Integrated Wind Solutions ASA

Investor Presentation • Aug 24, 2023

Q2 2023 Presentation

24 August 2023

IWS | A fully integrated offshore wind solutions provider

2) 30% ownership. Fixed price option exercisable within three years from original share purchase 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

3

Q2 2023 | Recent highlights

Q2 2023 | Recent highlights (cont.)

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

CSOV market | Favourable market dynamics

Source: Clarksons, IWS

1) Assumes that turbines are installed over an average two-year construction period

2) Vessel demand excludes China and North America. Tier 1: CSOV/SOV, Tier 2: Converted offshore vessels

IWS Fleet | CSOVs contracted at attractive prices

Newbuilding yard prices¹ (EUR million)

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.

IWS Fleet | Well positioned to benefit from a strong market

Key financials | Q2 2023

Income statement (NOK '000)
	Q1 2023	Q2 2023
Operating revenue	61,990	61,454
Share of net profit of associates	1.840	$-1,191$	PEAK Wind share of net profit of NOK -0.2m less NOK 1.0m amortisation of acquisition-related intangible assets.
Total revenue	63,830	60,263
Operating expenses	$-75,238$	$-71,904$	NOK 62.5m relates to IWS Services
EBITDA	$-11,408$	$-11,641$
Depreciation and amortisation	$-1,067$	$-1,464$
EBIT	$-12,475$	$-13,105$
Finance income	2.267	4.475
Finance expense	$-527$	$-655$
Net foreign currency exchange gains	4,032	1,420
Net financial income / expense	5,772	5,240
Profit before tax	$-6,703$	$-7,865$
Tax benefit / expense	$-428$	$-284$
Net profit	$-7,131$	$-8,149$
Attributable to non-controlling interests	754	180	Mainly relates to 25% minority interest in ProCon
Attributable to shareholders of the parent	$-7,885$	$-8,329$

Key financials | Q2 2023

Balance sheet (NOK '000)
	Q1 2023	Q2 2023		Q1 2023	Q2 2023
Vessels under construction	657,597	713,866	Share capital	78,289	78,289
Other fixed assets	4,192	21,392	Share premium reserve	1,288,986	1,288,976
Intangible assets	71,479	73,002	Retained earnings	3,359	3,196
Investments, equity method (PEAK Wind)	146,989	149,819	Non-controlling interests	34,164	35,515
Other assets	8,668	9,006	Total equity	1,404,798	1,405,976
Total non-current assets	888,925	967,085
			Long term interest bearing debt	872	13,634
			Deferred tax liability	4,180	5,307
			Other non-current liabilities	4,705	7,716
			Total non-current liabilities	9,757	26,657
Contract assets	52,195	29,396
Trade receivables	51,894	75,287	Trade payables	19,989	15,423
Other short term assets	5,641	9,362	Borrowings	22,502	12,701
Cash and cash equivalents	493,565	408,678	Other current liabilities	35,174	29,051
Total current assets	603,295	522,723	Total current liabilities	77,665	57,175
Total assets	1,492,220	1,489,808	Total equity and liabilities	1,492,220	1,489,808

IWS Fleet | Capex & financing

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

Outlook

iws@integratedwind.com integratedwind.com