Integrated Wind Solutions (IWS) Q3 2025 earnings summary

Executive summary

• Achieved record net profit of EUR 6.3m in Q3 2025, up 19% from Q2 and 141% year-over-year, driven by strong IWS Fleet performance and full commercial utilisation of vessels.

• Total revenue reached EUR 24.1m, a 15% decrease from Q2 but a 42% increase from Q3 2024, reflecting project timing and segment mix.

• Group EBITDA was EUR 8.7m, down 3% sequentially but up 123% year-over-year, driven by IWS Fleet.

• Earnings per share rose to EUR 0.12, a 20% increase from Q2.

• IWS Sunwalker, the sixth Skywalker-class vessel, was delivered in September and will commence operations in December, completing the newbuilding program.

Financial highlights

• IWS Fleet revenue grew to EUR 17.2m, up from EUR 16.3m in Q2 and EUR 8.0m in Q3 2024.

• IWS Services revenue declined to EUR 6.9m from EUR 12.0m in Q2 and EUR 8.9m in Q3 2024 due to project completion and lower activity.

• PEAK Wind net revenue was moderately lower year-over-year; group share of net profit was EUR 0.1m.

• Operating expenses decreased to EUR 15.4m, mainly due to lower project costs in IWS Services.

• Cash and cash equivalents stood at EUR 29.2m at quarter-end, down from EUR 33.0m in Q2, reflecting vessel capex and debt drawdown.

Outlook and guidance

• Long-term industry outlook remains attractive with double-digit growth, but current market uncertainties are slowing decisions.

• IWS Fleet to ramp up with a sixth vessel entering operation in December 2025, providing high revenue visibility for 2026.

• IWS Services expects H1 2026 to be impacted by loss-making contracts but anticipates revenue growth and improved earnings in H2 2026.

• PEAK Wind expected to grow revenues and group profit share in 2026.

• Group net profit growth in 2026 will be driven by IWS Fleet; strong cash generation expected.