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BW Ideol AS

Investor Presentation Nov 16, 2021

3564_rns_2021-11-16_c9d042b7-66ee-4173-894f-cbbbf317847b.pdf

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BW Ideol Q3 2021 operational update 16 November 2021

CEO - Paul De La Guérivière

Disclaimer

This Presentation and its appendices (the "Presentation") has been produced by BW Ideol AS (the "Company", and together with its direct and indirect subsidiaries, the "Group") solely for information purposes. This document and the information contained herein is being made available on a strictly confidential basis and may not be disclosed, reproduced or redistributed, directly or indirectly, to any other person or published or used in whole or in part, for any purpose. This Presentation, and the information contained herein, does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever. By attending a meeting where this Presentation is made, or by reading the Presentation slides or by otherwise receiving this Presentation or the information contained herein, you agree to be bound by the following terms, conditions and limitations. Any failure to comply with the restrictions set out herein may constitute a violation of applicable securities laws or may result in civil, administrative or criminal liabilities. For the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question-and-answer session during or after such oral presentation and any written or oral material discussed or distributed during any oral presentation meeting. No representation, warranty or undertaking, express or implied, is made by the Company, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Group or the market(s) in which the Group operates, nor do they provide an audited valuation of the Group. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, stock or business of the Group or any other person. Moreover, these materials are incomplete without reference to, and should be viewed and considered solely in conjunction with, the oral briefing provided by an authorised representative of the Company in relation to these materials. The Company have not authorised any other person to provide any persons with any other information related to the Group and the Company will not assume any responsibility for any information other persons may provide.

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own financial, legal, business, investment and tax advisers to receive financial, legal, business, investment and tax advice. In particular, nothing herein shall be taken as constituting the giving of investment advice and these materials are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Company (or any of their affiliates) that any recipient enters into any transaction. These materials comprise a general summary of certain matters in connection with the Group. These materials do not purport to contain all of the information that any recipient may require to make a decision with regards to any transaction. Any decision as to whether or not to enter into any transaction should be taken solely by the relevant Recipient. Before entering into such transaction, each recipient should take steps to ensure that it fully understands such transaction and has made an independent assessments of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction.

This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from this results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement.

The recipient acknowledges and accepts that it will be solely responsible for its own assessment of the Group, the market, the Group's market position, the Group's funding position, and the potential future performance of the Group's business and the Company's shares. The Company's shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States, absent registration under the U.S. Securities Act or under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or in compliance with any applicable securities laws of any state or jurisdiction of the United States. Accordingly, any offer or sale of securities will only be offered or sold (i) within the United States or to U.S. Persons, only to qualified institutional buyers as defined under Rule 144A under the Securities Act ("QIBs") in offering transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of securities in the United States, or to or for the account of U.S. Persons, will be deemed to have been made certain representations and acknowledgements, including without limitation that the purchaser is a QIB.

The Company has not authorized any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public requiring the publication of an offering prospectus, in any member state of the European Economic Area. No prospectus has or will be prepared in connection with this Presentation and the information contained herein. This Presentation is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2 (E) of the Prospectus Regulation (Regulation (EU) 2017/1129).

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By accepting these materials, each recipient represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. This Presentation is subject to and governed by Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as exclusive legal venue.

Agenda

  • 1. BW Ideol a at glance
  • 2. Highlights
  • 3. Operational update
  • 4. Summary and outlook
  • 5. Appendix

BW Ideol at a glance

2

A leader in floating wind

  • | One of the few companies with over 10 years of engineering, execution and maintenance experience in floating wind
  • | Two full-scale demonstrators in operation in two of the most promising floating wind markets – France and Japan
  • | Fully proven technology with more than three years of operational experience
  • | EolMed 30 MW project to enter construction phase by early 2022, with the current most powerful turbine in the market
  • | Integrated team of 70 experts in France and Japan
  • | Sizeable project pipeline as co-developer in Japan, Europe and the US
  • | Leveraging technology and competence through a dual-leg strategy : Project co-development, Floater EPCI & maintenance services
  • | Supported by BW Offshore's unique experience, services and resources

Q3 Highlights

2

Important milestones passed in a fast-growing market…

| Announced partnership with EDF Renewables and Maple Power for the South Brittany tender in France in September 2021

