Integrated Wind Solutions (IWS) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of EUR 21.4m, up 26% from Q3 and 232% year-over-year.

• Group EBITDA reached EUR 6.9m, nearly doubling sequentially and reversing a loss from Q4 2023.

• Net profit for Q4 2024 was EUR 5.8m, more than double Q3 and up sharply from EUR 0.7m in Q4 2023.

• Uplisted to Euronext Oslo Børs, raising EUR 2.6m via new share issuance.

• IWS Fleet expanded operations with four vessels in service and two more under construction.

Financial highlights

• IWS Fleet revenue was EUR 12.1m in Q4, including a EUR 3.0m termination fee; three vessels operated during the quarter.

• IWS Services revenue grew 4% sequentially to EUR 9.1m, with improved EBIT margins.

• PEAK Wind net revenue was flat year-over-year in Q4 but grew 18% for the full year; Q4 net profit share was EUR 0.3m.

• Cash and cash equivalents at Q4-end were EUR 32.5m, down from EUR 59.5m at Q3-end due to vessel capex.

• Total assets increased to EUR 317.3m from EUR 284.9m sequentially.

Outlook and guidance

• Offshore wind market outlook remains strong, with IWS positioned for growth.

• IWS Fleet expects higher activity and revenue growth as more vessels enter operation in the next two quarters; strong charter backlog for 2025–2026.

• IWS Services and PEAK Wind anticipate continued revenue growth in 2025, supported by solid order backlogs.

• Group net profit growth expected in 2025, driven by fleet expansion and margin improvements.

• Short-term competitive pressure expected from new vessel deliveries in 2025–2026.