Trading update Q1 2025: Ramp-up of new factory steadily improving
May 9, 2025
Reiteration of forecast EBITDA range of €90-120 million
Operational highlights Q1:
- 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.
| In € (millions) | Q1 2025
| Q1 2024
| Delta
|
| Contribution | 40.1
| 33.6
| +19.3%
|
| Adjusted contribution per month | 12.7
| 9.6
| +32.2%
|
| Adjusted contribution per ton | 974
| 686
| +42.0%
|
| Adjusted EBITDA | 9.6
| 8.0
| +20.0%
|
| Production (in Kton) | 39
| 42
| -7.1% |
| Orderbook (Kton) at 31 March 2025 | For remainder 2025 and beyond
|
| Contracted | 465
|
| Exclusive negotiation | 0
|
| Total | 465 |
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 the full press release.
You can find the full Q1 2025 press release here: tradingupdateq12025.pdf