Edda Wind AS — Interim / Quarterly Report 2024

Aug 28, 2024

2nd Quarter Report 2024

Contents

03	Letter from the CEO
04	Highlights Q2 2024
05	Management report Q2 2024
08	Key figures Q2 2024
09	Statement of the Board
10	Income statement
10	Comprehensive income
11	Balance sheet
12	Cash flow statement
13	Statement of changes in equity
14	Notes

eddawind.com

Photo: Nicki Pløk

Letter from the CEO

Photo: Håkon Nordvik

Fleet and organisational growth is continuing

Following a challenging first quarter of 2024, where Edda Wind temporarily took three vessels out of operation to address issues related to the gangways systems, I am pleased to write that Edda Wind had all three vessels back into operation during the second quarter of 2024. However, there has been and will be some financial fluctuations during such ramp-up phase that Edda Wind is currently experiencing, where there will be need for calibration of the gangways system during commencement of operation. Experience gained has already proved to be valuable and transferable to our other vessels and newbuilds.

As a consequence of an unfortunate incident during Harbour Acceptance test causing damages to the gangway system onboard Goelo Enabler, the commencement of operation for the vessel was delayed from Q2 2024. This has resulted in frontrunner cost, negatively impacting the quarter. The vessel commenced operation for Siemens Gamesa on the 18th July 2024 with a rental gangway whilst the gangway is under repair. Following reinstallation of the original gangway in late 2024 or early 2025, Goelo Enabler will be the permanent vessel at the St. Brieuc wind farm until 2028.

Furthermore, on the following day, the 19th July, Sudri Enabler commenced operation for DEME on the Dogger Bank Wind farm. As of today, Edda Wind has seven vessels in operation.

məlulən q

a society a produktion in the production of the comments of the comments of the comments of the comments of the comments of the comments of the consideration of the comments

I'm pleased to see Sudri Enabler going directly from delivery from the yard to operation. I remain highly optimistic on the market outlook as we will welcome one more vessel in our fleet during 2024, with the remaining five in 2025 and 2026.

Edda Wind has established strong relationships with key operators in the market and as testified by the latest charterparty for Sudri Enabler, Edda Wind continues to expand its customer base. We consistently receive invitations to participate in tenders and vessel requirements and tendering activity is increasing. Our contract backlog currently stands at EUR 424 million, and with several uncommitted newbuilds we are ideally positioned to secure work in an increasingly attractive market for specialised offshore wind service vessels.

Lastly, in the organisational side, the take-over of operation from Østensjø Rederi is on the doorstep, and we will start taking over operation of our first vessel, in September. We will then gradually take over operation for the remaining vessels during the autumn, and we expect to have full operational management of our fleet by 1 Jan 2025. We look forward to this new chapter.

We express our gratitude to all stakeholders for their continued support of Edda Wind.

Kenneth Walland CEO

• million above Q2 2023)
• below Q2 2023)
• successfully placed in June
• DEME Offshore commencing in July

• charter with Siemens Gamesa in July

• and increasing tendering activity

• farms result in additional work for CSOVs
• tonnage, including purpose-built CSOVs
• the CSOV market

05 Management report Q2 2024

Operating income EUR 14.9m

Operating expenses EUR (14.4)m

Operating profit before depreciation

EUR 494k

Profit before tax EUR (3.9)m

Investment in vessels and new buildings EUR 543.9m

Operations

Edda Wind ASA and its subsidiaries ("The Group") is an offshore wind service vessel provider.

As at 30 June 2024, the Group operates two purpose-built SOVs and three CSOVs, and has eight vessels under construction.

Edda Mistral operates in the North Sea on charter for Ørsted on Hornsea 1 windfarm with firm period expiring September 2025. Edda Breeze is operating on a long-term contract with Ocean Breeze expiring in 2032. Edda Brint is operating on a long-term contract with Vestas expiring in May 2037. Due to gangway system upgrades, the Vestas contract was operated by a substitute vessel for the first part of April after which Edda Brint returned.

Edda Boreas is operating on a 2+1 year contract for SSE Renewables where the firm contract period ends in July 2025.

