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IR - Integrated Wind Solutions Q2 2025: Record net profit - Attachment: Integrated Wind Solutions ASA Q2 2025 Financial Report.pdf

Company: Integrated Wind Solutions ASA Date: 2025-08-27 Language: English Register to download
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# **Financial Report**

**Q2 2025**

![](_page_1_Picture_0.jpeg)

## **INTERIM FINANCIAL REPORT Q2 20251**

### **RECENT HIGHLIGHTS | RECORD NET PROFIT**

- A record total revenue of EUR 28.5m for Q2 2025, a 13% increase from Q1 and a 126% increase compared with Q2 2024.
- Group EBITDA of EUR 9.0m for Q2 2025 compared with EUR 5.3m in Q1 and EUR 1.6m in Q2 2024. The year-over-year EBITDA growth was driven by IWS Fleet.
- Group net profit was EUR 5.4m for Q2 2025 compared with EUR 3.4m in Q1 and EUR 0.6m in Q2 2024.
- The sequential EBITDA and net profit growth of the Group in Q2 2025 were 71% and 58%, respectively.
- IWS Fleet revenue of EUR 16.3m, versus EUR 14.2m in Q1 2025 and EUR 4.8m in Q2 2024. Four vessels were in operation throughout Q2 2025, with two vessels on charter with Dogger Bank and two vessels on charter with Siemens Gamesa.
- The fifth vessel, IWS Moonwalker, was delivered from the yard on 26 June and will arrive in Europe in early September, before commencing its first charter contract shortly thereafter.
- IWS Fleet added 391 new charter days to its backlog in Q2 2025 (book-to-bill >1).
- IWS Services revenue of EUR 12.0m in Q2 2025, an increase of 10% from Q1 2025. The growth was driven by projects in the offshore substation segment that continue to put pressure on the EBITDA margin.
- PEAK Wind net revenue in Q2 2025 was on par with Q2 2024. The Group's share of the net profit in Q2 2025 was EUR 0.2m, before EUR -0.1m amortisation of acquisition-related intangible assets.

Lars-Henrik Røren, CEO, commented: "IWS reports another strong quarter with record net profit. IWS Fleet continues to deliver outstanding performance for our clients, with 100% commercial uptime, whilst generating solid earnings for the owners. We are also pleased with the improvements in IWS Services and PEAK Wind this quarter, despite the current industry sentiment. Overall, another solid quarter for IWS."

**Q1 2025[1**

<sup>1</sup> Please see Appendix A for definitions, explanations, and reconciliations of Alternative Performance Measures (APMs)

![](_page_2_Picture_0.jpeg)

### **OPERATIONS**

#### *Group structure*

The activities of the Group are organised into IWS Fleet AS ("IWS Fleet"), IWS Services A/S ("IWS Services"), and the associated company PEAK Wind Group ApS ("PEAK Wind").

IWS Fleet is the owner and operator of high-end CSOVs, with five vessels delivered and still one further newbuilding under construction at the shipyard with expected delivery in September.

For IWS Services, the Danish offshore wind service company ProCon Group ApS ("ProCon") and the consultancy boutique Green Ducklings A/S ("Green Ducklings") form the base of the supply chain service offerings.

PEAK Wind is classified as an associated company. PEAK Wind is the leading provider of operations and asset management services to wind farms worldwide.

These companies form the base of Integrated Wind Solutions' ("IWS" or the "Group") strategy of becoming the preferred service provider within the offshore wind sector.

![](_page_2_Picture_8.jpeg)

![](_page_2_Figure_9.jpeg)

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

![](_page_2_Picture_11.jpeg)

*IWS Skywalker, May 2025*

### **GLOBAL OFFSHORE WIND MARKET OBSERVATIONS**

![](_page_3_Picture_1.jpeg)

![](_page_3_Picture_2.jpeg)

#### *Sector growth continues, excluding the U.S.*

Green Ducklings forecasts cumulative offshore wind capacity to grow from 46 GW in 2024 to 170-205 GW by 2035. Annual installations are expected to reach 6-13 GW until 2030, increasing to more than 15 GW thereafter. Europe maintain over 75% of global additions, followed by Asia-Pacific, though near-term progress remains constrained by financing challenges. Furthermore, political uncertainties create headwinds for projects such as Ørsted's Revolution Wind U.S. project, which has received a stop-work order.

While the activity level for 2026/27 remains strong, the pace of growth for 2028/29 has slowed due to the past few years of inflation, rising interest rates and supply chain pressures. However, we expect part of the installation activities in 2026/27 will be pushed by 12-24 months due to capacity constraints and overall delays.

#### *Auction activity, project pipeline and FIDs*

Policy makers are recalibrating tender systems to restore investor appetite, with positive adjustments already seen in the UK, Denmark, France, and the Netherlands. Auction volumes in 2025 are projected at 50-80 GW, with results due in 2025-2026. Successful auctions are critical to unlocking construction starts, enabling supply chain investments, and securing political and offtake commitments. Recent outcomes have been mixed, however, there is encouraging progress in the UK, Denmark, France and improved Dutch project conditions.

Two projects totaling 1.4 GW reached FID in Q2, bringing the 2025 total to 6.1 GW. More approvals are expected in Europe and South Korea in H2, with full-year FIDs anticipated at 8-12 GW.

