Roermond,
31
July
2026
|
07:00
Europe/Amsterdam

Interim 2026 results: Significant Performance Improvement

Health and safety KPI’s improving

Factory reached planned ramp-up level in H1

Outlook for 2026 EBITDA €95 million, management decision to shift €40 million to 2027

Strategic highlights
  • Production output in new factory achieving the planned average of 4 to 5 monopiles per week
  • Completion of Ecowende, loadouts for Baltyk 2&3 ongoing, production for Oranjewind & East Anglia progressing according to plan
  • Positive developments on 190kton exclusive project - all stakeholders working towards start of production mid-2027
  • Low number of projects reaching Final Investment Decision resulting in low demand for monopile production in 2027 and 2028
  • Tenders for production 2028-2029 progressing: Sif shortlisted for most of our active tenders
  • Longer term ambitions of UK and EU governments for 100 GW offshore wind in 2040 are being transformed into real tenders for 2029 production onwards
  • Tangible progress by policymakers in Brussels on level playing field measures for offshore wind supply chain
  • Decommissioning projects on the horizon: Sif shortlisted for first running tenders in the market. First decisions on go/no go expected this year
  • In June 2026, the Company explored the possibility of issuing a bond to strengthen its balance sheet and provide additional liquidity. The Company is in discussions with its largest shareholder and its lenders, and will continue to explore alternative funding options in the second half of 2026
Operational highlights
  • Safety performance: LTIF at 4.31 compared to full-year 2025 at 5.37
  • Output of 141 kton (80 kton first half 2025); 101 monopiles and primary steel for 14 transition pieces (44 monopiles and primary steel for 34 transition pieces in first half 2025) will contribute to 1,405 MW offshore wind capacity (529 MW in first half 2025)
  • Net CO2 footprint of 7,379 Metric tonnes (market-based scope 2) in first half of 2026 compared to 4,493 Metric tonnes in first half 2025
Financial highlights
In € millionHY2026HY2025change
Contribution *134.780.5+67 %
Adjusted EBITDA *43.412.9+236 %
Earnings after tax (profit / (loss) attributable to the shareholders)(4.1)(25.9)+84 %
EPS in €(0.18)(0.91)+80 %
Period-end net working capital **(81.6)(180.2)+55 %
Period-end cash **7.195.6-93 %

* Reference is made to section 'Definition and Explanation of use of non-IFRS financial measures' and 'Reconciliation of non-IFRS financial measures' in the interim report 2026 for the definition, explanation of use and reconciliation

** Comparative figures are per 31 December

  • Improvement in Contibution and Adjusted EBITDA as a result of ramp-up and stability of operations at the Maasvlakte II facility
  • Working Capital position improved during H1 2026
  • Compliance with financial covenants at 30 June 2026 for solvency (35.6%) and leverage (1.98x), first repayment of €6.7 million under the term loan made, and revolving credit facility of €50 million undrawn on 30 June 2026
Order book in kton (status 31 July 2026)H2 2026 & beyond
Contracted225
Exclusive negotiations (incl OSS)197
Total422
Outlook
  • Continuous focus on safety, production optimisation and financial improvement
  • With production now at planned levels, management focus has shifted to further optimizing and reducing costs
  • Securing the 190 Kton exclusive project, delivering the current order book and managing our working capital and short-term liquidity remain key priorities. Refer to interim report for additional context
  • Company is in discussions with its largest shareholder and its lenders, and will provide an update on these discussions in due course
  • Initial outlook for full-year 2026 EBITDA of at least €135 million revised to €95 million for 2026 following management decision to shift revenues and approximately €40 million adjusted EBITDA from 2026 to 2027 to reduce operational risk and cost of ramp-down and ramp-up between projects
  • Performance 2026 expected to result in meeting banking covenants in Q3 and Q4 2026

For the full press release and the Interim 2026 report reference is made to the two attached PDF files