On 31 July 2026 at 09.30 hrs CET, Sif Holding will host a webcast sell-side analyst meeting. The link to the webcast can be found on the homepage of Sif at www.sif-group.com. Or via the link Presentation of interim 2026 results

Attached to this message is a PDF of the slides that are used at the webcast presentation.

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

* 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

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

Mr Koster will not be immediately replaced, as Grachtenheer 10 B.V. intends to use its investor nomination right once a suitable candidate has been selected. The Company and Grachtenheer 10 B.V. will make further announcements in this regard in due course.

About Sif Holding N.V.

Sif Holding N.V. delivers total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Traditionally serving Northwestern European markets, Sif is expanding its global reach. The company operates two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) and is recognized for technological leadership in rolling and welding heavy steel plates, built on 75 years of experience and innovative self-developed techniques and processes. Sif primarily manufactures monopiles, transition parts, and piles for anchoring jacket foundations of wind turbines in the seabed.

Further to its announcement of 23 June 2026, the Company has decided not to proceed with the contemplated bond issuance. This decision was taken following a review of prevailing market conditions and terms available. The Company continues to explore alternative funding options to strengthen its working capital. The Company will provide its next update at its H1 2026 results announcement on 31 July.
 
 

About Sif Holding N.V.

Sif Holding N.V. delivers total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Traditionally serving Northwestern European markets, Sif is expanding its global reach. The company operates two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) and is recognized for technological leadership in rolling and welding heavy steel plates, built on 75 years of experience and innovative self-developed techniques and processes. Sif primarily manufactures monopiles, transition parts, and piles for anchoring jacket foundations of wind turbines in the seabed.

A new EUR denominated senior unsecured bond issue with an expected issue amount of EUR 175 million and a 3-year tenor may follow, subject to, inter alia, market conditions. The bonds are expected to be issued in July 2026, and Sif intends to apply for admission to listing of the bonds on Euronext ABM or another exchange within 6 months of the issue date. Each bond is expected to have a nominal amount of EUR 1,000, while the minimum subscription and allocation amount is anticipated to be EUR 100,000.

The net proceeds from the bonds shall be applied towards (i) repayment in full of the existing term loan facilities and (ii) to finance general corporate purposes, including working capital. 

Separately, and concurrently with this announcement, please also refer to the Company’s separate stock exchange notice.

Contact Information

About Sif Holding N.V.

Sif Holding N.V. delivers total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Traditionally serving Northwestern European markets, Sif is expanding its global reach. The company operates two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) and is recognized for technological leadership in rolling and welding heavy steel plates, built on 75 years of experience and innovative self-developed techniques and processes. Sif primarily manufactures monopiles, transition parts, and piles for anchoring jacket foundations of wind turbines in the seabed.

Inside information

This press release contains inside information within the meaning of Article 7 of Regulation (EU) No 596/2014 (the Market Abuse Regulation) and is published in accordance with Article 17 of the Market Abuse Regulation.

Forward-looking statements

Certain statements in this announcement and related announcements that are not historical facts, including statements regarding the contemplated bond issuance, its expected size, timing and use of proceeds, the Company's Adjusted EBITDA guidance and the timing of projects, are forward-looking statements based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. Sif does not assume any obligation to update any forward-looking statements, except as required by law.

Important information / disclaimer

This announcement is for information purposes only and does not constitute, and shall not be construed as, an offer to sell or a solicitation of an offer to buy or subscribe for any securities in any jurisdiction. No action has been or will be taken in any jurisdiction that would permit a public offering of the bonds. The distribution of this announcement and the offer and sale of the bonds may be restricted by law in certain jurisdictions, and persons into whose possession this announcement or any related document comes should inform themselves about, and observe, any such restrictions. 

Over the past months, the project developer of the North Sea based project with which Sif is in exclusive negotiations, together with relevant governmental bodies, Sif and other supply chain partners have been working constructively to address the challenges faced by the project developer to progress with the project.

We are pleased that the outcome of these discussions provides a solid basis for the developer, Sif, and other stakeholders to progress with the development of this project towards a final investment decision for the developer and, subsequently, to commence monopile manufacturing in the target window May to August 2027. This will ensure full capacity utilization across both production facilities for approximately three quarters. Based on our current tender activities we are confident in securing additional order backlog following completion of the exclusive negotiation project.

This creates a clear path forward for Sif and all stakeholders to finalize all preparational and contractual work required to deliver this milestone project. In a time where offshore wind renewable energy is key to assuring energy independence and energy security, this project is essentially positioned to deliver on all these elements.

At the time of the first exclusive negotiation announcements in 2025, fabrication of the monopiles was expected to start earlier than is currently anticipated due to the challenges faced by the project developer. Based on today’s planning, Sif will have a gap in the first half of 2027 in its production schedule across both manufacturing sites. To avoid significant costs and operational risks in scaling down and subsequently ramping up at both manufacturing sites between the two projects, and to ensure retention of our skilled, experienced and committed employees - we have taken the decision to spread production of our existing backlog as far as possible into 2027, while always maintaining contractual delivery schedules as agreed with our customers. Consequently, we will produce less in 2026, and therefore the revenue associated with this production and approximately EUR 40 million Adjusted EBITDA will shift from 2026 to 2027.

The Company is taking active measures to manage its working capital and short-term liquidity, including a contemplated issuance of a EUR 175 million senior unsecured bond, which will be used to repay our outstanding term loan and create financial flexibility for the Company. Following the contemplated bond issue, Sif will have a robust capital structure and sufficient financial flexibility extending well beyond the expected start of the exclusive negotiations project. Concurrently with this announcement, please also refer to the Company’s separate bond launch announcement, as well as the information published on the Company website in this regard.

Based on current market developments and tendering activity, we remain optimistic that long-term perspectives for offshore wind are healthy, albeit the short-term outlook remains challenging.

Contact Information

About Sif Holding N.V.

