Sif Holding (SIFG) H2 2024 earnings summary

Executive summary

• Safety performance improved significantly in 2024, with lost-time incidents reduced from 10 to 1 and LTIF dropping as low as 0.78 per million hours worked; employee wellbeing and safety training remained a focus.

• The new Maasvlakte factory was completed on time and within budget, is operational with all three lines running, but ramp-up is two to three months behind initial expectations due to workforce experience.

• Major new projects secured, including East Anglia TWO and Baltyk 2 & 3, expanding the order book and presence in the offshore wind market.

• Recognized for operational excellence with Port of Rotterdam team award and expanded storage capacity, including an additional 20 hectares leased.

• Carbon footprint (scopes 1 and 2) reduced to as low as 5,876 tonnes in 2024 from over 8,000 in 2023, with biofuels introduced for inland water transport.

Financial highlights

• Adjusted EBITDA for 2024 exceeded or met guidance, reaching up to €38.4 million versus a €35 million target, despite lower volumes due to ramp-up delays and one-off expansion costs.

• Revenue decreased to €428.99 million from €454.30 million year-over-year, with production volume at 158 kton, down from 192 kton.

• Contribution per ton increased to €759 in 2024, up from €674–€669 in 2023.

• Cash position at year-end ranged from €113.8 million to €140 million, supported by upfront payments and strong working capital management.

• Net profit attributable to shareholders dropped to €1.2 million from €10.9 million, with EPS at -€0.04.

Outlook and guidance

• 2025 adjusted EBITDA guidance revised to €90–120 million due to slower ramp-up; 2026 guidance reiterated at at least €160 million.

• Order book for 2025 and beyond stands at over 500 kton in firm contracts and 190 kton in preferred status, fully booking 2025 and nearly all of 2026.

• Ramp-up delays shift some orderbook and earnings into 2026, but no customer installation delays or margin dilution expected.

• More clarity on 2025 performance and Q1 results will be provided in May.