Edda Wind AS — Interim / Quarterly Report 2024

Feb 26, 2025

Edda Wind Quarterly report, Q4 2024

We enable a greener future

eddawind.com

Contents

03	Letter from the CEO
04	Highlights Q4 2024
05	Management report Q4 2024
083	Key figures Q4 2024
09	Statement of the Board
10	Income statement
10	Comprehensive income
11	Balance sheet
122	Cash flow statement
13	Statement of changes in equity
14	Notes

eddawind.com

Photo: Nicki Pløk

Letter from the CEO

Photo: Håkon Nordvik

Q4 marked the end of a year filled with significant milestones

In November, Edda Wind took delivery of its third vessel of the year, Vestri Enabler, from the yard, Astilleros Gondan. This brought our operational fleet to a total of eight vessels, meaning we enter 2025 with a substantially larger asset base compared to the previous year.

Furthermore, in Q4 2024, Edda Wind completed the vessel management takeover, gaining full control over our fleet operations. This transition is expected to drive both operational and organizational improvements moving forward.

The lessons learned in 2024 will be invaluable across the organization, particularly for our operations. Over the past year, we saw a significant improvement in vessel utilization, and we will continue to build on these insights as we welcome four additional vessels to our fleet in 2025.

We are experiencing increased tendering activity and rising day rates. For 2025, we have already booked 81% of our vessel capacity, and we are pleased to see that our most recent contracts, which have been publicly announced, reflect a strong market with improved rates.

Newbuilding yard prices for vessels continued to rise throughout 2024 — a trend we expect will support market balance within the industry and sustain positive rate projections.

Looking ahead

Operationally, we expect Goelo Enabler to have its permanent gangway installed in early March before returning to service at the St.Brieuc Wind farm in France, where she will remain under contract until 2028.

Our newbuilding program is progressing with four vessels expected to be delivered from the yard in Q2 2025. As a result, 2025 will be financially back-end loaded. Nonetheless, it is set to mark the beginning of a new phase for Edda Wind. Two of our newbuilds have already secured contracts upon delivery, while the remaining two are yet to be committed to charterers.

2025 has started well with solid utilisation across the fleet and we look forward to the remaining part of the year we have just entered into.

Hermann H. Øverlie

Interim Chief Executive Officer

-

-

05 Management report Q4 2024

Operating income EUR 20.1m

Operating expenses EUR (14.3)m

Operating profit before depreciation

EUR 5.8m

Profit before tax EUR (0.6)m

Investment in vessels and new buildings EUR 641.1m

Operations

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

As at 31 December 2024, the Group operates three purpose-built SOVs and five CSOVs and has five vessels under construction.

• Mistral Enabler operates in the North Sea on charter for Ørsted on Hornsea 1 windfarm with firm period expiring September 2025.
• Breeze Enabler operates on the BARD Offshore 1 wind farm on a long-term contract with Ocean Breeze expiring in 2032.
• · Brint Enabler is operating on the Seagreen wind farm on a long-term contract with Vestas, expiring in 2037.
• Boreas Enabler is operating on the Doggerbank wind farm on charter for SSE Renewables with firm period expiring in July 2025.

• Nordri Enabler has operated for Vestas Baltic Eagle project until 31 December 2024.

• Goelo Enabler operates in the Saint-Brieuc wind farm on a charter for SiemensGamesa. The firm contract period ends in Q3 2028. During 2024, Goelo Enabler has operated with a rental gangway. The reinstatement of the original gangway started in January and is expected to be completed mid-March. During this period, Nordri Enabler will act as substitute vessel.

• Sudri Enabler operates for DEME at the Dogger Bank Wind Farm where she will be working until Q2 2025.
• Vestri Enabler was delivered from yard in November 2024 and commenced operation for NGG at the NNG wind farm where she will be working until Q2 2025

The utilization for our vessels during the quarter was 96% .

As at 31 December, Edda Wind has taken over operational and corporate management for the full fleet.

05 Management report Q4 2024

continued

Group consolidated results Q4 2024

Total operating income for Q4 2024 was EUR 20,088 thousand compared to EUR 11,400 thousand in Q4 2023. The increase in operating income is primarily driven by commencement of operation for new vessels. Total operating income for the full year 2024 was EUR 70,426 thousand, compared to EUR 39,368 thousand in 2023.