In Q4 2023, the 5-year contract with SiemensGamesa commenced with an external frontrunner vessel for Goelo Enabler. The external frontrunner vessel was replaced by Edda Nordri in December and Edda Nordri operated as frontrunner until mid-March. Edda Nordri was replaced by Edda Passat in March 2024. Following the sale and successful closing of Edda Passat on 20

March 2024, Edda Passat was chartered in and operated as an external frontrunner servicing the Simens Gamesa contract until mid May 2024, and as such, the vessel has been considered as an external frontrunner during Q2 2024. In May,

Goelo Enabler had an incident causing damage to the gangway during commissioning, further delaying the commencement of operation for the vessel. As such, the Siemens Gamesa contract was further operated with external frontrunners from mid-May until 18 July 2024, when Goelo Enabler commenced operation.

Edda Nordri commenced the short-term contract with Vestas Baltic Eagle project on 20 March 2024.

The utilization for our vessels during the quarter was 93% (excluding Goelo Enabler), mainly impacted by Edda Brint which re commenced operation following upgrades in mid-April.

Edda Wind is in the process of establishing a stand-alone fully integrated organization to take over project- and technical management as well as corporate services from 2025. Edda Wind will start taking over management of the Groups fleet from September. Edda Wind expects to have full operational management the Groups vessels by 1 January 2025.

05 Management report Q2 2024

continued

Group consolidated results Q2 2024

Total operating income for Q2 2024 was EUR 14,935 thousand compared to EUR 9,244 thousand in Q2 2023. The increase in operating income is primarily driven by commencement of operation for new vessels.

Operating expenses before depreciation were EUR 14,441 thousand in Q2 2024 compared to EUR 6,526 thousand in Q2 2023. The increase in operating expenses is due to increased costs related to chartered in frontrunner vessels for Goelo Enabler and Edda Brint in the period as well as increased number of vessels in operations. During the quarter, the Group had total costs related to frontrunners of EUR 5.4 million compared to EUR 0 in Q2 2023.

The Group had an EBITDA of EUR 632 thousand in Q2 2024, compared to EUR 2,857 thousand in Q2 2023. EBITDA is negatively affected by the increased frontrunner cost in the period, due to the delayed commencement of Goelo Enabler in addition to frontrunner costs related to Edda Brint in the first half of April.

Depreciation expense was EUR 2,438 thousand in Q2 2024, compared to EUR 1,782 thousand in Q2 2023. The increase is due to new vessels commencing operation after Q2 2023.

Net financial result in Q2 2024 was EUR 1.939 thousand in net financial cost, compared to EUR 1,135 thousand in net cost in the same quarter last year. The increase in interest cost is mainly due to delivery of new vessels.

The Group had a loss before tax of EUR 3,883 thousand in Q2 2024, compared to a loss before tax of EUR 199 thousand in Q2 2023.

məbədən məşğulların məşğulların mənbəyi və qalınmışdır. Bu mənist

Capital structure and financing

Cash and cash equivalents ended at EUR 58,903 thousand at 30 June 2024, up from EUR 45,900 thousand at 31 March 2024, positively impacted by the private placement of NOK 399.5 million placed in June 2024.

Total investment in newbuildings and vessels were EUR 543,946 thousand at 30 June 2024, up from EUR 495.493 thousand at 31 March 2024. Increase is mainly due to paid pre-delivery yard instalments.

Total interest-bearing debt was EUR 296,513 thousand at 30 June 2024, up from EUR 281,132 thousand at 31 March 2024. The increase is que to drawdowns on the debt facilities to finance newbuildings, less amortisation payments for the post-delivery debt facilities.

Total equity was EUR 318,576 thousand at 30 June 2024, compared to EUR 287,479 thousand at 31 March 2024. The increase is mainly related to the private placement of NOK 399.5 million in June 2024.

07 Management report Q2 2024

continued

Outlook

The ongoing transition of the world's energy systems in a greener direction has continued and Quoted yard prices and values for similar vessels strengthened. This is a megatrend that will have increased significantly during the last year, contribute to shaping the world for decades to implying that that the current fleet has been come. The leading analytical environments within ordered at an opportune time and at attractive yard offshore wind estimate a continued significant prices. growth in energy generation capacity from offshore wind turbines. This will naturally be accompanied by Subsequent events a sharp growth in the number of wind turbines Goelo Enabler commenced operation on the installed and in operation. As a consequence, it is Siemens Gamesa contract on 18 July 2024. estimated that in excess of 250 C/SOVs will be needed by 2030 to assist with commissioning and Sudri Enabler commenced operation on the DEME operation of these; a number that compares Offshore contract on 19 July 2024. favourably with the existing fleet size (including vessels under construction) of approximately 90 Tier As such, as of the date of this report, the Group has 1 vessels. Despite the favourable supply-demand moved two vessels from construction and into balance outlook, vessels owners remain disciplined, operation, compared to the number as of 30 June supported also by an increase in newbuilding prices 2024. over the last years.

