Integrated Wind Solutions ASA

Quarterly Report • May 23, 2025

Q1 2025 Presentation

23 May 2025

IWS | A fully integrated offshore wind solutions provider

1

IWS | A fully integrated offshore wind solutions provider

Q1 2025 | Recent highlights

Q1 2025 | Recent highlights (cont.)

6

IWS Fleet | Strong revenue backlog1 to tier 1 clients

IWS Skywalker | Dogger Bank Wind Farm

IWS Skywalker class | Vessel overview

Operating at Dogger Bank

Completed sea trial

IWS Skywalker class | Overview

Key financials | Q1 2025

Income statement (EUR '000)
	Q4 2024	Q1 2025	Q1 2024	2024
Operating revenue	21,288	25,215	5,226	55,722
Share of net profit of associates	136	-15	175	661
Total revenue and other income	21,424	25,200	5,401	56,383
Operating expenses	-14,501	-19,933	-8,575	-47,117
EBITDA	6,923	5,267	-3,174	9,266
Depreciation and amortisation	-1,645	-1,882	-153	-3,384
EBIT	5,278	3,385	-3,327	5,882
Finance income	446	286	267	1,678
Finance expense	665	-458	-79	-652
Net foreign currency exchange gains	114	-1	රිම	241
Net financial income / expense	1,225	-173	287	1,267
Profit before tax	6,503	3,212	-3,040	7,149
Tax benefit / expense	-659	168	236	-841
Net profit	5,844	3,380	-2,804	6,308
Attributable to non-controlling interests	1.457	1.078	-198	2,023
Attributable to shareholders of the parent	4,387	2,302	-2,606	4,285

Key financials | Q1 2025

Balance sheet1 (EUR '000)
	Q4 2024	Q1 2025		Q4 2024	Q1 2025
Vessels	145,637	195,462	Share capital	7,703	7,841
Vessels under construction	79,869	30,645	Share premium reserve	126,809	129,055
Other fixed assets	1,377	1,266	Retained earnings and other equity	16,462	18,931
Intangible assets	6,006	5,966	Non-controlling interests	38,017	39,255
Investments, equity method	24,275	24,247	Total equity	188,991	195,082
Other assets	1,201	1,360
Total non-current assets	258,365	258,946	Non-current interest-bearing debt	98.393	95,266
			Deferred tax liability	608	613
			Other non-current liabilities	1.162	902
			Total non-current liabilities	100,163	96,781
Contract assets	4,472	7,299
Trade receivables	18,528	19,335	Trade payables	8.776	10,602
Other short term assets	3,503	2,640	Current interest-bearing debt	15,050	17,452
Cash and cash equivalents	32,457	36,151	Other current liabilities	4,345	4,454
Total current assets	58,960	65,425	Total current liabilities	28,171	32,508
Total assets	317,325	324,371	Total equity and liabilities	317,325	324,371

Key financials | Segment reporting

Operating segments (EUR'000)
		IWS Fleet	IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q4 2024	Q1 2025	Q4 2024	Q1 2025	Q4 2024	Q1 2025	Q4 2024	Q1 2025
External customer revenue	12,130	14,243	9,107	10,928	51	44	21,288	25,215
Internal revenue			27	51	-27	-51
Share of profit of associate					136	-15	136	-15
Operating expenses	-5,894	-7,359	-8,643	-11,609	36	-965	-14,501	-19,933
EBITDA	6,236	6,884	491	-630	196	-987	6,923	5,267
Depreciation and amortisation	-1,505	-1,746	-83	-84	-57	-52	-1,645	-1,882
EBIT	4,731	5,138	408	-714	139	-1,039	5,278	3,385
Net finance income	1,046	-359	-30	-47	209	233	1,225	-173
Profit before tax	5,777	4,779	378	-761	348	-806	6,503	3,212

Key financials | Segment reporting

Operating segments1 (EUR'000)
	IWS Fleet		IWS Services		Group functions/ eliminations		Consolidated
In EUR thousands	Q4 2024	Q1 2025	Q4 2024	Q1 2025	Q4 2024	Q1 2025	Q4 2024	Q1 2025
Equity-accounted investees	31	31	-		24,244	24,216	24,275	24,247
Other non-current assets	228,579	229.155	6,986	7,060	-1,475	-1,516	234,090	234,699
Other current assets	14,103	14,300	11,845	14,928	555	46	26,503	29,274
Cash and cash equivalents	23,055	24,942	3,576	3,553	5,826	7,656	32,457	36.151
Segment assets	265,768	268,428	22,407	25,541	29,150	30,402	317,325	324,371
Borrowings	118,908	115,846	1,458	4,061	-6,923	-7,189	113,443	112,718
Non-current liabilities	175	402	221	212	1,374	901	1,770	1,515
Current liabilities	6,403	7,331	5,084	6,091	1,634	1,634	13,121	15.056
Segment liabilities	125,486	123,579	6,763	10,364	(3,915)	(4,654)	128,334	129,289
Net assets	140,282	144,849	15,644	15,177	33,065	35,056	188,991	195,082

IWS Fleet | Capex & financing

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q1'25	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	દિર	34	19
IWS Sunwalker	13	40	53	34	19
Total	208	80	288	187	101
Equity financing	90	12	101
Debt financing	119	-	119
Committed debt financing	-	68	68

14 For IWS Windwalker, IWS Seawalker, and IWS Starwalker, EUR 0.7m has been withheld, with expected payment in 2025.

Outlook

Investor relations contact: Marius Magelie, Group CFO +47 920 27 419

OSE ticker: IWS ir@integratedwind.com integratedwind.com