Trading update Q3 2025

07 Nov 2025 07:00 CET

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.

Quarter-on-quarter development

For the full release refer to the link Q3 trading update or the PDF attachment

[1] Year-to-date (YTD) refers to the period 1 January-30 September