Subsea tonnage, which has been filling the gap between supply and demand until now, is continuing to migrate back to oil & gas markets, as demand and day rates achieved in these markets have strengthened significantly over the last year.

For Edda Wind, as the leading shipowner and operator within the C/SOV market, this continues to be an opportunity for growth in what is expected to be a market with increasing day rates. The Company is currently experiencing increased tendering activity, supporting the growth expectations for the years to come.

The newbuilding programme

As of June 2024, the Group had eight vessels under construction (one SOV and seven CSOVs). The Group strives to use similar suppliers and equipment, even for vessels of different design. This will give benefits in relation to operation, crew

training and spares.

08 Key figures Q2 2024

(EUR 1,000)

Key figures

Total operating income
Profit/loss for the period
Total assets
Equity
EBITDA
EBIT
NIBD
Equity ratio

Definitions of APMs

-

- financial investments.

məlindən ç

ระบอกเยาบัน

Q2 2024	Q1 2024	Q2 2023	Full year 2023
14.935	16.990	9.244	39,368
(3,883)	1.748	(199)	(3,868)
628.262	581.558	480,430	582.258
318,576	287,477	288,720	284,882
632	7.014	2,857	7.436
(1,944)	4.066	936	(190)
237,610	235,232	115,385	251,912
50.7%	49.4%	60.1%	48.9%

· EBITDA (earnings before interest, tax, depreciation and amortisation) is defined as operating revenue and gain/loss on sale of assets less operating expenses, adjusted for amortization of late delivery penalties. EBIT (earnings before interest and tax) is defined as total income (operating revenue and gain/loss on sale of assets) less operating expenses, other gain/losses and depreciation and amortisation · NIBD (net interest-bearing debt) is defined as total interest-bearing debt (non-current interest bearing debt and current interest-bearing debt) less cash and cash equivalents, restricted cash and current

Equity ratio is defined as Total equity as a percentage of Total assets.

09 Statement From the Board

We confirm that the consolidated accounts for the period 1 January 2024 until 30 June 2024 are, to the best of our knowledge, prepared in accordance with IAS 34.

The interim condensed consolidated financial statements give a fair and true value of the enterprise and Group's assets, debt, financial position and result, which, in its entirety, gives a true overview of the information in accordance with the securities trading act.

Geir Flæsen Chairman of the Board

Toril Eidesvik Board member

Adrian Geelmuyden Board member

Haugesund, 27 August 2024 (signed electronically)

Martha Kold Monclair

Board member

Duncan J. Bullock

Board member

Photo: Stephan Gieser

9

əbədən ədədir. Bu qalında çəkilməsi və bir və qalınmışdır. Bu mənist və qalınmışdır. Bu mənist mənist mənisti mənasının mənasının mənasının qalınması və qalınması və bir və q

ວັນອຸທອງເສຍຊີວິດເຣຍເຊິ່ງ

Income statement

(unaudited)

(EUR 1,000)

	Notes
Freight income	2
Other operating income	2, 8
Gain on sale of asset	10
Total operating income
Payroll and remuneration
Other operating expenses	2
Total operating expenses
Operating profit before depreciation
Depreciation	3
Operating profit
Financial income and expenses
Financial income	9
Financial expense	9
Net currency gains/(losses)
Financial income/(expense)
Profit/(loss) before tax
Tax (income)/expense	7
Profit/(loss) for the period
Basic / diluted earnings per share in EUR	6

Comprehensive income

(unaudited)

(EUR 1,000)

