Q4 2023 Presentation

27 February 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) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon and 100% of Green Ducklings, 2) Fixed price option exercisable within September 2024 to acquire an additional 19% of shares (pre-dilution from share-based option program to key employees)

Q4 2023 | Recent highlights

Q4 2023 | Recent highlights (cont.)

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IWS Fleet | New charter contracts in Q4 2023 and Q1 2024

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Havfram Wind | Strategic cooperation

2

IWS Fleet | Strong revenue backlog1 to tier 1 clients

IWS Skywalker class | Overview

IWS Fleet | Low newbuilding prices → high cash flow yields

Newbuilding yard prices¹

' 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

The Skywalker class CSOV's

IWS Skywalker class | Vessel overview

Final mobilisation

In late commissioning

Under construction

First steel-cut in Dec'23

IWS Sunwalker ⁶

First steel-cut in Dec'23

IWS Skywalker Hanstholm Harbour, February 2024

Key financials | Q4 2023

	Q3 2023	Q4 2023	Q4 2022
Operating revenue	5,421	6,263	5,075
Share of net profit of associates	109	196	48	PEAK Wind share of net profit of EUR 0.3m less EUR 0.1m amortisation of acqn-related intangible assets.
Total revenue	5,530	6,459	5,123
Operating expenses	-5,903	-6,696	-5.496	EUR 5.4m relates to IWS Services
EBITDA	-373	-237	-373
Depreciation and amortisation	-157	-177	-159
EBIT	-530	-414	-532
Finance income	270	1,489	88	Includes EUR 1.2m fair value gain on fixed-price option to acquire additional shares in Peak Wind.
Finance expense	-65	-60	-68
Net foreign currency exchange gains	-231	-195	140
Net financial income / expense	-26	1,234	160
Profit before tax	-556	820	-372
Tax benefit / expense	-7	-89	-8
Net profit	-563	731	-380
Attributable to non-controlling interests	-18	53	73
Attributable to shareholders of the parent	-545	678	-453

Key financials | Segment reporting

Operating segments (EUR'000)
	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q4 2023	Q4 2022	Q4 2023	Q4 2022	Q4 2023	Q4 2022	Q4 2023	Q4 2022
External customer revenue	167		6,032	5,049	64	26	6,263	5,075
Share of profit of associate					196	48	196	48
Operating expenses	-350	-540	-5,394	-4,712	-952	-244	-6,696	-5,496
EBITDA	-183	-540	638	337	-692	-170	-237	-373
Depreciation and amortisation	-	-	-109	-159	-68	-	-177	-159
EBIT	-183	-540	529	178	-760	-170	-414	-532

Net finance income	-4	-12	-216	112	1,454	60	1,234	160
Profit before tax	-187	-552	313	290	694	-110	820	-372

Key financials | Q4 2023

Balance sheet (EUR '000)
	Q3 2023	Q4 2023		Q3 2023	Q4 2023
Vessels under construction	65,126	95,672	Share capital	7,703	7.703
Other fixed assets	1,800	1.692	Share premium reserve	126,809	126,809
Intangible assets	6,192	6,158	Retained earnings	-15,283	-14,551
Investments, equity method	12,892	13,127	Non-controlling interests	3,039	3,108
Other assets	1,440	1,116	Total equity	122,268	123,069
Total non-current assets	87,450	117,765
			Non-current interest-bearing debt	1,157	25,658
			Deferred tax liability	462	420
			Other non-current liabilities	688	745
			Total non-current liabilities	2,307	26,823
Contract assets	3,296	4,431
Trade receivables	4,890	5,127	Trade payables	1,741	1.689
Other short term assets	962	1,852	Current interest-bearing debt	511	4,240
Cash and cash equivalents	33,169	30,975	Other current liabilities	2,940	4,329
Total current assets	42,317	42,385	Total current liabilities	5,192	10,258
Total assets	129,767	160,150	Total equity and liabilities	129,767	160,150

IWS Fleet | Capex & financing

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q4'23	2024	2025	Total payments	Status
IWS Skywalker	43		-	43	Delivered Dec' 23
IWS Windwalker	16	28	-	44	Under construction
IWS Seawalker	12	36	-	48	Under construction
IWS Starwalker	12	36	-	48	Under construction
IWS Moonwalker	5	8	40	રૂડે	Under construction
IWS Sunwalker	5	8	40	53	Under construction
Total	93	117	80	290
Equity financed	65	27	11	102
Debt financed	28		-	28
Committed debt financing	-	91		91
Expected debt financing	l		69	દિવે

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.