Integrated Wind Solutions (IWS) Q1 2026 earnings summary

Executive summary

• Achieved record high total revenue of €34.4m in Q1 2026, up 37% year-over-year and 21% sequentially from Q4 2025.

• Group EBITDA reached €10.1m, a 92% increase year-over-year, though down 6% from Q4 2025.

• Net profit was €4.9m, up 44% year-over-year but down 38% sequentially due to non-recurring tax effects and cessation of borrowing cost capitalization.

• Declared a second consecutive quarterly cash dividend of NOK 1.00 per share, payable in June 2026.

• ProCon (IWS Services subsidiary) merged with Hyndla, doubling contract backlog and strengthening integrated offshore wind supply chain position.

Financial highlights

• Total assets stood at €429m and equity ratio at 50% as of Q1 2026.

• Earnings per share for Q1 2026 was €0.08, up 33% year-over-year but down 43% from Q4 2025.

• Cash and cash equivalents at quarter-end were €40.8m.

• Operating expenses increased to €24.3m in Q1 2026 from €17.7m in Q4 2025.

• Book equity at quarter-end was €214.2m.

Outlook and guidance

• Offshore wind sector expected to maintain double-digit growth, with strong project pipeline and political support.

• IWS Fleet anticipates continued high commercial utilization and solid revenue/EBIT growth in 2026, with high revenue visibility into 2027 and 2028.

• IWS Services targets revenue growth and positive earnings in 2026, aiming to more than double revenues by 2030 versus 2025.

• PEAK Wind expected to expand geographically and increase revenues and profit contribution.

• Quarterly dividends to continue in line with policy.