Integrated Wind Solutions ASA ("IWS") has today published its Q3 2024 Financial
Report and Presentation.

HIGHLIGHTS - A RECORD QUARTER
oA record total revenue of EUR 17.0m for Q3 2024, a 35% increase from Q2 and a
207% increase compared with Q3 2023.
oGroup EBITDA of EUR 3.9m for Q3 2024 compared with EUR 1.6m in Q2 and EUR -0.4m
in Q3 2023. The EBITDA was driven by the operations of IWS Fleet's first two
vessels for a full quarter and contributions from IWS Services and PEAK Wind.
oGroup net profit was EUR 2.6m for Q3 2024 compared with EUR 0.6m in Q2 and EUR
-0.6m in Q3 2023.
oIWS Fleet revenue of EUR 8.0m in Q3 2024 versus EUR 4.9m in Q2 and EUR 0.1m in
Q3 2023. Two vessels were in operation during Q3 with IWS Skywalker on charter
with the Dogger Bank consortium and IWS Windwalker on charter with TenneT TSO.
IWS Seawalker was delivered from the yard on 23 August and started its first
charter with the Dogger Bank consortium on 1 November. IWS Starwalker was
delivered from the yard on 21 November and will arrive in Europe in January.
oIWS Services revenue of EUR 8.8m in Q3 2024, an increase of 16% from Q2, on
improved EBIT margins.
oIWS exercised its fixed-price option to increase its ownership in PEAK Wind
from 30% to 49% on 18 September. PEAK Wind continues its strong growth with an
increase in net revenue for Q3 by 29% compared with Q3 2023. The Group's share
of the net profit in Q3 2024 was EUR 0.3m, before EUR -0.1m amortisation of
acquisition-related intangible assets.
oIWS Fleet signed the loan agreement for an expanded Green Senior Secured Credit
Facility of up to EUR 186.9m, securing debt financing for all six CSOVs. The
commercial terms of the new facility have been improved relative to the
pre-existing facility, and the previous parent company guarantee and financial
covenants from IWS have been removed.
oIWS Fleet and Asso.subsea agreed in November to terminate the charter contract
that was due to start in Q1 2025 as Asso.subsea no longer requires the vessel
within the agreed time frame. A termination fee will be booked as revenue in Q4
without any corresponding costs. IWS Fleet is in close discussions with
charterers about alternative contracts for IWS Starwalker, and expects the
vessel to be in commercial operations soon after arrival in Europe in Q1 2025.

Lars-Henrik Røren, CEO, commented: "We are proud that IWS Fleet continues to
show excellent capabilities, also recognised by our clients. We are encouraged
that we receive strong interest from current and new clients for our remaining
newbuildings. Furthermore, we are pleased that IWS Services continued improving
in Q3 in line with expectations. We have increased our ownership in PEAK Wind
and are working closer with our co-owners to explore further growth initiatives.
Overall, IWS is on a solid business- and financial track."


For investor relations queries, contact

Marius Magelie
Group CFO Integrated Wind Solutions
Phone: +47 920 27 419
E-mail: mm@integratedwind.com


For press queries, please contact

Lars-Henrik Røren
CEO Integrated Wind Solutions
Phone: +47 98 22 85 06
E-mail: lhr@integratedwind.com

About IWS:
Integrated Wind Solutions ASA offers a fleet of state-of-the-art service vessels
to the offshore wind industry combined with a suite of adhering services to
reduce the levelised cost of energy ("LCOE") for offshore wind. The Company owns
74.62% of IWS Fleet AS, which has four Commissioning Service Operation Vessels
("CSOVs") delivered and two CSOVs under construction with delivery in 2025.
Furthermore, IWS owns the offshore wind supply-chain service company, IWS
Services A/S and the investment in the independent advisor, consultancy, data
intelligence and wind farm operator firm PEAK Wind Group.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.