Integrated Wind Solutions ASA

Investor Presentation • Nov 15, 2022

Q3 2022 Presentation

November 2022

IWS | A fully integrated offshore wind solutions provider

IWS business areas | Covering integrated services and asset management

3

Q3 2022 | Highlights

Q3 2022 | Highlights (cont.)

IWS Skywalker | Commissioning Service Operation Vessel ("CSOV")

IWS Skywalker | Launched 8 November 2022

CSOV market | Favourable market dynamics

High oil & gas prices have led to a resurgence in oil & gas work for vessels that have used the wind market as a temporary source of employment during the downturn ("Tier 3 swing-tonnage").

Source: Clarksons, IWS

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

IWS Fleet | CSOVs contracted at attractive prices

Four CSOVs ordered at an attractive average yard price of EUR 46m.

Newbuilding yard prices¹ (EUR million)

Standard Chinese yard prices. IWS orders have included additional equipment and feature adding about EUR 4-7m to standard yard prices.

IWS Fleet | Well positioned to benefit from a strong market

Key financials | Q3 2022

Income statement (NOK '000)
	Q3 2022	Q2 2022
Operating revenue	58,388	54,861	PEAK Wind share of net profit of NOK 1.5m less NOK 0.9r amortisation of acquisition-related intangible assets.
Share of net profit of associates	605	1,302
Total revenue	58,993	56,163
Operating expenses	$-63,230$	$-59.625$	NOK 56m relates to IWS Services
EBITDA	237	$-3,462$
Depreciation and amortisation	$-1.334$	$-1,330$
EBIT	$-5,571$	-4,792
Finance income	243	143
Finance expense	$-933$	$-1,196$
Net foreign currency exchange gains	$-415$	1,533
Net financial income / expense	$-1,105$	480
Profit before tax	$-6,676$	$-4,312$
Tax benefit / expense	$-644$	$-193$
Net profit	$-7,320$	$-4,505$
Attributable to non-controlling interests	227	500	Mainly relates to 25% minority interest in ProCon
Attributable to shareholders of the parent	$-7,547$	$-5,005$
Average number of shares (m)	28.54	28.40
Rasic and diluted earnings ner share in NOK	$-0.26$	$-0.18$

Key financials | Q3 2022

Balance sheet (NOK '000)
	Q3 2022	Q2 2022		Q3 2022	Q2 2022
Vessels under construction	384,648	376,227	Share capital	57,076	57,076
Intangible assets	68,233	67,846	Share premium reserve	970.687	970,687
Investments, equity method (PEAK Wind)	137,034	133,321	Retained earnings	$-15.024$	$-20,578$
Other assets	13,514	14,137	Non-controlling interests	28,923	26,799
Total non-current assets	603,429	591,531	Total equity	1,041,662	1,033,984
			Deferred tax liability	8,773	8,411
			Long term interest bearing debt	10,437	11,645
			Other non-current liabilities	1,127	930
Trade receivables	35,099	61,525	Total non-current liabilities	20,337	20,986
Prepayments and accruals	1,315	1,334
Inventory	42,184	17,943	Current portion of long-term debt	6,341	5,974
Other short term assets	1,565	802	Trade payables	21,072	27,099
Cash and cash equivalents	437,868	443,309	Other current liabilities	32,048	28,401
Total current assets	518,031	524,913	Total current liabilities	59,461	61,474
Total assets	1,121,460	1,116,444	Total equity and liabilities	1,121,460	1,116,444

Outlook

iws@integratedwind.com integratedwind.com