• 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

• 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
 

• 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

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.

• 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

• Expansion of manufacturing facilities completed, production ramping-up;
• Additional land leased for storage and marshalling activities.

Operational highlights:

• Improved safety performance: full-year 2024 LTIF at 0.78 (8.28 in 2023);
• Sickness leave: full-year 2024 at 7.75% (6.86% in 2023);
• Output of 158 kton (192 kton in 2023); 89 monopiles and primary steel for 109 transition pieces (141 monopiles and primary steel for 182 transition pieces in 2023) will contribute to the realization of 1,297 MW offshore wind capacity (2,622 MW in 2023);
• Carbon footprint scope 1 and 2 further decreased through ongoing electrification and use of biodiesel for inland shipping.

Financial highlights:

Outlook:

• Order book strengthened with award of East Anglia TWO (Scottish Power) and transition pieces for Baltyk II+III (Equinor/Polenergia).
• Outlook for full-year 2025 revised to adjusted EBITDA of €90-120 million with some production shifting into 2026 due to the ramp-up taking some more time than originally anticipated. Outlook for 2026 reiterated at a level of at least €160 million.

Health and Safety first*: 

• One LTI, LTIF at 3.29 (seven LTI, LTIF at 7.88 at the end of the first half of 2023);  
• Sick leave of 6.7%, equal to first half-year 2023. 

People: 

• Hiring on schedule with permanent staff per 30 June 2024 at 415 FTE (with 285 temporary staff) compared to 382 FTE at the end of June 2023 (with 305 temporary staff). 

Strategic developments: 

• Construction of expanded manufacturing plant at Maasvlakte 2 is on planning and on budget:  
• The first of three production lines became operational according to plan in August 2024; first can production for Empire Wind 1 ready; 
• On track for the start of full production on 1 January 2025; 
• Agreement with the Port of Rotterdam Authority for the temporary lease of 20 hectares of additional land for storage, marshalling and logistics projects. 

New projects: 

• Shift from exclusive negotiation to firm contract for the production of 53 monopiles (76 kton) in 2026 for OranjeWind (Hollandse Kust West Kavel VII); 
• Capacity reservation agreement with Equinor/Polenergia to produce 100 transition pieces (30 kton) for Baltyk 2+3 wind farm in joint venture with Smulders; 
• Heerema contracted Sif to manufacture four jacket piles for the jacket foundation for RWE's Substation Thor.   

Sustainable products and production: 

• Sif manufactured foundations for projects that will result in 773 MW renewable energy capacity (1,344 MW in the first half of 2023);  
• Increased CO2 footprint from 1,635 metric ton in the first half of 2023 to 2,675 metric ton in the first half of 2024.  

Operations: 

• Production of monopiles and transition pieces for Dogger Bank C;  
• Final production of transition pieces for Noirmoutier; 
• Production of offshore steel structures (OSS) for various pinpile and structural leg orders; 
• Increased income from engineering. 

Total throughput of 53 monopiles and 64 transition pieces (86 Kton) (52 monopiles and 66 transition pieces in the first half-year of 2023 [94 Kton]).  

Key figures: 

Revenue of €231 million in the first half of 2024 (first half-year of 2023: €218 million);  

Contribution of €78.6 million (first half-year 2023: €71.4 million): 

• €66.5 million monopiles, transition pieces and other foundation components for offshore wind (first half-year 2023: €60.8 million); 
• €0.6 million Marshalling and Logistics services (first half-year of 2023: €4.9 million); 
• €11.6 million other (first half-year 2023: €5.7 million), which includes engineering services for €4.3 million (first half-year 2023: €3.0 million); 

Adjusted EBITDA of €26.1 million compared to €21.4 million in the first half-year of 2023; 

Diluted earnings per share of €0.21 (€0.17 in the first half-year of 2023) allowing for allocation of € 1.25 million dividend to cumulative preference shares (first half-year 2023: €0.6 million); 

Operating working capital stands at -/- €106.0 million (year-end 2023: -/- €133.4 million); 

External debt excluding lease liabilities €60.0 million (year-end 2023: €20.0 million). Total cash position amounts to €87.2 million (year-end 2023: €131.4 million); 

Order book per 29 August 2024: 405 kton signed contracts and 30 kton in exclusive negotiation for the remainder of 2024 and beyond;  

Outlook for full year 2024 confirmed with expected production of 165 kton and adjusted EBITDA of approximately €35 million. 

*on a 12-month rolling basis 

Please read PDF attachment for full text of the interim report

• No Lost Time Injuries (4 in Q1 2023);
• Sick leave at 8.6% (7.2% in Q1 2023);
• Production of monopiles and transition pieces for Dogger Bank C and several components for offshore steel structures;
• Workforce at end of Q1 stood at 393 permanent staff and 261 flexible staff (end of Q1 2023: 374 permanent and 244 flexible staff);
• Total throughput of approximately 42 Kton steel (48 Kton in Q1 2023), on track for full year production of 165 Kton.

Key figures

• Contribution of €33.6 million (€34.0 million in Q1 2023) of which €27.7 million for Wind (€29.8 million in Q1 2023), €3.0 million for Offshore Steel Structures (OSS) (€0,7 million in Q1 2023), €2.2 million for Engineering (€0,9 million in Q1 2023), €0.3 million for Marshalling (€2.2 million in Q1 2023) and €0.4 million for other activities (€0.4 million in Q1 2023);
• Adjusted EBITDA of €8.0 million (€10.8 million in Q1 2023) on track for full year generation of €35 million adjusted EBITDA;
• Net Working Capital at end of Q1 2024 -/- €158.3 million (-/- €133.4 million at end 2023);
• Cash at the end of Q1 2024 of €140.7 million (€131.4 million at end 2023);
• Orderbook contains approximately 125 Kton for remainder 2024 and 320 Kton for 2025 and beyond.

