Edda Wind AS — Investor Presentation 2024

Aug 28, 2024

Edda Wind

Quarterly presentation, Q2 2024

We enable a greener future

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.

Agenda

Q2 2024 key events

Revenue growth but cost impacted by frontrunners

• Revenue of EUR 14.9 million (EUR 5.7 million above Q2 2023)
• EBITDA of EUR 0.6 million (EUR 2.2 million below Q2 2023)
• Private placement of NOK 400 million successfully placed in June
• Sudri Enabler secured a charter with DEME Offshore commenced operation in July 2024
• Subsequent events:
  • Commencement of operation for Goelo Enabler and Sudri Enabler

Q2 2024: Y-o-y revenue growth, but quarterly results driven by additional costs related to frontrunner

1) Operating income includes gain on vessel sales

2) EBITDA (earnings before interest, tax, depreciation and amortisation) is defined as operating revenue and gain/loss on sale of assets less operating expenses. Operating revenue is adjusted for amortisation of late delivery penalties.

Private placement of NOK 400 million successfully placed, reinforcing Edda Wind as the leading C/SOV provider

Source: Company information

• 1) Measured by number of vessels
• 2) Edda Passat was sold in Q1 2024

Goelo Enabler commenced operations in July

Goelo Enabler commenced operations for Siemens Gamesa

• Goelo Enabler was delivered from yard in March 2024, however an incident during Harbour Acceptance Test causing damages to the gangway delayed commencement of operation which was set to start in May 2024
• On 18 July, Goelo Enabler commenced operation and is now the permanent vessel for the SiemensGamesa contract on the Saint-Brieuc wind farm
• The vessel is operating with a rental gangway which is to be replaced by the original gangway in Q4/24-Q1/25, in time for Edda Nordri or C503 to be ready to act as substitute (or an external frontrunners) during the repair and reinstatement period

Source: Company information

1) The contract with Siemens Gamesa initially started in Q4 2023 and has been operated by frontrunner vessels until Goelo Enabler commenced operation in July 2024

Sudri Enabler commenced operation in July and is now fully booked until 2026

Proven ability to move vessels directly from construction to attractive contracts

Edda Wind is demonstrating its ability to move vessels directly from construction to attractive contracts evidenced by Sudri Enabler

On the 19 July, the vessel commenced operations for DEME at the Dogger Bank Wind Farm where she will be working until Q2 2025

Following the work at Dogger Bank, Sudri Enabler is planned to commence operations for Vestas from Q2 2025 and is fully booked to the end of 2025, with options extending into 2026

~6

Straight quarters of employment booked on firm short-term charters prior to vessel delivery

close to 100%

Employment booked on short-term charter contracts next ~1.5 years

Edda Wind extends its trackrecord of moving vessels directly from construction to attractive contracts – six newbuilds coming to market 2024-2026

Clear steps to enhance fleet economics based on designated activities

Economics of scale, in-housing and further efficiency drive economics

Edda Wind will gradually take over the management of its vessels from Q3 2024, which adds flexibility and optimisation ability

Strengthening the organisation with highly experienced operational employees to manage the vessels, including vessel managers, technical operators, gangway specialists

Building a lean and profitability-driven organisation with expected scale benefits as the vessels are commencing operations

Strengthening administrative functions to do all vessel and organisational management

Organisation has grown from 6 FTEs in mid 2023 to 23 FTEs currently – some additional FTEs expected to join during 2024-2025 following management take-over

Vessel managers

Technical operators

Administrative functions

Economics of scale combined with lean organisation to enhance economics and value creation

Expected cost reduction from economies of scale, in-housing of management and other efficiencies

Demand outlook remains favourable – Edda Wind is looking forward to further newbuild deliveries

• Favorable demand outlook for C/SOV
• Edda Wind is experiencing increased tendering activity
• Delays and unscheduled work at the wind farms resulting in additional work for CSOVs
• Despite recent newbuilding orders, C/SOV demand is still estimated to significantly outgrow supply
• High seasonal dayrates observed for the CSOV market driven by limited "tier 1" vessel availability

Majority of existing fleet on long-term contracts – newbuilds more tilted towards commissioning

Vessel	Type	Client	Start1	End	Option	Location	'24	'25	'26	'27	'28	'29	'30	'31	'32
Mistral Enabler	SOV		Sep-18	Sept-25	3x1 year	Hornsea One wind farm, UK
Brint Enabler	SOV		Mar-23	May-37	Up to 1.6 years	Seagreen wind farm, UK
Goelo Enabler	SOV		Q4-23	Q3-28	<1 year	Saint-Brieuc, wind farm, France
Breeze Enabler	CSOV		Apr-21	Apr-32	Up to 2.6 years	BARD Offshore 1 wind farm, Germany
Boreas Enabler	CSOV		Q3-23	Q2-25	1 year	Dogger Bank wind farms, UK
Nordri Enabler	CSOV		Q1-24	Q1-26	< 1 year	Northern Europe
Sudri Enabler	CSOV	+	Q3-24	Q4-25	< 1 year	Northern Europe
C503	CSOV		Q4-24
C504	CSOV		Q2-25
NB965	CSOV		Q1-25
NB966	CSOV		Q2-25
NB967	CSOV		Q2-25
NB968	CSOV		Q1-26

