Roermond,
09
May
2025
|
07:00
Europe/Amsterdam

Trading update Q1 2025: Ramp-up of new factory steadily improving

Reiteration of forecast EBITDA range of €90-120 million

Operational highlights

  • Two Lost Time Injuries with LTIF of 2.2 (0 LTI in Q1 2024)
  • Sick leave at 9.2% (9.3% in Q1 2024)
  • Production of monopiles and transition pieces for Empire Wind 1 and Ecowende and several components for offshore steel structures
  • Workforce of 467 permanent staff and 406 flexible staff at the end of Q1 2025 (end of Q1 2024: 393 permanent and 261 flexible staff)
  • Total throughput of approximately 39 Kton steel (42 Kton in Q1 2024).

Key figures

  • Contribution of €40.1 million (€33.6 million in Q1 2024) of which €32.4 million for Wind (€27.7 million in Q1 2024), €5.2 million for Offshore Steel Structures (OSS) (€3.0 million in Q1 2024), €0.1 million for Marshalling (€0.3 million in Q1 2024) and €2.4 million for other activities (€2.6 million in Q1 2024)
  • Adjusted EBITDA of €9.6 million (€8.0 million in Q1 2024) on track for full-year adjusted EBITDA of between €90 million and €120 million
  • Net Working Capital of -/- €176.8 million at the end of Q1 2025 (-/- €178.5 million at end of 2024)
  • Cash of €102.4 million at the end of Q1 2025 (€113.8 million at end of 2024)
  • Orderbook contains 465 Kton for the remainder of 2025, 2026 and 2027.
In € (millions)

Q1 2025

Q1 2024

delta

Contribution

40.1

33.6

+19.3%

Adjusted contribution per month

12.7

9.6

+32.2%

Adjusted contribution per ton

974

686

+42.0%

Adjusted EBITDA

9.6

8.0

+20.0%

Production (in Kton)

39

42

-7.1%

Orderbook (Kton) 
at 31 March 2025

For remainder 2025 and beyond

Contracted

465

Exclusive negotiation

0

Total

465

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

 

Refer to the attached PDF for the full release