Sif Holding N.V. delivers total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Traditionally serving Northwestern European markets, Sif is expanding its global reach. The company operates two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) and is recognized for technological leadership in rolling and welding heavy steel plates, built on 75 years of experience and innovative self-developed techniques and processes. Sif primarily manufactures monopiles, transition parts, and piles for anchoring jacket foundations of wind turbines in the seabed.

The decision has been made by mutual agreement and follows discussions regarding the next phase of the Company's development. The decision is not related to any disagreement regarding the Company's strategy, financial reporting, governance or operational outlook.

Neil McArthur, Chair of the Supervisory Board, commented:
"We thank Pepijn for his efforts and commitment during his time with the Company. On behalf of the Supervisory Board, I wish him every success in his future endeavors."

Following Pepijn's departure, Chief Executive Officer Fred van Beers will assume responsibility for the operational activities previously overseen by the Chief Operating Officer. The Company does not intend to appoint a successor at this time.

Contact Information

About Sif Holding N.V.

Sif Holding N.V. is a leading provider of offshore wind foundation solutions. Sif delivers total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Traditionally serving Northwestern European markets, Sif is expanding its global reach. The company operates two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) and is recognized for technological leadership in rolling and welding heavy steel plates, built on 75 years of experience and innovative self-developed techniques and processes. Sif primarily manufactures monopiles, transition parts, and piles for anchoring jacket foundations of wind turbines in the seabed.

Koen Bogers (1969, Dutch and Belgian nationalities) Koen Bogers was the CEO of Stedin between 2021 and 2025. Before taking on the leadership of Stedin, he was managing director of Babcock & Wilcox Volund in Denmark. Between 1996 and 2018 Koen worked in various senior management positions in energy, energy-transition and energy-infrastructure at Siemens and Stork GLT in The Netherlands, Turkey and the UAE. Koen Bogers holds master’s degrees in electrical engineering from Technical University Delft and in business economics from Erasmus University Rotterdam.

Fred van Beers, who has been an Executive Board member and CEO of Sif for the past 8 years, will stay as an advisor to the company from 1 August 2026 until early 2027.

For further information, please contact:

CONTACT

For further information, please contact:

ABOUT SIF HOLDING N.V.

Sif is a total solutions provider for design engineering and excellent manufacturing of offshore foundations for wind farms, including logistics and marshalling services. Sif traditionally serves the North-Western European markets and is exploring its global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Tweede Maasvlakte) with technology leadership in rolling and welding of heavy steel plates, which is based on 75 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines.

• Five lost time safety incidents in Q1 2026, resulting in an LTIF of 7.0 on a twelve-month rolling basis (two LTI’s in first three months 2025 with LTIF of 2.2);

• The rolling 12 months  sick leave at the end of Q1 2026 decreased to 7.5% compared to 7.7% for the period ending Q1 2025;

• Production optimization continues to show solid performance improvements through the Maasvlakte II facilities and remains on track with the revised schedule: full capacity by end of Q2 2026;

• Throughput of 60 Kton in Q1 2026 (39 Kton Q1 2025);

• Production and load-out of monopiles for Ecowende was completed on 20 March, and production of monopiles for Baltyk II and Baltyk III is progressing according to schedule;

• Increasingly positive market sentiment for Offshore Wind given the traction the North Sea Energy Cooperation (NSEC) is making in turning ambitions in real investments in Offshore Wind farms, Grid and interconnectors and shared country financing.

Key figures (unaudited):

• Q1 2026 contribution increased to €63.8 million (€40.1 million first three months 2025):

  • €55.0 million from production of monopiles and transition pieces for offshore wind (WIND) (€32.4 million first three months 2025);

  • €5.5 million from production of offshore steel structures (OSS) (€5.2 million first three months 2025);

  • €0.2 million from Marshalling and Logistic services (€0.1 million first three months 2025);

  • €3.1 million from other activities (€2.4 million first three months 2025);

• Adjusted YTD EBITDA €21.0 million (€9.6 million first three months 2025);

• Operating Working Capital at end of Q1 2026 -/-€98.5 million (-/-€180.2 million at end of Q4 2025);

• Total cash position at end of Q1 2026 was €30.7 million (€95.6 million at end of Q4 2025);

• The Q1 2026 results include a provision for additional costs as a result of the delayed ramp-up, but do not have an impact on the current guidance;

• Order book 476 Kton at end of Q1 2026.

For the full release please refer to attached PDF

By giving such industrial projects priority in permits and financing, Europe aims to emphasize the importance of having its own independent industry that can accelerate the deployment of offshore wind while simultaneously strengthening the industrial base. With the strategic status, the EU aims to safeguard and scale up the production capacity for crucial offshore wind components in Europe. This underlines once more that offshore wind foundations are an essential part of offshore wind farms.

For the full release refer to attached PDF

Attached in PDF the slides used at the presentation.

Attached to this message  please find the full notice and agenda for the meeting, the annual report 2025 and the curricula vitae of Peter Wit, Koen Bogers and Fred van Beers.

Koen Bogers (1969, Dutch/Belgian nationality) was CEO of Stedin between 2021 and 2025. Prior to that, he served as managing director of Babcock & Wilcox Volund in Denmark. Between 1996 and 2018 Koen held various senior management positions in energy, energy-transition and energy-infrastructure at Siemens and Stork GLT in The Netherlands, Turkey and the UAE. A more extended resume will be attached to the notice and agenda for the AGM that will be released later.

For the full release refer to the attached PDF

Refer to the attached PDF.

• Production in new factory ramping-up to reach planned potential in second quarter 2026;

• Order book for 2026 underpins reiteration of outlook;

• Successful completion of Empire Wind 1 and loadouts for Ecowende projects;

• Longer term ambitions of UK and EU governments remain healthy for offshore wind as contributor to energy independence.