Under construction Firm contract Option period

Strong and attractive backlog with solid counterparties

Total backlog of EUR 424m in place (firm backlog of EUR 314m) 1

Source: Company information

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 Q2 2024

13

Significant open capacity well timed to take advantage of rising C/SOV day rates

Source: Company information, Equity research reports

1) Analyst consensus: ABGSC, Arctic, Carnegie, Clarksons, Fearnleys, SB1M

Financials

Key financials – income statement

EUR thousand (unaudited)	Q2 2024	Q2 2023	H1 2024	H1 2023
Freight income	14,350	8,678	24,282	14,913
Other operating income	585	566	1,165	1,224
Gain on sale of asset	-	-	6,478	-
Total operating income	14,935	9,244	31,925	16,137
Payroll and remuneration	(5,970)	(4,279)	(11,186)	(6,242)
Other operating expenses	(8,471)	(2,247)	(13,372)	(6,504)
Total operating expenses	(14,441)	(6,526)	(24,558)	(12,746)
Operating profit before depreciation	494	2,718	7,367	3,391
Depreciation	(2,438)	(1,782)	(5,243)	(2,555)
Operating profit	- (1,944)	936	2,122	836
Financial income/(expense)	(1,939)	(1,135)	(4,257)	(1,467)
Profit/(loss) before tax	(3,883)	(199)	(2,135)	(631)
Profit/(loss) for the period	(3,883)	(199)	(2,135)	(631)

Comments Q2 2024

• Operating income up ~ EUR 6m y-o-y
• H1 2024 operating income of EUR 32m up from EUR 16m in H1 2023 (+98%)²
• Operating expenses include frontrunner cost during gangway upgrade period
• 1t ▪ Interest expenses up y-o-y as a consequence of delivery of new vessels

1) EBITDA (earnings before interest, tax, depreciation and amortisation) is defined as operating revenue and gain/loss on sale of assets less operating expenses. Operating revenue is adjusted for amortisation of late delivery penalties. 2) Gain related to the sale of Edda Passat of EUR 6.5m in Q1 2024

Key financials – balance sheet

ASSETS (EUR thousand)	30.06.2024	30.06.2023	31.12.2023
Non-current assets
Vessels	238,262	171,204	271,222
Newbuildings	305,684	222,794	244,294
Other non-current assets	8,906	8,937	8,976
Total non-current assets	552,852	402,935	524,492
Current assets
Account receivables	10,614	5,343	10,650
Other current receivables	5,893	1,703	14,198
Cash and cash equivalents	58,903	70,449	32,918
Total current assets	75,410	77,495	57,766
Total assets	628,262	480,430	582,258

EQUITY AND LIABILITIES (EUR thousand)	30.06.2024	30.06.2023	31.12.2023
Equity
Total equity	318,576	288,720	284,882
Non-current liabilities
Non-current interest-bearing debt	271,609	171,311	257,101
Total non current liabilities	271,609	171,311	257,101
Current liabilities
Account payables	4,376	2,734	5,488
Current interest-bearing debt	24,904	14,523	27,729
Other current liabilities	8,797	3,140	7,058
Total current liabilities	38,077	20,397	40,275
Total equity and liabilities	628,262	480,430	582,258

Comments Q2 2024

• Equity ratio of 51%¹
• Cash position of EUR 59m
• NIBD of EUR 238m
• Value of vessels, including newbuildings up to EUR 544m – in line with newbuilding programme

Attractive vessel financing in place for all but one vessel with large portion of fixed interest

Key debt financing information Debt facility breakdown

EUR 110m Senior Secured Term Loan Facility

• Financing of Goelo Enabler, Boreas Enabler and Mistral Enabler
• Revolving credit facility of up to EUR 20m

EUR 120m green loan facility

▪ Pre-and post delivery financing of Nordri Enabler, Sudri Enabler and C503

EUR 161m green term loan facility

▪ Pre-and post delivery financing of NB965, NB966, NB967 and NB968

EUR 38m Private Placement

• Financing of Breeze Enabler
• Semi-annual amortization based on annuity style profile with balloon payment at maturity in Sep '31

GBP 36m Private Placement

• Financing of Brint Enabler
• Quarterly amortization based on annuity style profile with balloon payment at maturity in Apr '37

Interest

▪ Blend of fixed and floating interest rate

Debt maturity (balloons)

Edda Wind's fleet growth is continuing

Summary

C/SOV market leader 1 ¹ with a fleet comprising of 13 vessels (incl. newbuildings)

2 Operational track record and successful systems upgrades improving reliability and performance

3 Significant contract backlog with leading clients, mixed with attractive market exposure

Tight market with increasing dayrates observed combined with a strong demand outlook protected by increasing newbuilding prices

4

5 Robust financing platform, with long-tenure debt financing fixed at attractive interest rate

Q&A

eddawind.com

Investor Relations

Questions & comments to:

Mr. Kenneth Walland, CEO Tel: +47 916 93 418 E-mail: kenneth.walland@eddawind.com Mr. Hermann H. Øverlie, CFO Tel: +47 922 46 501 E-mail: hermann.overlie@eddawind.com Mr. Lars Stubhaug, VP Finance Tel: +47 917 42 725 E-mail: lars.stubhaug@eddawind.com