Sif Holding (SIFG) Q3 2025 TU earnings summary

Executive summary

• Production lines stabilized and operational improvements reflected in Q3 results, with production, contribution, and EBITDA showing sequential improvement.

• Full capacity of new manufacturing facilities expected by end of Q2 2026; industrialization measures on track.

• Order book stands at 586 Kton, with firm contracts for 2026 and exclusive negotiations for 2027 ongoing.

Financial highlights

• Year-to-date contribution increased 15.3% to €128 million compared to €111 million in the first nine months of 2024.

• Adjusted EBITDA for the first nine months was €26.7 million, down 14.7% year-over-year; reported EBITDA for Q3 was €10.1 million, up from €2.0 million in Q3 2024.

• Total cash position at end of Q3 2025 was €55 million, down from €88 million at end of Q3 2024 and €82 million at end of Q2 2025.

• Net working capital at end of Q3 2025 was -€160 million, improved from -€181 million at end of Q2 2025.

Outlook and guidance

• Guidance from Q2 maintained; full capacity ramp-up expected by end of Q2 2026.

• Market remains challenging with slow tender activity and project delays or cancellations, especially in the UK and Europe.

• Clarity on 200 Kton exclusive negotiations for 2027 expected in Q1 2026.