Reference is made to the PDF attachment for the full release

• Improving safety performance on 12-month rolling statistics; full-year 2023 LTIF at 8.28 (6.50 in 2022)
• Output of 192 kton (169 kton in 2022); 141 monopiles and primary steel for 182 transition pieces (130 monopiles and primary steel for 126 transition pieces in 2022)
• Contribution to 2,622 MW offshore wind capacity (1,954 MW in 2022) with foundations for amongst others Dogger Bank and Hollandse Kust Noord
• Carbon footprint further reduced through higher compensation from the wind turbine on Sif’s premises and ongoing electrification to replace gas
• Marshalling services for Siemens’ Hollandse Kust Zuid completed
• Orderbook addition with Baltyk II+III (Equinor/Polenergia) and termination of Empire Wind 2 (Equinor)
• Good progress on the expansion of our manufacturing facilities to increase production to Ø11 meters and 500 kton production capacity

Financial highlights:

Outlook full-year 2024: factory-integration and start-up of the expanded production facilities in the second half of 2024 will result in lower production output of approximately 165 kton with expectation for adjusted EBITDA at a level of approximately €35 million. After start-up of the new plant, we foresee higher volumes with €135 million EBITDA for 2025 and at least €160 million from 2026.
 

Reference is made to attached PDF for the full release

[1] Reference is made to section 'Definition and Explanation of use of non-IFRS financial measures' and 'Reconciliation of non-IFRS financial measures' for the definition and explanation of use, and reconciliation

• 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

• 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

• Four Lost Time Injuries;
• Sickness absenteeism at 7.2% (8.2% in Q1 2022);
• Production of monopiles and transition pieces for Dogger Bank B and He Dreiht;
• Workforce at end of Q1 stood at 374 permanent and 244 flexible FTE (end of Q1 2022: 366 permanent and 224 flexible);
• Total throughput of approximately 48 Kton steel (48 Kton in Q1 2022).

Key figures

• Contribution of €34.0m (€30.5m in Q1 2022) of which €29,8m for wind (€26,3m in Q1 2022), €2.2m for marshalling (€2.4m in Q1 2022) and €2,0m for other activities (€1.8m in Q1 2022), including engineering services;
• EBITDA of €9.6m (€8.8m in Q1 2022);
• Adjusted EBITDA of €10.8m (€9.6m in Q1 2022);
• Net Working Capital at end of Q1 2023 -/- €85.7m (-/- €81.5m at end 2022);
• Cash at the end of Q1 2023 of €138.2m (€ 89.8m cash at end 2022);
• Orderbook contains approximately 170 Kton for remainder 2023 and 549 Kton for 2024 and beyond (270 Kton end of Q1 2022 for 2023 and 2024).

Important Note: in this release, Sif uses various non-IFRS financial measures. Please consult the overview and definition of used measures at the end of this release

Reference is made to the PDF attachment for the full release

Operational  highlights

•  LTIF 6.62;
• Output of 169 kton; 130 monopiles and primary steel for 126 transition pieces;
• Contribution to 1,954 MW offshore wind capacity with foundations for amongst others Dogger Bank A & B and Hollandse Kust Noord;
• Marshaling services for Siemens’ Hollandse Kust Zuid;
• Memorandum of Understanding with GS Entec (South Korea) for licensed production of monopiles for Asian market;
• Order book additions for Ecowende (Shell/Eneco) for Hollandse Kust West VI, Empire Wind (Equinor/BP), Noirmoutier for Eiffage (transition pieces), Borwin 5 for Dragados (jacket piles), Yggdrasil and Valhall for Aker Solutions (jacket leg sections and pin piles);
• Completion of the blueprint and financing package for the strategic expansion of our manufacturing facilities to increase production to Ø11.5 meters and 500 kton production capacity.

Financial highlights:

• Contribution increased by 14.3% to €130.5 million;
• Adjusted EBITDA increased by 6.1% to €41.8 million;
• Year-end 2022 net working capital -/- €81.5 million;
• Year-end 2022 cash of €89.8 million;
• Return on Average Capital Employed (adjusted) of 43.6%;
• Order book increased by 53% to 662 kton.

 [1] EBITDA corrected for expenses that relate to the research into and preparations for the required adjustment and expansion of our production facilities

 [2] ROACE adjusted for one-off expenses directly related to our expansion project

Reference is made to the attached PDF for full release

• Two lost time safety- incidents in Q3 2022: YTD seven LTI (three in first nine months 2021);
• Manufacturing the largest Transition pieces in history of Sif for Dogger Bank B and TP-less monopiles for Hollandse Kust Noord;
• Strong contribution from Marshalling & Logistics and KCI the engineers activities;
• Water levels in rivers back to normal; no material delays in logistics;
• Kick-off implementation license agreement with GS Entec (Korea);
• Long term framework agreement signed with Dillinger Hütte to secure future steel plate deliveries;
• On track on replacement of gas-preheating by electrical preheating (induction) program;
• Good progress on the plans for expansion of our production facilities for larger monopiles.

Key figures:

• Year to Date (YTD)[1] contribution increased to €93.3 million (€82.5 million first nine months 2021)
  • €79.3 million from production of (components for) foundations (€77.9 million first 9 months 2021)
  • €8.4 million from marshalling activities (€1.9 million first nine months 2021);
  • €5.6 million from other activities, including engineering (€3.9 million first nine months 2021);
• Adjusted EBITDA Year to Date increased to €28.9 million (€28.4 million first nine months 2021);
• Net Working Capital end of Q3 2022 -/-€43.4 million (-/-€58.4 million end of Q3 2021 and -/-€42.0 million end of Q2 2022);
• Total cash position at end of Q3 2022 €61.2 million (€62.4 million at end of Q3 2021 and €57.6 million at end of Q2 2022);
• Throughput of 40 kilotons brings Year to Date production to 129 kilotons (124 kilotons same period 2021);
• Order book 43 kilotons for Q4 2022, and 278 kilotons for 2023 and beyond.  

Comment from Fred van Beers, CEO of Sif Group:

“Good performance in Marshalling & Logistic services to a large extent compensated for the additional costs of energy. Also, KCI the engineers reported better contribution due to a strong recovery of engineering services for various energy market related projects.  

The sheer size and design of the foundations for the projects currently at hand in combination with the dimensions and outfitting of our production facilities, has had its effects on efficiency. Extra safety measures and very limited maneuvering space in our facility in Roermond have their impact on manufacturing-flows. Thanks to the skills and craftsmanship of our employees, results in Q3 were satisfactory.