Profit/(loss) for the period

Items that may be reclassified to the income statement

Currency translation differences

Other comprehensive income, net of tax

Total comprehensive income for the period

Q2 2024	Q2 2023	H1 2024	H1 2023	Full year 2023
14,350	8,678	24,282	14,913	36,955
585	566	1,165	1,224	2,413
		6,478
14,935	9.244	31,925	16,137	39,368
(5,970)	(4,279)	(11,186)	(6,242)	(16,325)
(8,471)	(2,247)	(13,372)	(6,504)	(16,023)
(14,4441)	(6,526)	(24,558)	(12,746)	(32,348)
494	2,718	7,367	3,391	7,020
(2,438)	(1,782)	(5,245)	(2,555)	(7,210)
(1,944)	936	2,122	836	(190)
286	587	549	829	1.543
(2,201)	(1,222)	(4,741)	(1,961)	(5,353)
(24)	(500)	(65)	(335)	132
(1,939)	(1,135)	(4,257)	(1,467)	(3,678)
(3,883)	(199)	(2,135)	(631)	(3,868)
(3,883)	(199)	(2,135)	(631)	(3,868)
(0.03)	(0.00)	(0.02)	(0.01)	(0.04)

Q2 2024	Q2 2023	H1 2024	H1 2023	Full year 2023
(3,883)	(199)	(2,135)	(631)	(3,868)
676	833	1,523	754	39
676	833	1,523	754	39
(3,207)	634	(612)	123	(3,829)

Balance sheet

(unaudited)

(EUR 1,000)

ASSETS Non-current assets Vessels Newbuildings Other non-current assets Machinery and equipment Total non-current assets

Current assets

Account receivables Other current receivables Cash and cash equivalents Total current assets Total assets

EQUITY AND LIABILITIES

Equity
Share capital
Share premıum
Other equity
Total equity

Non-current liabilities

Non-current interest-bearing debt Total non-current liabilities

Current liabilities

Total equity and liabilities
Total current liabilities
Other current liabilities
Current interest-bearing debt
Public duties payable
Account payables

Notes	30/06/2024	30/06/2023	31/12/2023
3	238,262	171,204	271,222
3	305,684	222,794	244,294
3,10	8,764	8,937	8,840
3	142		136
	552,852	402,935	524,492
	10,614	5,343	10,650
	5,893	1.703	14,198
	58,903	70,449	32,918
	75,410	77,495	57,766
	628,262	480,430	582,258
5,6	1,220	1,071	1,071
	254,889	220,732	220,732
	62,467	66,917	63,079
	318,576	288,720	284,882
4	271,609	171,311	257,101
	271,609	171,311	257,101
	4,376	2,734	5,488
4	400	239	183
	24,904	14,523	27,729
10	8,397	2,901	6,875
	38,077	20,397	40,275
	628,262	480,430	582,258

Cash flow statement

(unaudited)

(EUR 1,000)

	Notes
Cash flow from operations
Profit/(loss) before tax
Financial (income)/expenses
Depreciation and amortisation	3
Gain on sale of asset
Change in working capital
Net cash flow from operations
Cash flow from investment activities
Investments in fixed assets	3
Sale of fixed assets
Reclassification of restricted cash to cash
Net cash flow from investment activities
Cash flow from financing activities
Proceeds from issue of interest-bearing debt	4
Repayment of interest-bearing debt	4
Payment of debt issuance costs
Interest received
Interest paid
Paid other financial expenses
Proceeds from issuance of new shares
Net cash flow from financing activities
Effects of currency rate changes on bank deposits, cash and equivalents
Net change in bank deposits, cash and
equivalents
Translation difference
Cash and cash equivalents at period start
Cash and cash equivalents at period end

Q2 2024	Q2 2023	H1 2024	H1 2023	Full year 2023
(3,883)	(199)	(2,135)	(631)	(3,868)
1,939	1.134	4,257	1,467	3.678
2,438	1,782	5,245	2,555	7,210
		(6,478)
15,035	(3,582)	9,335	(8,224)	(20,120)
15,529	(865)	10,224	(4,833)	(13,100)
(49,964)	(78,342)	(63,745)	(104,991)	(231,925)
		39,752
			4,510	4,510
(49,964)	(78,341)	(23,994)	(100,481)	(227,415)
27,497	13,516	43,452	32,368	140,846
(12,921)		(33,596)	(3,947)	(10,564)
58		38	(1,320)	(3,708)
286	516	549	829	1,543
(1,338)		(4,248)	(1,021)	(3,880)
(446)	31	(712)	(47)	(426)
34,305		34,305	105,032	105,032
47,440	14,063	39,786	131,894	228,843
13,004	(65,143)	26,016	26,579	(11,671)
(2)	(1,251)	(31)	(1,151)	(432)
45,900	136,843	32,918	45,021	45,021
58,903	70,449	58,903	70,449	32,918