Operational highlights:

• Safety performance: full-year 2025 LTIF at 5.37 (0.79 in 2024);

• Sickness leave: full-year 2025 at 7.7% (7.8% in 2024);

• Output of 176 kton (158 kton in 2024); 97 monopiles and primary steel for 101 transition pieces (89 monopiles and primary steel for 109 transition pieces in 2024) will contribute to the realization of 1,153 MW offshore wind capacity (1,297 MW in 2024);

• Carbon footprint scope 1 and 2 increased due to volume increase and lower output from owned wind turbine.

Financial highlights:

Outlook:

• Order book strengthened with award of 48 pin piles for project Amprion (Balwin 1 and 2);

• Outlook for full-year 2026 EBITDA of at least €135 million reiterated.

For the full release refer to the PDF attachment
 

Manufacturing Ramp-Up Achieves Target Capacity Milestones

Sif has communicated progress by reporting the number of manufactured monopiles, using a reference capacity of four monopiles per week. This benchmark was established based on an annual production target of 200 reference monopiles, each weighing 2,500 tonnes once the Maasvlakte II Facility is fully operational. In line with the plan that was announced in August 2025, Sif and its equipment partners have invested time and resources in improvements in the process, people and equipment of the Maasvlakte II Facility. Following the completion of these equipment upgrades and process stabilization, we have achieved output of four monopiles per week in December 2025. This milestone marks the completion of the planned equipment upgrades and process stabilization, with the next phase focused on further improving our efficiency into the first half year of 2026. As a result of the solid performance, Sif reiterates the adjusted EBITDA outlook of €45 million for 2025 and the provisional minimum adjusted EBITDA guidance of €135 million for 2026.

Refer to the full press release in attached PDF 

Pepijn Timmermans (1973, Dutch nationality) currently is COO at VDL Bus Valkenswaard B.V. Before being appointed at VDL Bus in 2024, he held senior positions from 2013 to 2024 at VDL Nedcar in supply chain management and information technology.  Prior to this, he co-founded and served as managing director at Schleifenbauer Products, a manufacturer of intelligent power distribution units for data centers, and at Atos Origin as program manager. Pepijn Timmermans holds a Master of Science degree in European Automotive Engineering from the University of Hertfordshire and a Bachelor in Automotive Engineering from HAN University of Applied Sciences. Pepijn does not own shares in Sif Holding N.V. 

Fred van Beers, CEO: ”With the expansion of our Maasvlakte 2 plant, responsibilities for manufacturing, supply-chain and information technology have increased and justify representation at Executive Board level. I’m delighted that the Supervisory Board has selected Pepijn to join Sif and to assume end-responsibility for these functions.” 

Pepijn Timmermans, COO: ”I’m delighted to be appointed member of Sif’s Executive Board, to join the market leader in offshore wind foundations and contribute to the further growth and development of Sif”.

For further information, please contact:

CONTACT

ABOUT SIF HOLDING N.V.

Sif offers total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Sif traditionally serves the markets of Northwestern Europe and is working on a global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) with technological leadership in the field of rolling and welding of heavy steel plates, based on 75 years of experience and innovative self-developed techniques and processes. Sif mainly produces monopiles, transition parts and piles with which jacket foundations for wind turbines can be anchored in the seabed.

• 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

Please refer to the attachment to this message for the full notice and agenda.

Member of the Executive Board and COO

The Supervisory Board gives notice of its intention to appoint Pepijn Timmermans as a member of the Executive Board, starting 1 December 2025. He will be the new COO of the company, lifting the position of COO to Executive Board level. Frank Kevenaar, the present COO and member of the Management Team of Sif will dedicate all his efforts to the ramp-up of the new manufacturing plant at Maasvlakte 2 Rotterdam as the Executive Advisor Operations.

Pepijn Timmermans (1973, Dutch nationality) currently is COO at VDL Bus Valkenswaard B.V. Before being appointed at VDL Bus in 2024, he held senior positions from 2013 to 2024 at VDL Nedcar in supply chain management and information technology.

Prior to this, he co-founded and served as managing director  at Schleifenbauer Products, a manufacturer of intelligent power distribution units for data centers, and at Atos Origin as program manager. Pepijn Timmermans holds a Master of Science degree in European Automotive Engineering from the University of Hertfordshire and a Bachelor in Automotive Engineering from HAN University of Applied Sciences. Pepijn does not own shares in Sif Holding N.V.

Fred van Beers, CEO: ”With the expansion of our Maasvlakte 2 plant, responsibilities for manufacturing, logistics and information technology have increased and justify a representation at Executive Board level. I’m delighted that the Supervisory Board has selected a seasoned manufacturing and information technology professional to join Sif and to assume end-responsibility for these functions. Pepijn will build on the work our present COO Frank Kevenaar has done and it allows Frank to dedicate all his energy to the ramp-up of our new manufacturing plant at Maasvlakte.”

An extended resume of Pepijn Timmermans will be available at the Company’s offices from 1 October 2025 and will be attached to the Notice of the Extraordinary General Meeting of Shareholders that will be published on 1 October 2025.

About Sif

Since 1948, Sif is a leading manufacturer of offshore foundations for wind energy, with more than 2,600 monopiles delivered worldwide. We specialize in producing large-scale foundations, including XXXL monopiles up to 11 meters in diameter, providing the foundation of modern offshore wind farms.

We operate two production facilities in the Netherlands: Roermond and Maasvlakte 2 in Rotterdam, employing nearly 1,000 skilled professionals. By combining craftsmanship, flexibility and modern automation, we handle complex projects safely, reliably, sustainably, and always deliver on time.

Our mission is to be the best provider of monopile solutions for our customers. We design, engineer, manufacture and deliver monopiles, transition pieces, and piles for jacket foundations. Our technological know-how in rolling and welding heavy steel plates is built on more than 75 years of experience and continuous innovation of processes and techniques.

