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Integrated Wind Solutions (IWS) investor relations material
Integrated Wind Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Achieved record net profit of EUR 6.3m in Q3 2025, up 19% from Q2 and 141% year-over-year, driven by strong IWS Fleet performance and full commercial utilisation of vessels.
Total revenue reached EUR 24.1m, a 15% decrease from Q2 but a 42% increase from Q3 2024, reflecting project timing and segment mix.
Group EBITDA was EUR 8.7m, down 3% sequentially but up 123% year-over-year, driven by IWS Fleet.
Earnings per share rose to EUR 0.12, a 20% increase from Q2.
IWS Sunwalker, the sixth Skywalker-class vessel, was delivered in September and will commence operations in December, completing the newbuilding program.
Financial highlights
IWS Fleet revenue grew to EUR 17.2m, up from EUR 16.3m in Q2 and EUR 8.0m in Q3 2024.
IWS Services revenue declined to EUR 6.9m from EUR 12.0m in Q2 and EUR 8.9m in Q3 2024 due to project completion and lower activity.
PEAK Wind net revenue was moderately lower year-over-year; group share of net profit was EUR 0.1m.
Operating expenses decreased to EUR 15.4m, mainly due to lower project costs in IWS Services.
Cash and cash equivalents stood at EUR 29.2m at quarter-end, down from EUR 33.0m in Q2, reflecting vessel capex and debt drawdown.
Outlook and guidance
Long-term industry outlook remains attractive with double-digit growth, but current market uncertainties are slowing decisions.
IWS Fleet to ramp up with a sixth vessel entering operation in December 2025, providing high revenue visibility for 2026.
IWS Services expects H1 2026 to be impacted by loss-making contracts but anticipates revenue growth and improved earnings in H2 2026.
PEAK Wind expected to grow revenues and group profit share in 2026.
Group net profit growth in 2026 will be driven by IWS Fleet; strong cash generation expected.
IWS Services' substation losses: H1 2026 impact
CSOV market shift to O&G: IWS Fleet implications
OEM factory plans shelved: long-term supply impact?
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Next Integrated Wind Solutions earnings date
Q4 202525 Feb, 2026
Next Integrated Wind Solutions earnings date
Q4 202525 Feb, 2026
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
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Frequently asked questions
Integrated Wind Solutions ASA (IWS) is a Norway-based offshore wind service company that focuses on providing integrated solutions for the offshore wind industry. The company's offerings aim to address the entire offshore wind value chain, providing a comprehensive suite of services designed to enhance project efficiency, streamline project management, and reduce costs. Integrated Wind Solutions is divided into three business segments: IWS Fleet AS, which owns and operates Commissioning Service Operation Vessels (CSOVs), IWS Services, which supports the offshore wind supply chain, and financial investments in wind operations and asset management companies. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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