Integrated Wind Solutions ASA ("IWS") has today published its Q1 2024 Financial
Report and Presentation.

HIGHLIGHTS
oTotal revenue of EUR 5.4m for Q1 2024, a 16% reduction from Q4 2023 and a 7%
reduction compared with Q1 2023.
oIWS Services revenue of EUR 4.6m in Q1 2024, a decrease of 24% from Q4 2023,
due to the nature of the project-driven construction business. However, the
backlog remains strong, and the full year guidance remains unchanged.
oPEAK Wind continues its strong growth with an increase in net revenue for Q1 by
23% compared with Q1 2023. The Group's share of the net profit in Q1 2024 was
EUR 0.3m, before EUR -0.1m amortisation of acquisition-related intangible
assets.
oGroup EBITDA of EUR -3.2m for Q1 2024 compared with EUR -0.2m in Q4 2023 and
EUR -1.0m in Q1 2023. The result was impacted by the project-driven construction
business and activities in the quarter prior to vessel operations from Q2
onward.
oIWS Fleet took delivery of IWS Windwalker on 26 March. The vessel arrived in
Denmark on 25 May and is undergoing final quayside preparations before
commencing its charter contract with TenneT TSO in June.
oIWS Skywalker started its first charter contract at the Dogger Bank Wind Farm
on 31 March and has commercially performed to our full satisfaction up to the
date of this report.
oIWS Fleet has on 2 February entered a three-year frame term agreement starting
in 2025 with Siemens Gamesa Renewable Energy A/S - the minimum commitment covers
about 1,300 days with a revenue backlog of EUR 51-55m. The first charter
contract under the frame term agreement was signed on 25 March.
oIWS Fleet has on 20 February entered a time charter contract at market terms
for a minimum of 4 months that will start in June with TenneT TSO B.V., a
leading European Transmission System Operator owned by the Dutch government.
oIWS announced on 27 May that it has entered a strategic partnership with
Sumitomo Corporation ("Sumitomo"). IWS Fleet AS will raise EUR 60 million in
equity by issuing new shares to Sumitomo based on a pre-money valuation of EUR
176 million. Upon completion of the transaction, Sumitomo will own 25.38% of IWS
Fleet AS, with Integrated Wind Solutions ASA continuing to own the remaining
shares. In partnership with Sumitomo, we are looking forward to continuing to
build IWS Fleet and exploring further expansion opportunities.

Lars-Henrik Røren, CEO, commented: "We leave an eventful first quarter behind
with our first newbuilding, IWS Skywalker, having commenced operation at Dogger
Bank Wind Farm, and the successful delivery of the IWS Windwalker with
subsequent mobilisation to Europe. We are pleased to see our focus on growth and
financing initiatives result in the strategic partnership agreement with the
Japanese integrated trading company Sumitomo Corporation. IWS Services
experienced a soft Q1; although the project-driven business model will
experience quarterly earnings fluctuations, we have initiated strategic measures
to improve profitability. We also keep our 2024 guidance unchanged, with a
record year in terms of revenues backed by firm orders. IWS is now on a solid
business- and financial track, and we are continuously exploring further growth
of the Group." 


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

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

About:
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 has
two Commissioning Service Operation Vessels ("CSOV") delivered and four CSOVs
under construction with delivery in 2024 and 2025. Furthermore, IWS owns the
offshore wind supply-chain service company, IWS Services A/S and has a 30%
ownership in the independent advisor, consultancy, data intelligence and wind
farm operator firm PEAK Wind Group.

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

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