Operating expenses before depreciation were EUR 14,326 thousand in Q4 2024 compared to EUR 12,624 thousand in Q4 2023. The increase in operating expenses is mainly due to increased number of vessels in operation, less reduced frontrunner cost related to the delayed commencement of Goelo Enabler. During the quarter, the Group had total costs related to hired-in gangway on Goelo of EUR 730 thousand. In Q4 2023, the total cost of hired-in frontrunners and equipment was EUR 3,514 thousand. Operating expenses for the full year 2024 was EUR 51,311 thousand, compared to EUR 32,348 thousand in 2023.

The Group had an EBITDA of EUR 5,901 thousand in Q4 2024, compared to a negative EBITA of EUR 1,084 thousand in Q4 2023. EBITDA is positively affected by increased number of vessels in operation and reduced cost for hired-in frontrunners. EBITDA for the full year 2024 was EUR 19,670 thousand, compared to EUR 7,436 thousand in 2023.

Depreciation expense was EUR 3,703 thousand in Q4 2024, compared to EUR 2,349 thousand in Q4 2023. The increase is due to new vessels commencing operation during 2024. Depreciation expense for the full year 2024 was EUR 12,301 thousand, compared to EUR 7,210 thousand in 2023.

Net financial result in Q4 2024 was negative EUR 2,693 thousand, compared to a positive financial result of EUR 23 thousand in the same quarter last year. Net financial result is negatively affected by a write off of a long-term loan of EUR 1,862 thousand

during the quarter. Financial result for previous periods including 2023 has been restated due to an adjustment related to IAS 23 Borrowing Cost. Net financial result for the full year 2024 was negative EUR 3,039 thousand, compared to a positive net financial result of EUR 1,177 thousand in 2023.

The Group had a loss before tax of EUR 634 thousand in Q4 2024, compared to a loss before tax of EUR 3,550 thousand in Q4 2023. For the full year 2024 the Group has had a profit before tax of EUR 3,776 thousand compared to EUR 987 thousand in 2023.

Capital structure and financing

Cash and cash equivalents ended at EUR 33,369 thousand at 31 December 2024, down from EUR 34,826 thousand at 30 September 2024.

Total investment in newbuildings and vessels were EUR 641,124 thousand at 31 December 2024, up from EUR 599,528 thousand at 30 September 2024. Increase is mainly due to paid pre-delivery yard instalments.

Total interest-bearing debt was EUR 357,801 thousand at 31 December 2024, up from EUR 320,332 thousand at 30 September 2024. The increase is due to drawdowns on the debt facilities to finance newbuildings, less amortisation payments for the post-delivery debt facilities.

Total equity was EUR 330,280 thousand at 31 December 2024, compared to EUR 330,639 thousand at 30 September 2024. The decrease is due to a the total comprehensive income for the period. Equity was restated for 2023.

07 Management report Q4 2024

continued

Outlook

The offshore wind market is experiencing strong growth and is expected to continue expanding over the next decade. The leading analytical environments within offshore wind estimate a continued significant growth in energy generation capacity from offshore wind turbines. This will naturally be accompanied by a sharp growth in the number of wind turbines installed and in operation.

Rystad Energy is projecting that more than 6,000 turbines will be installed globally (but excl. China and US) by 2030. This growth in number of turbines is again linked to expected demand for C/SOVs to assist with commissioning and operation of these.

During 2024, approx. 20 C/SOVs were ordered, with delivery by 2028. Despite several new vessels that will enter the market, leading analytical environments project that a favourable supplydemand balance outlook will prevail as vessel owners are expected to remain disciplined. Newbuilding prices have also seen a sharp increase over the past year which is expected to protect market rates and market balance going forward.

Subsea tonnage which has previously been operating in the offshore wind industry is continuing to operate in the oil & gas markets, as demand and day rates achieved in these markets remain high.

For Edda Wind, as the leading shipowner and operator within the C/SOV market, the outlook in the offshore wind industry continues to be an opportunity for growth. The Company is currently experiencing increased tendering activity, supporting the growth expectations for the years to come.

Lastly, the US offshore wind market is currently facing challenges due to potential impacts from the re-emergence of the Trump administration, which may affect leasing and solicitation rounds for offshore wind. However, for Edda Wind, which has no operations in the US and no plans to enter the US market, the uncertainty related to the US offshore wind market has limited impact.