#### *Turbine OEMs and supply chain capacity*

Turbine manufacturers are still recovering. Vestas recently announced profits for the first half of 2025, while Siemens Gamesa expects to reach break-even in 2026. By 2035, SGRE and Vestas are forecast to hold over 80% of the market. GE Vernova remains absent from new offshore turbine sales, while Chinese OEMs, still under 5% market share outside China, are expanding their global presence despite increasing security scrutiny in Europe and the U.S.

Delivering double-digit GW growth after 2030 will require accelerated investment in constrained segments such as turbine components, installation- and other service-vessels, export cables, and both onshore- and offshore substations.

#### *Outlook*

The remainder of the 2025 auctions will test industry confidence. While recent tenders have been mixed, improved auction frameworks and notable project progress in several markets is encouraging. Realising significant growth will depend on converting auctioned capacity into executable projects through bankable frameworks, supportive policy, and timely supply-chain investments.

The offshore wind sector remains well positioned for a return to strong and sustainable growth.

![](_page_4_Picture_0.jpeg)

### **MARKET FOR CSOVS AND SOVS**

The offshore high-season with the most favourable conditions for planned campaigns is in Q2 and Q3. Clarksons reports strong demand from both offshore wind and oil and gas, resulting in a tight market this quarter with high vessel activity and utilisation.

Offshore wind continues to drive the demand for CSOVs and SOVs, however the oil and gas sector is becoming increasingly active in the tender market. During Q2, tenders have been concluded for O&G campaigns which will utilise CSOVs. This reflects a broader adoption of high-spec walk-to-work tonnage for support and maintenance in the O&G sector. Furthermore, the North Sea is becoming more relevant for these vessels as government permitting increase access. Clarksons expects that more CSOV tonnage will be absorbed outside of offshore wind going forward. This marks a change from swing-tonnage moving from O&G to offshore wind up to recently, to O&G starting to charter vessels built specifically for the offshore wind market.

The global Tier 1 fleet of CSOVs and SOVs amounts to 55 active vessels, in addition to 9 Tier 2 vessels. A significant number of newbuildings will enter the market in 2025 and 2026 , and the current order book indicates that the Tier 1 fleet size will almost double by 2029, with 51 vessels on order. However, we consider at least 20 of the 51 vessels on order not relevant for IWS Fleet's core market and segment, due to their size and/or their long-term operations & maintenance commitments.

The market for CSOVs and SOVs continues to demonstrate attractive growth potential. With an increasing number of offshore wind projects that are growing in both size, complexity, and distance from shore requiring additional CSOV days, the demand for service vessels is expected to increase in the coming years. This trend reinforces a promising long-term outlook for the sector.

IWS Fleet, with its top-tier client base, strong backlog, and state-of-the-art vessels, is well-positioned for this market, where opportunities to expand the fleet may arise.

![](_page_5_Picture_0.jpeg)

### **MAIN EVENTS DURING Q2 AND POST-QUARTER EVENTS**

#### *IWS Fleet*

The Group has a fleet of five identical Skywalker-class vessels, with one additional newbuilding construction for delivery in 2025.

The fleet achieved 100% commercial utilisation in the quarter (Q1: 99%). Positive client feedback continues to support IWS Fleet's contract backlog, resulting in new contracts with existing clients signed in the quarter. IWS Fleet added 391 new charter days to its backlog in Q2 2025.

IWS Skywalker and IWS Starwalker was on charter for Dogger Bank Wind Farm ("Dogger Bank") for the full quarter.

IWS Windwalker and IWS Seawalker were on charter for Siemens Gamesa Renewable Energy ("Siemens Gamesa") for the full quarter.

IWS Moonwalker was delivered from the yard on 26 June and will arrive in Europe in early September. The naming ceremony will take place in Oslo on 11 September, before the vessel commences its first charter contract shortly thereafter. IWS Sunwalker is undergoing final commissioning at the shipyard, with progress in line with planned delivery in September.

#### *IWS Services*

IWS Services has continued to strengthen its presence in key offshore wind markets across Europe, including the Benelux region, the UK, and Poland. The quarter saw high activity, with major projects in electrical installations for offshore wind foundations and substations, as well as onshore mechanical & electrical construction and electrical & instrumentation commissioning.

IWS Services started providing service technicians to a turbine OEM in Q2, with the services being delivered onboard CSOVs, including IWS Fleet's vessels. This marks the first integrated services between IWS Services and IWS Fleet.

The core business within transition pieces remains strong. However, entering new market segments, such as services to offshore substations, increases the execution and margin risks, which has impacted the second quarter results, and may also have an impact over the next few quarters, despite significant learnings.

#### *Financing*

In April 2025, IWS Fleet secured a EUR 10 million unsecured overdraft facility, which remains undrawn.

![](_page_6_Picture_0.jpeg)

### **FINANCIAL REVIEW**

#### *Income statement*

Total revenue and other income for the second quarter of 2025 was EUR 28.5 million (Q1: EUR 25.2 million), of which IWS Fleet contributed EUR 16.3 million, and IWS Services contributed EUR 12.0 million.

