Edda Wind

Quarterly presentation, Q1 2024

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

▪ Q1 highlights

▪ Market

Q1 2024 key events

System upgrades and increased commissioning work

Revenue of EUR 17m (+EUR 10.0m vs. Q1 2023)
EBITDA of EUR 7m (+EUR 6.3m vs. Q1 2023)
Edda Nordri commenced operation for Vestas
Gangway systems upgraded, enhancing reliability and performance
Sale of Edda Passat
Subsequent events:
- Launch of «Enabler» name
- Naming ceremony of Sudri Enabler
- Delayed commencement of operation for Goelo Enabler

Q1 2024: Quarterly results driven by loss of revenue and additional costs partly offset by gain on vessel sale

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.

Edda Nordri commenced operation for Vestas

Successfully commenced operations for Vestas in March
- Prior to Vestas, Nordri has been operating as a frontrunner on the Siemens Gamesa ("SGRE") contract for Goelo Enabler
Contract period of up to approx. 750 days, including options, in 2024 and 2025
First of our newbuilds to enter into short -term commissioning segment
As the Company strive for a balanced portfolio, most of our newbuilds is expected to follow suit by entering short -term commissioning charters upon delivery

Gangway system upgraded, enhancing reliability and performance

Gangway systems successfully upgraded, enhancing reliability and performance
All three vessels back into operation and on full hire
Testing programme for newbuildings significantly improved
Operational benefits from experience gained and newbuilds are to be upgraded prior to delivery

Edda Boreas Edda Brint Edda Breeze ▪ Commenced operation July 2023 ▪ On contract with SSE at Dogger Bank Windfarm until 2025 + options ▪ Commenced operation March 2023 ▪ On contract with Vestas at Seagreen Offshore Windfarm until 2037 ▪ Commenced operation March 2023 ▪ On contract with Ocean Breeze at Bard Offshore 1 Windfarm until 2032 + options

Edda Wind launches «Enabler» with naming of "Sudri Enabler"

Naming ceremony of "Sudri Enabler" in May
"Sudri Enabler" first in the company's new series of vessel names
The traditional ceremony took place at Gondan Shipbuilders yard in Spain

Enabler line

All vessels in the Edda Wind fleet will carry the name «ENABLER» as a visual, constant and strong reminder to ourselves and our customers of our vision and expertise
Renaming process of the rest of the Edda Wind fleet to commence shortly

New vessels names

Mistral Enabler Brint Enabler Goelo Enabler

Sudri Enabler We enable a greener future - and we do so through each of our vessels.

Goelo Enabler delivered from Yard, but commencement of operation delayed following incident in May

Goelo Enabler delivered from yard in March 2024
Incident during Harbour Acceptance Test will however delay commencement of operation, which was set to start in May 2024
Repairs have started, investigating ongoing
Goelo Enabler is set to be the permanent vessel for the Siemens Gamesa contract

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

Market fundamentals remains strong

Strong growth expected in # turbines¹…

NWE Taiwan North America South America

…resulting in high demand for C/SOVs¹

CSOV demand (ex China) SOV demand (ex China)

Source: Clarksons Offshore & Renewables

1) Figures excluding China
2) Measured in GW

Thousands

Disciplined supply and steadily increasing newbuilding prices support high C/SOV economics

The supply side remains

…and yard newbuilding prices are increasing ²…

…leading to strong outlook for C/SOV economics

Source: Clarksons Offshore & Renewables

1) Excluding China 2) CSOV class (LOA 85-90m / DP2 / POB 90-120 / Integrated MCG with height adjustability / MCC 5t 3D), APAC: India/Vietnam/Sri Lanka. Spain prices including Spanish Tax Lease 3) Average annual dayrate (minimum) used as proxy for annual rate 4) Analyst consensus: ABGSC, Carnegie, Clarksons, Fearnleys, Pareto

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

Vessel	Type	Start1	End	Option	Location
Edda Mistral	SOV	Sep-18	Sept-25	3x1 year	Hornsea One wind farm, UK
Edda Brint	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
Edda Breeze	CSOV	Apr-21	Apr-32	Up to 2,6 years	BARD Offshore 1 wind farm, Germany
Edda Boreas	CSOV	Q3-23	Q2-25	1 year	Dogger Bank wind farms, UK
Edda Nordri	CSOV	Q1-24	Q1-26	< 1 year	Northern Europe
Sudri Enabler	CSOV	Q2-252	Q4-25	< 1 year	Northern Europe
C503	CSOV	Q4-24
C504	CSOV	Q2-25
NB965	CSOV	Q1-25
NB966	CSOV	Q1-25
NB967	CSOV	Q2-25
NB968	CSOV	Q1-26