Our vision is to accelerate the energy transition and contribute to Europe’s energy independence and security. By combining technical expertise, craftmanship and operational excellence, we provide products of exceptional quality.

Sif delivers the foundations that enable Europe’s sustainable energy future, ensuring performance, reliability, and innovation every day.

Shaping tomorrow. Performing today.

Attached please find the slides that are used for the analyst meeting.

Operational highlights:

• LTIF of 4.88 (3.29 at the end of the first half of 2024);
• Sick leave of 7.9% (8.0% in first half of 2024);
• Permanent staff per end of June 2025 of 465 FTE and 380 temporary staff compared to 415 permanent and 285 temporary staff as at 30 June 2024;
• Manufactured foundations for projects that will result in 529 MW renewable energy capacity (773 MW in first half of 2024);
• CO2 footprint of 4,493 Metric tonnes (market bases scope 2) in first half of 2025 compared to 5,102 metric tonnes in first half 2024;
• Total production of 80 kilotonnes in first half of 2025 (44 monopiles and 34 transition pieces) compared to 86 kilotonnes in first half 2024 (53 monopiles and 64 transition pieces);
• Strengthening of operations organisation.

Financial highlights:

• Revenue of €258 million in the first half of 2025 (€231 million in the first half of 2024);
• Contribution of €80.5 million (€78.6 million in the first half of 2024);
  • €64.0 million in offshore wind foundations (€66.4 million in first half of 2024);
  • €10.6 million in offshore structures (€6.5 million in first half of 2024);
  • €5.4 million in other services such as engineering (€5.1 million in first half of 2024);
  • Contribution per month of €13.5 million compared to €13.2 million in first half 2024;
  • Contribution per tonne of €941 compared to €704 in first half of 2024.
• Adjusted EBITDA of €12.9 million in first half of 2025 compared to €26.1 in first half of 2024;
• €50 million revolving credit facility was extended by 2 years to June 2028;
• Net debt per 30 June 2025 of minus €2.1 million (minus €33.4 million at 31 December 2024);
• Operating working capital at minus €180.8 million (minus €178.5 million at 31 December 2024);
• Order book as at 29 August 2025 of 625 kton (435kton on 29 August 2024).

Fred van Beers, CEO of Sif: “After the successful completion of the construction and infrastructure works related to the expansion of our manufacturing facilities at Maasvlakte 2 Rotterdam in 2024, despite being behind our initial ramp-up planning, foundations for the launching project were delivered within the specifications to Empire Offshore Wind to meet the installation window of their project in the United States. The factory in Roermond showed steady efficiency in producing transition pieces and top sections for Empire Wind 1, Ecowende and Baltyk.

The original business plan factored in that there would be a steep ramp-up in the new Maasvlakte 2 facility during the first half year of 2025 to reach the anticipated production levels from the third quarter onwards. However, during this period we have learnt that the training of our new workforce, as well as the further stabilisation of equipment and implementing improved working procedures for the new manufacturing facilities require significantly more time than initially anticipated. Following a thorough review of our production and equipment challenges, and in line with our committed focus to safety, quality and then output, we have concluded that the time required to ramp up production will continue into the first half year of 2026. This results in lower output in 2025 than originally anticipated, and a delay of 6 - 9 months compared to the original business case.

Operations

This delay in reaching the anticipated production levels is a clear set back but given the proof of realised deliveries and initiated actions, we remain confident that the new manufacturing facilities will have the capability to produce the number of monopiles that we originally envisaged. Production has commenced on HKW VI for Ecowende, and in parallel we are running a significant equipment and process modification and stabilisation program with external support from specialists and our key equipment suppliers. This will ensure a more stable ramp-up of production into the first half of 2026. We are strengthening the operations organisation with a new COO, with the present COO focusing on the technical completion of the ramp up plan, and new dedicated roles to support the stabilisation and further ramp-up of the Maasvlakte 2 facilities.

Market situation

We remain confident in the medium to long term outlook for the offshore wind market but expect a further offshore wind project development slowdown short term mainly due to non-market conform tender criteria, grid congestion and prices for electricity. Various governments have altered their ambitions for offshore wind to a more realistic level, and, although late, realise that they must adjust tender procedures and qualifications to match market conditions and preferences. The industry has strongly advised governmental bodies multiple times in the past to match tender criteria with today’s economic reality as part of a total energy system approach (windfarms, strengthen the grid and market conform electricity prices). We are pleased by the changed attitude and sense of reality since the need for energy transition and energy independence in the EU remains unchanged. We see this new reality reflected in tender activity for projects from mid-2028 onwards. Our confidence in the medium to long term outlook for the offshore wind market is further underpinned by a 200 Kton addition to our orderbook for 2027 and part of 2028. This project, that had a preferred status, has now reached the phase of exclusive negotiations.

Outlook

Rather than focusing on the alternative of short-term EBITDA maximisation, our focus now is achieving robust and stable operations, and taking the time needed to implement the right industrialisation measures. As a result, we are adjusting our 2025 adjusted EBITDA guidance to EUR 45m. Based on the progress made, the stabilization plan and modifications ongoing in our Maasvlakte 2 facilities, we reiterate the mid-term annualized adjusted EBITDA run rate target of at least EUR 160m. This remains the goal for 2026. Achieving the required output to underpin the adjusted EBITDA run rate is expected to shift into the first half of 2026. Therefore, the provisional minimum adjusted EBITDA guidance for 2026 is set at EUR 135m. Based on the actual progress of the actions being undertaken and the output during the second half of 2025, we will provide further guidance towards the end of the year.”

For the interim report see link to 2025 Interim report or the attachment to this message.

Sif Holding

Sif offers total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Sif traditionally serves the markets of Northwestern Europe and is working on a global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) with technological leadership in the field of rolling and welding of heavy steel plates, based on 75 years of experience and innovative self-developed techniques and processes. Sif mainly produces monopiles, transition parts and piles with which jacket foundations for wind turbines can be anchored in the seabed.