The Group's share of the net profit of PEAK Wind in the second quarter of 2025 was EUR 0.2 million before EUR -0.1 million amortisation of acquisition-related intangible assets (EUR 0.1 million in Q1).

Group operating expenses for the second quarter of 2025 were EUR 19.4 million compared with EUR 19.9 million in the previous quarter. The decrease is mainly due to higher personnel expenses in Q1, including bonuses, and cost improvements in IWS Fleet and IWS Services.

Group EBITDA was EUR 9.0 million for the second quarter of 2025 compared with EUR 5.3 million in the previous quarter. IWS Fleet contributed EUR 8.9 million (Q1: EUR 6.9 million). IWS Services and PEAK Wind contributed EUR -0.1 million (Q1: EUR -0.6 million) and EUR 0.1 million (Q1: EUR 0.0 million), respectively. The project-driven business model in IWS Services results in fluctuations in quarterly margins due to the various project mix and progress.

Net finance expense was EUR 1.0 million (EUR 0.2 million in Q1). The change is primarily due to lower capitalised borrowing costs and net foreign exchange losses.

The net profit for the second quarter of 2025 was EUR 5.4 million compared with EUR 3.4 million in the previous quarter. The EUR 2.0 million increase primarily relates to IWS Fleet, which had four vessels in operation for the whole of Q2, and lower personnel expenses.

#### *Liquidity and financial position*

Total cash and cash equivalents amounted to EUR 33.0 million at quarter-end, versus EUR 36.2 million at the previous quarterend. The net decrease is primarily a result of the capital expenditure on vessels under construction, including the delivery instalment for IWS Moonwalker (partly financed by the drawdown of debt), and net changes to interest-bearing debt, partly offset by the net cash inflow from operations.

The carrying value of vessels decreased to EUR 193.6 million (Q1: EUR 195.5 million) because of depreciation. The carrying value of vessels under construction is increased to EUR 71.9 million (Q1: EUR 30.6 million) primarily due to the delivery instalment for IWS Moonwalker, and includes yard instalments and accumulated directly attributable project costs and borrowing costs during the construction period for the remaining two vessels under construction. Details on the payment structure of the newbuilding contracts are found in *Note 9 – Commitments and contingencies.*

Other fixed assets of EUR 1.1 million include office and vehicle leases (Q1: EUR 1.3 million).

The intangible assets of EUR 5.9 million include goodwill and other acquisition-related intangible assets (Q1: EUR 6.0 million).

Equity-accounted investees of EUR 24.3 million (Q1: EUR 24.2 million) relate to the Group's 49% investment in PEAK Wind, and the 50% investment in Havfram Fleet Management AS. Details on the group's equity-accounted investees are found in *Note 6 – Equity-accounted investees*.

Other non-current assets of EUR 0.3 million relate to borrowing costs paid on the undrawn tranches of the Green Senior Secured Credit Facility, which are amortised over the term of the facility and capitalised as borrowing costs during the period of construction of the vessels (Q1: EUR 0.7 million).

Trade receivables and contract assets of EUR 19.8 million and EUR 6.8 million, respectively, consist of trade receivables and work in progress in IWS Fleet and IWS Services, and the movement in the quarter is primarily the result of the timing of invoicing (Q1: EUR 19.3 million and EUR 7.3 million, respectively).

Non-current and current interest-bearing debt includes the Green Senior Secured Credit Facility, which amounts to EUR 138.3 million (Q1: EUR 107.8 million). The increase is primarily due to the drawdown of the debt to finance the delivery of IWS Moonwalker. It also includes lease liabilities of EUR 1.0 million (Q1: EUR 1.1 million), and a bank overdraft balance in IWS Services of EUR 5.8 million (Q1: EUR 3.8 million). IWS Fleet also has an undrawn EUR 10.0 million unsecured overdraft facility with cross-default clauses linked to the Green Senior Secured Credit Facility.

Other non-current liabilities of EUR 1.0 million (Q1: EUR 0.9 million) relate to pensions and the fair value of synthetic share options granted under the Group's long-term incentive plan that become exercisable after more than 12 months.

Book equity on 30 June 2025 was EUR 200.4 million, and total assets were EUR 360.4 million (Q1: EUR 195.1 million and EUR 324.4 million, respectively), giving an equity ratio of 56% at quarter-end (Q1: 60%). The decrease in the equity ratio is primarily the result of the delivery of IWS Moonwalker and related drawdown of debt.

![](_page_7_Picture_0.jpeg)

### **OUTLOOK**

The long-term industry outlook remains attractive with doubledigit industry growth, supported by a pipeline of development projects, auctions and political ambitions. However, the offshore wind market is currently impacted by some market uncertainties that have resulted in somewhat slower decision-making processes. The IWS group of companies is well-positioned to navigate this market and participate in the long-term industry growth.

**IWS Fleet** will continue to ramp up activity, with two additional vessels entering operation in H2 2025. The current charter backlog provides high revenue visibility for 2025, 2026 and into 2027, and good prospects for continued high commercial utilisation.

IWS Fleet, with its top-tier client base, strong backlog, and stateof-the-art vessels, is well-positioned for this market, where opportunities to expand the fleet may arise.