The newbuilding programme

As of December 2024, the Group had five CSOVs under construction. 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.

Quoted yard prices and values for similar vessels have increased significantly during the last years, implying that that the current fleet has been ordered at an opportune time and at attractive yard prices.

Subsequent events

No subsequent events

08 Key figures Q4 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.

məliflərin

squemeters

Q4 2024	Q3 2024	Q4 2023 (restated)	Full year 2024	Full year 2023 (restated)
20,088	18,413	11,400	70.426	39,368
634)	2,582	(3.550)	3,776	987
703.289	663.370	587.113	703,289	587,113
330,280	330,639	289,737	330,280	289,737
5,901	6.126	(1,084)	19,670	7.436
2,058	2,664	(3,573)	6,814	(190)
324.432	285.506	251,912	324.432	251,912
47.0%	49.8%	49.3%	47.0%	49.3%

· 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 31 December 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, 25 February 2025 (signed electronically)

Martha Kold Monclair

Board member

Duncan J. Bullock

Board member

Photo: Stephan Gieser

Income statement

(unaudited)

(EUR 1,000)

Freight income	2
Other operating income	2. 8
Gain on sale of asset
Total operating income
Payroll and remuneration
Other operating expenses	2
Total operating expenses
Operating profit before depreciation
Depreciation	3,10
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

Q4 2024	Q4 2023	Full year 2024	Full year 2023
	(restated)		(restated)
20,002	10,844	62,612	36,955
86	256	1,336	2,413
		6,478
20,088	11,400	70,426	39,368
(8,845)	(5,219)	(27,717)	(16,325)
(5,482)	(7,405)	(23,594)	(16,023)
(14,326)	(12,624)	(51,311)	(32,348)
5,762	(1,224)	19,115	7,020
(3,703)	(2,349)	(12,301)	(7,210)
2,058	(3,573)	6,814	(190)
303	258	1,277	1,543
(2,865)	(194)	(4,049)	(498)
(131)	(41)	(266)	132
(2,693)	23	(3,039)	1,177
(634)	(3,550)	3,776	987
(634)	(3,550)	3,776	987
(0.00)	(0.03)	0.03	0.01

Q4 2024	Q4 2023 (restated)	Full year 2024	Full year 2023 (restated)
(634)	(3,550)	3,776	987
272	(168)	2.458	રેત્વે જેવે
272	(168)	2,458	39
(362)	(3,718)	6,234	1,026

Statement of Financial Position

(unaudited)

(EUR 1,000)

ASSETS

Non-current assets
Vessels
Newbuildings
Other non-current assets
Machinery and equipment
Right-of-use asset
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 premium
Other equity
Total equity

Non-current liabilities

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

Current liabilities

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

Notes	31/12/2024	31/12/2023 (restated)
3	395,427	272,970
3	245,697	247,401
3,9,10	6,732	8,840
3	121	136
	252
	648,229	529,347
	18,276	10,650
	3,415	14,198
	33,369	32,918
	55,060	57,766
	703,289	587,113
5,6	1,220	1,071
	254,889	220,732
10	74,170	67,934
	330,280	289,737
4	309,278	257,101
	98
	309,376	257,101
	3,023	5,488
	550	183
4	48,523	27,729
	158
	11,380	6,875
	63,634	40,275
	703,289	587,113

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
Paid lease liability
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

Q4 2024	Q4 2023 (restated)	Full year 2024	Full year 2023 (restated)
(634)	(3,550)	3,776	987
2,693	(23)	3,039	(1,177)
3,703	2,349	12,301	7,210
		(6,478)
2,192	(7,768)	6,159	(20,120)
7,953	(8,992)	18,796	(13,100)
(46,875)	(67,703)	(162,179)	(235,804)
		39,752
			4,510
(46,875)	(67,703)	(122,427)	(231,294)
49,565	78,454	122,950	140,846
(12,442)	(1,090)	(52,877)	(10,564)
(143)	(2,351)	(105)	(3,708)
(39)		(79)
303	258	1,277	1.543
(196)		(196)
344	(193)	(1,227)	(426)
		34,305	105,032
37,393	75,079	104,048	232,724
(1,529)	(1,615)	418	(11,671)
72	(141)	34	(432)

34,674

32,918

32,918

33,369

45,021

32,918

34,826

33,369

Statement of changes in equity

(unaudited)

