Edda Wind AS — Investor Presentation 2022

May 3, 2022

Edda Wind ASA

QUARTERLY PRESENTATION

Q1 2022

3 May 2022

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 offhore 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 forwardlooking 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
• ➢ Expected market growth of 5x next 8 years
• ➢ 2 vessels in operation and 9 newbuilds
• ➢ Very attractive yard prices as newbuild prices increase significantly
• ➢ Newbuilds prepared for zero emission
• ➢ Balanced contract portfolio with 6 vessels contracted and 5 uncommitted
• ➢ No technology risk as vessels can serve all types of turbines

Highlights

Q1 2022 presentation

Market Company

Demand side growing

Global Offshore Wind FID

#turbines Number of Turbines 35,000 $\frac{8}{5}$ 30,000
$\frac{1}{5}$ $525,000$ $\begin{array}{l}\n\phantom{0}3.000 \ \phantom{0}20.000 \ \phantom{0}30.000\n\end{array}$ $\frac{8}{15}$ 15,000
$\frac{1}{25}$ 10,000
$\frac{1}{25}$ 5,000
$\frac{1}{25}$ $\bf{0}$ 2022 2023 2024 2025 2026 2027 2028 2029 2030 $NWE$ ■Taiwan North America Apac ex. China/Taiwan $\blacksquare$ China South America

Cumulative additions turbines offshore wind

Source: Clarksons Research Services, Clarksons Platou Renewables

edda wind

Strong fundamentals and outlook for C/SOVs

Favourable supply/demand balance resulting in an expected uplift in economics

Projected strong growth in # of turbines globally

…and C/SOV economics expected to edge up

Highly attractive backlog and financial profile

Total backlog of EUR 467m in place (firm backlog of EUR 323m) 1

Revenue backlog per client¹

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 Q4 2021 8

34

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Six out of eleven vessels on contract

Q1 2022 presentation

Edda Wind - 9 newbuilds at attractive prices

Edda Wind – fleet contract status

Vessel availability well matched to CSOV demand & supply curves

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

Capable of 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

Focused design philosophy Safely delivering all aspects to operation & crewing of the vessel

Environmentally friendly fleet – prepared for zeroemission

Low carbon footprint

• ✓ Strategy exclusively focusing on renewable energy
• ✓ Newbuilds equipped with an energy efficient battery hybrid propulsion system
• ✓ Newbuilds with a minimum of 30% GHG reduction compared to the previous generation offshore wind service vessels

Prepared for zero-emission

• ✓ Newbuilds prepared for zero-emission operations without compromising operational capabilities
• ✓ LOHC will deliver full operational cycles with zero GHG emissions
• ✓ No compromise on safety, logistics or endurance ensuring client operations run smooth

Future-proof design

• ✓ Standard for the next generation of offshore wind service vessels set by Edda Wind (again)
• ✓ Option to transform to zero-emission propulsion at a competitive cost
• ✓ Edda Wind aims to operate first zero-emission C/SOV from 2025

14

Attractive financing in place

Q1 2022 presentation

Key debt financing information Debt amortization schedule¹

• Quarterly amortization based on annuity style profile with balloon payment at maturity in Apr '37
• Outstanding per Q1 2022 (equiv.) EUR 42 mill

Income Statement

(EUR 1000)

OPERATING REVENUE AND OPERATING EXPENSES	Q 1 2022	Q1 2021	Full Year 2021
Freight income	6644	4 2 5 3	23 933
Other operating income	125	113	484
Total operating income	6768	4366	24 4 16
Payroll and remuneration	(1914)	(1505)	(7320)
Other operating expenses	(2951)	(694)	(10914)
Total operating expenses	(4864)	(2199)	(18234)
Operating profit before depreciation	1904	2 1 6 7	6182
Depreciation	(816)	(778)	(3169)
Operating profit	1088	1390	3013
Financial income/(expense)	(306)	(208)	(772)
Profit/(loss) before tax	782	1182	2242
Tax (income)/expense	٠		٠
Profit/(loss) for the year	782	1182	2242

Balance Sheet

(EUR 1000)

Non current assets 41 23 Deferred tax asset Vessels 71645 74 630 158 542 53 870 Newbuildings 3 Machinery and equipment ٠ 230 210 128 544 Total non current assets Current assets Account receivables 4675 4781 Other current receivables 353 893 6426 27 810 Other current assets Cash and cash equivalents 69 279 4037 37 521 Total current assets 80733 Total assets 310 944 166066	ASSETS	31/03/22	31/03/21	31/12/21
				23
				73 611
				131 077
				3
				204 715
				3575
				ı.
				7791
				89 520
				100886
				305602

Balance Sheet

(EUR 1000)

644	9	644
٠		٠
116 128	$\overline{\phantom{a}}$	116 128
67490	66 213	67560
184 262	66222	184 332
115 2 2 2	81394	110 545
115 2 2 2	81394	110 545
1559	12 0 8 6	1555
$\overline{7}$	419	91
24	51	٠
101	٠	96
8527	4749	6 9 5 1
1241	1145	2 0 3 1
11459	18 450	10724

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

Thank you!