**IWS Services**, the construction and engineering subsidiary of IWS, mainly works on long-lead contracts secured 3-12 months in advance. IWS Services has strong performance in its core transition piece business, whilst the entry into offshore substation services carries somewhat higher project-specific risks due to size and complexity. We expect IWS Services to increase its revenues in 2025 and improve earnings in H2 2025 compared with H1 2025.

**PEAK Wind** is well-positioned to expand its geographical scope and offerings. However, the market for consultancy services in offshore wind will, in 2025, not be immune to the underlying business environment. We expect revenues in PEAK Wind for 2025 to be in line with 2024, and the Group's share of net profit to be positive.

Overall, the Group's strong net profit growth in 2025 will be driven by IWS Fleet.

![](_page_7_Picture_8.jpeg)

Credit: Flying Focus

### **KEY RISKS**

IWS Fleet's newbuilding projects have inherent risks, which may also impact the commissioning process and delivery times for vessel number 6. The vessels in operation are chartered out on fixed-rate time charters, reducing exposure to market fluctuations. However, operating a fleet also entails inherent operational risks.

As IWS Services continues to expand into new markets and take on larger projects, the company faces risks related to project execution, market entry, and warranty obligations.

Consulting services in IWS Services and the associated company PEAK Wind are, by nature, more exposed to political and financial uncertainties, and the timing of project activities.

Furthermore, the Company is exposed to various other risks such as counterparty-, credit-, market-, political/regulatoryimpairment-, currency-, and financing risks.

![](_page_8_Picture_0.jpeg)

### **STATEMENT OF RESPONSIBILITY**

We confirm, to the best of our knowledge, that the condensed set of financial statements for the second quarter of 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting and give a true and fair view of Integrated Wind

Solutions' consolidated assets, liabilities, financial position and income statement, and that the interim report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph.

Oslo, 26 August 2025

Sigurd E. Thorvildsen *Chair of the Board*

Jens-Julius Ramdahl Nygaard *Board member* 

Synne Syrrist *Board member*

Cathrine Haavind *Board member*

Daniel Gold *Board member* Lars-Henrik Røren *CEO*

![](_page_9_Picture_0.jpeg)

#### **INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME**

| Opera ng revenue                                   | 2, | 25 2 5 | 2     | 2 4    | 5 5   | 5     | 55 22 |
|----------------------------------------------------|----|--------|-------|--------|-------|-------|-------|
| Share of net pro t of equit accounted<br>investees |    | 5      | 4     | 55     | 5     | 0     |       |
|                                                    |    |        |       |        |       |       |       |
| Opera ng e penses                                  |    |        | 4     | 0<br>0 |       | 555   | 4     |
|                                                    |    |        |       |        |       |       |       |
| Deprecia on and amor sa on                         | 4  | 2      | 2 0   | 52     | 5     | 05    | 4     |
|                                                    |    |        |       |        |       |       |       |
| Finance income                                     |    | 2      | 25    | 2      | 5     | 5     |       |
| Finance e penses                                   |    | 45     |       | 5      |       | 2     | 52    |
| et foreign currenc e change gains                  |    |        | 2     |        |       |       | 24    |
|                                                    |    |        |       |        |       |       |       |
|                                                    |    |        |       |        |       |       |       |
| Income ta e pense                                  | 5  |        | 02    |        | 4 4   | 220   | 4     |
|                                                    |    |        |       |        |       |       |       |
| A ri uta le to non controlling interests           |    | 0      | 22    |        | 2 400 | 25    | 2 02  |
| A ri uta le to shareholders of the parent          |    | 2 02   | 4 02  | 5      |       | 2 0   | 4 2 5 |
| Weighted average num er of shares                  |    | 42 5 4 | 55 05 | 44 25  | 2     | 44 25 | 44 25 |
| Basic and diluted earnings per share in EUR        |    | 0.0    | 0. 0  | 0.02   | 0.    | 0.05  | 0.    |

### **INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

| Pro t for the period                                            | 0   | 5 5   | 40 |    | 2<br>4 | 0     |
|-----------------------------------------------------------------|-----|-------|----|----|--------|-------|
| Other comprehensive income                                      |     |       |    |    |        |       |
| Items that ma<br>e reclassi ed su sequentl to<br>pro t or loss: |     |       |    |    |        |       |
|                                                                 |     |       | 2  |    | 2      |       |
|                                                                 |     |       | 2  | 0  |        |       |
|                                                                 |     |       |    |    |        |       |
| A ri uta le to non controlling interests                        | 0   | 20    | 2  | 2  | 5      | 2 0 5 |
| A ri uta le to shareholders of the parent                       | 2 2 | 4 0 2 | 22 | 05 | 5      | 4 4   |

INTEGRATED WIND SOLUTIONS | INTERIM FINANCIAL REPORT SECOND QUARTER 2025

![](_page_10_Picture_0.jpeg)