‘Here at Sifs Maasvlakte factory, we see the energy transition actually taking place’ Minister Sophie Hermans says.

Refer to the attached PDF for the full release

Boudewijn van Schaïk (1979, Dutch and South African nationalities) is the former CFO of Avantium N.V. Before being appointed at Avantium in January 2023, he held senior positions from 2013 to 2022 in treasury, strategy and M&A at SBM Offshore, including the position of corporate finance director. Prior to this, he served in various senior finance positions at NIBC Bank, ABN AMRO Bank, Main Corporate Finance and Alexander Forbes in South Africa. Boudewijn van Schaïk holds a Business Science degree (accounting and corporate finance) from the University of Cape Town South Africa. Boudewijn does not own shares in Sif Holding N.V. at this moment.

For further information, please contact:

CONTACT

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The following resolutions were voted and approved by the AGM. Voting-results are attached to this message.

Approval of the 2024 Financial statements

Approval of the 2024 Remuneration report (advisory vote)

Discharge of the members of Executive and Supervisory Boards for management and supervision in 2024

Appointment of Neil  McArthur for 4 year as member of the Supervisory Board

Appointment of Mathijs Koster for 3 years as member of the Supervisory Board

Appointment of KPMG accountants as auditor for 2026-2025

Executive Board authorizations and delegations to acquire ordinary shares in the capital of the Company, to issue shares and to grant rights to subscribe for shares in the capital of the Company,to restrict or exclude pre-emptive rights, to acquire preference shares in the capital of the Company and to grant rights to subscribe for ordinary shares and exclude pre-emption rights for purposes of the conversion of preference shares

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• 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.

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 this press release

Refer to the attached PDF for the full release

On 17 April, Empire Offshore Wind LLC has informed Sif and the market that it will halt offshore construction in waters of the outer continental shelf for the Empire Wind project following a notification from the Bureau of Ocean Energy Management (BOEM).  

Equinor’s press release:
Equinor suspends offshore construction activities for the Empire Wind project

Sif will continue to manufacture foundations for Empire Offshore Wind LLC according to the contract. Sif and the Empire Wind 1 project team will continue the pragmatic and constructive partnership cooperation on this project and dialogue on effects of changes to the contract.

About Empire Wind 1 Offshore Wind 1 refers to the Offshore Wind Farm in the state of New York. The federal lease for Empire Wind was signed with the US Administration in 2017. Empire Wind 1 has validly secured all necessary federal and state permits and is currently under construction. The project is being developed under contract with New York State Energy Research and Development Authority (NYSERDA) to provide an important new source of electricity for the State of New York. The construction phase has put more than 1,500 people to work in the US. Empire wind 1 has the potential to power 500,000 New York homes. Equinor’s ownership to Empire is held through the Equinor Wind US LLC.

About Sif Holding Sif supports and accelerates the growth of offshore wind power generation as a key driver to the energy transition by offering total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Sif traditionally serves the markets of Northwestern Europe and is working on a global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) with technological leadership in the field of rolling and welding of heavy steel plates, based on 75 years of experience and innovative self developed techniques and processes. Sif mainly produces monopiles, transition parts and piles with which jacket foundations for wind turbines can be anchored in the seabed.

Attached to this message  please find the full notice and agenda for the meeting, the annual report 2024 and the curricula vitae of Neil McArthur, Mathijs Koster and Boudewijn van Schaïk.

Please refer to the PDF attachment for the full release

Fred van Beers, CEO of Sif Holding: “It is with great pleasure that we could deliver the first of 54 monopiles for Empire Wind 1 to our client Equinor. Thanks to the efforts of everyone involved, we have achieved this important step in Sif’s history. We will now focus on getting the facilities up-to-speed to manufacture approximately 200 monopiles per year. It makes me proud to see that the quality of the first product is very good and that measurement is widely within tolerances. The new facilities enhance Sif’s position as market leader in offshore wind energy foundations and will contribute largely to the energy transition from fossil to clean energies”

Please refer to attached PDF for full release including picture of first monopile

• No lost time safety incidents in Q3 2024. One LTI Year-to-Date resulted in LTIF of 0.81 on a twelve-month rolling basis (eight LTI in first nine months 2023 with LTIF of 5.97);
• Year-to-Date (YTD) [1] sick leave slightly down to 6.1% compared to 6.3% for the first nine months 2023;
• Replacement of fossil fuels by HVO 100 biofuels from start of Q4 2024 for all inland shipping will reduce carbon emission for this activity by almost 90%;
• Expansion project on schedule: two out of three production lines are mechanically complete and in the commissioning and operational start-up phase;
• Throughput of 42 Kton in Q3 2024 (50 Kton Q3 2023) brings Year-to-Date production to 128 Kton (144 Kton in first nine months 2023);
• Production and load-out of foundations for Dogger bank continued, manufacturing of Empire Wind 1 transition pieces and monopiles has started;
• Signed and converted reservation agreements into final contracts for 100 Baltyk 2&3 TPs (30 Kton) and for 64 MPs and TPs for East Anglia TWO wind farm (140 Kton).

Key figures:

• Year-to-Date (YTD) contribution increased to €111.0 million (€106.2 million first nine months 2023):
• €103.1 million from production of monopiles, transition pieces and other foundation components for offshore wind (€93.0 million first 9 months 2023);
• €0.9 million from Marshalling and Logistics services (€5.8 million first nine months 2023);
• €7.0 million from other activities (€7.4 million first nine months 2023), including engineering services for €5,7 million (€4,8 million first nine months 2023);
• Adjusted YTD EBITDA €31.3 million (€28.5 million first nine months 2023);
• Net Working Capital at end of Q3 2024 -/-€ 119.2 million (-/-€59.9 million at end of Q3 2023 and -/-€106.0 million at end of Q2 2024);
• Total cash position at end of Q3 2024 €88.2 million (€124.4 million at end of Q3 2023 and €87.2 million at end of Q2 2024);
• Order book 525 Kton per end of September.  