In total 32 monopiles were completed and 28 transition pieces. We expect total production for the year 2022 to arrive at approximately 172 kilotons. We are on schedule for delivery of the forecast adjusted EBITDA for the full year 2022 which we expect to be slightly higher than the realized adjusted EBITDA in 2021.

From a strategic perspective, Q3 2022 was a pivotal quarter. We have made good progress with plans to expand manufacturing capabilities and production capacity and expect to be able to give an update on the final investment decision in Q4 2022. For emerging markets in Asia, we announced a license cooperation with GS Entec to assist them with know-how in converting their Busan facility into a monopile production site and to train their employees to manufacture monopiles for the Asian market. Meanwhile the first GS Entec employees have visited Sif in Roermond and the cooperation took off expeditiously. For the market in the USA, talks with a potential joint venture partner are progressing. These developments illustrate that Sif not only prepares for the envisaged growth in Europe but also has a keen interest to play a key role as the leading monopile foundations manufacturer globally”.

 For the full release refer to the PDF attachment

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

Operational Highlights Year to Date:

• Safety first:
  • Increased Lost Time Injury score of five, resulting in LTIF of 8.97 (one LTI and LTIF of 2.63 in first half 2021), indicating higher safety risk of bigger products and increased personnel safety training demand;
  • Sickness leaves in line with industry trend. Down to 7.2% from 8.2% in Q1 2022 (4.4% and 4.5% in Q1 2021 and first half 2021 respectively);
  • Gas explosion on 7 August 2022: traumatic experience, no physical personal injuries, damage to equipment and inventories, limited down-time.
• Strategic developments:
  • Strategic partnership agreement with GS Entec at Ulsan, Republic of Korea, signed July 2022, to develop monopile foundation production in the Asian region;
  • Regarding the plans to expand manufacturing capabilities and production capacity, discussions with clients concerning launching capacity and those with other relevant parties, in combination with the uncertainties caused by the global economic and geopolitical situation, require more time before a final investment decision can be taken.
• Sustainable products and production:
  • 100% of production for offshore wind industry. Sif participated in projects resulting in 803 MW renewable energy capacity;
  • Increased gross CO2 footprint from 1,943 to 2,092 ton due to more shipping movements in 2022 relating to subcontracted work (transition pieces) then in first half of 2021. Net CO2 neutral with 13 MW wind turbine on Sif-premises;
  • Switch from gas pre-heating to electrical on schedule with conversion at seven workstations.
• Innovations:
  • Project AmpHytrite: feasibility study by Sif, GE Renewable and Pondera to determine whether it is possible to produce green hydrogen at sea on a large scale, safe and economically viable.
• New projects:
  • Capacity reservation agreement for production of 62 (19 Kton) transition pieces for delivery to an undisclosed project in 2023;
  • Production of 64 (36 Kton) transition pieces for delivery to project He Dreiht in 2023.  
• Operations:
  • Final deliveries of TP-less monopiles for Hollandse Kust Zuid;
  • Monopiles for Dogger Bank A ready for load-out;
  • Production of monopiles for Hollandse Kust Noord started;
  • Stable execution of Marshalling & Logistics for Siemens’ Hollandse Kust Zuid project.
  • Total throughput of approximately 89 Kton steel or 74 monopiles and 55 transition pieces (88 Kton or 102 monopiles and 3 transition pieces in HY1 2021), all for offshore wind energy production.

Key figures:

• Revenue: less subcontracted passthrough work than in first half of 2021 results in lower revenue of €191.3 million (HY 2021: €249.3 million);
• Contribution of €63.5 million (HY 2021: €57.7 million)
  • €54.5 million monopiles & transition pieces for offshore wind (HY 2021: €53.7 million);
  • €9.0 million marshalling and other which includes KCI for €2.7 million (HY 2021: €4.0 million and €1.8 million);
• Adjusted EBITDA of €21.1 million slightly higher than in first half year 2021 (€20.6 million);
• Operating working capital stands at -/- €42.0 million (HY 2021: -/-  €56.9 million);
• No external debt excluding lease liabilities (HY 2021: nihil). Total cash position amounts to €57.6 million (HY 2021: €61.7 million);
• Order book per 30 June 2022: 282 Kton for 2023 and beyond:
  • 263 Kton signed contracts
  • 19 Kton exclusive negotiations;
• Outlook full year 2022 confirmed at slightly higher adjusted EBITDA compared to 2021.

Read PDF attachment for full text of the interim report or follow interim2022report to go to the HTML version

•  One Lost Time Injury;
• Sickness absenteeism at 8.2% (4.4% in Q1 2021) due to 2 waves of flue and covid infections;
• Production of monopiles and transition pieces for Dogger Bank A and monopiles for Maasvlakte 2;
• Marshalling services for Siemens Gamesa;
• Workforce at end of Q1 stood at 366 permanent and 224 flexible FTE (end of Q1 2021: 389 permanent and 177 flexible);
• Total throughput of approximately 48 Kton steel (44 Kton in Q1 2021).

Key figures

• Contribution of €30.5m (€27.1m in Q1 2021) of which €26,3m for wind (€25,7m in Q1 2021), €2.4m for marshalling (€0.4m in Q1 2021) and €1.8m for other activities (€0.9m in Q1 2021), including engineering services;
• EBITDA of €8.8m (€8.1m in Q1 2021);
• EBITDA of €9.6m (€8.6m in Q1 2021) if adjusted for non-recurring expenses related to expansion studies and plans;
• Net Working Capital at end of Q1 2022 - €24.3m (- €24.9m at end Q1 2021);
• Cash at the end of Q1 2022 of €35.7m (€ 36.7m cash at end Q1 2021);
• Orderbook contains approximately 133 Kton for remainder 2022 and 270 Kton for 2023-2024.

Operational highlights:

• Total throughput of approximately 171 Kton of steel (2020:164 Kton) or 188 monopiles and primary steel for 55 transition pieces;  
• Fabrication of foundations for Dogger Bank A: largest in Sif history with 8.60 diameters;
•  Marshalling services for Kincardine floating offshore wind farm;
• Carbon neutral footprint through compensation from HaliadeX @13 MW wind turbine;
• Acquisition of KCI the engineers B.V. to strengthen engineering skills and capacity;
• Completion of new roll-on roll-off (RoRo) quay;
• Completion of blueprint for strategic expansion plan to increase production to ᴓ11.5 meters and 500 Kton production capacity.

