Integrated Wind Solutions ASA

Investor Presentation • Aug 30, 2022

Q2 2022 Presentation

August 2022

IWS | A fully integrated offshore wind solutions provider

IWS business areas | Covering integrated services and asset management

Q2 2022 | Highlights

Q2 2022 | Highlights (cont.)

IWS Skywalker | Commissioning Service Operation Vessel ("CSOV") newbuilding 1

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CSOV market | Favourable market dynamics

Source: Clarksons *SPS = "Special Purpose Ships", which are vessels that carry special personnel who are neither crew members nor passengers *W2W = "Walk to Work", includes CSOV and SOV vessels

IWS Fleet | CSOVs contracted at attractive prices

Four CSOVs ordered at an attractive average yard price of EUR 46m

Newbuilding yard prices¹ (EUR million)

IWS Fleet | Well positioned to benefit from a strong market

Key financials | Q2 2022

Income statement (NOK '000)
	Q2 2022	Q1 2022
Operating revenue	54.861	49,591	PEAK Wind share of net profit of NOK 2.2m, remaining related to
Share of net profit of associates	1,302	1,278	the amortisation of intangible assets and accounting amendments
Total revenue	56,163	50,869
Operating expenses	-59.625	-57,878	NOK 52m relates to IWS Services (mainly ProCon)
EBITDA	-3,462	-7,009
Depreciation and amortisation	-1,330	-1,690
EBIT	-4,792	-8,699
Finance income	143	289
Finance expense	-1,196	-758
Net foreign currency exchange gains	1,533	81
Net financial income / expense	480	-388
Profit before tax	-4,312	-9,087
Tax benefit / expense	-193	128
Net profit	-4,505	-8,959
Attributable to non-controlling interests	500	448	Mainly relates to 25% minority interest in ProCon
Attributable to shareholders of the parent	-5.005	-9.407

Key financials | Q2 2022

Balance sheet (NOK '000)
	Q2 2022	Q1 2022		Q2 2022	Q1 2022
Vessels under construction	376,227	330.179	Share capital	57,076	52,802
Intangible assets	67,846	65,065	Share premium reserve	970,687	907,006
Investments, equity method (PEAK Wind)	133,321	123,877	Retained earnings	-20,578	-42,682
Other assets	14,137	5,463	Non-controlling interests	26,799	25,709
Total non-current assets	591,531	524,584	Total equity	1,033,984	942,835
			Deferred tax liability	8,411	3,531
			Long term interest bearing debt	11,645	12,258
			Other non-current liabilities	930	472
Trade receivables	61.525	40.908	Total non-current liabilities	20,986	16,260
Prepayments and accruals	1,334	342
Inventory	17,943	36,212	Current portion of long-term debt	5,974	12,807
Other short term assets	802	4,035	Trade payables	27,099	27,582
Cash and cash equivalents	443,309	414,556	Other current liabilities	28,401	21,152
Total current assets	524,913	496,052	Total current liabilities	61,474	61,541
Total assets	1,116,444	1,020,637	Total equity and liabilities	1,116,444	1,020,637

Outlook

iws@integratedwind.com integratedwind.com