Statement of changes in equity

(unaudited)

(EUR 1,000)

	Share capital	Share premium	Other paid-in capital	Retained earnings	Foreign currency translation reserve	Other equity	Total equity
Balance at 01.01.2024	1,071	220,732	27,608	34,588	8:37	63,079	284,882
Share capital increase by issaunce of new
shares	149	34,158					34,307
Loss for the period				(2,135)		(2,135)	(2,135)
Other comprehensive income					1,523	1,523	1,523
Balance at 30.06.2024	1,220	254,889	27,607	32,453	2,405	62,467	318,576
Balance at 01.01.2023	644	116,128	27,608	38,457	844	66,908	183,680
Share capital increase by issaunce of new
shares	427	104,494					104,921
Loss for the period				(631)		(631)	(631)
Other comprehensive income					754	754	754
Balance at 30.06.2023	1,071	220,622	27,608	37,825	1,598	67,030	288,720
Balance at 01.01.2023	644	116,128	27,608	38,457	844	66,908	183,680
Share capital increase by issaunce of new
shares	427	104,604					105,031
Loss for the period				(3,868)		(3,868)	(3,868)
Other comprehensive income					રેત્વે	39	39
Balance at 31.12.2023	1,071	220,732	27,608	34,588	882	63,079	284,882

(EUR 1,000)

Note 1 General accounting principles

Basis of preparation

This interim concersed consolicated financial statement has been prepared in accordance with International AS 34), "interim financial reporting". The interim condented financial report is unaudited and should be read in conjunction with the consolidated Annual Financial Statements for the year ended 31 December 2023 for Edda Wind ASA (Group), which were prepared in accordance with FRS as endorsed by the EU. Consolidated interim- and yearly financial statements are news services from Oslo Stock Exchange, www.newsweb.no and the Company's webpage, www.eddawind.com

The Group's interim condensed consolidated financial statement are presented in Euros, which is also the parent company s functional ourrency. For each entity within the Group has determined the functional currency based on the primary economic environment of which the entity operates. Items included in the measured using that functional currency. The functional currency for the Group's entities are EUR, GBP and NOK.

The interim financial report is prepared on the assumption of a going concern.

Basis policies

The accunting policies applied are consistent with the Annual Financial Statements for Edda Wind ASA for the year ended 31 December 2023. No new standards have been applied in 2024.

9

continued

(EUR 1,000)

Note 2 Revenue from contracts with customers

Operating income

The Groups revenue mainly derives from offering versonnel to the offshore wind sector under long-term chartering agreements. Under these agreements the Group delivers a vessel, including crew, to the customer determines, within the contractual limits, how the vessel is to be utilised. The Group is remunerated at an agreed daily rate for use of vessel, equipment, crew and other resources or services utilised under the contracts also indude victualling covering meals and bedding provided to customer personnel onboard the vessel. The Group's revenue is spit into a service element. The revenue is mainly recognised over time as the performance obligation is satisfied over time.

The Group also provides management services to companies outside of the Group. Remuneration for management services is classified as other revenue and recognised over time as performance obligation is satisfied over time.

The Group has one reportable segment being the Offshore Wind segment.

Offshore Wind operating revenue

Revenue from contracts with customers: Service element from contracts with day rate, including victualli Gain on sale of asset Other revenue

Lease revenue:

Lease element from contracts with day rate Total operating income

On 28 July 2022 Edda Wind entered into an agreement with Colombo Dockyard PLC for the cancellation of two newbuilding contracts signed 31 January 2022. Under this agreement, Edda Wind is entitled to receive a compensation in excess of incurred project cost. EUR 500 thousand has been recognised during Q2 2024.

