Roermond, 07 November 2025
Operational Highlights Q3:
• One lost time safety incident in Q3 2025. Eight LTI Year-to-Date resulted in LTIF of 5.36 on a twelve-month rolling basis (one LTI in first nine months 2024 with LTIF of 0.81);
• Year-to-Date (YTD) [1] sick leave slightly increased to 7.7% compared to 7.5% for the first nine months of 2024;
• Implementation of the industrialisation measures and ramp-up of new manufacturing facilities on-track with revised schedule: full capacity expected by end of Q2 2026;
• Throughput of 44 Kton in Q3 2025 (42 Kton Q3 2024) brings Year-to-Date production to 124 Kton (128 Kton in first nine months 2024);
• Production and load-out of foundations for Empire Wind 1 completed, production of top sections for Ecowende completed, production of monopiles for Ecowende started.
Key figures:
• Year-to-Date (YTD) contribution increased to €128 million (€111 million first nine months 2024):
- €106 million from production of monopiles and transition pieces for offshore wind (WIND) (€93 million first 9 months 2024);
- €13 million from production of offshore steel structures (OSS)(€10 million first nine months 2024);
- €1 million from Marshalling and Logistic services (€1 million first nine months 2024);
- €8 million from other activities (€7 million first nine months 2024);
• Adjusted YTD EBITDA €26.7 million (€31.3 million first nine months 2024);
• Operating Working Capital at end of Q3 2025 -/-€160 million (-/-€119 million at end of Q3 2024 and -/-€181 million at end of Q2 2025);
• Total cash position at end of Q3 2025 €55million (€88 million at end of Q3 2024 and €82 million at end of Q2 2025);
• Order book 586 Kton at end of Q3 2025.
Comment from Fred van Beers, CEO of Sif Group:
"It is encouraging to see that progress has been made in stabilizing our production lines in line with the announcement of our Q2 results. The solid progress we are making is also cautiously reflected in our Q3 results: production, contribution and EBITDA all slightly improved on the previous quarters. The modifications to the production lines are performing as we expected and our focus is now on the continuation of the upward trend that will gradually bring us to the projected levels of production. We therefore maintain de guidance provided at the release of our Q2 numbers.
Our orderbook is filled with firm contracts for 2026 and we expect more clarity on the exclusive negotiations for the 200 Kton orderbook position for 2027 in Q1 2026. The market remains challenging with a limited number of new tenders, and the United Kingdom and European countries struggling to run successful large-scale tenders. The upcoming CfD7 round in the UK is expected to see only 5-6 GW out of the potential 21 GW projects awarded, given the lower-than-expected subsidy allocation of £900 million. In a joint effort, European countries and the European Union are looking for ways to speed up grid connection and to facilitate the demand for and offtake of green energy. The European Parliament is pursuing countermeasures for a level playing field for offshore wind supply chain partners and for a tender approach that is more balanced than the recent tenders. All to maintain momentum for the energy transition, energy independence and the reduction of greenhouse gas emissions. Decision making speed and effective roll out of EU measures in EU member states is of the essence to regain momentum in the offshore wind market.
Our intensified efforts to reduce the number of safety incidents and sick leave have paid off. In H1 2025 we experienced 7 LTI's, and the YTD total now stands at 8 following one LTI incident in September. We will continue to keep focus on these important people related KPI's to assure a sustainable safe and healthy working environment in line with our targets".
Download full press release:
https://sif-group.com/newsroom/download/ab2e06a2-45a3-4461-9662-d0759b9c8fe3/tradingupdateq32025.pdf
Operational Highlights Q3:
• One lost time safety incident in Q3 2025. Eight LTI Year-to-Date resulted in LTIF of 5.36 on a twelve-month rolling basis (one LTI in first nine months 2024 with LTIF of 0.81);
• Year-to-Date (YTD) [1] sick leave slightly increased to 7.7% compared to 7.5% for the first nine months of 2024;
• Implementation of the industrialisation measures and ramp-up of new manufacturing facilities on-track with revised schedule: full capacity expected by end of Q2 2026;
• Throughput of 44 Kton in Q3 2025 (42 Kton Q3 2024) brings Year-to-Date production to 124 Kton (128 Kton in first nine months 2024);
• Production and load-out of foundations for Empire Wind 1 completed, production of top sections for Ecowende completed, production of monopiles for Ecowende started.
Key figures:
• Year-to-Date (YTD) contribution increased to €128 million (€111 million first nine months 2024):
- €106 million from production of monopiles and transition pieces for offshore wind (WIND) (€93 million first 9 months 2024);
- €13 million from production of offshore steel structures (OSS)(€10 million first nine months 2024);
- €1 million from Marshalling and Logistic services (€1 million first nine months 2024);
- €8 million from other activities (€7 million first nine months 2024);
• Adjusted YTD EBITDA €26.7 million (€31.3 million first nine months 2024);
• Operating Working Capital at end of Q3 2025 -/-€160 million (-/-€119 million at end of Q3 2024 and -/-€181 million at end of Q2 2025);
• Total cash position at end of Q3 2025 €55million (€88 million at end of Q3 2024 and €82 million at end of Q2 2025);
• Order book 586 Kton at end of Q3 2025.
Comment from Fred van Beers, CEO of Sif Group:
"It is encouraging to see that progress has been made in stabilizing our production lines in line with the announcement of our Q2 results. The solid progress we are making is also cautiously reflected in our Q3 results: production, contribution and EBITDA all slightly improved on the previous quarters. The modifications to the production lines are performing as we expected and our focus is now on the continuation of the upward trend that will gradually bring us to the projected levels of production. We therefore maintain de guidance provided at the release of our Q2 numbers.
Our orderbook is filled with firm contracts for 2026 and we expect more clarity on the exclusive negotiations for the 200 Kton orderbook position for 2027 in Q1 2026. The market remains challenging with a limited number of new tenders, and the United Kingdom and European countries struggling to run successful large-scale tenders. The upcoming CfD7 round in the UK is expected to see only 5-6 GW out of the potential 21 GW projects awarded, given the lower-than-expected subsidy allocation of £900 million. In a joint effort, European countries and the European Union are looking for ways to speed up grid connection and to facilitate the demand for and offtake of green energy. The European Parliament is pursuing countermeasures for a level playing field for offshore wind supply chain partners and for a tender approach that is more balanced than the recent tenders. All to maintain momentum for the energy transition, energy independence and the reduction of greenhouse gas emissions. Decision making speed and effective roll out of EU measures in EU member states is of the essence to regain momentum in the offshore wind market.
Our intensified efforts to reduce the number of safety incidents and sick leave have paid off. In H1 2025 we experienced 7 LTI's, and the YTD total now stands at 8 following one LTI incident in September. We will continue to keep focus on these important people related KPI's to assure a sustainable safe and healthy working environment in line with our targets".
Download full press release:
https://sif-group.com/newsroom/download/ab2e06a2-45a3-4461-9662-d0759b9c8fe3/tradingupdateq32025.pdf
© 2025 GlobeNewswire (Europe)