Key figures 2021[1]:

• Dividend-proposal €0.19 per share (€0.12 in 2020);
• Year-end 2021 net working capital -/- €65.8 million (YE 2020 -/- €2.9 million);
• Year-end 2021 cash  €73.2 million (YE 2020 cash of €2.6 million).

For the full release we refer to the PDF attached

[1] All numbers presented are including IFRS 16-effects, unless stated otherwise.

• 2 lost time safety- incidents: YTD number of LTI now 3 (1 in Q3 2020);
• COVID-19 measures: still alert in respect of recent developments;
• Fine-tuning production lines for start-up of Dogger Bank A;
• High tender activity for post-2023 with a mix of smaller and larger sized projects;
• Tight labor market for multiple disciplines;
• Construction of Roll-on -Roll-off quay and 200-meter quay-extension progressing towards completion;
• On track for replacement of gas-preheating by electrical preheating (induction).

Key figures:

• Year-to-Date (YTD)[1] contribution increased to €82.5 million (€68.5 million YTD 2020)
  • €77.9 million from production of (components for) foundations (€67.5 million first 9 months 2020)
  • €1.9 million from marshalling activities (€1.0 million first 9 months 2020);
  • €2.7 million from engineering activities (€0 first 9 months 2020);

• EBITDA Year to Date increased to €28.0 million (€17.3 million first 9 months 2020);
• Operating Working Capital at end of Q3 2021 -€58.4 million (-€70.9 million at end of Q3 2020 and -€56.9 million at end of Q2 2021);
• Total cash position at end of Q3 2021 €62.4 million (€49.5 million at end of Q3 2020 and €61.7 million at end of Q2 2021);
• Throughput of 36 kilotons brings Year to Date production to 124 kilotons (113 kilotons YTD Q3 2020);
• Order book 46 kilotons for Q4 2021, 185 kilotons for 2022 and 220 kilotons for 2023 and beyond.

Operational highlights

• One Lost Time Injury
• Production of monopiles for Hollandse Kust Zuid and preparations for Dogger Bank A;
• Marshalling services for Kincade floating wind project and preparations for contract with Siemens Gamesa for marshalling services as of December 2021;
• KCI the engineers acquisition finalized and consolidated as of 1 March 2021;
• Continued mitigation measures in relation to COVID 19 pandemic;
• Workforce at end of Q1 (KCI included) at 389 permanent and 177 flexible FTE (End of Q1 2020; 312 permanent and 236 flexible);
• Sick leave at 4.4% (8.2% Q1 2020);
• Total throughput of approximately 44 Kton steel or 53 monopiles (35 Kton in Q1 2020).

Key figures

• Contribution €27.1m (€20.8m Q1 2020) of which €0.4m for marshalling (€0.4m in Q1 2020) and €0.4m for engineering services;
• EBITDA €8.1m (€2.7m Q1 2020);
• Net Working Capital at end of Q1 2021 - €24.9m (- €41.8m at end Q1 2020);
• Net cash at the end of Q1 2021 €36.7m (€ 21m net cash at end Q1 2020)[1];
• Order book approximately 140 Kton for remainder 2021 and 250 Kton for 2022-2023.

[1] Net debt corrected for IFRS16 effects.

For the full release reference is made to the attached PDF

Operational highlights:

• TRIF[1] at 9.93 (19.1 in 2019);
• Contracts won for foundations for Akita-Noshiro, Hollandse Kust Noord and Dogger Bank A and B;
• Contract won for marshalling services relating to floating wind units;
• Successful launch of innovative Skybox, facilitating slip-joint connection of monopiles and towers;
• Carbon neutral footprint after putting HaliadeX @13 MW wind turbine into use, gross carbon footprint at 19.3 kg per ton production implies that the total company Sif is a net CO2 compensation provider;
• Financing arrangement extended with 2 years until March 2024;
• No governmental or other Covid-19 support used or required;
• Total throughput of approximately 164 Kton of steel (2019:185 Kton) or 160 monopiles and primary steel for 115 transition pieces
  • 156 Kton (or 95%) for offshore wind
  • 8 Kton (or 5%) for oil & gas

Key figures 2020:

All numbers presented are including IFRS 16-effects, unless stated otherwise.

• FY 2020 contribution of €101.6 million (FY 2019 €101.5 million);
• FY 2020 EBITDA of €31.8 million (FY 2019 €26.3 million);
• FY 2020 profit attributable to the shareholders €7.3 million (FY 2019 €5.5 million);
• Earnings per share 2020 €0.29 (€0.22 in 2019);
• Dividend-proposal €0.12 per share or 42% (zero in 2019);
• Year-end 2020 net working capital -€2.9 million (YE 2019 €4.3 million);
• Year-end 2020 net cash excl. IFRS 16-effects of lease obligations is €2.6 million (YE 2019 net debt of €21.3 million);
• Order book 185 Kton for 2021 and 250 Kton for 2022 and beyond.

[1] Total Recordable Injury Frequency: number of injuries per million working hours (first aid treatment excluded)

• No lost time safety- incidents; LTI ytd still 1 with one year rolling LTIF at 0.81 (2.39 Full year 2019);
• YTD 8 Sif employees COVID19 infected, none infected at working place. Impact of second wave COVID19 on Sif operations yet unclear but national trend is a concern;
• Offshore Wind Projects funnel building up with projects in Europe (Green deal), Japan (neutral Carbon Dioxide emission by 2050 latest) and USA (subject to election outcome);
• Oil & gas lines idle from the start of Q3;
• Fine-tuning production lines for start-up of Hollandse Kust Zuid project in Q4 2020 as planned;
• Gearing up to 24/5 + 2 (2 shifts on Saturday) working weeks from final quarter 2020 onwards.

