Since joining Sif in May, Koen has completed an intensive onboarding programme. During this period, he visited both production locations weekly, met colleagues across the organisation and engaged with customers and other stakeholders to gain a thorough understanding of Sif, its people and the markets in which the company operates.

Reflecting on his first months, Koen says:

"Over the past three months, I have had the opportunity to get to know Sif from the inside. What stands out most to me is the craftsmanship, commitment and ambition of our people. That gives me great confidence for the future. I look forward to working with our employees, customers and partners to continue building the future of Sif."

Koen succeeds Fred van Beers, who has led Sif since 2018. Fred will remain closely involved with the company as Advisor to the Executive Board until 31 January 2027 to support a smooth transition.

Sif welcomes Koen in his new role and looks forward to continuing to build the company's future together.

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

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

Today marks the Day of the Emergency Response Officer, a moment to recognise the vital contribution of our trained colleagues. 

Because they are much more than a first aid kit on legs. They are trained, alert, and ready to act immediately, at work, in public, or in their community. Not because they have to, but because it’s second nature to them.

At Sif, safety is a top priority, for our employees and our visitors. That’s why today, we’ve taken time during each shift to reflect on this important day. We’ve also taken a moment to thank our Emergency Response Officers individually. They are always there for us. Every single day. That deserves recognition.

Together, we make Sif a safe place to work. And our Emergency Response Officers are a vital part of that.

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.

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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

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