Under construction Firm contract Option period

Source: Company information

1) Planned delivery for uncontracted vessels under construction

2) Sudri Enabler to be delivered Q2 2024 and ready for operation in Q3 2024 14

Attractive backlog

Total backlog of EUR 416m in place (firm backlog of EUR 299m) 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 Q1 2024

Edda Wind – vessel availability

Vessel availability well matched to CSOV demand and supply curves

Financials

Key financials – income statement

EUR thousand (unaudited)	Q1 2024	Q1 2023	Full year 2023
Freight income	9,932	6,235	36,955
Other operating income	580	658	2,413
Gain on sale of asset	6,478	-	-
Total operating income	16,990	6,893	39,368
Payroll and remuneration	(5,216)	(1,963)	(16,325)
Other operating expenses	(4,901)	(4,257)	(16,023)
Total operating expenses	(10,117)	(6,220)	(32,348)
Operating profit before depreciation	- 6,873	673	7,020
Depreciation	(2,807)	(773)	(7,210)
Operating profit	- 4,066	(100)	(190)
Financial income/(expense)	(2,318)	(333)	(3,678)
Profit/(loss) before tax	1,748	(433)	(3,868)
Profit/(loss) for the period	1,748	(433)	(3,868)

Thousands

Comments Q1 2021

Operating income up ~ EUR 10m y-o-y
LTM operating income of EUR 49.5m up from EUR 28.6m in Q1 2023 (+73%)
Gain related to the sale of Edda Passat of EUR 6.5m
1t ▪ Operating expenses include frontrunner cost during gangway upgrade period
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.

Key financials – balance sheet

ASSETS (EUR thousand)	31.03.2024	31.12.2023
Non-current assets
Vessels	238,876	271,222
Newbuildings	256,616	244,294
Other non-current assets	8,883	8,976
Total non-current assets	504,375	524,492
Current assets
Account receivables	12,393	10,650
Other current receivables	18,890	14,198
Cash and cash equivalents	45,900	32,918
Total current assets	77,183	57,766
Total assets	581,558	582,258

EQUITY AND LIABILITIES (EUR thousand)	31.03.2024	31.12.2023
Equity
Total equity	287,477	284,882
Non-current liabilities
Non-current interest-bearing debt	250,003	257,101
Total non current liabilities	250,003	257,101
Current liabilities
Account payables	4,014	5,488
Current interest-bearing debt	31,129	27,729
Other current liabilities	8,935	7,058
Total current liabilities	44,078	40,275
Total equity and liabilities	581,558	582,259

Comments Q1 2024

Equity ratio of 49%¹
Cash position of EUR 46m
NIBD of EUR 224m²
Value of vessels, including newbuildings up to EUR 495m – in line with newbuilding programme

1) Total equity / total equity and liabilities

2) Excluding EUR 11m in pre-financing of the tax lease benefit under the Spanish tax lease structure. Amount received in April and used to settle the pre-funding loan – amount included in current interest bearing debt and other current receivables as at 31.03.2024

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

Key debt financing information Debt facility breakdown²

EUR 110m Senior Secured Term Loan Facility

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

EUR 120m green loan facility

▪ Pre-and post delivery financing of Edda Nordri, 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 Edda Breeze
Semi-annual amortization based on annuity style profile with balloon payment at maturity in Sep '31

GBP 36m Private Placement

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

Interest

Blend of fixed and floating interest rate
Average all-in fixed interest cost incl. CIRR of ~3.3%¹

Repayment structure (balloons)

¹⁾ Edda Wind has fixed interest on ~60% of its interest-bearing debt

Edda Wind's fleet growth is continuing in 2024

Summary

Successful system upgrades, improving operational performance

Strong backlog of EUR 416m supporting cash flow visibility and dividend capacity

2024 financials expected to be impacted by offhire, frontrunner costs and organisational ramp-up

Increasing demand for top tier C/SOVs and high seasonal dayrates observed

Goelo Enabler delayed following incident

Edda Wind vessel availability well matched to demand

Thank you

eddawind.com

Investor Relations

Questions & comments to:

Mr. Kenneth Walland, CEO Tel: +47 916 93 418 E-mail: [email protected] Mr. Hermann H. Øverlie, CFO Tel: +47 922 46 501 E-mail: [email protected] Mr. Lars Stubhaug, VP Finance Tel: +47 917 42 725 E-mail: [email protected]