Integrated Wind Solutions ASA

Investor Presentation • May 25, 2022

Q1 2022 Presentation

May 2022

IWS | A fully integrated offshore wind solutions provider

IWS business areas | Covering integrated services and asset management

Q1 2022 | Highlights

Q1 2022 | Highlights (cont.)

IWS Skywalker | Commissioning Service Operation Vessel ("CSOV") newbuilding 1

OFFSHORE WIND MARKET UPDATE

Offshore wind ambitions soar as a consequence of the war in Ukraine

The effect of covid and the war in Ukraine has shifted attention to the topic of energy security and initiated multiple new commitments for offshore wind in several European countries.

European 2030 capacity forecast (GW)

Market updates

• · EU aims to raise its 2030 renewable energy target from 40% to 45% and is expected to present the strategy package for this in May.
• · The European target is currently 125-130 GW offshore wind installed in 2030 and several European countries have increased their offshore wind ambitions in the first half of '22:
  • · Both Germany and UK now aims at accelerating their build out of offshore wind.
  • · Belgium has increased its offshore wind target for 2030 from 5.7GW to 8GW.
  • · Denmark will add an additional +1-4 GW to the offshore wind plan for 2030.
  • · Norway has presented a target of 30GW offshore wind installed by 2040, but with no expected impact on 2030 deployment targets.
• · Green Ducklings consider +130GW in 2030 as achievable, but with a significant uncertainty especially related to substantial supply chain and grid infrastructure constraints and lengthy project permitting processes. Our risk adjusted expectations for 2030 is therefore 120GW.

CSOV market | Favourable market dynamics

Source: Clarksons *SPS = "Special Purpose Ships", which are vessels that carry special personnel who are neither crew members nor passengers *W2W = "Walk to Work", includes CSOV and SOV vessels

IWS Fleet | CSOVs contracted at attractive prices

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

Newbuilding yard prices¹ (EUR million)

IWS Fleet | Well positioned to benefit from a strong market

Key financials | Q1 2022

Income statement (NOK '000)
	Q1 2022	Q4 2021
Operating revenue	49.591	48.170	PEAK Wind share of net profit of NOK 2.1m. NOK -0.8m related to
Share of net profit of associates	1,278	1,647	the depreciation of intangible assets.
Total revenue	50,870	49,817
Administrative expenses	-57,879	-46.647	NOK 47m relates to IWS Services, ProCon and Green Ducklings
Depreciation	-1,690	-1,778
Total operating expenses	-59,569	-48,424
Operating (loss)/profit	-8,699	1,392
Finance income	289	253
Finance expense	-758	-1.638
Net foreign currency exchange losses	81	-1,616
Net financial income / (expense)	-388	-3,001
Profit/(Loss) before tax	-9,087	-1,609
Tax benefit/ (expense)	127	-1,112
Net profit / (loss)	-8,959	-2,720
Attributable to non-controlling interests	448	1,162	Mainly relates to 25% minority interest in ProCon
Attributable to shareholders of the parent	-9.407	-3.883

Key financials | Q1 2022

Balance sheet (NOK '000)
	Q1 2022	Q4 2021		Q1 2022	Q4 2021
Vessel building contracts	330,179	90.671	Share capital	52,802	35,201
Intangible assets	65,065	68,093	Share premium reserve	907,006	647,676
Investments, equity method (PEAK Wind)	123,877	130.942	Retained earnings	-42.682	-23.417
Other assets	5,463	5,240	Non-controlling interests	25,709	26,209
Total non-current assets	524,584	294,946	Total equity	942,835	685,668
			Deferred tax liability	3,531	3,956
			Long term interest bearing debt	12,258	14,263
			Other non-current liabilities	472	472
Trade receivables	40,908	37,682	Total non-current liabilities	16,260	18,691
Prepayments and accruals	342	0
Inventory	36,212	30,469	Current portion of long-term debt	12,807	4,947
Other short term assets	4,035	4,025	Trade payables	27,582	27,650
Cash and cash equivalents	414,556	388,876	Other current liabilities	21,152	19.041
Total current assets	496,052	461,051	Total current liabilities	61,541	51,638
Total assets	1,020,637	755,997	Total equity and liabilities	1,020,637	755,997

Outlook

iws@integratedwind.com integratedwind.com