Awilco LNG

Investor Presentation • May 21, 2025

May 21, 2025

Disclaimer

This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and projections regarding the intent, opinion, belief, various assumptions or current expectations of Awilco LNG (the "Company") and it's management with respect to, among other things, (i) goals and strategies, (ii) evaluation of the Company's markets, competition and competitive position, and (iii) anticipated future performance and trends which may be expressed or implied by financial or other information or statements contained herein.

"continue" or the negative of these terms and similar expressions are intended to identify such forward-looking statements.

www.awilcolng.no - 2 - All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "may", "could", "should", "would", "expect", "plan", "anticipate", "intend", "forecast", "believe", "estimate", "predict", "propose", "potential", These forward-looking statements, forecasts, estimates, predictions, influences and projections are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that will occur in the future, some of which are beyond our control and difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements, and no representation is made as to the accuracy of these. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements, forecasts, estimates, predictions, influences and projections are: changes in LNG transportation market trends; changes in the supply and demand for LNG; changes in trading patterns; changes in applicable maintenance and regulatory standards; changes in applicable regulations and laws; technological developments affecting gas and LNG demand; political events affecting production and consumption of LNG; changes in the financial stability of clients of the Company; the Company's ability to secure employment for available vessels and newbuildings on order; increases in the Company's cost base; failure by yards to comply with delivery schedules; changes to vessels' useful lives and residual values; the Company's ability to obtain financing of the newbuildings and lastly unpredictable or unknown factors with material adverse effects on forward-looking statements. Neither the receipt of this presentation by any person, nor any information contained herein, constitutes, or shall be relied upon as constituting, any advice relating to the future performance of the Company. Each person should make their own independent assessment of the merits of the Company and its business and should consult their own professional advisors. The information and opinions contained in this presentation relate only as of the date of this presentation and are subject to change without notice. Neither the Board of Directors of the Company or the Company and it's management make any representation or warranty, express or implied, as to the accuracy or completeness of this presentation or of the information contained herein and none of such parties shall have any liability for the information contained in, or any omissions from, this presentation, nor for any of the written, electronic or oral communications transmitted to the recipient in the course of the recipient's own

investigation and evaluation of the Company or its business. Unless legally required, the Company assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

Company overview

Awilco LNG is a fully integrated pure play LNG transportation

provider, owning and operating LNG carriers. The Company currently own and operates two 2013-built 156,000 cbm TFDE LNG carriers, WilPride and WilForce, trading in the short to medium-term market. Awilco LNG is listed on Euronext Expand with ticker ALNG.

Agenda May 21, 2025 1. Highlights 2. Financials first quarter 2025 3. Market update 4. Summary

• www.awilcolng.no 4
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Highlights

• Awilco LNG reports a net loss of USD 3.3 million and loss per share of USD 0.02 in the first quarter 2025, down from a net profit of USD 1.5 million and USD 0.01 per share in the fourth quarter 2024
• Net freight income of USD 8.3 million in first quarter 2025, compared to USD 9.3 million in fourth quarter 2024
• EBITDA in first quarter 2025 ended at USD 3.8 million, down from USD 8.8 million in fourth quarter 2024
• Vessel utilization was 72% for first quarter 2025, compared to 89% for fourth quarter 2024
• www.awilcolng.no 5 Net TCE came in at USD 46,000 per day for first quarter 2025, compared to USD 56,800 per day for fourth quarter 2024

1) TCE: Net freight income divided by the number of calendar days less off-hire days

Agenda May 21, 2025 1. Highlights 2. Financials first quarter 2025 3. Market update 4. Summary

• www.awilcolng.no 6
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First quarter 2025 income statement

First quarter 2025 income statement USD million Q1'25 Q4'24 Q1'24 2024 Freight income 10.2 10.6 22.1 67.6 Voyage related expenses (1.9) (1.3) (0.2) (3.2) Net freight income 8.3 9.3 21.9 64.3 Other income 0.0 3.7 0. 3.7
Operating expenses (3.6) (3.0) (3.5) (11.9)
Administration expenses (0.9) (1.2) (0.9) (3.6)
EBITDA 3.8 8.8 17.6 52.5
Depreciation (3.9) (3.9) (3.9) (15.6)
Net finance (3.2) (3.4) (6.5) (19.8)
Profit/(loss) before tax (3.3) 1.5 7.2 17.1
Tax - - - -
Profit/(loss) (3.3) 1.5 7.2 17.1
www.awilcolng.no

