ZITON A/S - Interim report Q4 2025

26 Feb 2026 17:00 CET

Highlights of Q4 2025
• EBITDA increased to EUR 18.0m in Q4 2025 compared to EUR 8.8m in Q4 2024. The
increase of EUR 9.2m was mainly attributable to favourable weather conditions
that supported the efficient delivery of full-service solutions, improved
operational availability of the vessels, as well as an increase in the day rate
for J/U WIND ENTERPRISE from mid-2025.
• Financial performance for 2025. We provided initial guidance for 2025 in the
interim report Q4 2024, published on 24 February 2025. The guidance remained
unchanged throughout the year. Below, we review the financial performance for
2025:
o Weighted average financial utilisation rate. We guided on financial
utilisation in the range of 95%-100%. We realised financial utilisation of 112%.
The main reason was that we achieved strong utilisation of 123% in Q4 2025
compared to 77% in Q4 2024 mainly because favourable weather conditions
supported the efficient delivery of full-service solutions, improved operational
availability of the vessels, as well as an increase in the day rate for J/U WIND
ENTERPRISE from mid-2025.
o EBITDA. We guided on EBITDA to be in the range of EUR 60-65m. We realised
EBITDA of EUR 69.0m, which was somewhat above our guidance range due to strong
utilisation of the vessels.
o Cash flow from operating activities. We guided on cash flows from operating
activities of EUR 58-63m. We realised cash flows from operating activities of
EUR 66.2m, which were above our guidance range due to strong utilisation of the
vessels.
o CAPEX. We guided on CAPEX to be in the range of EUR 24-28m. We realised net
CAPEX of EUR 17.6m. The lower-than-expected CAPEX was due to the postponement of
the planned leg extension on J/U WIND ENERGY, which had an expected CAPEX of EUR
10.0m. Adjusted for the postponed extension, CAPEX was within the guidance
range.



• Our KPI guidance for 2026 is as follows:
o Weighted average financial utilisation rate. We expect the weighted average
financial utilisation rate to be in the range of 105-110%.
o EBITDA. We expect EBITDA to be in the range of EUR 64-69m.
o Cash flow from operating activities. We expect cash flows from operating
activities to be in the range of EUR 61-66m.
o CAPEX. We expect CAPEX to be in the range of EUR 16-20m.
• 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.
• ZITON has mandated a debt advisor to explore options for the potential
refinancing of its existing debt facilities and a potential issue of securities
on a private placement basis.

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667012_ZITON - Q4 2025.pdf