For the full Q3  2024 release reference is made to the PDF attachment.

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

ScottishPower Renewables has signed the contracts with Sif Netherlands for the supply of 64 monopiles, and with a joint venture between Sif and Smulders for the supply of 64 transition pieces. 

The monopiles will be manufactured in Sif’s newly expanded production facilities at Maasvlakte 2 in Rotterdam, the Netherlands. The transition pieces will be manufactured in Sif’s production facilities in Roermond, the Netherlands (primary steel) and Smulders’ production facilities in Hoboken, Belgium (outfitting). The monopiles and transition pieces will be loaded out to the foundation installation or transport vessels from Sif’s Maasvlakte 2 deepsea quay.

The announcement comes just weeks after ScottishPower Renewables £4 billion East Anglia TWO offshore windfarm was successful in the new UK Government’s Contracts for Difference Allocation Round 6 (AR6) in September 2024. East Anglia TWO will be located almost 33 kilometres off the Suffolk coast and is expected to supply up to 960 MW of offshore wind energy, enough to power the equivalent of almost one million homes each year.

Production of the monopiles and transition pieces will start in the second half of 2026. The project was already in Sif’s and Smulders’s order books for 2026 under exclusive negotiations and is now final, bringing Sif’s order book for 2026 to 210 kilotonnes in firm contracts.

Charlie Jordan, ScottishPower Renewables CEO said: “It’s great to confirm this important contract with Sif and Smulders so soon after East Anglia TWO’s Contracts for Difference success and we’re really pleased to welcome them to our East Anglia supply chain family. This will allow us to continue to move at pace to bring this vital project to life and powering cleaner and greener lives for years to come.”

 Fred van Beers, CEO of Sif Holding: “With our state of the art monopile production facilities, our strategic position in Rotterdam and our deep-sea quays with 24/7 access for the most modern installation vessels, we offer ScottishPower Renewables excellent conditions for a safe and efficient installation campaign. We thank ScottishPower Renewables for the trust and the open exchange of ideas in the preliminary phase. This contributed highly to the speed in which the capacity reservation agreement for this project, that was already included in our order book for 140 kilotonnes, could be converted into a final contract. We look forward to a continued constructive execution phase of this great contract.” 

Raf Iemants, Managing Director of Smulders: "Smulders is proud to collaborate with Sif and ScottishPower Renewables on the East Anglia TWO offshore wind farm project. This partnership underscores our commitment to delivering high-quality, sustainable solutions for the offshore wind market. We look forward to contributing our expertise to ensure the successful completion of this significant project."

The expansion at our Maasvlakte location is progressing according to planning and within budget.

795 MW clean energy

OranjeWind will be located almost 53 kilometers off the coast of IJmuiden and is expected to supply approximately 795 MW of offshore wind energy. To enable full system integration, OranjeWind will combine offshore wind with electrolysis capacity for the production of green hydrogen and other flexible demand solutions such as e-boilers and battery storage, as well as floating solar panels and subsea battery storage for more efficient use of offshore space.

Enhanced offshore installation safety and efficiency

As in previous projects for the Hollandse Kust wind farms, no transition pieces are used which will enhance offshore installation safety and efficiency. Components such as ladders, boat moorings, access platforms and internal platforms are installed and connected at sea after the installation of the monopiles. The supply by Sif of these components is part of the same contract. In total, this will involve a production of 53 monopile foundations with a total weight of approximately 76 kilotons. The project was already in Sif's order book as a project under exclusive negotiations. The planned start of production is foreseen in the first quarter of 2026.

Fred van Beers, CEO of Sif Holding: “With our state-of-the-art monopile production facilities, our strategic position in Rotterdam and our deep-sea quays with 24/7 access for the most modern installation vessels, we offer OranjeWind excellent conditions for a safe and efficient installation campaign. We thank the OranjeWind project team for the trust and the open exchange of ideas in the tender phase and look forward to a continued constructive execution phase of this great contract.”

About Sif Holding

Sif supports and accelerates the growth of offshore wind power generation as a key driver to the energy transition by offering total solutions for the design and production of foundations for offshore wind farms, including logistics services and marshalling. Sif traditionally serves the markets of Northwestern Europe and is working on a global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Second Maasvlakte) with technological leadership in the field of rolling and welding of heavy steel plates, based on 75 years of experience and innovative self-developed techniques and processes. Sif mainly produces monopiles, transition parts and piles with which jacket foundations for wind turbines can be anchored in the seabed.

Bałtyk 2&3 are two separate projects with planned installed capacity of 720 MW each (jointly 1440 MW). The offshore wind farms will be installed in Polish exclusive economic zone of the Baltic Sea and are subject to Polish regulatory regime. The wind farms are located approximately 37 km (Bałtyk 2) and 22 km (Bałtyk 3) off the Polish coast.

The scope of work for the consortium of Smulders and Sif consists of fabrication of the Transition Pieces including shop design, procurement, construction, testing and commissioning.

Within the consortium Sif will manufacture the approximately 30 kton primary steel tubulars, including flanges, from their facility in Roermond, The Netherlands. Smulders will perform the secondary steel scope, coating, electrical system and testing and commissioning. The secondary steel scope will be produced by the Polish facilities of Smulders. Final assembly will take place at the yard in Hoboken, Belgium.

Please open PDF attached for full version 

Approval of the 2023 Remuneration report (advisory vote)

Approval of the 2023 Financial statements

Discharge of the members of Executive and Supervisory Boards for management and supervision in 2023

Adoption of the nomination policy

Re-appointment of Peter Gerretse for 1 year as member of the Supervisory Board

Reappointment of the auditor for 2024-2025

Executive Board authorizations and delegations to acquire ordinary shares in the capital of the Company, to issue shares and to grant rights to subscribe for shares in the capital of the Company,to restrict or exclude pre-emptive rights, to acquire preference shares in the capital of the Company and to grant rights to subscribe for ordinary shares and exclude pre-emption rights for purposes of the conversion of preference shares

For further information, please contact:

Sif Holding N.V.

