Edda Wind AS — Investor Presentation 2024

Feb 29, 2024

Edda Wind ASA

Quarterly presentation, Q4 2023

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

• Edda Wind in brief
• Q4 2023 highlights
• Market
• Financials ▪ Q&A 123456
• Summary

Edda Wind In brief

Market leader in offshore wind (C/SOV)

Newbuilds prepared for zero emission

Established strong customer relationships Balanced contract portfolio

6 vessels in operation and 8 newbuilds¹

Attractive yard prices and delivery schedule

Low technology risk as fleet can serve all types of turbines

~50 years

Offshore service experience

years Offshore wind experience

~10

EUR 416m

Total backlog per Q4 2023

By 2026

13

vessels²

Flexible fleet strategy

Vessels on short term contract

Q4 2023 highlights

Q4 2023 key events

Revenue growth continued

• Revenue of EUR 11.4m (+55% growth vs. Q4-22)
• Full year 2023 revenue of EUR 39.4m (+38% growth vs 2022)
• EBITDA of EUR –1.1m, negatively impacted by frontrunner cost and offhire
• Edda Nordri commenced operation in December
• Attractive EUR 161m green term loan facility secured in December
• Subsequent events:
  • Sales and Purchase Agreement (SPA) entered into for the sale of Edda Passat
  • Seatrials commenced for Edda Goelo
  • System upgrades on gangways causing offhire

Q4 2023: Solid y-o-y revenue growth, but profitability affected by unscheduled offhire and frontrunner costs

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.

Edda Nordri commenced operation in December 2023

• Edda Nordri delivered under the Siemens Gamesa contract¹ in December 2023 and will start operation for Vestas in March 2024
• Number three of six sister vessels to be delivered by Gondan (following Edda Breeze and Edda Boreas)²
• Accommodation capacity for up to 120 persons in total
• Prepared for emission-free operations with a hydrogen-based propulsion system

New EUR 161m green term loan facility agreement entered into in December 2023

During 2023, Edda Wind secured financing in excess of EUR 400m in total capital

• In December 2023, Edda Wind entered into an attractive green term loan facility agreement for the pre- and postdelivery financing of the four vessels under construction at Vard
• EUR 161m green loan facility corresponding to a leverage ratio of 60% of the total ready for sea cost of the vessels
• All but one (C504) vessels in operation and under construction have now secured long term debt financing
• Including the EUR 161m green term loan facility, Edda Wind raised in excess of EUR 400m in capital during 2023 for its newbuilding programme

Sale of Edda Passat – transaction expected to be concluded in March

• SPA entered into for the sale of Edda Passat on 9 February 2024 1
• The transaction is expected to take place in March 2024
• The rationale for the sale of the vessel is to optimise Edda Wind's fleet strategy, including alignment of vessel design
• Edda Wind has eight dedicated offshore wind vessels under construction – one SOV and seven CSOVs, all with modern design and with large flexibility built in
  • All newbuild vessels are prepared for zero-emission utilising liquid organic hydrogen carrier and/or methanol as an energy source
• Edda Wind remains firm on its strategy to be a leading player within offshore wind and is currently the largest player in the space including all vessels under construction

1) Edda Wind has, through its subsidiary West Energy AS, has entered into a sale and purchase agreement regarding the sale of all outstanding shares in Puerto de Calella S.L., the registered owner of the vessel Edda Passat

Seatrials initiated for Edda Goelo

• Edda Goelo departed Balenciaga shipyard 15 February for yard seatrials
• Vessel delivery expected March/April 2024
• Following final testing, including sea acceptance test of gangway - and crane system, Edda Goelo is expected to commence the SiemensGamesa Saint Brieuc contract early Q2

Zero emission compatible and designed to set a new industry standard for operations and efficiency

Five year contract until Q3 2028

Saint -Brieuc, wind farm, France

• 62 Siemens Gamesa turbines
• 8 MW each
• 207 meters high each
• 75km² in size
• 496 MW in total capacity

Vessel system upgrades to implement robust solutions for Edda Wind's gangway systems

• Edda Breeze, Edda Brint taken out of operation in February and until beginning of March to implement robust solutions to various issues related to its gangway systems
• Similar system enhancements are also expected to be carried out on other vessels in the Edda Wind fleet throughout 2024 – to be strategically scheduled to minimise impact on operation / offhire
  • − Edda Boreas system upgrades currently ongoing
• Following these system upgrades, the vessels are expected to demonstrate improved reliability and utilization

• Delivered in March 2023
• On contract with Vestas at Seagreen Offshore Windfarm until 2037

• Delivered in March 2023
• On contract with Ocean Breeze at Bard Offshore 1 Windfarm until 2032 + options

Favorable demand outlook for C/SOV

• Favorable demand outlook for C/SOV despite announced delays and setbacks within the supply chain
• Delays and unscheduled work at the wind farms result in additional work for CSOVs
• Despite recent newbuilding orders, C/SOV demand is estimated to significantly outgrow supply
• At present, conventional oil & gas vessels (Tier 2/3) are bridging the demand gap in the market. However, with the shift towards Tier 1 preference and the return of Tier 2/3 vessels to the oil & gas sector, it's anticipated that C/SOVs will be required to fill this gap
• High seasonal dayrates observed for the CSOV market

Market fundamentals continue to improve with forecasted strong demand for C/SOVs

Cumulative # turbines (in thousands) # vessels 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E Growth expectations supported by all time high FIDs in 20232

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

Edda Wind is the market leader in offshore wind (C/SOV)

Overview of C/SOV vessels by owner (top 15)