The delivery of Edda Breeze and Edda Brint to clients were postponed until end of March 2023 due to delivery of gangways systems. Following the delay, Edda Wind incurred liquidated damages for both vessels until delivery. As of 31 December 2023, Edda Wind has incurred a total of EUR 7,0 million in liquidated damages. The amount is capitalised as other non-current assets and is recognised in the P&L on a straight-ine basis over to contract period from the date the vessels were delivered to the clients. Per 30 June 2024, a total of EUR 276 thousand has been recognised in the P&L.

	Q2 2024	Q2 2023	H1 2024	H1 2023	Full- year 2023
ng	8,893	5,448	15,529	9,018	23,271
			6,478
	585	566	1,165	1,224	2,413
	5,457	3,230	8,753	5,895	13,684
	14,935	9,244	31,925	16,137	39,368

continued

(EUR 1,000)

Note 3 Tangible assets

The tables below show the Group's tangible assets as of 30.06.202

30/06/2024

Cost 01.01.2024

Additions

Disposal

Reclassification

Currency translation differences

Cost 30.06.2024

Accumulated depreciation and impairment losses 01.01.2024

Depreciation

Disposal

Currency translation differences

Accumulated depreciation and impairment losses 30.06.2024

Carrying amounts

Remaining instalments newbuildings 30.06.2024

30/06/2023

Cost 01.01.2023

Additions Reclassification Currency translation differences

Cost 30.06.2023

Accumulated depreciation and impairment losses 01.01.2023

Depreciation

Currency translation differences

Accumulated depreciation and impairment losses 30.06.2023

Carrying amounts

Remaining instalments newbuildings 30.06.2023

məlulənq

əbəy ədədlər fəsiləsinə cinsinə aid bitki növü vasitəsinə aid bitki növü. İstinadlar Şəhər Şəhər Şəhrin Şəhər Şəhər Şəhrin Şəhrin Qaraqların Qaraqların Qaraq

ວັນອຸທອງເອກະສາວ

	Periodic
Vessels	maintenance	Equipment	Newbuildings	Total
281,775	11,236	22	244,294	537,516
2,257	69	29	61,391	63,745
(39,724)	(2,675)			(42,398)
2,925	187			3,113
247,233	8,817	241	305,684	561,976
(18,513)	(3,276)	(76)		(21,865)
(4,391)	(828)	(23)		(5,245)
8,142	1,510			9,652
(366)	(63)			(429)
(15,128)	(2,658)	(99)	-	(17,886)
232,103	6,158	142	305,684	544,088
			170,757	170,757

	Periodic
Vessels	maintenance	Equipment	Newbuildings	Total
78,820	2,273	76	223,082	304,250
	1.477		103,514	104.991
101,103	2,700	(7)	(103,803)	(7)
1.937	210			2,147
181,860	6,660	69	222,794	411,382
(12,256)	(2,122)	(69)	I	(14,447)
(2,166)	(389)			(2,555)
(300)	(82)			(382)
(14,722)	(2,593)	(69)	-	(17,384)
167,138	4,066		222,794	393,998
			337,373	337,373

continued

(EUR 1,000)

Note 3 continued Tangible assets continued

31/12/2023

Cost 01.01.2023

Additions

Reclassification

Currency translation differences

Cost 31.12.2023

Accumulated depreciation and impairment losses 01.01.2023

Depreciation

Currency translation differences

Accumulated depreciation and impairment losses 31.12.2023

Carrying amounts

Remaining instalments newbuildings 31.12.2023

The depreciation schedule for vessels is 30 years straight-line depreciation is set to five years based on time expected until next periodic maintenance.

Vessels under construction ("newbuildings") are capitalised based on instalments paid to the rosts directly attributable to the construction, including borrowing construction period. Capitalised cost for vessels under construction is reclassified to vessels when the vessel is delivered and ready for use. Vessels under construction is not subject to depreciation until the vessel is ready for use.

	Periodic
Vessels	maintenance	Equipment	Newbuildings	lotal
78,820	2,273	76	223,082	304,250
	3,536	136	228,252	231,924
201,644	5,396		(207,040)
1,311	31			1,342
281,775	11,236	212	244,294	537,516
(12,256)	(2,122)	(69)		(14,447)
(6,075)	(1,129)	(7)		(7,210)
(182)	(25)			(207)
(18,513)	(3,276)	(76)		(21,865)
263,262	7,959	136	244,294	515,651
			224,510	224,510

continued

(EUR 1,000)

Note 3 continued Tangible assets continued

Impairment assessment

The Group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing for indicators of impairment. At 30 June 2024 the market capitalisation of the book value of its equity. As a result, the Group performed an imparment test at the end of the second quarter for each of its operational SOVs and newbuilds expected to be delivered during the next year.

