Sif Holding (SIFG) Q2 2026 earnings summary

Executive summary

• Leadership transition with Koen Bogers succeeding as CEO from August 2026, focusing on continuity and operational improvement.

• Factory ramp-up completed, with Maasvlakte 2 and Roermond achieving stable output of 4-5 monopiles per week in H1 2026.

• Health and safety KPIs improved, with declining sick leave and reduced serious injuries.

• Management shifted €40 million adjusted EBITDA and related revenues from 2026 to 2027 to optimize workforce retention and reduce operational risk during a low orderbook phase.

• Market outlook for 2027-2028 is challenging due to project delays and thin order books, but long-term prospects remain strong with EU and UK 2040 ambitions for 100GW offshore wind.

Financial highlights

• Revenue for H1 2026 reached €498.4 million, up 93% year-over-year; adjusted EBITDA rose 236% to €43.4 million.

• Delivered 101 monopiles and 14 transition pieces, totaling 141 kton in H1 2026.

• Contribution margin and per-ton contribution remained healthy, though slightly lower due to product mix; contribution per ton was €918.

• Net loss attributable to shareholders improved to €4.1 million (H1 2025: €25.9 million loss); EPS improved to €-0.18.

• Net working capital at 30 June 2026: -€81.6 million; cash and cash equivalents decreased to €7 million.

Outlook and guidance

• 2026 adjusted EBITDA guidance revised to €95 million due to shifting €40 million to 2027.

• Order book stands at 422 kton, with 197 kton exclusive and not yet contracted; 190 kton project for 2027 is critical.

• Two-thirds of the 225,000 tons in the order book expected to be produced in H2 2026.

• If the 190 kton project does not materialize, significant downsizing and mothballing of facilities may be required.

• Company expects to remain within financial covenants and is exploring options to strengthen liquidity.