Key figures:

• Year-to-Date (YTD)[1] contribution increased to €68.5 million (€66.6 million YTD 2019)
  • €67.5 million from production of (components for) foundations (€65.2 million first 9 months 2019)
  • €1.0 million from marshalling activities;

• EBITDA Year to Date increased to €17.3 million (€14.6 million YTD 2019);
• Operating Working Capital at end of Q3 2020 -€70.9 million (-€8.2 million at end of Q3 2019 and -€64.5 million at end of Q2 2020);
• Net Cash excluding IFRS 16 at end of Q3 2020 €49.5 million (Net debt €19.2 million at end of Q3 2019 and net cash €38.3 million at end of Q2 2020);
• Throughput of 37 Kton brings Year to Date production to 113 Kton (140 Kton YTD Q3 2019);
• Order book 52 Kton for Q4 2020, 182 Kton for 2021 and 120 Kton for 2022 and beyond.

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

Safety first:

• One LTI bringing LTIF to 2.36 for first half year 2020;
• No COVID19 infections in our organisation as a result of rigorous measures;

Sustainable products and production:

• 92% of production for Offshore Wind industry;
• CO2 neutral with 12 MW windmill on Sif- premises;

Innovations:

• Presentation of Skybox innovation;
• Slip-joint foundation for Borssele 5 project;

New projects:

• Contract win and production start for Akita Noshiro Japan;
• Exclusive position for a 130 Kt undisclosed Offshore Wind project;
• Contract win for marshalling activities from Siemens Gamesa for HKZ 1-4 project;
• (post- closing date) Exclusive position for a 70 Kt undisclosed North Sea Offshore Wind project;
• Contract win for logistical services for final assembly of 5 floating Offshore Wind units;

Operations:

• Delivery of monopiles and transition pieces for Triton Knoll Offshore Windfarm;
• Delivery of monopiles for Borssele 1-5 Offshore Windfarms;
• Delivery of pinpiles and legs for Sverdrup P2 and Hod Field jackets;
• Delivery of the Marshalling services for DEME for Borssele 1-2 Offshore Windfarms;
• Work in progress for Saint Nazaire and Akita Noshiro;

Total throughput of approximately 76 Kton steel (94 Kton in HY1 2019)

• 92% for offshore wind (96% HY1 2019)
• 8% for offshore oil & gas (4% HY1 2019)

Key figures:

Contribution of € 45.7 million (HY 2019: € 45.5 million);

EBITDA of € 11.5 million (HY 2019: € 12.7 million);

Revenues of € 151.2 million (HY 2019: € 170.4 million);

Operating working capital stood at - € 64.5 million (HY 2019: -€ 11.7 million);

Net cash excluding land lease IFRS 16 of € 38,3 million (HY 2019: net debt € 14.9 million);

Order book per 28 August 2020 of 300 Kton for 2021 and beyond (300 Kton 28 August 2019)

• 100 Kton signed contracts
• 200 Kton exclusive negotiations

• Continuation of safety performance with zero Lost Time Injuries
• Production of transition pieces and monopiles for Triton Knoll and Borssele 1, 2, 3, 4 & 5;
• Production of jacket- components for Sverdrup P2 and Hod-field;
• Start-up production Akita-Noshiro and Saint Nazaire;
• Marshalling services contract with Siemens Gamesa for 2021-2023 timeframe
• Mitigation measures in relation to COVID 19 outbreak;
• Workforce at end of Q1 at 236 flexible and 312 permanent FTE (End of Q1 2019; 220 flexible and 292 permanent)
• Total throughput of approximately 35 Kton steel (42 Kton in Q1 2019);
• Post quarter event: Exclusive negotiations for undisclosed offshore wind project of 130 Kton

Key figures

• Contribution €20.8m (€18.8m Q1 2019)
• EBITDA €2.7m (€4.1m Q1 2019)
• Net Working Capital at end of Q1 2020 - €41.8m (- €21.8m at end Q1 2019)
• Net debt at the end of Q1 2020 - €21m (net cash) (€ 21.3m at end 2019)[1]
• Order book approximately 135 Kton for remainder 2020 and 230 Kton for 2021 and beyond

[1] Net debt corrected for IFRS16 effects.

• LTIF of 2.39 (0.97 in 2018), TRIF of 19.1 (15.59 in 2018) too high despite increased safety awareness;
• Contracts won for Akita- Noshiro, Borssele 5, Hollandse Kust Zuid 1-4, Saint Nazaire and Sverdrup;
• In time and budget completed investment of € 6 million in new build of 2 coating halls;
• Haliade 12 MW wind turbine at Maasvlakte 2 successfully produced first power;
• DEME first client for new marshalling services offered by Sif at additionally leased Maasvlakte 2 site;
• Despite 3 months delay on Borssele 3-4, timely delivery of monopiles and transition pieces for Borssele 1-4, Seamade and Triton Knoll offshore wind farms and Sverdrup parts;
• Total throughput of approximately 185 Kton of steel (2018: 138 Kton) or 190 monopiles and primary steel for 130 transition pieces
  • 174 Kton (or 94%) for offshore wind
  • 9 Kton (or 5%) for oil & gas
  • 2 Kton (or 1%) for other industries.

Key figures 2019:

First reporting under IFRS 16; all 2019 numbers presented are IFRS 16 unless stated otherwise. No previously reported numbers are for reasons of comparison corrected for IFRS 16

• FY 2019 contribution of € 101.5 million (FY 2018 € 74.3 million);
• FY 2019 EBITDA of € 26.4 million (FY 2018 € 13.3 million). Pre IFRS 16 EBITDA is € 22.1 million;
• FY 2019 profit attributable to the shareholder € 5.5 million (FY 2018 -€ 2.1 million);
• Earnings per share 2019 € 0.22 (-€ 0.08 in 2018);
• Year-end 2019 net working capital € 4.3 million (YE 2018 € 14.2 million);
• Year-end 2019 net debt pre IFRS 16 is € 21.3 million (YE 2018 € 30.4 million);
• Order book as of today approx. 170 Kton for 2020; approx. 100 Kton for 2021 and beyond (Vineyard excluded).