### **INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION**

| essels                                       | 4 | 55     | 5 4 2 | 45     | 0       |
|----------------------------------------------|---|--------|-------|--------|---------|
| essels under construc on                     | 4 |        | 0 45  |        | 04      |
| Other<br>ed assets                           | 4 | 4      | 2     |        | 550     |
| Intangi le assets                            | 4 | 5 2    | 5     | 00     | 0 0     |
| Equit accounted investees                    |   | 24 2   | 24 24 | 24 2 5 | 44      |
| Deferred ta assets                           | 5 | 522    | 2     | 52     | 2       |
| Other non current assets                     |   | 2      |       |        |         |
|                                              |   |        |       |        |         |
|                                              |   |        |       |        |         |
| Contract assets                              |   |        | 2     | 4 4 2  | 525     |
| Trade receiva les                            |   | 2      | 5     | 52     | 5       |
| Other current assets                         |   | 0 5    | 2 40  | 50     | 22      |
| Cash and cash equivalents                    |   | 04     | 5     | 2 45   | 54      |
|                                              |   |        |       |        |         |
|                                              |   |        |       |        |         |
|                                              |   |        |       |        |         |
|                                              |   |        |       |        |         |
| Share capital                                |   | 4      | 4     | 0      | 0       |
| Share premium reserve                        |   | 2 055  | 2 055 | 2<br>0 | 2<br>0  |
| Retained earnings other comprehensive income |   | 22 44  |       | 4 2    | 0 220   |
| on controlling interests                     |   | 40 5 4 | 255   | 0      | 4       |
|                                              |   |        |       |        |         |
|                                              |   |        |       |        |         |
| on current interest earing de t              |   | 25 22  | 5 2   |        | 4<br>44 |
| Deferred ta lia ilit                         | 5 | 00     |       | 0      | 0       |
| Other non current lia ili es                 |   | 0      | 02    | 2      | 2       |
|                                              |   |        |       |        |         |
|                                              |   |        |       |        |         |
| Trade pa a les                               |   | 5 5    | 0 02  |        | 2       |
| Current interest earing de t                 |   |        | 452   | 5 050  |         |
| Other current lia ili es                     |   | 4 0    | 4 454 | 4 45   | 2       |
|                                              |   |        |       |        |         |
|                                              |   |        |       |        |         |

![](_page_11_Picture_0.jpeg)

### **INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (unaudited)**

| Pro t efore ta                                           |   | 2 2    | 5 5 | 5      | 5     | 2<br>4 | 4      |
|----------------------------------------------------------|---|--------|-----|--------|-------|--------|--------|
| Deprecia on and amor sa on                               | 4 | 2      | 2 0 | 52     | 5     | 05     | 4      |
| Gain on disposal of propert , plant and equipment        |   |        |     |        |       |        |        |
| Share of net pro t of equit accounted investees          |   | 5      | 4   | 55     | 5     | 0      |        |
| Increase ( ) decrease ( ) in trade and other receiva les |   | 2      | 422 |        | 5     | 4 5    | 0 4    |
| Increase ( ) decrease ( ) in trade and other pa a les    |   | 2 0    | 2   | 4      | 2     | 2 2    | 5 4 2  |
| Ta es paid                                               |   | 40     |     |        | 40    |        | 2      |
|                                                          |   |        |     |        |       |        |        |
|                                                          |   |        |     |        |       |        |        |
| Purchase of propert , plant and equipment                | 4 | 4      | 40  | 4      | 4 522 | 22     | 2<br>2 |
| Proceeds from sale of propert , plant and equipment      | 4 |        |     |        |       |        |        |
| Investment in equit accounted investees                  |   |        |     |        |       |        | 5 2    |
| Dividends received from equit accounted investees        |   | 24     |     |        | 24    |        |        |
|                                                          |   |        |     |        |       |        |        |
|                                                          |   |        |     |        |       |        |        |
| Proceeds from issue of share capital minorit shareholder |   | 2      | 225 | 0 000  | 2     | 0 000  | 0 000  |
| Equit issue costs                                        |   |        |     |        |       |        |        |
| Proceeds from loans                                      |   | 2<br>2 | 4   |        |       | 2      | 25     |
| Repa ment of loans                                       |   | 0      | 5   | 2      |       | 2      | 5      |
| Fees related to credit facili es                         |   |        |     |        |       |        |        |
| Government grants                                        |   | 0      |     | 5      | 0     | 5      | 2      |
| Pa ment of lease lia ili es                              |   |        |     | 0      | 5     | 2      | 4      |
|                                                          |   |        |     |        |       |        |        |
| Cash and cash equivalents at the eginning of the period  |   | 2 45   | 5   | 2      | 2 45  | 0<br>5 | 0<br>5 |
| et increase (decrease) in cash and cash equivalents      |   |        |     | 5<br>0 |       | 4 02   | 5      |
| E change rate e ects                                     |   | 4      |     | 20     | 5     | 50     | 54     |
|                                                          |   |        |     |        |       |        |        |

![](_page_12_Picture_0.jpeg)

### **INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

| Equit at 0 .0 .2024                           | 0 | 2<br>0 | 52 | 4 0 |         | 0     | 2 0    |
|-----------------------------------------------|---|--------|----|-----|---------|-------|--------|
| Pro t oss for the period                      |   |        |    | 2 0 | 2 0     | 25    | 2<br>4 |
| Other comprehensive income                    |   |        | 40 |     | 24      | 50    | 4      |
| Transac ons with non controlling<br>interests |   |        |    | 2   | 2       | 4     | 0 000  |
|                                               |   |        |    |     |         |       |        |
| Equit at 0 .0 .2025                           | 0 | 2<br>0 |    | 4 2 | 50<br>4 | 0     |        |
| Equit issue<br>.0 .2025                       |   | 2 24   |    |     | 2<br>4  |       | 2<br>4 |
| Pro t oss for the period                      |   |        |    |     |         | 2 400 |        |
| Other comprehensive income                    |   |        |    | 25  | 25      | 5     | 0      |
| Transac ons with non controlling<br>interests |   |        |    |     |         | 2     |        |
|                                               |   |        |    |     |         |       |        |

