Edda Wind AS — Interim / Quarterly Report 2023

May 12, 2023

Edda Wind ASA

Quarterly presentation, Q1 2023

eddawind.com

Disclaimer

Cautionary note regarding forward-looking statements

This presentation, prepared by Edda Wind ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Edda Wind Group and/or the offshore wind industry. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provide any assurance as to the correctness of such forward-looking information and statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

Edda Wind In brief

Pure play market leader in offshore wind

Established strong customer relationships

4 vessels in operation and 10 newbuilds

Attractive yard prices and delivery schedule

Newbuilds prepared for zero emission

Balanced contract portfolio with 6 vessels contracted and 8 uncommitted

Low technology risk as vessels can serve all types of turbines

Highlights Q1 2023

Market fundamentals continue to improve

• Strong growth in demand
• Increasing market-rates
• Accelerated pace for the renewable energy transition

Edda Wind established as the undisputed market leader

• Edda Brint and Edda Breeze on contracts
• Edda Boreas delivered from yard
• Four new CSOVs ordered at Vard
• NOK 1.2 billion raised in private placement
• New contracts with Vestas for 750 days
• 93% utilisation during the quarter (planned docking)

Newbuilds ordered at Vard shipyard

4 firm contracts (2 Norway / 2 Vietnam)

Attractive delivery (1Q 25 to 1Q 26)

Prepared for zero emission

Yard price EUR 63m.

Right capabilities to target the global wind market

Uniquely positioned with competitive advantages along several dimensions

Focused company with the right set of capabilities

Dedicated state-of-the-art offshore wind vessels

Sustainability at the very center of the strategy

Growing portfolio of clients with large potential

Extensive experience and resource pool

Position across the value chain in a global market

Operations & Maintenance

Long-term contracts supporting continuous O&M work throughout the life of wind farms

offshore wind farms C/SOVs CSOVs Fleet of 6x C/SOVs on mid-/ long term contracts Fleet of 8x CSOVs uncommitted

Auxiliary wind services

Already actively considering opportunities in all key offshore wind hubs

Asia

Europe

6 contracts won, active dialogues with the clients

Active dialogues with new and existing clients/partners Active dialogues with new and existing partners

US

Shorter-/mid-term contracts supporting commissioning & installation work on

Commissioning & Installation

Demand driven by strong offshore wind growth

Offshore wind is the fastest growing energy source

Offshore wind is the fastest growing energy source

Key offshore wind regions	Offshore GW installed
	2018	2030E	2050E
Europe	19	78	215
Asia	5	126	613
North America	0	23	164

Driving strong growth in # of wind turbines globally

Edda Wind ASA: Q1 2023 ⁷ Source Bloomberg NEF (New Energy Outlook 2020, October 2020, https://about.bnef.com/new-energy-outlook/), International Renewable Energy Agency (IRENA) (Future of wind, October 2019, https://www.irena.org/publications/2019/Oct/Future-of-wind), Rystad Energy OffshoreWindCube (retrieved 06.11.2021

∆2020-2030

Demand driven by strong offshore wind growth

Offshore wind is the fastest growing energy source

Offshore wind – global cumulative capacity

Offshore wind – global annual capacity addition

Market fundamentals continue to improve, supported by underlying growth and increased vessel scarcity

Highly attractive backlog and financial profile

Total backlog of EUR 422m in place (firm backlog of EUR 334m)1

Revenue backlog per client1

Edda Wind ASA: Q1 2023 10 1) The total revenue backlog comprises firm contracts as well as contractual options. The «firm» backlog are contracts which have been entered into with customers, and these contracts can be cancelled by customers under given circumstances and are in general subject to certain terms and conditions. "Options" are options to extend firms contracts, and such options can be extended at the discretion of the respective customer. As such, the "option" backlog is subject to such extensions. The backlog includes the contribution from vessel day rates as well as victualling revenue for certain additional services onboard. This definition applies to all references to backlog in this presentation. Numbers as of 2023

Delivering on a broad scope of work for its clients Edda Wind works actively with clients & yards to stay ahead by delivering the features of tomorrow

Focused design philosophy

Personnel- and cargo transfers in harsh environments

Minimal manual handling of cargo and goods

Efficient workflow and deck utilization for technicians

Level-free environment / stepless approach

High comfort and welfare – single outside cabins for all in the SOVs, 86 cabins in the CSOVs

Fuel efficient and low emission – zero-emission ready

Prepared for zero-emission

Several advantages with Liquified Organic Hydrogen Carrier (LOHC)

Six of fourteen firm vessels on contract – increased balance to "play the market right"

