Trading update Q1 2025: Ramp-up of new factory steadily improving

09 May 2025 07:00 CEST

Operational highlights

• Two Lost Time Injuries with LTIF of 2.2 (0 LTI in Q1 2024)
• Sick leave at 9.2% (9.3% in Q1 2024)
• Production of monopiles and transition pieces for Empire Wind 1 and Ecowende and several components for offshore steel structures
• Workforce of 467 permanent staff and 406 flexible staff at the end of Q1 2025 (end of Q1 2024: 393 permanent and 261 flexible staff)
• Total throughput of approximately 39 Kton steel (42 Kton in Q1 2024).

Key figures

• Contribution of €40.1 million (€33.6 million in Q1 2024) of which €32.4 million for Wind (€27.7 million in Q1 2024), €5.2 million for Offshore Steel Structures (OSS) (€3.0 million in Q1 2024), €0.1 million for Marshalling (€0.3 million in Q1 2024) and €2.4 million for other activities (€2.6 million in Q1 2024)
• Adjusted EBITDA of €9.6 million (€8.0 million in Q1 2024) on track for full-year adjusted EBITDA of between €90 million and €120 million
• Net Working Capital of -/- €176.8 million at the end of Q1 2025 (-/- €178.5 million at end of 2024)
• Cash of €102.4 million at the end of Q1 2025 (€113.8 million at end of 2024)
• Orderbook contains 465 Kton for the remainder of 2025, 2026 and 2027.

Important note: In this release, Sif uses various non-IFRS financial measures. Please consult the overview and definition of the measures used at the end of this press release

Refer to the attached PDF for the full release