![](_page_13_Picture_0.jpeg)

### **NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

### **Note 1 – Corporate information, basis of preparation and accounting policies**

#### *Corporate information*

Integrated Wind Solutions ASA (the "Compan ") is a public limited liability company incorporated and domiciled in Norway. The Company's registered office is Støperigata 2, 0250 Oslo, Norway.

These condensed consolidated interim financial statements (the Statements) comprise the Company and its subsidiaries, together referred to as the Group or IWS.

#### *Basis of preparation*

The condensed consolidated interim financial statements are presented in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The Statements are presented in EUR, rounded to the nearest thousand, except as otherwise indicated. The condensed consolidated interim financial statements are unaudited.

#### *Accounting policies*

The accounting policies applied in the preparation of the Statements are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024.

The Statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements, and the Statements should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 December 2024, which include a detailed description of the applied accounting policies. No new or revised International Financial Reporting Standards (IFRSs) have had a material impact on the Statements of the Group in the second quarter of 2025.

### **Note 2 – Revenue**

The Group earns its revenue primarily from vessel operations on time-charter contracts to the offshore wind industry in IWS Fleet, and construction-related services in IWS Services.

Time-charter contracts in IWS Fleet consist of leasing vessels and providing services, including accommodation, victualling, and other sundry services. Therefore, time-charter revenue is separated into a leasing component of the vessel (the

bareboat element) and a service component. Time-charter cancellation fees are presented within the service component.

Revenue from construction contracts is based on an input method of measure of completion, comparing the cost to date with the total expected cost to complete.

Furthermore, the Group provides consulting services and thirdparty technical services, which are classified as other operating revenue.

| Service element of me charter contracts, including victualling | 2   | 2<br>5 |
|----------------------------------------------------------------|-----|--------|
| Revenue from construc on contracts                             | 0   | 5      |
| Other opera ng revenue                                         | 2   | 02     |
| ease element of me charter contracts                           | 552 | 2<br>0 |
|                                                                |     |        |

![](_page_14_Picture_0.jpeg)

#### **Note 3 – Operating segments**

The Group is organised into business units based on its services and has two reportable segments:

• IWS Fleet is the owner & operator of CSOVs.

• IWS Services provides design, engineering and construction, along with operations- and management services to the offshore wind industry.

No operating segments have been aggregated to form the above reportable operating segments.

Segment performance is evaluated based on profit or loss before tax and is measured consistently with profit or loss before tax in the consolidated financial statements.

| E ternal customer revenue                          | 0 | 4   | 2 02 | 54 | 4  | 4  | 2   | 2 4    |
|----------------------------------------------------|---|-----|------|----|----|----|-----|--------|
| Internal revenue                                   |   |     | 2    |    | 2  |    |     |        |
| Share of net pro t of<br>equit accounted investees |   |     |      |    | 4  | 55 | 4   | 55     |
| Opera ng e penses                                  |   |     | 2 0  | 0  | 44 | 5  | 4   | 0<br>0 |
|                                                    |   |     |      |    |    |    |     |        |
| Deprecia on and amor sa on                         |   | 5 4 |      | 0  | 5  | 5  | 2 0 | 52     |
|                                                    |   |     |      |    |    |    |     |        |
| et nance income                                    | 5 | 2   | 5    | 0  | 4  | 0  | 4   | 00     |
|                                                    |   |     |      |    |    |    |     |        |

| Equit accounted investees |        |      |        |       | 24 2 2 | 4     | 24 2    | 44      |
|---------------------------|--------|------|--------|-------|--------|-------|---------|---------|
| Other non current assets  | 2<br>0 | 005  | 4      | 4     | 5 5    | 4 2   | 2<br>2  | 442     |
| Other current assets      |        | 04   | 5 5    | 2     | 5 4    | 40    | 2<br>4  | 2       |
| Cash and cash equivalents | 2 5    |      | 2 0    | 4 222 | 4      | 0 5 4 | 04      | 54      |
|                           |        |      |        |       |        |       |         |         |
| Borrowings                | 4 440  | 0 52 | 044    | 2 5   | 2      |       | 45 20   | 54<br>0 |
| on current lia ili es     |        | 4    | 204    | 2 4   | 0 5    |       | 2       |         |
| Current lia ili es        |        |      | 4<br>0 |       | 0      | 5 5   | 2       | 2 2     |
|                           |        |      |        |       |        |       |         |         |
|                           |        |      |        |       |        |       |         |         |
|                           |        |      |        |       |        |       |         |         |
| on controlling interests  | 022    |      | 2 552  | 2     |        |       | 40 5 4  | 4       |
| Owners of the Compan      | 2 2    | 4    | 2 0    | 2 5   | 5 24   | 4 5   | 5<br>40 | 44<br>2 |

