Integrated Wind Solutions ASA

Investor Presentation • Sep 20, 2023

Pareto Securities' 30th annual Energy Conference

September 2023

Disclaimer

This presentation (the "Presentation") has been prepared by Integrated Wind Solutions ASA (the "Company" and together with its subsidiaries the "Group") for information purposes. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy, or a recommendation regarding, any securities of the Company.

The distribution of this Presentation may be restricted by law in certain jurisdictions and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions. The forward-looking statements contained in this Presentation, including opinions and views of the Company or cited from third party sources, are based on various assumptions. The forward-looking statements are solely opinions and forecasts and are subject to risks and uncertainties which are difficult or impossible to predict and are beyond the Company's control. Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from the expectations expressed or implied in this Presentation by such forward-looking statements. You are cautioned not to place any undue importance on any forward-looking statement.

The information in this Presentation is current as of the date hereof and is subject to change. The Company and its representatives are under no obligation to update or keep current the information contained in this Presentation.

This Presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation regarding, any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. In particular, the information within this Presentation must not be used in making any investment decision.

This Presentation does not purport to contain a complete description of the Group or the markets in which the Group operates. No representation or warranty, express or implied, is made as to the accuracy or completeness of any information contained in this Presentation, and it should not be relied upon as such. None of the Company, its advisers or any of their respective affiliates or representatives shall have any liability arising directly or indirectly from the use of this Presentation or its contents or otherwise arising in connection with this Presentation.

IWS | A fully integrated offshore wind solutions provider

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 business areas | Covering integrated services and asset management

1) 97% of share capital; 100% of votes, 2) IWS Services owns 75% of ProCon's share capital and 100% of votes, 3) Fixed price option exercisable by Sep '24 to acquire an additional 19% of shares (pre-dilution from share-based option program to key employees)

Timeline | A transformative time since IPO has positioned IWS for strong growth

Offshore wind | Economics vs. the green ambitions

The sentiment for offshore wind has been hurt by recently announced postponements/cancellations

• · Write-downs by global industry leaders
• Slower decision making processes

Mismatch between fixed project revenues versus the recently rising supply chain- and financing costs

• · Increased costs coupled with fixed income have pushed the project IRR below WACC
• · E.g., projects priced with a LCOE of EUR 55/MW now requires about EUR 70/MW

Governments and companies are undeterred in their massive ambitions to make offshore wind a key pillar of the transition to green energy

· Government action is required to overcome challenging economics

Regardless, plenty of positive news from the industry

• · Almost 12 GW awarded in Europe this year1
• · Current activity level and expectations for 2024/25 are not impacted
• · High and increasing oil & gas prices make renewable energy relatively more competitive
• Oil & gas absorbing service vessels from offshore wind

The long-term outlook remains positive

• · Expected 2026/27 construction activity might be somewhat reduced due to slower decision making, however early phase project activity has never been higher
• We expect the massive ambitions to lead to significantly increased FID activity as inflation stabilises

EUROPE - POLITICAL TARGETS The political 2030 ambitions in Europe sums up to +150GW

The political ambitions are largely being driven by the UK and Germany which account for more than half of the total commitments

Offshore wind targets by 2030

• · As of Q2 2023, with recent developments from the war in Ukraine, the specific political ambitions for 2030 in Europe sums up to 150+ GW.
  • · On top of this Norway and France are targeting ambitious goals for 2040 and 2050
• The EU has communicated an overall offshore wind ambition of 300GW in operation by 2050.
• · The UK, Spain, and Italy have communicated specific floating wind targets for 2030 or prior, summing up to 14,5-18 GW.

The Skywalker class CSOV's

8

IWS Fleet | Vessels under construction at CMI shipyard

The steel-cut of newbuilding 5 and 6, IWS Moonwalker and IWS Sunwalker, is scheduled to start in Q4 2023 and Q1 2024, respectively

IWS Fleet | Low newbuilding prices → high cash flow yields

Newbuilding yard prices¹

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

IWS's favourable capex leads to improved free cash flow yield in a rising market.

IWS Fleet's 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.

1) Source: Clarksons

10

2) Assumed for comparison only: 60% loan with 12-year amortisation profile and 5% interest, 90% utilisation, operating expenses of EUR 12k per day and EUR 1k margin on victualling

IWS Fleet | Well positioned to benefit from a strong market

IWS Services | Building a "one-stop shop" by integrating several service offerings

IWS Services | Wide scope of services available to IWS and addressable by using CSOV

PEAK Wind | Renewable energy specialist delivering advisory, intelligence and asset management services

Key value proposition Main business areas 10 offices 7 countries +180 colleagues 28+ countries PW delivers offshore wind advisory to 20+ GW offshore & onshore wind, PV assets using PW advisory We have a unique understanding of your asset Combining our financial, commercial & technical competencies means we gain unique and indepth insights across an entire project so can quickly uncover areas for improvement We view the project from the asset-owner perspective Our experience in project ownership means our focus is on providing services that maximise shareholder equity returns. Our focused O&M expertise means lower risk & higher ROI We use our knowledge of the O&M phase to lower risk and optimise returns throughout the project lifecycle. We deliver bankable services PEAK Wind's asset & operations management services have been confirmed bankable by several sponsors, some of the biggest international banks, tax equity investors, and Export Credit Agencies, so we are ready to go on your project. 1) 2)

1) PEAK Wind's shareholding in Hybrid Greentech is 20% with the option to increase to 30% 2) PEAK Wind owns a 50% share in Sea Impact

To summarise

Delivering on strategy and business plan

CSOVs soon to enter the market Record high activity expected in Europe for 2024 and 2025

3 ] The market for CSOVs is intact, even with recent project postponements/cancellations

Robust cash position and debt financing in place for the first four newbuildings

Record high order backlog for IWS Services and +20% revenue growth for PEAK Wind

iws@integratedwind.com integratedwind.com