Integrated Wind Solutions (IWS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached EUR 12.6m, up 133% from Q1 and 143% year-over-year, driven by vessel charters and service growth.

• Group EBITDA turned positive at EUR 1.6m, reversing prior losses, with net profit of EUR 0.6m compared to losses in Q1 and Q2 2023.

• Strategic partnership with Sumitomo Corporation resulted in EUR 60m equity raised for a 25.38% stake in IWS Fleet, strengthening the financial position.

• Two vessels operated in Q2, third delivered post-quarter, with three more under construction.

Financial highlights

• IWS Fleet revenue was EUR 4.9m in Q2 2024, up from EUR 0.6m in Q1 and nil in Q2 2023, with two vessels in operation.

• IWS Services revenue reached EUR 7.6m, a 65% increase from Q1, with a book-to-bill ratio above 1.

• PEAK Wind net revenue grew 26% year-over-year; group share of net profit was EUR 0.2m after amortisation.

• Cash and cash equivalents increased to EUR 78.0m at Q2 end, up from EUR 26.9m in Q1, mainly due to the Sumitomo equity raise.

• Book equity rose to EUR 181.1m; total assets EUR 246.1m; equity ratio 74% at quarter-end.

Outlook and guidance

• Offshore wind market outlook remains robust, with strong project pipeline and political support.

• IWS expects continued revenue and net profit growth in 2024 and 2025, supported by new vessel deliveries and service expansion.

• IWS Services and PEAK Wind both guided for over 20% revenue growth in 2024, with secured projects underpinning visibility.

• Delivery of fourth vessel (IWS Starwalker) set for Q4 2024; fifth and sixth vessels due in H1 2025.

• Guidance for full year 2024 remains unchanged.