(EUR 1,000)

	Share capital	Share premium	Other paid-in capital	Retained earnings	Foreign currency translatio n reserve	other equity	Total equity
Balance at 01.01.2024	1,071	220,732	27,608	39,444	883	67,934	289,738
Share capital increase by issuance of new
shares	149	34,158					34,307
Profit for the period	-			3,776		3,776	3,776
Other comprehensive income					2,458	2,458	2,458
Balance at 31.12.2024	1,220	254,889	27,608	43,220	3,341	74,169	330,280
Balance at 01.01.2023	644	116,128	27,608	38,457	844	66,908	183,680
Share capital increase by issuance of new
shares	427	104,604					105,031
Loss for the period (restated)				987		987	987
Other comprehensive income					39	39	39
Balance at 31.12.2023	1,071	220,732	27,608	39,4444	883	67,934	289,737

(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 IFRS as endorsed by the EU. Conscidated 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.

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. 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

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, Eda Wind incurred liquidated damages for both vessels until delivery, in total EUR 7,0 million. The amount has been capitalised as other non-current assets and is recognised in the P&L on a straight-line basis over to contract period from the date the vessels were delivered to the clients. In 2024, EUR 555 thousand have been recognised over profit and loss (2023 EUR 416 thousand), of which EUR 139 thousand in fourth quarter (Q4 2023: EUR 140 thousand is included in the balance sheet as other non-current assets.

	Q4		Q4 Full year
	2024	2023	2024	2023
ng	12,770	6,556	39,652	23,271
			6.478
	86	556	1,336	2,413
	7,232	4,288	22,960	13,684
	20,088	11,400	70,426	39,368

continued

(EUR 1,000)

Note 3 Tangible assets

The tables below show the Group's tangible assets as of 31.12.2024

31/12/2024

Cost 01.01.2024

Additions

Disposal

Reclassification

Currency translation differences

Cost 31.12.2024

Accumulated depreciation and impairment losses 01.01.2024

Depreciation

Disposal

Currency translation differences

Accumulated depreciation and impairment losses 31.12.2024

Carrying amounts

Remaining instalments newbuildings 31.12.2024

məlinə və

ə qalınmışdır. İstinadlar İran İstinadlar İstinadlar İstinadlar İstinadlar İstinadlar İstinadlar İstinadlar İstinadlar İstinadlar İstinadlar İstinadlar

4 and 31.12.2023.

	Periodic		Right-of-
Vessels	maintenance	Equipment	use asset	Newbuildings	Total
283,523	11,236	212		247,401	542,371
2,835	69	36	329	158,911	162,179
(39,724)	(2,675)				(42,398)
156,565	4,050			(160,615)
4,255	290				4,545
351,108	11,582	248	329	246,863	666,697
(18,513)	(3,276)	(76)		I	(21,865)
(10,308)	(1,864)	(51)	(76)		(12,301)
8,142	1,510				9,652
(576)	(108)				(୧୫୧)
(21,255)	(3,739)	(127)	(76)		(25,197)
386,198	9,230	121	252	245,697	641,495
				89,842	89,842

continued

(EUR 1,000)

Note 3 continued Tangible assets continued

31/12/2023 (restated)

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

Carrying amounts for vesses and newbuildings have been affected by a restatement of 2023 and 2024 related to capitalisation of borrowing cost. Refer to note 10 for information on the restatement made.

The depreciation schedule for vessels is 30 years straight-line depreciation. For periodic maintenance, the 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 the construction period. Capitalised cost for vessels under construction is reclassified to vessels when the vessel is delivered and ready for use. Vessels under construction until the vesselis ready for use.

	Periodic
Vessels	maintenance	Equipment	Newbuildings	Total
78,820	2,273	76	223,082	304,250
	3,536	136	233,107	236,779
203,392	5,396		(208,788)
1,311	31			1,342
283,523	11,236	212	247,401	542,371
(12,256)	(2,122)	(69)	I	(14,447)
(6,075)	(1,129)	(7)		(7,210)
(182)	(25)			(207)
(18,513)	(3,276)	(76)	I	(21,865)
265,011	7,959	136	247,401	520,508
			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 31 December 2024 the market opitalisation of the book value of its equity. As a result, the Group performed an impairment test at the fourth quarter for each of its operational C/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 useful lifetime of the estimates for 2025 and onwards reflect the current market conditions. The Group has used a discount rate in the interval of 8%-11% for cash flows denominated in EUR and GBP. The recoverable amount exceeded the carrying amount in the value-in-use calculation and thus the impairment test did not reveal any need for impairment.

məlulənq

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 31 December 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.

