Sif Holding (SIFG) Q2 2026 earnings summary

Executive summary

• Significant operational improvements in H1 2026, with Maasvlakte 2 ramp-up, Roermond stable output, and safety KPIs improving.

• Factory output reached 4-5 monopiles per week, supporting major offshore wind projects.

• Leadership transition: Koen Bogers to succeed Fred van Beers as CEO from August 2026, with Fred remaining as advisor until January.

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

• Progress on a critical 190 kton exclusive project, with preparations ongoing and start expected between May and September 2027.

Financial highlights

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

• Contribution increased by 67% to €134.7 million; contribution per ton: €918.

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

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

• Net working capital at 30 June 2026: -€81.6 million; period-end cash: €7.1 million.

Outlook and guidance

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

• Order book stands at 422 kton, including 197 kton of exclusive projects; 190 kton project for 2027 is critical.

• Short-term market dip expected for 2027-2028, but positive long-term outlook based on EU and UK 2040 ambitions for 100 GW offshore wind.

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

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