As part of the assessment of vessel value, the Group has obtained broker values to book values to book values, a ubstantial headroom is identified. To further support the Group has performed an impairment test through a value in use calculation. Cash flows are estimated throughout the vessels. The estimates for 2024 reflect the current market conditions. The Group has used a discount rate in the interval of 8%-10% for cash flows denominated in EUR and an assumption when performing the impairment assessment. The recoverable amount in the value-in-use calculation and thus the impairment test did not reveal any need for impairment.

0 məliyyə

continued

(EUR 1,000)

Note 4 Interest-bearing debt

The table below shows the Group's interest-bearing debt.

Non-current interest-bearing debt Current interest-bearing debt Total interest-bearing debt

Loan agreements entered into by the Group contain financial covenants related to liquidity, working capital, and market value. The Group was in compliance with these covenants at 30 June 2024.

The table below shows specifications of the Group's interest-bearing debt.

Pledged debt to financial institutions Bonds Total interest bearing debt

The tables below show the repayment schedule of the Group's interest-bearing debt.

		30/06/2024 30/06/2023 31/12/2023
Repayment schedule for debt to financial institutions
Due in year 1	20.679	10.052	23,642
Due in year 2	47.804	14,203	43.537
Due in year 3	28,552	14,203	29,895
Due in year 4	23.500	21,371	31,567
Due in year 5 and later	103,709	49,962	82,894
Total repayment schedule for debt to financial institutions	224,245	109,790	211,534

The repayment schedule for debt to financial institutions is based on renewal of a bank guarantee is not renewed, an additional EUR 43 million of the debt to financial institutions will fall due in 2027.

296,513	185,834	284,830
24.904	14,523	27,729
271,609	171,311	257.10
	30/06/2024 30/06/2023	31/12/2023

296,513	185,834	284,830
72.268	76,043	73.296
224,245	109,790	211.534
	30/06/2024 30/06/2023	31/12/2023

continued

(EUR 1,000)

Note 4 Interest-bearing debt

	30/06/2024	30/06/2023	31/12/2023
Repayment schedule for bond
Due in year 1	4,224	4,012	4.088
Due in year 2	4.415	4.189	4.268
Due in year 3	5,143	4.379	4,763
Due in year 4	5,240	5,102	5.081
Due in year 5 and later	53,246	58,362	55,096
Total repayment schedule for bond	72,268	76,043	73,296

continued

Note 5 Share capital

Edda Wind's share capital amounts to NOK 12,931,4488 shares, each with a nominal value of NOK 0.1. The Group performed a capital increase in July 2024, increasing the number of shares by 17,000,000.

Largest shareholders at 30 June 2024

Shareholder

Geveran Trading Co Ltd
Wilhelmsen New Energy AS
UBS Switzerland AG
J.P. Morgan SE
Verdipapirfondet Nordea Norge Verdi
Wahl Eiendom AS
Verdipapirfondet Nordea Avkastning
State Street Bank and Trust Comp.
Clearstreet Banking S.A.
Forenede Industrier Shipping AS
Largest shareholders
Others
Total

Note 6 Earnings per share

Earnings per share

Net profit attributable to ordinary shareholders of Edda Wind AS Weighted average number of outstanding shares to calculate EP

Earnings per share

Earnings per share is calculated based on the average number of outstanding the period. Basic earnings per share is calculated by dividing profit for the period by average number of total outstanding shares. The Group does not have any dilutive instruments.

məlumatına mərkəzi və bir mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasının mənasın

	Number of	Ownership
Country	shares	share
Cyprus	40,125,100	31.0 %
Norway	40,113,400	31.0 %
Ireland	25,993,528	20.1 %
Luxembourg	1,228,103	0.9 %
Norway	966.498	0.7 %
Norway	820,000	0.6 %
Norway	797,839	0.6 %
United States	665,780	0.5 %
Luxembourg	602,957	0.5 %
Norway	585,716	0.5 %
Cyprus	111,898,921	86.5 %
	17.415.567	13.5 %
	129,314,488	100.0 %

	Q2 2024		Q2 2023 H1 2024 2 2	H1 2028	Full year 2023
SA		(3,883,217) (199,000) (2,135,148) (630,732) (3,867,732)
bs		112,688,114 112,314,488 113,061,741 91,208,223 101,819,340
	(0.03)	(0.00)	(0.02)	(0.01)	(0.04)

continued

(EUR 1,000)

Note 7 Tax

The effective tax rate for the Group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method and tax-exempt revenues from tonnage tax regimes.

