Sif Holding (SIFG) Q3 2026 TU earnings summary

Executive summary

• YTD contribution rose 59% YoY to €203.4m and adjusted EBITDA increased to €68.3m; net loss narrowed to €0.8m from €35.3m.

• Short-term bridge funding remains under negotiation amid uncertainty around the 190 kton exclusive project; a material going-concern uncertainty applies over the next 12 months.

• FY 2026 adjusted EBITDA guidance was reiterated at €95m, contingent on securing funding and progressing the exclusive project.

Financial highlights

• YTD contribution was €203.4m vs €127.8m YoY; adjusted EBITDA was €68.3m vs €26.7m.

• YTD earnings attributable to shareholders were a €0.8m loss vs a €35.3m loss; EPS was -€0.12 vs -€1.27.

• YTD production reached 211 kton vs 124 kton; Q3 output was 70 kton, with contribution of €68.7m and adjusted EBITDA of €24.9m.

• Period-end cash was €35.1m vs €95.6m at 31 Dec 2025; net working capital improved to -€109.6m from -€180.2m.

Outlook and guidance

• FY 2026 adjusted EBITDA guidance reiterated at €95m.

• The 190 kton exclusive project remains in exclusive negotiations; production is still targeted for mid-2027, with preparatory engineering and factory-layout work ongoing.

• Order book at September-end was 352 kton: 156 kton contracted and 196 kton in exclusive negotiations, including OSS.

• Tender pipeline is improving for projects from H2 2028 onward, but timely project realization and awards remain necessary.