	31/12/2024	31/12/2023
Repayment schedule for debt to financial institutions
Due in year 1	44,161	23,642
Due in year 2	29,720	43.537
Due in year 3	34,851	29,895
Due in year 4	30,265	31,567
Due in year 5 and later	147.839	82,894
Total repayment schedule for debt to financial institutions	286,837	211,534

The repayment schedule for debt to financial institutions is based on renewal of a bank guarantee is not renewed, an additional EUR 42.0 million of debt to financial institutions will fall due in year 3.

The Company has under one of its credit facility which is linked to backlog from commenced charter parties. Of the available amount, EUR 5.1 million is drawn and included in non-current interest-bearing debt.

357,801	284,830
48,523	27,729
309,278	257,101
	31/12/2024

357,801	284,830
70,965	73,296
286,837	211,534
31/12/2024	31/12/2023

continued

(EUR 1,000)

Note 4 continued Interest-bearing debt

	31/12/2024	31/12/2023
Repayment schedule for bond
Due in year 1	4,362	4,088
Due in year 2	4.751	4,268
Due in year 3	5,156	4,763
Due in year 4	5,193	5,081
Due in year 5 and later	51,503	55,096
Total repayment schedule for bond	70,965	73,296

continued

Note 5 Share capital

Edda Wind's share capital amounts to NOK 12,931,448.80 divided into 129,314,488 shares, each with a nominal value of NOK 0.1.

Largest shareholders at 31 December 2024

Shareholder

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.

Refer to note 10 for information on performed restatement.

məlulən Q

Country	Number of shares	Ownership share
Cyprus	40,125,100	31.0 %
Norway	40,113,400	31.0 %
Switzerland	26,088,632	20.2 %
Luxembourg	2,203,184	1.7 %
Luxembourg	1,331,617	1.0 %
United Kingdom	925.537	0.7 %
Norway	840,000	0.6 %
United Kingdom	725,802	0.6 %
United States	665.780	0.5 %
Luxembourg	595,139	0.5 %
	113,614,191	87.9 %
	15,700,297	12.1 %
	129,314,488	100.0 %

	Q4 2024	Q4 2023 (restated)	Full year 2024	Full year 2073 (restated)
SA	(634,127)	(3,550,094)	3,775,764	986,906
53	129,314,488	112,314,488	121,046,728	101,819,340
	(0.00)	(0.03)	0.03	0.01

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 subsidianes, 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 2023) and recognised a deferred tax asset of EUR 0 as of 31 December 2024 (deferred tax asset of EUR 0 thousand as of 31 December 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

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

Q4 2024	Q4 2023	Full year 2024	Full year 2073
			3,270
	381	792	1,281
-	(98)	(80)	(375)
-	3,717	5,375	11,859
	43	35	43
39	104	89	104
267	249	668	699
306	4,396	6,879	16,881

continued

(EUR 1,000)

Note 9 Financial items

Financial income
Other financial income
Total financial income
Financial expense
Interest expenses
Realised loss financial derivatives
Impairment of loan
Other financial expenses
Total financial expense

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 agreement in the net amount of EUR 2.4 million paid over two years. The remaining loan amount, EUR 1,8 million, was written down to zero in Q4 2024.

Refer to note 10 for information on performed restatement.

Overview

Full year 2023 (restated)	Full year 2024	Q4 2023 (restated)	Q4 2024
1,543	1,277	258	303
1,543	1,277	258	303
	(861)		(530)
(71)
	(1,862)		(1,862)
(426)	(1326)	(193)	(473)
(498)	(4,049)	(194)	(2,865)

continued

(EUR 1,000)

Note 10 Restatement of previous periods

The Group has reassessed its application of IAS 23 Borrowing cost and its effect on capitalisation of borrowing cost related to the newbuilding programme. Historically, Edda Wind has only capitalsed to specific borrowings, i.e. Ioans directly attributable to the qualifying assets in the Group. However, the new application of IAS 23 also takes into consideration that the Group has general borrowings, i.e. loans that cannot be directly allocated to the construction of a qualifying asset. The change in application of general borrowings, has been implemented retrospectively and 2023 have been restated.

