Integrated Wind Solutions (IWS) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of €17.0m, up 35% from Q2 and 207% year-over-year, driven by full-quarter operations of two vessels and growth in IWS Services and PEAK Wind.

• Group EBITDA reached €3.9m, compared to €1.6m in Q2 and €-0.4m in Q3 2023, with net profit at €2.6m (Q2: €0.6m; Q3 2023: -€0.6m).

• Expanded fleet with two new vessel deliveries: IWS Seawalker and IWS Starwalker.

• IWS exercised its option to increase PEAK Wind ownership from 30% to 49%, supporting further growth initiatives.

• Expanded Green Senior Secured Credit Facility to €186.9m, securing debt for all six CSOVs and improving commercial terms.

Financial highlights

• Total Q3 2024 revenue: €17.0m (Q2: €12.6m; Q3 2023: €5.5m).

• IWS Fleet revenue was €8.0m in Q3 2024, up from €4.9m in Q2 and €0.1m in Q3 2023.

• IWS Services revenue reached €8.8m, a 16% increase from Q2, with improved EBIT margins.

• PEAK Wind net revenue grew 29% year-over-year; IWS increased its ownership in PEAK Wind to 49%.

• Cash and cash equivalents at quarter-end: €59.5m (Q2: €78.0m), mainly due to vessel capex and PEAK Wind investment.

Outlook and guidance

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

• IWS Fleet to ramp up activity as more vessels enter operation; high commercial utilisation expected in 2025.

• IWS Services and PEAK Wind both expected to achieve over 20% revenue growth in 2024, with secured project backlogs.

• Significant net profit growth anticipated for 2025, driven by fleet expansion and margin improvements.