• High tender and contracting activity:
  • Contract win for Vineyard windfarm USA (84 monopiles, 103 Kton)
  • Contract win for zones 2-4 of Hollandse Kust Zuid windfarm in The Netherlands and post- Q3 also the win of zone 1 of Hollandse Kust Zuid (total project 140 monopiles, 136 Kton)
• First contract with DEME for new Sif marshalling- service on Maasvlakte 2- hub and lease of additional 20 hectares
• Opening of sales- office Japan
• Delay by US federal authority BOEM of Vineyard project for undefined period of time

Key figures:

• Year-to-Date (YTD)¹ contribution increased to €66.6 million (€57.0 million YTD 2018)
• EBITDA Year to Date increased to €14.6 million (€13.0 million YTD 2018)
• Operating Working Capital at end of Q3 2019 -€8.2 million (€28.4 million at end of Q3 2018)
• Net Debt excluding IFRS 16 at end of Q3 2019 €19.2 million (€43.1 million at end of Q3 2018)
• Throughput of 46 Kton brings Year to Date production to 140 Kton (100 Kton YTD Q3 2018)
  • 95% for offshore wind
  • 5% for offshore oil & gas & other
• Order book 47 Kton for Q4 2019, 245 Kton for 2020 (including 103 Kton for Vineyard) and 108 Kton for 2021.

Comment from Fred van Beers, CEO of Sif-Group:

Tender activity and order intake were strong in the third quarter of 2019 with large project- wins and satisfactory pricing- levels. Improved pricing levels also applied to the projects at hand at the start of the third quarter. However, both the pressure on this quarter’s production capacity as a consequence of the delayed Borssele 3+4 project and production issues, caused planning problems and a less efficient production. With multiple projects at hand and tight delivery schedules, production- lines repeatedly required conversion. This resulted in production of 46 Kton at much higher than precalculated manhours and overtime. This impacted this quarter’s contribution margin. For the final quarter of 2019 we expect an equal utilization with production anticipated at 47 Kton and contribution margins at least at Q2 2019 levels.

The outcome of 2020 remains uncertain with limited clarity on timing of the Vineyard project. We are still in talks with the client on different scenarios ranging from full delay of the project to manufacture of part of the order in 2020. Further news on timing is not expected before December 2019 but with the passing of time it becomes less likely that Vineyard will lead to production in 2020. For 2021 we already booked 108 Kton following the recent addition of the 4^th part of Hollandse Kust Zuid in The Netherlands. With increasing ambitions of various countries and high tender activity, we expect good utilization from 2021 onwards.

_____

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

² Adjustments relate to IPO- expenses for which 2018 EBITDA- numbers are adjusted.

³ Including 103 Kton for Vineyard

Operational highlights:

• Contract won for Borssele 5 innovation site;
• Delivery of monopiles and transition pieces for Triton Knoll and Seamade offshore wind farms;
• Delivery of monopiles for Borssele 1-4 offshore wind farms;
• Agreement on refinancing and adjustment of governance structure to apply large companies regime;
• Total throughput of approximately 94 Kton steel (81 Kton in HY1 2018)
  • 96% for offshore wind (78% HY1 2018)
  • 4% for offshore oil & gas (22% HY1 2018)

Key figures:

• Contribution of € 45.5 million (HY 2018: € 45.6 million);
• EBITDA of € 12.7 million (HY 2018: € 14.0 million after adjustment for IPO related expenses);
• Revenues of € 170.4 million (HY 2018: € 145.9 million);
• Operating working capital stood at - € 11.7 million (HY 2018: € 32.7 million; YE 2018: € 14.2 million);
• Net debt excluding ground lease IFRS 16 of € 14.9 million (HY 2018: € 52.2 million; YE 2018: € 30.4 million);
• Order book per 27 August 2019 of 300 Kton for 2020 and beyond
  • 220 Kton signed contracts
  • 80 Kton exclusive negotiations

Post reporting events:

• Contract wins for Hollandse Kust Zuid (Netherlands; 114 monopiles, 113 Kton) and Vineyard (Massachsetts USA; 84 monopiles, 103 Kton) and announcement of delays at Vineyard affecting Sif’s production- schedule for 2020;
• Expansion of Maasvlakte 2 Rotterdam from 42 to 62 hectares to offer marshalling services to offshore wind clients; Innovation shipping B.V. ( a DEME Offshore company ) launching customer for October 2019- June 2020 period.

• Production of transition pieces and monopiles for Seamade and Triton Knoll and production of monopiles for Borssele 3&4

• Load-out for Hohe See and Albatros completed

• Construction of new coating facilities on schedule for completion in July 2019

• AX ERP system is being implemented; final stations operational in May 2019

• Workforce end Q1 at 512 FTE (292 permanent and 220 flexible), increased by 83 FTE from 429 at the end of 2018

• Total throughput of approximately 42 Kton steel (38 Kton in Q4 2018):

  • o 92% for offshore wind

  • o 8% for offshore oil and gas

Key figures

• (only) Q1 2019 numbers reflect implementation of IFRS 16;

• Contribution €18.8m (€17.3m Q4 2018)

• EBITDA €4.1m (€0.3m Q4 2018)

• Net Working Capital at the end of Q1 2019 -/- €21.8m (€14.2m at year-end 2018)

• Net debt at the end of Q1 2019 €8.4m (€ 30.4m at year-end 2018)

• Order book approximately 210 Kton for 2019 and 155 Kton for 2020 and beyond

Fred van Beers, CEO of Sif Group, comments:

We have started our work for Seamade and continued working on Triton Knoll and Borssele 3&4. For Sif, the Seamade and Triton Knoll projects together constitute 130 Kton of steel, or the equivalent of 148 monopiles and 58 transition pieces. From the third quarter onwards, we will also initiate works on Borssele 1&2. After ramping up in Q2, we will then be back on more normalized quarterly production levels of close to 60 Kton, to end the year with total production numbers of approximately 210 Kton or 272 monopiles and 150 transition pieces.

Investments in coating facilities are on schedule for completion in July 2019, as is the buildup of our workforce. To deliver the estimated production volumes, we will partially lift the option to work 24 hours, seven days a week, at some production points, between the end of Q2 2019 and the end of the year. With a full order book for 2019 and a sound funnel of projects for the years thereafter, we are well placed to contribute to the planned growth of the offshore wind industry, both in Europe and emerging markets in Asia and the north-eastern USA. We are negotiating exclusively on two projects and are involved on a non-exclusive basis in all other projects on the market. We feel confident we are well placed to win our fair share of available projects though given the nature and characteristics of the industry, exact timing remains difficult to predict.