Fons van Lith

       telephone       +31 (0)475 385 777

           mobile       +31 (0)6 5131 4952

             e-mail       f.vanlith@sif-group.com              

    Attachment: voting results

The two wind farms of 50 units each, will have a total capacity of 1.44 GW and will be in the Polish exclusive economic zone of the Baltic Sea, at about 37 and 22 km from the coastline at the level of Łeba.

The first energy from the Bałtyk II and Bałtyk III wind farms is expected to flow in three years. The commercial phase of their operation is scheduled for 2028. In Sif’s order book, 105 Kton is remeasured to 120 Kton and now moves from exclusive negotiations to firm contracts.

Fred van Beers, CEO of Sif Holding N.V.:” I am delighted that we have now finalized the contracts for our first projects in the Baltic seas, offshore Poland. These are the first projects under the framework agreement we concluded with Equinor in support of the expansion of our manufacturing facilities in Rotterdam. We look forward to cooperate with Equinor and Polenergia and to make these projects a success as ones of the first projects in our new manufacturing set-up.”

CONTACT

For further information, please contact:

ABOUT SIF HOLDING N.V.

Sif is a total solutions provider for design engineering and excellent manufacturing of offshore foundations for wind farms, including logistics and marshalling services. Sif traditionally serves the North-Western European markets and is exploring its global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Tweede Maasvlakte) with technology leadership in rolling and welding of heavy steel plates, which is based on 75 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines.

ABOUT SIF’S EXPANSION PLANS FOR MANUFACTURING FACILITIES

In February 2023 Sif decided to invest an amount of €328 million in expansion of its manufacturing facilities at Maasvlakte 2, Rotterdam, the Netherlands. With the investment, Sif will more than double its production capacity to 500 Kton to create the world’s largest monopile manufacturing plant. The project is financed with €100 million advance payments from launching clients (Empire Wind and Ecowende), €50 million preferred equity from Equinor, €50 million ordinary equity from a rights issue in July 2023, €81 million from a term loan and €40 million from a lease facility. The execution of the expansion project started in April 2023 and the first production is scheduled for July 2024. The work is expected to be completed in January 2025.

Sif announced today its commitment to sustainable and socially responsible business practices by officially joining the UN Global Compact.

Sif will be responsible for the manufacturing of the 52 extended monopile foundations that will have no transition pieces, but secondary steel components, and that will have a total weight of approximately 70 kilotonnes. Transition piece-less monopiles were successfully applied by Sif in earlier projects offshore the Netherlands, also in the Hollandse Kust Noord project for Crosswind, another joint venture of Shell and Eneco (see picture below). In this transition piece-less design, the secondary steel components like boat-landings, ladders, main access platforms and internal platforms, will be connected to the monopile foundations once these are installed at sea. The secondary steel components will also be delivered by Sif in the same contract.

A new ecological standard

Ecowende, together with partners such as Sif, intends to set a new ecological standard for building and operating wind farms in the North Sea, with minimal impact on the natural habitat of birds, bats and marine mammals, and with a thriving underwater world.

Folkert Visser, CEO and Project Director Ecowende: ”Building a wind farm in harmony with nature is an important condition for eventually achieving the ambition of 70 GW of offshore wind energy by 2050, within the ecological limits of the North Sea. Ecowende will implement various innovations and larger-scale measures to mitigate the negative effects of the wind farm on the local ecology and to stimulate positive effects. For Sif, this implies for example that the monopiles are designed for low noise installation methods and that they can support various wildlife detection and monitoring devices, above and below the water line.”

Fred van Beers, CEO of Sif Holding: ”We are proud for again being valued for our efficiency in delivering monopile foundations for an entire offshore wind farm within a relatively short timeframe and for the strategic position of our manufacturing facilities in Rotterdam. We are grateful that Ecowende has selected Sif for both the fabrication of the extended monopiles foundations as well as the secondary steel components, for a single point of delivery at our Maasvlakte facility. When Van Oord’s new-age installation vessel Boreas will berth at our Maasvlakte facility for the load out of the project, we will have all 52 monopile foundations with their secondary steel components finished and in storage at our site. This is a significant de-risking of the project for both Ecowende and Sif. The fact that Sif has been involved in the manufacturing and supply of foundations for almost all the wind farms in the Dutch North Sea means we have built up a wealth of knowledge over the past 20 years in this specific market."

ABOUT SIF HOLDING N.V.

Sif is a total solutions provider for design engineering and excellent manufacturing of offshore foundations for wind farms, including logistics and marshalling services. Sif traditionally serves the North-Western European markets and is exploring its global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Tweede Maasvlakte) with technology leadership in rolling and welding of heavy steel plates, which is based on 75 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines.

Ecowende and Hollandse Kust (west)
The wind farm to be constructed by Ecowende (a joint venture between Shell and Eneco) at Hollandse Kust (west) wind farm site VI will be located approximately 53 kilometres off the Dutch coast at IJmuiden. The operational capacity of some 760 MW means Ecowende will be able to generate enough renewable energy to meet around 3% of current demand for electricity in the Netherlands. The intention is that the wind farm will be brought into use in 2026. Click here for more information about Ecowende, including a full list of innovations and ecological measures.

• One lost time safety- incident in Q3 2023: YTD eight LTI (seven in first nine months 2022);
• Expansion project on schedule: successful tests on longitudinal welding training machine;
• Successful completion of rights issue with 98.9% take-up of new shares;
• Throughput of 50 Kton brings Year to Date production to 144 Kton (129 Kton Q3 2022);
• Load-out of Dogger bank A transition pieces continues, manufacturing of Dogger bank B monopiles close to completion, manufacturing for Dogger bank C transition pieces started;
• He Dreiht transition pieces completed per end of Q3 2023;
• Effects of New York State Energy Research and Development Authority’s decision on Empire Wind projects under investigation by Empire Wind partners BP and Equinor;
• License agreement with GS Entec (Korea) finalized;
• Annabelle Vos appointed Supervisory Board member.