  • | Pre-selection of the EDF Renewables - Maple Power consortium by the French Government and launching of the competitive dialogue in October 2021
  • | Gained exclusive, long-term access to Ardersier Port for local manufacturing of concrete floating substructures to in-house and third-party ScotWind developments in September 2021
  • | Submitted applications for ScotWind tender with joint venture partners for a total of 2.1 GW in July 2021
  • | Progress on Californian 40 MW Pilot Project towards Environmental Impact Report, in October 2021
  • | Signed development and services agreements in Italy and Taiwan in July 2021
  • | Year-to-date EUR 1.5 million of revenue derived from engineering activities including Eolmed
  • | Cost discipline with cash position of EUR 38.5 million at end of September supporting growth strategy.

3

Operational update

Developing market leadership in France…

Partnership agreement with EDF Renewables and Maple Power for the South Brittany Tender (AO5 – up to 270 MW)

  • | Cooperation on designing the technical solution for the floating foundations
  • | EDF Renewables is the main offshore wind developer in Francecurrently developing/building four bottom-fixed projects
  • | The consortium have been pre-selected by the French Government in September 2021 – only 10 consortiums preselected
  • | Launch of the competitive dialogue in mid-October, Submissions of applications in Q2-Q3 2022 and final decision in Q4

Finalisation of the development phase for the EOLMED project (Mediterranean)

  • | 30 MW (3X10 MW Vestas) floating wind project to be installed off Gruissan
  • | Engineering and licence agreements signed in April 2021
  • | Progressing toward the Final Investment Decision. Start of construction expected in early 2022

Brittany License Round

… where floating wind is strategic to the future energy mix

Publication of scenarii for the future of electricity mix in France:

  • | French electricity grid operator (RTE) has issued a report in October 2021 presenting the different energy mix for France to achieve carbon neutrality and secure the energy supply by 2050
  • | Between 22 to 62 GW of offshore wind capacity is needed to achieve targets whatever scenario, depending on the selected share of nuclear
  • | Currently, no offshore wind farm is in operation in France, apart from Floatgen
  • | The most favorable areas for the development of offshore wind power in France are areas suitable only for floating wind
  • | Unique market potential is confirmed

Publication of the first Floatgen environnemental impact report

  • | Ecole Centrale de Nantes (SEM-REV operator) has published its first environnemental report since Floatgen installation
  • | Covers several fields from physics (underwater acoustics, electromagnetic fields, temperature) to biology (marine mammals, benthic communities, avifauna, etc.) during installation and operation phases
  • | No strong effect or impact was noted on the marine environment for all the areas studied. No environmental incident or pollution was caused, during construction, operation or maintenance

Building a unique value proposition in Scotland

Two applications for a total of 2.1 GW for Scotwind Tender

  • | Submitted in July in partnership with Elicio and BayWa r.e.
  • | Crown Estate Scotland has confirmed timing of award in January 2022
  • | Grid applications already secured

Gained exclusive, long-term port access for manufacturing of concrete floaters in Scotland

  • | Strategic partnership with Ardersier Port Authority for local serial production of floaters
  • | Unlocking the bottleneck of port infrastructure availability in Scotland
  • | Serving both BW Ideol projects as co-developer and third-party developments as EPCI provider
  • | Reaffirming BW Ideol's commitment to manufacture floaters locally
  • | Dredging works to reopen access channel to start in November 2021
  • | EUR 5.8 million upfront payment made in September to secure port rights

12

Positioned on an emerging US market

| In October 2021, BOEM1 outlines new offshore wind leasing for up to 7 new leasing rounds by 2025,

  • | Including potentially four large areas dedicated to floating wind (California, Oregon, Maine) for a total capacity above 5 GW
  • | BOEM designated wind energy area off Central California in November 2021 to prepare Environmental Assessment
  • | Californian State modeling underlines a need for around 10 GW of offshore wind to reach 100% clean target by 2045
  • | Progress on BW Ideol's 40 MW project off Vanderberg Space Force Base : launch of an environmental assessment by the California State Lands Commission in October 2021, next step is permitting
  • | Reinforcement of our development efforts by hiring of an offshore wind developer specialized in the US offshore wind market

