Integrated Wind Solutions ASA — Investor Presentation 2024

Jan 18, 2024

Pareto Securities' 26th annual Power & Renewable Energy Conference

January 2024

Disclaimer

This presentation (the "Presentation") has been prepared by Integrated Wind Solutions ASA (the "Company" and together with its subsidiaries the "Group") for information purposes. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy, or a recommendation regarding, any securities of the Company.

The distribution of this Presentation may be restricted by law in certain jurisdictions and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. 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", "will", "should", "may", "continue" and similar expressions. The forward-looking statements contained in this Presentation, including opinions and views of the Company or cited from third party sources, are based on various assumptions. The forward-looking statements are solely opinions and forecasts and are subject to risks and uncertainties which are difficult or impossible to predict and are beyond the Company's control. Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from the expectations expressed or implied in this Presentation by such forward-looking statements. You are cautioned not to place any undue importance on any forward-looking statement.

The information in this Presentation is current as of the date hereof and is subject to change. The Company and its representatives are under no obligation to update or keep current the information contained in this Presentation.

This Presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation regarding, any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. In particular, the information within this Presentation must not be used in making any investment decision.

This Presentation does not purport to contain a complete description of the Group or the markets in which the Group operates. No representation or warranty, express or implied, is made as to the accuracy or completeness of any information contained in this Presentation, and it should not be relied upon as such. None of the Company, its advisers or any of their respective affiliates or representatives shall have any liability arising directly or indirectly from the use of this Presentation or its contents or otherwise arising in connection with this Presentation.

IWS | A fully integrated offshore wind solutions provider

2) 30%* ownership. Fixed price option exercisable by September 2024 to acquire an additional 19%* of shares (*pre-dilution from share-based option program to key employees)

¹⁾ Clarksons

IWS | A fully integrated offshore wind solutions provider

1) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon and 100% of Green Ducklings, 2) Fixed price option exercisable within September 2024 to acquire an additional 19% of shares (pre-dilution from share-based option program to key employees)

Global offshore wind ambitions ~800 GW (excl. China)

*Offshore wind not specifically mentioned, but implicit in ambitions

**Calculated as EU target of 300 GW by 2050, UK Climate Change Committee estimates of up to 125 GW by 2050, and Norway aim to allocate 30 GW by 2040 *** China targets are not included in this report (e.g. 54.85 GW by 2025)

Source: Q4 2023 Green Ducklings analysis

The Skywalker class CSOV's

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IWS Skywalker | Galley and Lounge at the Viking Panorama Deck

IWS Skywalker | Dining facilities

IWS Skywalker | Client office and conference room

IWS Skywalker | Recreational facilities

IWS Fleet | Vessels under construction at CMI shipyard

In transit to Europe

In commissioning phase

Under construction

Under construction

First steel-cut in Dec'23

IWS Sunwalker 6

First steel-cut in Dec'23

IWS Fleet | Low newbuilding prices → high cash flow yields

Newbuilding yard prices¹

IWS's favourable capex improves free cash flow yield in a rising market.

IWS Fleet's six CSOVs ordered at an attractive average fixed yard price of EUR 48m per vessel, which includes additional equipment and features that would add EUR ~5m to standard yard prices.

IWS Fleet's yard price is based on about 50% Norwegian equipment and content.

1) Source: Clarksons

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2) Assumed for comparison only: 60% loan with 12-year amortisation profile and 6% interest, 90% utilisation, operating expenses of EUR 12k per day and EUR 1k net margin on victualling

IWS Fleet | Well positioned to benefit from a strong market

¹⁾ IWS has the option to nominate which Skywalker class vessel will perform the services

IWS Services | Building a "one-stop shop" by integrating several service offerings

IWS Services as bundled services 2 Service Co 3 Service Co 4 Service Co … The portfolio companies as standalone services 1 Service Co 3 Service Co 4 Service Co … IWS Fleet & IWS Services as a full service offering 3

IWS Services | Wide scope of services available to IWS and addressable by using CSOV

PEAK Wind | Renewable energy specialist delivering advisory, intelligence and asset management services

1) PEAK Wind's shareholding in Hybrid Greentech is 20% with the option to increase to 30%

18 2) PEAK Wind owns a 50% share in Sea Impact

To summarise

iws@integratedwind.com integratedwind.com