Key figures:

• Year to Date (YTD)[1] contribution increased to €106.2 million (€93.3 million first nine months 2022)
  • €93.0 million from production of foundations (€79.2 million first 9 months 2022);
  • €5.8 million from marshalling activities (€8.4 million first nine months 2022);
  • €7.4 million from other activities, including engineering (€5.7 million first nine months 2022);
• Adjusted EBITDA €28.5 million (€28.9 million first nine months 2022);
• Net Working Capital at end of Q3 2023 -/-€59.9 million (-/-€43.4 million at end of Q3 2022 and -/-€74.8 million at end of Q2 2023);
• Total cash position at end of Q3 2023 €124.4 million (€61.2 million at end of Q3 2022 and €103.6 million at end of Q2 2023) with main inflows in Q3 relating to financing of expansion project:
  • €50 million from rights issue July 2023;
  • €18 million from AFP Ecowende in July 2023;
  • €19.5 million from AFP Empire Wind in September 2023;
• Order book 56 Kton for Q4 2023, and 668 Kton for 2024 and beyond.  

 Reference is made to the PDF attachment for the full release

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

Proposed appointment of Annabelle Vos as a member of the Supervisory Board of Sif Holding

Proposed remuneration of the appointed Supervisory Board member

Following the appointment, the Supervisory Board of Sif Holding N.V. now comprises Peter Gerretse (chair), Peter Wit (vice-chair), Angelique Heckman, Peter Visser and Annabelle Vos.

Attachment: voting results EGM 8 September 2023

For further information, please contact:

Sif Holding N.V.

Fons van Lith

       telephone       +31 (0)475 385 777

           mobile       +31 (0)6 5131 4952

             e-mail       f.vanlith@sif-group.com              

• Health and Safety first:
  • Three incidents in the second quarter increase LTI to seven and LTIF to 7.88 for first half 2023 (five LTI and LTIF of 8.97 in first half 2022);
  • Sick leave with 6.7% improved on the 7.2% of first half of the previous year.
• People:
  • Hiring of 200 FTE for expanded facilities progressing. Permanent staff 30 June 2023 at 382 FTE (with 305 temporary staff) compared to 368 FTE end of June 2022 (with 220 temporary staff);
  • New appointment of Angelique Heckman to Supervisory Board and nomination of Annabelle Vos for appointment to Supervisory Board in September 2023;
  • New appointments to Management Team of Monique van den Boogaard (director projects) and Robert Verkroost (director HR).
• Strategic developments:
  • Solid execution of the financing package for the expansion plan including Equinor as new shareholder for cumulative preference shares and successful rights issue with 98.9% take-up (completed in July 2023);
  • Construction of expanded manufacturing plant at Maasvlakte 2 started according to plan in April 2023 and is progressing expeditiously, reaching its highest point on 17 August last. Almost 90% of construction and equipment expenses locked-in at firm rates;
  • Phasing out of marshalling and logistics resulting in lower contribution levels in Q2 and to almost zero from Q3 2023.
• New projects:
  • Capacity reservation agreement for Baltyk 2+3. Production of 90 monopiles (105 Kton) for delivery in 2025 and 2026 (already reported in Q1 release);
  • Shift from exclusive negotiation to firm contract for production of 54 transition pieces (20 Kton) for delivery in 2025;
  • New preferred supplier agreement for the delivery of monopiles (approx. 80 Kton) in 2026.  
• Sustainable products and production:
  • Sif participated in projects resulting in 1,344 MW renewable energy capacity (803 MW in first half 2022);
  • Decreased CO2 footprint from 6,327* metric ton in first half 2022 to 1,635 metric ton in first half 2023.

*Prior period numbers are restated in line with the restatements as disclosed in the 2022 Annual report.

• Operations:
  • Final deliveries and ongoing load-out for Dogger bank A;
  • Production of monopiles for Dogger bank B;
  • Production of transition pieces for He Dreiht and Noirmoutier;
  • Stable income from engineering activities;
  • Marshalling & Logistics for Siemens’ Hollandse Kust Zuid project almost completed.
  • Total throughput of approximately 94 Kton steel or 52 monopiles and 66 transition pieces (89 Kton or 74 monopiles and 55 transition pieces in HY1 2022). Of total production, 98.5% was for offshore wind projects.

Key figures:

• Revenue of €218.1 million in the first half of 2023 (HY 2022: €191.3 million);
• Contribution of €71.4 million (HY 2022: €63.5 million):
  • €60.8 million monopiles & transition pieces for offshore wind (HY 2022: €54.5 million);
  • €10.6 million marshalling and other which includes KCI for €3.0 million (HY 2022: €9.0 million and €2.7 million);
• Adjusted EBITDA of €21.4 million slightly higher than in first half year 2022 (€21.1 million);
• Diluted earnings per share of €0.17 (€0.18 first half 2022) allowing for allocation of €0.7 million dividend to cumulative preference shares that were issued on 30 March 2023;
• Operating working capital stands at -/- €74.8 million (YE 2022: -/- €81.5 million);
• No external debt excluding lease liabilities (YE 2022: nihil). Total cash position amounts to €103.6 million (YE 2022: €89.8 million);
• Order book per 25 August 2023: 754 Kton for remainder of 2023 and beyond:
  • 464 Kton signed contracts;
  • 290 Kton exclusive negotiations;
• Outlook full year confirmed with adjusted EBITDA for 2023 expected to end at the level of 2022.

Read PDF attachment for full text of the interim report or follow Sif Interim report 2023 (share-enterprise.nl) for HTML version