	42,385	39,343	Total current liabilities	10,258	17,515
Total assets	160,150	188,457	Total equity and liabilities	160,150	188,457

IWS Fleet | Yard payments & financing

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q1'24	Q2-Q4 2024	2025	Total payments	Status
IWS Skywalker	43			43	Delivered Dec' 23
IWS Windwalker	43	1		43	Delivered Mar' 24
IWS Seawalker	12	37		49	Under construction
IWS Starwalker	12	37		49	Under construction
IWS Moonwalker	5	8	40	રૂડે	Under construction
IWS Sunwalker	5	8	40	રૂડે	Under construction
Total	120	90	80	290
Equity financed	64	27	11	102
Debt financed	56			56
Committed debt financing	-	62		62
Expected debt financing	l		69	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 expected to be secured in 2024.