The Group`s Spanish subsidiaries, Puerto de Llafranc SL, Mar de Berrobi SL and Puerto de Gandesa SL, are taxed in accordance with the Spanish Tonnage Tax regime. The Group's Norwegian subsidiaries, Edda Wind XIV AS and Edda Wind XV AS are taxed in accordance with the Norwegian Tonnage tax is recognised as an operating expense in the income statement.

The Group recorded a tax expense of EUR 0 during the first half 2023) and recognised a deferred tax asset of EUR 0 as of 30 June 2024 (deferred tax asset of EUR 0 thousand as of 30 June 2023).

Note 8 Related party transactions

Related party transactions include shared services provided and purchased from entities outside of the Edda Wind Group that are under control directly, joint control or significant influence by the owners of Edda Wind ASA. This includes operation and supervision of vessels, crew hire, and corporate management services.

Services are priced on commercial market terms and in the principles set out in the OED Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually.

As of May 2024, Østensjø Wind AS sold its shares in Edda Wind ASA. As such, the Østensjø Group are only considered as related parties up to the selling date. This has been reflected in the table below.

Transactions with related parties

Leasing of Edda Fjord from West Supply VIII AS (incl. victualling) Purchase of management services, operation and supervision of vessels from Østensjø Rederi AS Sale of services to Østensjø Rederi Hired crew from Østensjø Rederi AS Guarantee commission to Johannes Østensjø d.y. AS Board fee to Johannes Østensjø dy AS Purchase of goods from Wilhelmsen Ships Service Insurance cost to Wilhelmsen Insurance Services AS Total transactions with related parties

məlulən q

Q2 2024	Q2 2023	H1 2024	H1 2023	Full year 2023
	83		3,013	3,270
130	320	792	540	1,281
	110	80	217 -	375
1,436	3,046	5,375	4.480	11,859
35		35		43
24		50		104
168	133	342	310	699
1,794	3,472	6,515	8,126	16,881

continued

(EUR 1,000)

Note 9 Financial items

	Q2 2024	Q2 2023	H1 2024	H12023	Full year 2023
Financial income
Other financial income	286	587	549	829	1,543
Total financial income	286	587	549	829	1,543
Financial expense Interest expenses	(2,023)	(1,252)	(4,296)	(1,843)	(4,855)
Realised loss financial derivatives	-			(71)	(71)
Other financial expenses	(178)	31	(445)	(47)	(426)
Total financial expense	(2,201)	(1,222)	(4,741)	(1,961)	(5,353)

Note 10 Other circumstances

In relation to one of the newbuildings, the Group has assumed payment obligations and purchased certain equipment directly in order to avoid delays in delivery. The Group will be compensated for the assumed obligations through a loan age of EUR 2.4 million paid over two years. As at 30 June 2024, the loan anount was EUR 1.8 million. Edda Wind is continuously assessing the value of the outstanding amount and potential need for write-off.

Edda Brint was back into operation following system upgrades in March 2024, but the vessel experienced further off-hire during first part of April, resulting in frontrunner costs for the Group. Since mid-April, the vessel has been in operation.

Goelo Enabler had an incident resulting in damass to the ganguay during the commencement of operation for the vessel. As such, the Siemens Games contract was further operated with external from mid-May until 18 July 2024, when Goel Enabler commenced operation with a rental gangway is under repair. Following reinstallation of the original gangway in late 2024 or early 2025.

Note 11

Subsequent events

Goelo Enabler commenced operation on the Siemens Gamesa contract on 18 July 2024.

Sudri Enabler commenced operation on the DEME Offshore contract on 19 July 2024.

OverVIEW

Spannavegen 152 Haugesund, Norway post@eddawind.com +47 52 70 45 45

eddawind.com