Seven vessels currently contracted – increased option to "play the market right"

Vessel	Type	Client	Start1	End	Option	Location	'24	'25	'26	'27	'28	'29	'30	'31	'32
Edda Passat	SOV
Edda Mistral	SOV		Sep-18	Sept-24	4x1 year	Hornsea One wind farm, UK
Edda Brint	SOV		Mar-23	May-37	Up to 1,6 years	Seagreen wind farm, UK
C416	SOV		Q4-23	Q3-28		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
C492	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

1) Planned delivery for uncontracted vessels under construction

2) C492 to be delivered Q2 2024 and ready for operation in Q3 2024 18

Under construction Firm contract Option period Frontrunner

Financials

Key financials – income statement

EUR thousand (unaudited)	Q4 2023	Q4 2022	Full year 2023	Full year 2022
Freight income	10,844	6,704	36,955	26,930
Other operating income	556	630	2,413	1,496
Total operating income	11,400	7,333	39,368	28,425
Payroll and remuneration	(5,219)	(2,202)	(16,325)	(8,609)
Other operating expenses	(7,405)	(3,724)	(16,023)	(13,248)
Total operating expenses	(12,624)	(5,925)	(32,348)	(21,856)
Operating profit before depreciation	(1,224)	1,408	7,020	6,569
Depreciation	(2,349)	(782)	(7,210)	(3,195)
Operating profit	(3,573)	626	(190)	3,374
Financial income and expenses
Financial income	258	220	1,543	386
Financial expense	(1,726)	(485)	(5,353)	(1,890)
Net currency gains/(losses)	(41)	(174)	132	64
Financial income/(expense)	(1,509)	(439)	(3,678)	(1,440)
Profit/(loss) before tax	(5,082)	187	(3,868)	1,935
Tax (income)/expense	-	-	-	-
Profit/(loss) for the period	(5,082)	187	(3,868)	1,935

Comments Q4 2023

• Revenue up 55% y-o-y
• EUR 39m full year 2023 revenue, up from EUR 28m in 2022 (+38%)
• 1t ▪ EBITDA significantly impacted by offhire for vessels (approx. EUR 3m) and frontrunner cost related to the SiemensGamesa contract (approx. EUR 3.5m)
• Additional costs related to administration and organisational ramp-up

Thousands

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)	31.12.2023	31.12.2022
Non-current assets
Vessels	271,222	66,714
Newbuildings	244,294	223,082
Other non-current assets	8,840	7,050
Machinery and equipment	136	7
Total non current assets	524,492	296,853
Current assets
Account receivables	10,650	3,926
Other current receivables	14,198	1,153
Other current assets	0	4,114
Financial derivatives	0	71
Cash and cash equivalents	32,918	45,021
Total current assets	57,766	54,285
Total assets	582,258	351,138

EQUITY AND LIABILITIES (EUR thousand)	31.12.2023	31.12.2022
Equity
Share capital	1,071	644
Share premium	220,732	116,128
Other equity	63,079	66,908
Total equity	284,882	183,680
Non-current liabilities
Non current interest-bearing debt	257,101	146,013
Total non current liabilities	257,101	146,013
Current liabilities
Account payables	5,488	3,017
Public duties payable	183	85
Current interest-bearing debt	27,729	10,951
Other current liabilities	6,875	7,392
Total current liabilities	40,275	21,446
Total equity and liabilities	582,258	351,138

Comments Q4 2023

• Equity ratio of 49%¹
• Cash position of EUR 33m
• NIBD of EUR 241m²
• Value of vessels, including newbuildings up EUR 226m – 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

Highly attractive backlog and financial profile

Total backlog of EUR 416m in place (firm backlog of EUR 301m) 1

	EUR 54m 2024 firm backlog1
Backlog		EURm1
Firm period		301
Option period		115
Total		416
6 vessels operating in Q4 2023	8 vessels expected on water	13 vessels in total fleet incl. under

by end 2024

construction²

Revenue backlog per client¹

54m

EUR

69m

54m

43m 36m

2024 2025 2026 2027 2028 2029 2030 2031->

2038

22

127m

18m 19m

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 2023 2) Excluding Passat which is to be sold in March 2024

Edda Wind – vessel availability

Vessel availability well matched to CSOV demand and supply curves

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

Key debt financing information

EUR 110m Senior Secured Term Loan Facility

• − Semi-annual amortisation 12-year profile
• − GBP for Passat/Mistral
• − EUR pre- and postdelivery financing Goelo (C416) / Boreas
• − Contract tranche up to EUR 14m
• − Revolving credit facility of up to EUR 20m

EUR 38m Private Placement

− Semi-annual amortization based on annuity style profile with balloon payment at maturity in Sep '31

GBP 36m Private Placement

− Quarterly amortization based on annuity style profile with balloon payment at maturity in Apr '37

EUR 120m green loan facility

• − Pre-and post delivery financing of Edda Nordri, C492 and C503
• − ECA facility of EUR 55m
• − Commercial facility EUR 45m
• − Contract tranche of up to EUR 20m

EUR 161m green term loan facility

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

Interest

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

Edda Wind's fleet growth is continuing in 2024

Summary

Ongoing system upgrades to improve operational performance and reduce offhire

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

Edda Goelo (C416) expected to commence operation in Q2 2024

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

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

State-of-the-art fleet at fixed and attractive yard prices

Thank you

eddawind.com

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29

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 Mr. Lars Stubhaug, VP Finance Tel: +47 917 42 725 E-mail: lars.stubhaug@eddawind.com