Q4 2024 Presentation

25 February 2025

IWS | A fully integrated offshore wind solutions provider

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IWS | A fully integrated offshore wind solutions provider

Q4 2024 | Recent highlights

Q4 2024 | Recent highlights (cont.)

IWS Fleet | Strong revenue backlog1 to tier 1 clients

1) As of 31 December, adjusted for contracts signed in 2025 up to the date of this presentation. Contract backlog was EUR 84 million prior to adjustments. Gross victualling income of EUR 5,000 per day and zero inflation adjustments.

IWS Starwalker | Port of Hanstholm

IWS Skywalker class | Vessel overview

Operating for Siemens Gamesa

Started commissioning

Mobilising for Siemens Gamesa

IWS Skywalker class | Overview

IWS Fleet | Favourable yard prices → attractive cash flow yields

Newbuilding yard prices¹ (EUR million) Attractive free equity cash flow yields ► ²

' improves free cash flow yield.

' 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.

' on about 50% Norwegian equipment and content.

1) Source: Clarksons

2) Assumed for comparison only: 60% loan with 12-year amortisation profile and 6% interest, 90% utilisation, operating expenses of EUR 15k per day and EUR 1k net margin on victualling

Key financials | Q4 2024

Income statement (EUR '000)
	Q3 2024	Q4 2024	Q4 2023	2024	2023
Operating revenue	16,775	21,288	6,263	55,722	22,600
Share of net profit of associates	195	136	196	661	370
Total revenue	16,970	21,424	6,459	56,383	22,970
Operating expenses	-13,061	-14,501	-6.696	-47,117	-25,618
EBITDA	3,909	6,923	-237	9,266	-2,648
Depreciation and amortisation	-934	-1.645	-177	-3,384	-557
EBIT	2,975	5,278	-414	5,882	-3,205
Finance income	ଚିଚି	446	1,489	1,678	2,239
Finance expense	-645	665	-60	-652	-229
Net foreign currency exchange gains	34	114	-195	241	174
Net financial income / expense	55	1,225	1,234	1,267	2,184
Profit before tax	3,030	6,503	820	7,149	-1,021
Tax benefit / expense	-402	-659	-89	-841	-159
Net profit	2,628	5,844	731	6,308	-1,180
Attributable to non-controlling interests	691	1,457	રૂડે રેણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામનાં મુખ્યત્વે ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામમાં મુખ્યત્વે ખેત-ઉ	2,023	119
Attributable to shareholders of the parent	1,937	4,387	678	4,285	-1,299

Key financials | Q4 2024

Balance sheet (EUR '000)
	Q3 2024	Q4 2024		Q3 2024	Q4 2024
Vessels	93,111	145,637	Share capital	7,703	7,703
Vessels under construction	75,162	79,869	Share premium reserve	126,809	126,809
Other fixed assets	1,478	1,377	Retained earnings and other equity	12,181	16,462
Intangible assets	6,044	6,006	Non-controlling interests	37,042	38,017
Investments, equity method	24,385	24,275	Total equity	183,735	188,991
Other assets	1,265	1,201
Total non-current assets	201,445	258,365	Non-current interest-bearing debt	73,366	98,393
			Deferred tax liability	751	608
			Other non-current liabilities	1,099	1,162
			Total non-current liabilities	75,216	100,163
Contract assets	3,687	4,472
Trade receivables	17,297	18,528	Trade payables	9,219	8,776
Other short term assets	3,056	3,463	Current interest-bearing debt	13.750	15,050
Cash and cash equivalents	59,451	32,457	Other current liabilities	3,016	4,345
Total current assets	83.491	58,960	Total current liabilities	25,985	28,171
Total assets	284,936	317,325	Total equity and liabilities	284,936	317,325

Key financials | Segment reporting

Segment reporting show inter-segment revenue and expenses

	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q4 2024	Q3 2024	Q4 2024	Q3 2024	Q4 2024	Q3 2024	Q4 2024	Q3 2024
External customer revenue	12,130	7,990	9,107	8,763	51	22	21,288	16,775
Internal revenue			27	2	-27	-2
Share of profit of associate	1			-	136	195	136	195
Operating expenses	-5,894	-4,415	-8,643	-8,370	36	-276	-14,501	-13,061
EBITDA	6,236	3,575	491	395	196	-61	6,923	3,909
Depreciation and amortisation	-1,505	-793	-83	-82	-57	-60	-1,645	-935
EBIT	4,731	2,782	408	313	139	-121	5,278	2,974
Net finance income	1,046	63	-30	-127	209	120	1,225	56
Profit before tax	5,777	2,845	378	186	348	-1	6,503	3,030

Key financials | Segment reporting

Operating segments (EUR'000)
	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	31/12/2024	30/09/2024	31/12/2024	30/09/2024	31/12/2024	30/09/2024	31/12/2024	30/09/2024
Equity-accounted investees	31	31			24,244	24,354	24,275	24,385
Other non-current assets	228,579	171,741	6,986	6,797	-1,475	-1,478	234,090	177,060
Other current assets	14,103	8,935	11,845	14,814	555	291	26,503	24,040
Cash and cash equivalents	23,055	50,594	3,576	3,534	5,826	5,323	32,457	59.451
Segment assets	265,768	231,301	22,407	25,145	29,150	28,490	317,325	284,936
Borrowings	118,908	90,284	1.458	3,583	-6,923	-6,751	113.443	87,116
Non-current liabilities	175	406	221	346	1,374	1,098	1,770	1,850
Current liabilities	6,403	5,961	5,084	5,423	1,634	851	13,121	12,235
Segment liabilities	125,486	96,651	6,763	9,352	-3,915	-4,802	128,334	101,201
Net assets	140,282	134,650	15,644	15,793	33,065	33,292	188,991	183,735

IWS Fleet | Capex & financing

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q4'24	2025	Total payments	Debt financing	Equity financing
IWS Skywalker	43		43	28	15
IWS Windwalker	43	0	43	28	15
IWS Seawalker	48	0	48	31	17
IWS Starwalker	48	0	48	31	17
IWS Moonwalker	13	40	53	34	19
IWS Sunwalker	13	40	રૂડે	34	19
Total	208	80	288	187	101
Equity financing	90	12	101
Debt financing	119		119
Committed debt financing	-	68	68