First quarter 2025 financial position

First quarter 2025 financial position
USD million	31.03.25	31.12.24	31.03.24
Vessels	298.2	302.1	313.8
Other fixed assets	0.8	0.6	0.5
Total non-current assets	299.0	302.7	314.3
Trade receivables	2.9	2.8	0.0
Other short term assets	4.8	6.2	1.3
Cash and cash equivalents	22.9	23.5	38.3
Total current assets	30.6	32.2	39.6
Total assets	329.6	335.2	353.9
Total equity	134.0	137.2	139.7
Long-term interest bearing debt	174.6	177.8	168.4
Other non-current liabilities	0.7	0.6	0.6
Non-current liabilities	175.3	178.4	169.0
Short-term interest bearing debt	13.1	13.0	18.8
Other current liabilities	7.2	6.6	24.7
Total current liabilities	20.3	19.6	45.2
Total equity and liabilities	329.6	335.2	353.9
www.awilcolng.no					- 8 -

First quarter 2025 cash flow

First quarter 2025 cash flow
USD million	Q1'25	Q4'24	Q1'24	2024
Cash Flows from Operating Activities:
Profit/(loss) before taxes	(3.3)	1.5	7.2	17.1
Income taxes paid	-	-	-	-
Interest and borrowing costs expensed	3.4	3.8	6.8	20.9
Depreciation, amortisation and impairment	3.9	3.9	3.9	15.6
Trade receivables, inventory and other short term assets	1.3	(2.3)	3.7	(4.1)
Accounts payable, accrued exp. and deferred revenue	0.7	(2.1)	(0.6)	(4.9)
Net cash provided by / (used in) operating activities	6.0	4.8	20.9	44.5
Cash Flows from Investing Activities:
Investment in vessels and other assets	(0.0)	-	(0.4)	(0.4)
Net cash provided by / (used in) investing activities	(0.0)	-	(0.4)	(0.4)
Cash Flows from Financing Activities:
Proceeds from borrowings	-	-	-	200.0
Dividends paid	-	-	-	(24.6)
Repayment of borrowings	(3.3)	(3.3)	(4.7)	(198.8)
Interest and borrowing costs paid	(3.3)	(3.7)	(4.6)	(24.3)
Net cash provided by / (used in) financing activities	(6.6)	(7.0)	(9.3)	(47.7)
Net change in cash and cash equivalents	(0.6)	(2.2)	11.2	(3.6)
Cash and cash equivalents at start of period	23.5	25.7	27.1	27.1
		23.5	38.3	23.5
Cash and cash equivalents at end of period	22.9

Agenda May 21, 2025 1. Highlights 2. Financials first quarter 2025 3. Market update 4. Summary

• www.awilcolng.no 10
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Spot rates

• Rates in the spot market dropped to all time low levels at the end of 2024 and despite some volatility, have remained at very low levels so far in 2025. Modern relets controlled by charterers have been willing to accept very low rates to avoid idle time and to remain in cold condition.
• available vessels.
• Som recent increased activity on multi-month deals, but at low and unsustainable levels

Source: SSY

LNG export and import

Q1 2025 vs Q1 2024 (YoY change)

Asia and Oceania Europe South America Middle East and Gulf Africa North America and Caribbean Russia

• European import increased significantly year over year for first quarter
• Asian import fell as, primarily caused by less import to China
• US export grow as new liquefaction plants ramp up number of cargoes

Source: Fearnley LNG

Gas prices

• Gas prices has come down from the winter heights but remain high as the market anticipates restocking ahead of next winter
• No arbitrage opportunities between Europe and Asia and no contango to support floating storage

Trainspotting – new LNG production

• ~ 355 MTPA new capacity currently under construction or in advanced stages of development, of which ~200 MTPA have FID
• Several new LNG projects in the US are gearing up encouraged by the new administration
• Shell expects more than 50% rise in global LNG demand by 2040 more FID's required to meet demand

Source: Poten & Partners

LNG fleet and orderbook

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• Contract prices, interest rates and charter rates are holding despite pressure no support for speculative ordering

Agenda May 21, 2025 1. Highlights 2. Financials First quarter 2025 3. Market update 4. Summary

• www.awilcolng.no 16
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Summary

• The Company report a net loss for the quarter USD 3.3 million
• A comfortable cash position and one vessel trading on a fixed rate contract until late 2025 leaves the company well prepared to endure the current challenging market
• Mid- and long-term demand for LNG transportation remains strong
  • ─ Disruptions in trade patterns will increase ton-mile until resolved
• www.awilcolng.no 17 ─ Depressed rates and continued high delivery of new buildings increasing phase-out of older and smaller steam vessels
  • ─ LNG volumes are set to grow massively going forward with several FIDs recently taken and more expected
  • Awilco LNG
    • ─ WilForce trading in the spot market, while actively pursuing longer contracts
    • ─ WilPride fixed until late 2025 + 2 year option

www.awilcolng.no - 19 - Jon Skule Storheill CEO Mobile: +47 913 44 356 E-mail: jss@awilcolng.no

Per Heiberg

CFO Mobile: +47 952 20 264 E-mail: pheiberg@awilcolng.no