1) Bureau of Ocean Energy Management

Consolidating a unique pipeline in Japan

  • | Signing of a joint development agreement with Eneos in July 2021
  • | BW Ideol has one of the largest floating wind pipeline under development in Japan, with a total of ~2 GW
  • | Hired business developer with a strong project development background (managed over 1 GW offshore wind project in development in Japan), joining in January 2022

4

Summary and outlook

Summary and outlook

  • | Secured strategic partnership and location for local content delivery ahead of initial ScotWind awards in early 2022 with Port of Ardersier
  • | Team-up with leading utilities (EDF Renewables and Maple Power) on South Brittany tender and pre-selection of the consortium
  • | Progressing towards key milestones on Californian pilot project consenting
  • | Preparing for the upcoming tenders (Norway, France, California, …) and reinforcing our development teams
  • | Confirming our strategic ambition guidelines for 2030

Appendix

Income Statement YTD

(unaudited figures in EUR)

Consolidated
30 September 2021
CONTINUING OPERATIONS
Operating revenue 2 449 582
Operating expenses (7 886 854)
Operating profit /(loss) before depreciation/amortisation (5 437 272)
Depreciation (3 458 788)
Amortisation (2 174 795)
Operating profit/(loss) (11 070 855)
Interest expense (200 140)
Other financial items (522 855)
Net financial income/(expense) (722 995)
Profit/(loss) before tax (11 793 850)
Income tax expense 463 006
Profit/(loss) from continuing operations (11 330 844)
Profit/(loss) from discontinued operation 0
Net profit/(loss) for the period (11 330 844)
ASSETS Consolidated
30 September 2021
Property, plant & equipment 152 863
Right-of-use assets 5 818 271
Technical Installation tangible assets 12 229 835
Intangible assets 4 136 201
Goodwill 25 266 520
Technology Asset 57 599 745
Other non-current assets 416 585
Total non-current assets 105 620 020
Trade receivables and other current assets 2 698 198
Cash and cash equivalents 38 482 485
Total current assets 41 180 683
TOTAL ASSETS 146 800 703
EQUITY AND LIABILITIES Consolidated
30 September 2021
Shareholders' equity 118 523 398
Total equity 118 523 398
Interest-bearing long-term debt 6 100 496
Pension obligations 189 748
Asset retirement obligations 1 217 441
Other long-term liabilities 3 564 278
Long-term lease liabilities 31 095
Deferred Tax Liability 12 671 944
Total non-current liabilities 23 775 002
Trade payables and other short-term liabilities 3 156 587
Interest-bearing short-term debt 1 262 394
Short-term lease liabilities 61 419
Income tax liabilities 21 903
Total current liabilities 4 502 303
Total liabilities 28 277 305
TOTAL EQUITY AND LIABILITIES 146 800 703

Cash Flow Statement YTD

(unaudited figures in EUR)

Consolidated
30 September
2021
Profit/(loss) before taxes (11 793 850)
Unrealised currency exchange loss/(gain) 2 074
Depreciation and amortisation 5 633 583
Share
-based payment expense
1 222 189
Change in Subsidies & Grants Receivable 974 702
Add back of net interest expense 200 140
Changes in trade and other current assets 47 647
Changes in trade payables (318 055)
Changes in other balance sheet items and items related to operating activities (48 282)
Net cash flow from operating activities (4 079 852)
Investment in PP&E and right
-of
-use assets
(7 332 162)
Investment in subsidiaries (52 219 175)
Net cash flow from investing activities (59 551 337)
Proceeds from Share Issue: Parent Company 52 219 175
Proceeds from Share Issue: Parent Company share of issuance on Oslo Stock Market 9 916 896
Proceeds from Share Issue: Oslo Stock Market 39 683 104
Proceeds from Share Issue: Greenshoe Oslo Stock Market 1 977 128
Transaction Costs Relating to the Share Issuance (2 129 365)
Repayment of debt and other liabilities (1 834 820)
Interest paid (364 678)
Net cash flow from financing activities 99 467 441
Net change in cash and cash equivalents 35 836 252
Cash and cash equivalents at beginning of period 3 960
Cash and cash equivalents acquired at beginning of period 2 642 273
Cash and cash equivalents at end of period 38 482 485

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