Integrated Wind Solutions (IWS) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of EUR 25.2m, up 18% from Q4 2024 and 367% year-over-year.

• Group EBITDA reached EUR 5.3m, compared to EUR 6.9m in Q4 2024 (EUR 3.9m excluding a EUR 3.0m termination fee) and EUR -3.2m in Q1 2024.

• Net profit was EUR 3.4m, versus EUR 5.8m in Q4 2024 (EUR 2.8m excluding the termination fee) and EUR -2.8m in Q1 2024.

• Completed uplisting to Euronext Oslo Børs, issuing 810,800 shares and raising EUR 2.6m, expanding the shareholder base.

• Two additional vessels under construction for delivery in 2025, with four vessels in operation achieving 99% commercial utilisation.

Financial highlights

• Operating revenue for Q1 2025 was EUR 25.2m, with total revenue and other income at EUR 25.2m.

• EBITDA for Q1 2025 was EUR 5.3m; EBIT was EUR 3.4m.

• Cash and cash equivalents increased to EUR 36.2m at quarter end.

• Total assets grew to EUR 324.4m, with total equity at EUR 195.1m and an equity ratio of 60%.

• Interest-bearing debt was EUR 112.7m at quarter-end.

Outlook and guidance

• Offshore wind market faces short-term uncertainties, but long-term prospects and project pipeline remain strong.

• IWS Fleet to ramp up with two more vessels entering operation, supporting high revenue visibility for 2025 and 2026.

• IWS Services expects continued revenue growth in 2025, though new offshore substation services introduce project-specific risks and EBIT is expected to be in line with 2024.

• PEAK Wind revenues for 2025 expected to be in line with 2024, with improved net profit share in coming quarters.

• Group net profit growth in 2025 will be primarily driven by IWS Fleet.