Integrated Wind Solutions (IWS) Q4 2025 earnings summary

Executive summary

• Achieved record net profit of €7.8m in Q4 2025, up 24% from Q3 and 34% year-over-year, with strong revenue growth and first dividend payment.

• All six CSOV/Skywalker-class vessels operational by year-end, supporting 100% commercial uptime and increased fleet revenue and backlog.

• Strategic merger of ProCon with Hyndla completed, strengthening offshore wind supply chain services and enhancing integrated offerings.

• Declared a cash dividend of NOK 3.00 per share for Q1 2026, including an extraordinary payout.

• Strategic agreement for fleet extended through 2029, with options to 2032.

Financial highlights

• Q4 2025 total revenue reached €28.5m, up 18% from Q3 and 33% year-over-year.

• Group EBITDA for Q4 was €10.8m, up 24% sequentially and 55% year-over-year.

• Net profit for Q4 was €7.8m, a 24% increase from Q3 and 34% higher than Q4 2024.

• Earnings per share in Q4 was €0.14, up 17% from Q3.

• Year-end 2025 revenue totaled €106.2m, with net profit of €22.9m.

Outlook and guidance

• Long-term industry outlook remains attractive with double-digit growth and strong project pipeline expected.

• IWS Fleet expected to maintain high utilization and solid revenue/EBIT growth in 2026.

• IWS Services faces margin risk on one project and lower market activity in H1 2026, but aims to more than double revenues by 2030.

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

• Quarterly dividends to continue in line with new policy.