INTEGRATED WIND SOLUTIONS | INTERIM FINANCIAL REPORT SECOND QUARTER 2025

![](_page_15_Picture_0.jpeg)

### **Note 4 – Tangible and intangible non-current assets**

The carrying value of vessels under construction includes yard instalments, other directly attributable project costs, guarantee fees and capitalised borrowing costs. IWS Skywalker, IWS Windwalker, IWS Seawalker and IWS Starwalker were reclassified from Vessels under construction to Vessels when they became available for their intended use. Borrowing costs of EUR 0.6 million have been capitalised in Q2 2025 at an effective interest rate of 4.0% (EUR 0.3 million in Q2 2024). Enova grants of EUR 1.5 million were reclassified from liabilities and deducted from the cost of vessels/vessels under construction upon the approval of the Enova project reports for IWS Seawalker and IWS Starwalker in Q1 2025.

Depreciation commences when the vessels are available for their intended use. Depreciation is calculated on a straight-line basis over the useful life of the assets. Expected useful lives for vessels and dry-docking are 30 years and 5 years, respectively.

The group leases offices and vehicles. Rental contracts are for periods of up to five years. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases and/or leases of low-value items.

Intangible assets include goodwill and other intangible assets recognised as part of the acquisitions of ProCon and Green Ducklings.

| Acquisi on cost at 0 .0 .2025    | 4 4    |    | 0 | 5 4 |   | 2<br>55 |
|----------------------------------|--------|----|---|-----|---|---------|
| Addi ons                         | 4      | 44 |   | 5   |   | 45 020  |
| Reclassi ca ons                  | 5 5    | 52 |   |     |   | 450     |
| Disposals in the period          |        |    |   |     |   |         |
| Foreign e change transla on ad . |        |    |   |     |   |         |
|                                  |        |    |   |     |   |         |
| Accumulated depn. at 0 .0 .2025  | 2<br>0 |    | 4 | 2 2 |   | 4       |
| Deprecia on and amor sa on       | 45     |    |   | 44  | 4 | 5       |
| Disposals in the period          |        |    |   |     |   |         |
| Foreign e change transla on ad . |        |    |   |     |   |         |
|                                  |        |    |   |     |   |         |
|                                  |        |    |   |     |   |         |

![](_page_16_Picture_0.jpeg)

### **Note 5 – Corporation taxes**

The Group's ship-owning subsidiaries are subject to tonnage tax. Companies subject to the tonnage tax regime are exempt from ordinary tax on their shipping income. In lieu of ordinary taxation, tonnage-taxed companies are taxed on a notional basis based on the net tonnage of the companies' vessels and reported as operating expenses. Income not derived from the operation of the vessels in international waters, such as

financial income, is usually taxed according to the ordinary taxation rules applicable in the resident country of each respective company.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.

| Current income ta      | 5   |  |
|------------------------|-----|--|
| Changes in deferred ta | 545 |  |
|                        |     |  |

### **Note 6 – Equity accounted investees**

PEAK Wind is a Danish non-listed company that provides operations and asset management advisory services to the offshore wind sector globally. The 49% investment in PEAK Wind (pre-dilution from the share-based option program to key employees) is classified as an associated company and is accounted for using the equity method of accounting.

IWS Fleet also owns 50% of the shares in Havfram Fleet Management AS, a technical ship management company.

#### 

| Book value 0 .0                                                 | 24 24 | 0    |
|-----------------------------------------------------------------|-------|------|
| Share of pro t                                                  |       | 4    |
| Deprecia on e cess values                                       | 2 2   | 0    |
| E change rate di erences                                        | 0     |      |
|                                                                 |       |      |
|                                                                 |       |      |
| PEAK Wind Group ApS net assets ( 00<br>asis)                    | 004   | 4 4  |
| Group s share of net assets (4<br>at 0.0 .2025, 0 at 0.0 .2024) | 22    | 4 45 |
| Goodwill                                                        | 5 4 0 | 4    |

#### 

| Book value 0 .0 |  |
|-----------------|--|
| Share of pro t  |  |
|                 |  |

![](_page_17_Picture_0.jpeg)

#### **Note 7 – Cash and cash equivalents**

| Bank deposits denominated in<br>OK             |       | 5 5 | 5 00 | 5     |
|------------------------------------------------|-------|-----|------|-------|
| Bank deposits denominated in<br>OK, restricted | 4     | 5 2 |      | 0     |
| Bank deposits denominated in DKK               | 2 5   | 2 4 | 2 4  | 2     |
| Bank deposits denominated in EUR               | 2 2 5 | 20  | 2    | 0 4   |
| Bank deposits denominated in GBP               | 5 004 | 5   | 5    | 2 450 |
| Bank deposits denominated in other currencies  | 555   | 5   | 2    |       |
|                                                |       |     |      |       |

### **Note 8 – Interest-bearing debt**

The Group is continuously exploring alternatives to its financing and commitments. This includes, but is not limited to, bank financing, lease financing and bond financing. The Group may, as part of such exploration, initiate formal and/or informal dialogue with potential lenders and/or investors to explore and conclude on the preferred financing structure.