Vessel	Type	Client	Start1	End	Option	Location	'23	'24	'25	'26	'27	'28	'29	'30	'31	'32
Edda Passat	SOV		Mar-18	Oct-23		Race Bank wind farm, UK
Edda Mistral	SOV		Sep-18	Sept-24	4x1 year	Hornsea One wind farm, UK
Edda Brint	SOV		Mar-23	May-37	Up to 1,6 years	Seagreen wind farm, UK
C416	SOV		Q4-23	Q3-28		Saint-Brieuc, wind farm, France
Edda Breeze	CSOV		Apr-21	Apr-32	Up to 2,6 years	BARD Offshore 1 wind farm, Germany
Edda Boreas	CSOV		Q2-23	Q2-25	1 year	Dogger Bank wind farms, UK
C491	CSOV		Q4-23
C492	CSOV		Q2-24
C503	CSOV		Q3-24
C504	CSOV		Q2-25
NB #1	CSOV		Q1-25
NB #2	CSOV		Q1-25
NB #3	CSOV		Q2-25
NB #4	CSOV		Q1-26
Options

Edda Wind – fleet contract status

Vessel availability well matched to CSOV demand & supply curves

Attractive financing in place for nine vessels

Credit facilities

Abt. EUR 110 mil. Senior Secured Term Loan Facility (term 2027)

• − Edda Passat
• − Edda Mistral
• − Edda Boreas
• − C416, Balenciaga

EUR 38.0m Private Placement (tenor 2031)

− Edda Breeze

GBP 36.0m Private Placement (term 2037)

− Edda Brint

EUR 120 mil green loan facility (term 2029-30)

• − C491, Gondan
• − C492, Gondan
• − C503, Gondan

− Interest

• − Blend of fixed and floating interest rate
• − Average all-in fixed interest cost incl. CIRR of ~3.2%

Debt amortization schedule1

Interest hedging with NPV of abt. EUR 14.3m.

Significant share of debt is fixed long-term at attractive all-in rate through Private Placement and CIRR/-options

Key financials

Income statement

EUR thousand (unaudited)	Q1 2023	Q1 2022	Full year 2022
Freight income	6,235	6,644	26,930
Other operating income	658	125	1,496
Total operating income	6,893	6,769	28,425
Payroll and remuneration	(1,963)	(1,914)	(8,609)
Other operating expenses	(4,257)	(2,951)	(13,248)
Total operating expenses	(6,220)	(4,864)	(21,856)
Operating profit before depreciation	673	1,904	6,569
Depreciation	(773)	(816)	(3,195)
Operating profit	(100)	1,088	3,374
Financial income and expenses
Financial income	242	84	386
Financial expense	(739)	(487)	(1,890)
Net currency gains/(losses)	165	97	64
Financial income/(expense)	(333)	(306)	(1,440)
Profit/(loss) before tax	(433)	782	1,935

Comments Q1 2023

• − Strong demand growth, estimated +250 vessels required by 2030, excluding China. Far exceeding existing tonnage and order book.
• − Increasing rates as oil & gas tonnage exits the offshore wind market.
• − 93% utilization Q1 2023.

Operating income

EBITDA

Key financials Balance sheet

ASSETS (EUR 1000)	31.03.23	31.03.22
Non-current assets
Deferred tax asset	-	23
Vessels	170,429	71,645
Newbuildings	145,441	158,542
Other non-current assets	8,334	-
Machinery and equipment	-	-
Total non-current assets	324,204	230,210
Current assets
Account receivables	5,499	4,675
Other current receivables	1,252	353
Other current assets	-	6,426
Financial derivatives	-	-
Cash and cash equivalents	136,843	69,279
Total current assets	143,594	80,733
Total assets	467,798	310,944

EQUITY AND LIABILITIES (EUR 1000)	31.03.23	31.03.22
Equity
Share capital	1,071	644
Share premium	220,732	116,128
Other equity	66,396	67,490
Total equity	288,199	184,262
Non-current liabilities
Non-current interest-bearing debt	157,442	115,222
Total non-current liabilities	157,442	115,222
Current liabilities
Account payables	2,537	1,559
Financial derivatives	-	7
Public/ duties/tax payable	48	125
Current interest-bearing debt	13,294	8,527
Other current liabilities	6,279	1,241
Total current liabilities	22,158	11,459
Total equity and liabilities	467,798	310,944

Comments Q1 2023

• − Equity ratio: 61.6%
• − Net Interest-Bearing Debt: EUR 33.9 mill

Summary

01

Leading offshore wind service vessel company with a proven track-record

02 State-of-the-art fleet at fixed and attractive yard prices

03

Strong backlog of EUR 422/334 m supporting cash flow visibility and dividend capacity

04

Attractive and competitive newbuild program of 2 SOVs and 8 CSOVs – prepared for zeroemission operations

05

Sharply increasing demand for top tier C/SOVs

06

Experienced management supported by reputable owners

Investor Relations

Questions & comments to:

Mr. Kenneth Walland, CEO Tel: +47 916 93 418 E-mail: kenneth.walland@eddawind.com Mr Tom Johan Austrheim, CFO Tel: +47 982 09 873 E-mail : tom.johan.austrheim@eddawind.com