Integrated Wind Solutions ASA

Investor Presentation • Nov 25, 2025

Q3 2025 Presentation

25 November 2025

IWS | A fully integrated offshore wind solutions provider

IWS | A fully integrated offshore wind solutions provider

Q3 2025 Highlights | Record net profit

Q3 2025 Highlights | Record net profit (cont.)

IWS Fleet | Strong revenue backlog¹to tier 1 clients

IWS Skywalker | A peaceful morning on the Dogger Bank Offshore Wind Farm

IWS Skywalker class | Vessel overview

IWS Skywalker class | Overview

Key financials | Q3 2025

Income statement (EUR '000)
	Q2 2025	Q3 2025	Q3 2024
Operating revenue	28,378	24,119	16,775
Share of net profit of associates	74	-31	195
Total revenue and other income	28,452	24,088	16,970
Operating expenses	-19,436	-15,381	-13,061
EBITDA	9,016	8,707	3,909
Depreciation and amortisation	-2,069	-2,041	-934
EBIT	6,947	6,666	2,975
Finance income	251	200	666
Finance expense	-913	-514	-645
Net foreign currency exchange gains	-332	-82	34
Net financial income / expense	-994	-396	55
Profit before tax	5,953	6,270	3,030
Tax benefit / expense	-602	71	-402
Net profit	5,351	6,341	2,628
Attributable to non-controlling interests	1,322	1,605	691
Attributable to shareholders of the parent	4,029	4,736	1,937

Key financials | Q3 2025

Balance sheet (EUR '000)
	Q2 2025	Q3 2025		Q2 2025	Q3 2025
Vessels	193,557	250,637	Share capital	7,841	7,841
Vessels under construction	71,869	56,538	Share premium reserve	129,055	129,055
Other fixed assets	1,149	1,058	Retained earnings and other equity	22,944	27,617
Intangible assets	5,929	5,889	Non-controlling interests	40,574	42,158
Investments, equity method	24,323	24,279	Total equity	200,414	206,671
Other assets	808	584
Total non-current assets	297,635	338,985	Non-current interest-bearing debt	125,228	154,963
			Deferred tax liability	1,100	1,100
			Other non-current liabilities	1,016	1,202
			Total non-current liabilities	127,344	157,265
Contract assets	6,787	4,508
Trade receivables	19,832	21,880	Trade payables	8,575	11,197
Other short term assets	3,075	5,873	Current interest-bearing debt	19,978	22,252
Cash and cash equivalents	33,043	29,195	Other current liabilities	4,061	3,056
Total current assets	62,737	61,456	Total current liabilities	32,614	36,505
Total assets	360,372	400,441	Total equity and liabilities	360,372	400,441

Key financials | Segment reporting

Segment reporting show inter-segment revenue and expenses

Operating segments (EUR '000)
	IWS Fleet		IWS Se			inctions/ ations	Consoli	Consolidated
In EUR thousands	Q2 2025	Q3 2025	Q2 2025	Q3 2025	Q2 2025	Q3 2025	Q2 2025	Q3 2025
External customer revenue	16,306	17,221	12,026	6,856	46	42	28,378	24,119
Internal revenue	-	-	2	10	-2	-10	-	-
Share of profit of associate	-	-	-	-	74	-31	74	-31
Operating expenses	-7,393	-8,031	-12,087	-7,256	44	-94	-19,436	-15,381
EBITDA	8,913	9,190	-59	-390	162	-93	9,016	8,707
Depreciation and amortisation	-1,933	-1,909	-83	-81	-53	-51	-2,069	-2,041
EBIT	6,980	7,281	-142	-471	109	-144	6,947	6,666
Net finance income	-953	-525	-135	-70	94	199	-994	-396
Profit before tax	6,027	6,756	-277	-541	203	55	5,953	6,270

Key financials | Segment reporting

Operating segments (EUR '000)
	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q2 2025	Q3 2025	Q2 2025	Q3 2025	Q2 2025	Q3 2025	Q2 2025	Q3 2025
Equity-accounted investees	31	31	-	-	24,292	24,248	24,323	24,279
Other non-current assets	268,073	309,509	6,814	6,815	-1,575	-1,619	273,312	314,705
Other current assets	13,167	17,632	15,953	14,096	574	534	29,694	32,262
Cash and cash equivalents	23,563	17,865	2,706	4,283	6,774	7,047	33,043	29,195
Segment assets	304,834	345,037	25,473	25,194	30,065	30,210	360,372	400,441
Borrowings	146,440	176,942	6,044	7,753	-7,278	-7,480	145,206	177,215
Non-current liabilities	897	905	204	196	1,015	1,201	2,116	2,302
Current liabilities	7,179	10,117	4,370	2,948	1,087	1,187	12,636	14,252
Non-current liabilities	897	905	204	196	1,015	1,201	2,116	2,302
Segment liabilities	154,516	187,964	10,618	10,897	-5,176	-5,092	159,958	193,769
Net assets	150,318	157,073	14,855	14,297	35,241	35,302	200,414	206,672
Attributable to:
Non-controlling interests	38,022	39,737	2,552	2,421	-	-	40,574	42,158
Owners of the Company	112,296	117,336	12,303	11,876	35,241	35,302	159,840	164,514

IWS Fleet | Newbuilding program completed

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q3'25	Remaining	Total payments	Debt financing	Equity financing
IWS Skywalker	43	-	43	28	15
IWS Windwalker	43	-	43	28	15
IWS Seawalker	48	0	48	31	17
IWS Starwalker	48	0	48	31	17
IWS Moonwalker	53	-	53	34	18
IWS Sunwalker	53	-	53	34	18
Total	287	0	288	187	101
Equity financing	101	0	101	-	-
Debt financing	187	-	187	-	-
Debt outstanding per Q3'25	169	-	-	169	-

Outlook

Investor relations contact:

Marius Magelie, Group CFO +47 920 27 419

OSE ticker: IWS

ir@integratedwind.com

integratedwind.com