Effects on Statement of Financial Position in 2023:

	31/12/2023 (restated)	Adjustment 31/12/2023	31/12/2023 (prior to restatement)	30/09/2023 (restated)	Adjustment 30/09/2023	30/09/2023 (prior to restatement)
ASSETS
Non-current assets
Vessels	272,970	1,748	271,222	225,504	1,748	223,756
Newbuildings	247,401	3,107	244,294	228,500	1.575	226,925
Total non-current assets	529,347	4,855	524,492	462,941	3,323	459,618
Total assets	587,113	4,855	582,258	508,372	3,323	505,049
EQUITY AND LIABILITIES
Other equity	67,934	4,855	63.079	71,652	3,323	68,329
Total equity	289,737	4,855	284,882	293,455	3,323	290,132
Total equity and liabilities	587,113	4,855	582,258	508,372	3,323	505,049

Effects on Income statement in 2023:

	Q4 2023 (restated)	Adjustment Q4 2023	Q4 2023 (prior to restatement)	Full year 2023 (restated)	Adjustment Full year 2023	Full year 2023 (prior to restatement)
Financial expense	(194)	1,532	(1,726)	(498)	4,855	(5,353)
Financial income/(expense)	23	1,532	(1,509)	1,177	4,855	(3,678)
Profit/(loss) before tax	(3,550)	1,532	(5,082)	987	4,855	(3,868)
Profit/(loss) for the period	(3,550)	1,532	(5,082)	987	4,855	(3,868)
Basic / diluted earnings per share in EUR	(0.03)	0.02	(0.05)	0.05	0.09	(0.04)

continued

(EUR 1,000)

Note 10 continued Restatement of previous periods

Effects on Statement of Financial Position in 2024:

	(restated)	30/09/2024 Adjustment 30/09/2024	30/09/2024 30/06/2024 (prior to restatement)	(restated)	Adjustment 30/06/2024	30/06/2024 31/03/2024 (prior to restatement)	(restated)	Adjustment 31/03/2024	31/03/2024 (prior to restatement)
ASSETS
Non-current assets
Vessels	345,750	4.244	341,506	239,981	1,719	238,262	240,609	1,733	238,876
Newbuildings	253,778	6,915	246,863	312,784	7.100	305,684	261,523	4,907	256,616
Total non-current assets	608,651	11,159	597,492	561,671	8,819	552,852	511,015	6,640	504,375
Total assets	663,370	11,159	652,211	637,081	8,819	628,262	588,198	6,640	581,558
EQUITY AND LIABILITIES
Other equity	74,530	11,159	63,371	71,286	8,819	62.467	72,314	6,640	65,674
Total equity	330,639	11,159	319,480	327,395	8,819	318,576	294,117	6,640	287,477
Total equity and liabilities	663,370	11,159	652,211	637,081	8,819	628,262	588,198	6,640	581,558

Effects on Income statement in 2024:

	Q3 2024 (restated)	Adjustment Q3 2024	Q3 2024 (prior to restatement)	Q2 2024 (restated)	Adjustment Q2 2024	Q2 2024 (prior to restatemen p	Q1 2024 (restated)	Adjustment Q1 2024	Q1 2024 (prior to restatement)
Depreciation	(3,323)	(29)	(3,294)	(2,453)	(15)	(2,438)	(2,822)	(15)	(2,807)
Operating profit	2,664	29)	2,693	(1,959)	(15)	(1,944)	4,051	(15)	4,066
Financial expense	(436)	2,370	(2,806)		2,194	(2,201	(740)	,800	(2,540)
Financial income/(expense)	(81)	2,370	(2,452)	255	2,194	(1,939)	(518)	1,800	(2,318)
Profit/(loss) before tax	2,582	2,340	241	(1,704)	2,179	(3,883)	3,533	1,785	1,748
Profit/(loss) for the period	2,582	2,340	241	(1,704)	2,179	(3,883)	3,533	1,785	1,748
Basic / diluted earnings per share in EUR	0.02	0.02	0.00	(0.02)	0.01	(0.03)	0.03	0.01	0.02

Creative Proj

continued

(EUR 1,000)

Note 11 Subsequent events

No subsequent events

Spannavegen 152 Haugesund, Norway post@eddawind.com

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