ZITON A/S - Interim report Q1 2025

27 May 2025 19:20 CEST

Highlights of Q1 2025
• EBITDA amounted to EUR 13.7m in Q1 2025 compared to EUR 9.5m in Q1 2024, an
increase of 43%. The improvement was mainly due to an increase in revenue
reflecting that J/U WIND ENERGY went on time charter with Siemens Gamesa at the
end of February 2024, as well as improved contribution from the three smaller
vessels as the market for major component replacements was strong, although this
was partly offset by the 10-year classing of J/U WIND SERVER, which was
completed in Q1 2025.
• On 7 January 2025, the closing of the transaction was completed whereby
Macquarie Asset Management (“Macquarie”), via Macquarie European Infrastructure
Fund 7, acquired all issued and outstanding shares of Zappy TopCo ApS and its
wholly-owned subsidiary ZITON A/S.
• At the end of Q1 2025, ZITON held cash and cash equivalents on its balance
sheet amounting to EUR 19.4m. The terms of the bond agreements for the first
lien loan and the ESG loan include a clause on voluntary partial redemption,
allowing ZITON, from the issue date, in each twelve-month period, to redeem up
to 10.00% of the then outstanding nominal amount at a price of 102 per cent of
the nominal amount. ZITON contemplates to complete such a voluntary redemption
in the twelve-month period leading up to 9 June 2025, i.e. the second
anniversary of the issue date of the first lien bond loan.
• Our KPI guidance for 2025 is unchanged at:
o Weighted average utilisation rate. We expect a utilisation rate in the range
of 95-100%.
o EBITDA. We expect EBITDA to be in the range of EUR 60-65m.
o Cash flow from operating activities. We expect cash flows from operating
activities to be in the range of EUR 58-63m.
o CAPEX. We expect CAPEX to be in the range of EUR 24-28m including CAPEX for
the leg extension on J/U WIND ENERGY.

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647721_ZITON - Q1 2025.pdf