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Sif Holding (SIFG) investor relations material
Sif Holding H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Long-term stability and safety prioritized over short-term profit, with management actions and staff changes addressing performance and ramp-up issues at Maasvlakte 2.
H1 2025 revenue increased to €258.2m, with a record contribution margin of €941 per ton and total production of 80 Kton, reflecting a shift to larger, more complex monopiles.
Adjusted EBITDA dropped to €12.9m from €26.1m in H1 2024, mainly due to ramp-up costs at Maasvlakte 2, resulting in a net loss of €25.9m.
Order book remains robust at 625 Kton, including a 200 Kton exclusive contract for 2027, with strong governmental and customer support.
Strategy to accelerate the energy transition in the EU and UK remains unchanged, with a positive medium- to long-term outlook.
Financial highlights
Revenues rose 11.7% year-over-year to €258 million in H1 2025, with contribution margin per ton up to €941.
Adjusted EBITDA for H1 2025 was €12.9m, down 50% from H1 2024, reflecting ramp-up and startup costs.
2025 adjusted EBITDA guidance reduced to €45m due to delayed ramp-up at Maasvlakte 2.
Minimum adjusted EBITDA for 2026 set at €135m, with a target of €160m, contingent on successful ramp-up.
Net working capital remained strongly negative at -€181m, reflecting structurally negative working capital requirements.
Outlook and guidance
2025 full-year adjusted EBITDA expected at €45m, with upside possible if ramp-up stabilizes sooner.
2026 minimum EBITDA guidance at €135m, with a target of €160m, depending on ramp-up success.
Ramp-up to full production at Maasvlakte 2 now expected in H1 2026, a 6–9 month delay from the original plan.
Order book covers production through 2028, providing stability post-ramp-up.
Medium- to long-term market outlook remains positive, supported by energy transition ambitions and robust demand.
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