• Continued strong safety performance resulting in LTIF of 0.97 for FY 2018 (1.49 in 2017)
• Production and/or delivery of monopiles and transition pieces for Borssele 3+4, Hohe See, Albatros, Trianel and Norther offshore wind farms
• Delivery of pin piles for Peregrino and Sverdrup jacket foundations
• Innovations support decreasing LCOE for offshore wind
• Contracts won for Seamade and Borssele 1+2+3+4
• New exclusive position for 75 Kton project
• Total throughput of approximately 138 Kton of steel (2017: 232 Kton)

• 102 Kton (or 74%) for offshore wind

• 34 Kton (or 24%) for oil & gas

• 2 Kton (or 2%) for other

Key figures:

• FY 2018 contribution of € 74.3 million (FY 2017: € 135.6 million)
• FY 2018 normalized EBITDA of € 13.3 million (FY 2017: € 57.1 million);
• FY 2018 profit attributable to the shareholder -€ 2.1 million (FY 2017: € 30.8 million);
• Earnings per share 2018 -€ 0.08 (€ 1.21 in 2017);
• Dividend proposal € 0.10 in cash per share (€ 0.30 for 2017);
• Year-end 2018 net working capital € 14.2 million (YE 2017: € 7.1 million)
• Year-end 2018 net debt € 30.4 million (YE 2017: € 25.1 million)
• Order book 210 Kton signed contracts for 2019; 155 Kton exclusive negotiations for 2020 and beyond

Download full document below.

• High sales activity in closing and pursuing monopile projects for 2019-2021 timeframe

• Appointment and start of CEO Fred van Beers

• Production resumed in August after 4-month black-out period

• Successful testing of blue piling innovation

• Material supplies and load-outs delayed beyond Sif's control

Key figures:

• Year-to-Date contribution decreased to €57.0 million (€104.7 million YTD 2017)

• Adjusted EBITDA Year to Date fell to €13.0 million (€44.9 million YTD 2017)

• Operating Working Capital at end of Q3 2018 €28.4 million (€32.7 million at end of Q2 2018)

• Net Debt at end of Q3 2018 €43.1 million (€52.5 million at end of Q2 2018)

• Throughput of 19 Kton brings Year to Date production to 100 Kton (167 Kton YTD Q3 201

  • 74% for offshore wind

  • 26% for offshore oil & gas & other

• Order book 45 Kton for Q4 2018, 200 Kton for 2019 and 90 Kton for 2020

• Contract won for Borssele 3&4; financial close 28 June 2018
• Contract won for Tyra jacket components
• Delivery of monopiles and transition pieces for Hohe See and Borkum West 2 (Trianel) offshore wind farms
• Delivery of pin piles for Johan Sverdrup and Peregrino jacket foundations
• Extensive maintenance program and layout adjustments during period of low utilization
• Total throughput of approximately 81 Kton steel (108 Kton in HY1 2017)
  • 78% for offshore wind (91% HY1 2017)
  • ​22% for offshore oil & gas (9% HY1 2017)

Key figures:

• Contribution of € 45.6 million (HY 2017: € 74.4 million)
• EBITDA adjusted for IPO costs reached € 14.0 million (HY 2017: € 33.7 million)
• Revenue reached € 145.9 million (HY 2017: € 156.2 million)
• Operating working capital stood at € 32.7 million (HY 2017: € 18.1 million; YE 2017: € 7.1 million)
• Net debt totaled € 52.5 million (HY 2017: € 47.7 million; YE 2017: € 25.1million)
• Order book per 23 August 2018 of 150 Kton for 2018, 200 Kton for 2019 and 90 Kton for 2020

Post reporting events:

• New CEO nominated for appointment at General Meeting of Shareholders 31 August 2018
• Successful test of Blue 25M hammer installation technology by Carbon Trust and Fistuca
• Entered into exclusive negotiations for projects for 2019 (total approx. 115 Kton)

View attachment for the full interim 2018 report.

• Contract award for Borssele III & IV for production 2018 (wind)

• Deutsche Bucht Demonstrator Project for production in 2018 (wind)

• 100 Kton exclusive negotiations for production in 2019 (wind)

Delivery of monopiles and transition pieces for Hohe See, Norther and Albatros offshore wind farmsDelivery of pin-piles for Johan Sverdrup jacket oil & gas projectTotal throughput of approximately 52 Kton steel (66 Kton in Q4 2017)

• 82% for offshore wind

• 18% for offshore oil & gas

Financial key figures:Contribution € 27.6 million (€ 30.9 million Q4 2017)Normalized EBITDA € 10.1 million (€ 12.2 million Q4 2017)Net Working Capital at the end of Q1 2018 € 34.8 million (€ 7.1 million at year-end 2017)Net Debt at the end of Q1 2018 € 48.2 million (€ 25.1 million at year-end 2017)Order book approximately 185 Kton for 2018 and 160 Kton for 2019

• Continued strong safety performance resulting in LTIF of 1.49 for FY 2017 (2.83 in 2016)
• Production of monopiles and transition pieces for Hohe See, Albatros, Borwin 3, Trianel and Norther offshore wind farms
• Delivery of pin piles for Peregrino jacket foundation
• New location at Rotterdam (Maasvlakte 2) running at full capacity
• Total throughput of approximately 66 Kton of steel (Q4 2016: 49 Kton) results in FY 2017 production of 232 Kton (FY 2016: 191 Kton)
  • 208 Kton (or 90%) for offshore wind
  • 24 Kton (or 10%) for oil & gas

Key figures Q4 and FY2017:

• Q4 contribution of € 30.9 million (Q4 2016: € 30.9 million) results in FY 2017 contribution of € 135.6 million (FY 2016: € 129.5 million)
• Q4 normalized EBITDA of € 12.2 million (Q4 2016: € 10.5 million) results in FY 2017 normalized EBITDA of € 57.1 million (FY 2016: € 65.4 million);
• FY 2017 profit attributable to the shareholder € 30.8 million (FY 2016: € 37.4 million);
• Earnings per share 2017 € 1.21 (€ 1.47 in 2016);
• Dividend proposal € 0.30 in cash per share (€ 0.37 for 2016);
• Year-end 2017 net working capital € 7.1 million (YE 2016: € 8.3 million)
• Year-end 2017 net debt € 25.1 million (YE 2016: € 42.0 million)
• Order book 115 Kton signed contracts and 70 Kton exclusive negotiations for 2018; 60 Kton signed contracts for 2019

• Official opening of the new production plant at Maasvlakte 2 in Rotterdam
• Contract awards for Tritan Knoll (offshore wind) and Peregrino (oil & gas)
• Timely delivery of monopiles and transition pieces for Hohe See and Rentel offshore wind parks
• Timely delivery of pin-piles for Oseberg and Sverdrup oil & gas jacket foundation

Key figures:

• Contribution Year to Date increased by 6.2% to € 104.7 million (€ 98.6 million YTD 2016)
• Normalized EBITDA Year to Date decreased by 18.2% to € 44.9 million (€ 54.9 million YTD 2016)
• Operating Working Capital at end of Q3 2017 € 6,5 million (€ 18.1 million at end of Q2 2017)
• Net Debt at end of Q3 2017 € 32.1 million (€ 47.7 million at end of Q2 2017)
• Throughput of 59 Kton brings Year to Date production to 167 Kton (142 Kton YTD Q3 2016)
  • 90% for offshore wind
  • 10% for offshore oil & gas
• Orderbook 53 Kton for Q4 2017, 122 Kton for 2018 and 60 Kton for 2019

See attachment for the full release.

Contract wins for Norther and Hohe See in Q1 and for Borkum II and Albatros in Q2

Delivery of monopiles and transition pieces for Galloper and Rentel offshore wind parks

Delivery of pinpiles for Beatrice and Sverdrup jacket foundations

Production expansion program in Rotterdam (Maasvlakte 2) and Roermond on schedule for increase of capacity from 225 Kton to 300 Kton per annum by the end of 2017

Total throughput of approximately 108 Kton steel (97 Kton in HY1 2016)

o 91% for offshore wind (88% HY1 2016)

o 9% for offshore oil & gas (12% HY1 2016)

Key figures:

Contribution increased by 14.1% to € 74.4 million (HY 2016: € 65.2 million)

Higher set- up and start- up expenses both recurring and non- recurring had an impact on EBITDA; EBITDA normalized for IPO costs reached € 33.7 million (HY 2016: € 36.9 million)

Revenue decreased to € 156.2 million (HY 2016: € 205.3 million)

Operating working capital stood at € 18.1 million (YE 2016: € 8.3 million)

Net debt totaled € 47.7 million (YE 2016: € 42.0 million)

Order book of 109 Kton signed contracts for 2018

Contract awards for Norther and Hohe See offshore wind parks

Delivery of monopiles and transition pieces for Galloper and Rentel offshore wind parks

Delivery of pin-piles for Beatrice jacket offshore wind project

Total throughput of approximately 57 Kton steel (46 Kton in Q1 2016)

o 93% for offshore wind (89% in Q1 2016)

o 7% for offshore oil & gas (11% in Q1 2016)

Financial key figures:

Contribution increased by 21.4% to € 37.5 million (€ 30.9 million Q1 2016)

Normalized EBITDAincreased by 1.7% to € 17.6 million (€17.3 million Q1 2016)

Operating Working Capital at end of Q1 2017 € 23.4 million (€ 8.3 million at year-end 2016)

NetDebt at end of Q1 2017 € 48 million (€ 42 million at year- end 2016)

Orderbook 210 Kton for 2017 and 97 Kton for 2018

Lost Time Injury Frequency below 3

Successful delivery of monopiles and transition pieces for Galloper, Dudgeon and Rampion

Successful delivery of components for Sverdrup and Maersk jackets

Construction of new plant atMaasvlakte 2 near Rotterdam

Total throughput of approximately 191 Kton of steel

Financial key figures:

Contribution 2016: € 129.5 million, 28.9% higher than 2015 (€ 100.5 million)

Normalized EBITDA: 2016 € 65.4 million, 13.1% higher than 2015 (€ 57.8million)

Net earnings 2016: € 37.4 million, 5% higher than 2015 (€ 35.6 million)

Earnings per share 2016: € 1.47, 5% higher than 2015 (€ 1.40)

Dividend proposal € 0.37 cash pershare

Revenue 2016: € 400.3 million, 24.6% higher than 2015 (€ 321.3 million)

Working Capital at yearend: € 8.3 million (YE 2015 € 19.3 million)

Net Debt at year end: € 42.0 million (YE 2015 € 26.9million)

Sif Group financing arrangements modified

Orderbook: 210 Kton for 2017 and 98 Kton for 2018

Normalized EBITDA reached a level of € 54.9 million (Q3 2015: € 39.4 million)

▪ Including non-recurring IPO costs, EBITDA Q3 2016 amounts to € 49.2 million

Operating Working Capital amounted to € 16.0 million (YE 2015 19.3 million)

Net Debt amounted to € 41.8 million

Production expansion program on track; new facility Rotterdam delivers first monopiles

Normalized EBITDA reached a level of € 36.9 million (HY 2015: € 24.2 million)

▪ including non-recurring IPO costs, EBITDA HY 2016 amounts to € 32.1 million

Revenue increased to€ 205.3 million (HY 2015: € 98.1 million)

Operating Working Capital equaled € 2.7 million (YE 2015: € 19.3 million)

Net Debt amounted to €30.6 million (YE 2015: € 26.9 million)

Production expansion program in Rotterdam (Maasvlakte 2) and Roermond is on schedule

Tonnage increased to 97.4 ktons (HY 2015: 60.4 ktons)

EBITDA reached a level of € 16.9 million (Q1 2015: € 10.7 million)

Revenue increased to € 108.4million (Q1 2015: € 44.9 million)

Operating Working Capital equalled € 8 million (YE 2015 19.3million)

Net Debt amounted to € 18.7 million

Progress on production expansion program in Rotterdam (Maasvlakte 2)and Roermond according to planning