#### *Green Senior Secured Credit Facility*

IWS has a Green Senior Secured Credit Facility of up to EUR 186.9 million, of which EUR 34.1 million remains undrawn, with SEB, SpareBank 1 Sør-Norge, Eksfin and NIB. The facility is presented net of transaction costs.

The proceeds of the facility have been and will be used for longterm post-delivery financing of the Group's CSOVs. Final maturity of the EUR 54.4 million commercial tranche with SEB and SpareBank 1 Sør-Norge is in 2028. Final maturity of the EUR 82.6 million Eksfin tranches, for which SEB and SpareBank 1 Sør-Norge have provided bank guarantees of EUR 28.0 million, is in 2035, subject to the refinancing of the commercial tranche and bank guarantees. Final maturity of the EUR 50.0 million NIB tranches is in 2037, subject to the refinancing of the commercial tranche. The Eksfin tranche qualifies for an attractive 12-year fixed interest rate with the Commercial Interest Reference Rates ("CIRR") prevalent when the contracts and subcontracts for the vessels were signed.

| Borrowings      | 24 5 | 4 5 2 | 0 | 4<br>5 |
|-----------------|------|-------|---|--------|
| ease lia ili es | 0    | 4     |   | 2      |
|                 |      |       |   |        |
| Borrowings      | 42   |       | 4 | 455    |
| ease lia ili es |      | 4 2   | 4 | 4      |
| Bank overdra    | 5    | 2     |   |        |
|                 |      |       |   |        |
|                 |      |       |   |        |

### **Note 9 – Commitments and contingencies**

#### *Shipbuilding contracts*

The remaining instalments to the shipyard for vessels under construction amount to EUR 40.3 million, which is due in 2025, and will be part-financed by the drawdown of EUR 34.1 million debt under the Green Senior Secured Credit Facility.

![](_page_18_Picture_0.jpeg)

### **Note 10 – Related party transactions**

#### *Address commission*

The Group has agreements to pay an address commission to Awilco AS for services in assisting IWS with the conclusion and execution of the contracts for the first six vessels. The address commission amounts to 1% of the yard price and is payable to

Awilco AS on the same payment schedule as payments to the yard. Address commission is capitalised as part of the acquisition costs of the vessels under construction.

### **Note 11 – Share capital and shareholder information**

Integrated Wind Solutions ASA is incorporated in Norway and the share capital is denominated in NOK. A retail offering of 810,800 new shares was completed in January. After the retail offering, the share capital of the Company is NOK 79,910,116

divided into 39,955,058 shares, each with a nominal value of NOK 2.00. All issued shares have a par value of NOK 2.00 and are of equal rights.

#### 

|                                    |      | OK 2.00 |      |        |
|------------------------------------|------|---------|------|--------|
| Share capital increase<br>.0 .2025 | 0 00 | OK 2.00 | 2 24 | 2<br>4 |
|                                    |      | OK 2.00 |      |        |

#### 

| Awilco AS                          | 5 4 0     |     |
|------------------------------------|-----------|-----|
| Clearstream Banking S.A.           | 2 054 2   | 0.2 |
| State Street Bank and Trust Compan | 2<br>0 02 | .0  |
| organ SE<br>.P.                    | 0<br>44   | 4.5 |
| .P.<br>organ SE                    | 0         | .0  |
| Danske Invest<br>orge ekst         | 0<br>4    | 2.5 |
| Skandinaviska Enskilda Banken AB   | 000 000   | 2.5 |
| ust Invest AS                      | 05 405    |     |
| Skeie Kapital AS                   | 5 5 0     |     |
| Wieco AS                           | 0 4 5     | .0  |
|                                    |           |     |
| Other shareholders                 | 2<br>04   |     |
|                                    |           |     |

### **Note 12 – Subsequent events**

#### *Vessels*

IWS Moonwalker is currently en route to Europe in preparation for its first charter contract.

IWS Sunwalker has completed sea trials in preparation for expected delivery in September 2025. IWS paid the last equity instalment for IWS Sunwalker, EUR 5.3 million, in August. The remaining instalments to the shipyard for the six-vessel newbuildling program after this payment amount to EUR 35.0 million, of which EUR 34.1 million will be financed by the drawdown of debt under the Green Senior Secured Credit Facility.

![](_page_20_Picture_0.jpeg)

### **APPENDIX A – ALTERNATIVE PERFORMACE MEASURES**

Alternative performance measures (APMs), i.e. financial performance measures not within the applicable financial reporting framework, are used by the Group to provide supplemental information to the stakeholders. Financial APMs are intended to enhance the comparability of the results and cash flows from period to period, and it is the Group's experience that these are frequently used by analysts and investors.

The APMs are adjusted IFRS measures that are defined, calculated, and used consistently over time. Operational measures such as, but not limited to, volumes and utilisation are not defined as financial APMs. Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. Disclosures of APMs are subject to established internal control procedures. The Group's financial APMs are:

- EBIT: Operating revenue Operating expenses Administration expenses - Depreciation and amortisation
- EBITDA: EBIT + Depreciation and amortisation
- Interest-bearing debt: Long-term interest-bearing debt + Short-term interest-bearing debt
- Book equity ratio: Total equity / Total assets

The reconciliation of Total revenue, EBIT and EBITDA with IFRS figures can be derived directly from the Group's consolidated Income Statement.

**integratedwind.com**