Q2 2025 Presentation

27 August 2025

IWS | A fully integrated offshore wind solutions provider

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IWS | A fully integrated offshore wind solutions provider

Q2 2025 | Highlights - Record net profit

Q2 2025 | Highlights - Record net profit (cont.)

IWS Fleet | Strong revenue backlog1 to tier 1 clients

ProCon technicians are working for the turbine OEM on board IWS Skywalker, marking the first integrated services delivered by IWS Fleet and IWS Services

IWS Skywalker class | Vessel overview

Operating for Siemens Gamesa

Transit to Europe

Final commissioning

IWS Skywalker class | Overview

Key financials | Q2 2025

Income statement (EUR '000)
	Q1 2025	Q2 2025	Q2 2024
Operating revenue	25,215	28,378	12,433
Share of net profit of associates	-15	74	155
Total revenue and other income	25,200	28,452	12,588
Operating expenses	-19,933	-19.436	-10,980
EBITDA	5,267	9,016	1,608
Depreciation and amortisation	-1,882	-2,069	-652
EBIT	3,385	6,947	ર્વે છે રેણ
Finance income	286	251	299
Finance expense	-458	-913	-593
Net foreign currency exchange gains	-1	-332	-6
Net financial income / expense	-173	-994	-300
Profit before tax	3,212	5,953	ર્દેશ
Tax benefit / expense	168	-602	-16
Net profit	3,380	5,351	640
Attributable to non-controlling interests	1,078	1,322	73
Attributable to shareholders of the parent	2,302	4,029	567

Key financials | Q2 2025

Balance sheet (EUR '000)
	Q1 2025	Q2 2025		Q1 2025	Q2 2025
Vessels	195,462	193,557	Share capital	7,841	7,841
Vessels under construction	30,645	71,869	Share premium reserve	129,055	129,055
Other fixed assets	1,266	1,149	Retained earnings and other equity	18,931	22,944
Intangible assets	5,966	5,929	Non-controlling interests	39,255	40,574
Investments, equity method	24,247	24,323	Total equity	195,082	200,414
Other assets	1.360	808
Total non-current assets	258,946	297,635	Non-current interest-bearing debt	95,266	125,228
			Deferred tax liability	613	1,100
			Other non-current liabilities	902	1,016
			Total non-current liabilities	96,781	127,344
Contract assets	7,299	6,787
Trade receivables	19,335	19,832	Trade payables	10,602	8,575
Other short term assets	2,640	3,075	Current interest-bearing debt	17,452	19.978
Cash and cash equivalents	36,151	33,043	Other current liabilities	4,454	4,061
Total current assets	65,425	62,737	Total current liabilities	32,508	32,614
Total assets	324,371	360,372	Total equity and liabilities	324,371	360,372

Key financials | Segment reporting

Operating segments (EUR '000)
	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q1 2025	Q2 2025	Q1 2025	Q2 2025	Q1 2025	Q2 2025	Q1 2025	Q2 2025
External customer revenue	14,243	16,306	10,928	12,026	44	46	25,215	28,378
Internal revenue			51	2	-51	-2
Share of profit of associate					-15	74	-15	74
Operating expenses	-7,359	-7,393	-11,609	-12,087	-965	44	-19,933	-19.436
EBITDA	6,884	8,913	-630	-59	-987	162	5,267	9,016
Depreciation and amortisation	-1,746	-1,933	-84	-83	-52	-53	-1,882	-2,069
EBIT	5,138	6,980	-714	-142	-1,039	109	3,385	6,947
Net finance income	-359	-953	-47	-135	233	94	-173	-994
Profit before tax	4,779	6,027	-761	-277	-806	203	3,212	5,953

Key financials | Segment reporting

Operating segments1 (EUR '000)
	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q1 2025	Q2 2025	Q1 2025	Q2 2025	Q1 2025	Q2 2025	Q1 2025	Q2 2025
Equity-accounted investees	31	31			24,216	24,292	24,247	24,323
Other non-current assets	229,155	268.073	7,060	6,814	-1,516	-1,575	234,699	273,312
Other current assets	14,300	13,167	14,928	15,953	46	574	29,274	29.694
Cash and cash equivalents	24,942	23,563	3,553	2,706	7,656	6,774	36,151	33,043
Segment assets	268,428	304,834	25,541	25,473	30,402	30,065	324,371	360,372
Borrowings	115,846	146.440	4,061	6.044	-7,189	-7,278	112,718	145,206
Non-current liabilities	402	897	212	204	901	1,015	1,515	2,116
Current liabilities	7,331	7,179	6,091	4,370	1,634	1,087	15,056	12,636
Non-current liabilities	402	897	212	204	901	1.015	1.515	2,116
Segment liabilities	123,579	154,516	10,364	10,618	-4.654	-5,176	129,289	159,958
Net assets	144,849	150,318	15,177	14,855	35,056	35,241	195,082	200,414
Attributable to:
Non-controlling interests	36,635	38,022	2,620	2,552			39,255	40.574
Owners of the Company	108,214	112,296	12,557	12,303	35,056	35,241	155,827	159,840

IWS Fleet | Capex & financing

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q2'25	2025	Total payments	Debt financing	Equity financing
IWS Skywalker	43		43	28	15
IWS Windwalker	43	0	43	28	15
IWS Seawalker	48	0	48	31	17
IWS Starwalker	48	0	48	31	17
IWS Moonwalker	53		53	34	19
IWS Sunwalker	13	40	રૂડે	34	19
Total	248	40	288	187	101
Equity financing	95	6	101
Debt financing	153		153
Committed debt financing	-	34	34