Strategic highlights:
• Expansion of manufacturing facilities completed, production ramping-up;
• Additional land leased for storage and marshalling activities.
Operational highlights:
• Improved safety performance: full-year 2024 LTIF at 0.78 (8.28 in 2023);
• Sickness leave: full-year 2024 at 7.75% (6.86% in 2023);
• Output of 158 kton (192 kton in 2023); 89 monopiles and primary steel for 109 transition pieces (141 monopiles and primary steel for 182 transition pieces in 2023) will contribute to the realization of 1,297 MW offshore wind capacity (2,622 MW in 2023);
• Carbon footprint scope 1 and 2 further decreased through ongoing electrification and use of biodiesel for inland shipping.
Outlook:
• Order book strengthened with award of East Anglia TWO (Scottish Power) and transition pieces for Baltyk II+III (Equinor/Polenergia).
• Outlook for full-year 2025 revised to adjusted EBITDA of €90-120 million with some production shifting into 2026 due to the ramp-up taking some more time than originally anticipated. Outlook for 2026 reiterated at a level of at least €160 million.
CEO Fred van Beers: 'Geopolitical incidents and developments over the past three years have impacted energy demand, supply and pricing and have fuelled discussions on the mix of fossil and sustainable sources of energy going forward. While it is without doubt that we need to transition to more sustainable energy sources, world leaders have different opinions about the required pace and mix of this transition. This has caused hiccups in the development of clean energy sources such as offshore wind and has pushed the realization of ambitions further to the future. Amid this uncertainty, we have made large steps forward in delivering on our longer-term strategic plans and our targets for the shorter and medium term. We manufactured 158 kton in 2024. In line with the guidance we gave at the start of the year, production output was impacted by the integration of existing and newly built production facilities. Viewed against that background, both financial and non-financial results were satisfactory. We are very pleased with the safety performance, with all the indicators underlining the improved attitude towards safety in our production environment. The number of lost time incidents dropped from 10 in 2023 to 1 in 2024 and our LTIF fell from 8.28 in 2023 to 0.78 in 2024. In addition, our gross carbon footprint, inasmuch as it relates to our own operations (scopes 1 and 2), improved and decreased to 6,127 Mton from 8,085 Mton1 in 2023. The roll-out of induction heating and replacing diesel with biodiesel for most of our inland shipping are the main drivers behind these improvements. The footprint of our own activities is only a fraction of the carbon footprint of the supply chain when we include our tier one suppliers (scope 3). With respect to our main suppliers, we are assessing possibilities for decreasing the carbon footprint for the entire supply chain. Our financial results with adjusted EBITDA of €38.4 million came in above guidance thanks to higher than expected storage revenues and licensing fees. After adjusting contribution for Marshalling, Engineering and fees for projects with no production volume, contribution per week (based on 52 weeks) was €2.3 million (2023: €2.5 million), with contribution per ton increasing from €669 to €759.
Looking to our longer-term strategic plans, we can look back with satisfaction on the very disciplined execution of the expansion of our manufacturing facilities and on the recruitment of motivated and committed staff under tight labour market circumstances. The construction work was completed on time and within budget. All three production lines are now in use and the first monopiles are being completed, although not yet fully at the pace we had hoped to see at this stage. The new factory is designed to produce approximately 200 reference monopiles of 120 meters in length and 11 meters in diameter per year in a 24/5 operation, equalling approximately 4 monopiles per week. We are now at an output level of 2 to 3 monopiles per week and in steady ramp-up mode towards design volumes.
The ramp-up of the production in the new facilities is determined by the speed at which new equipment comes fully on stream and new staff is gaining experience. This process is taking somewhat more time than was expected. The first monopiles have been completed and all of the orderbook projects are expected to be finished in time for the installation campaigns, contributing to our revised full year 2025 outlook of adjusted EBITDA in the range of €90-120 million. For 2026 our order book, including the shift in volumes from 2025, is well filled to reiterate our expectation for adjusted EBITDA of at least €160 million. In addition, we are the preferred supplier for 190 kton that will add to our orderbook for the period thereafter.
We also expanded our land at Maasvlakte 2, Rotterdam with 20 additional hectares for, in the first instance, a couple of years. This gives us extra storage capacity and enables us to resume marshalling activities that we had to put on hold as a consequence of the expansion work on our facilities. Last but not least, we continued our preparational work and business case studies together with Ballast Nedam for the removal of obsolete wind farms from the sea and with Dillinger Hütte for the re-use of the removed foundations as scrap for new low-carbon monopiles.
For the period past 2027, sufficient opportunity surfaces in the market. Tapping into this opportunity will, however, require rational and realistic tender procedures and a political drive to continue the roll-out of targets set for 2030 up to 2050 in the EU and the UK. The Clean Industrial Deal, which the European Union presented at the end of February 2025, is a good start that supports renewable energy sources and is a strong signal that the EU sees decarbonization as a driver of growth for European industries. It is now up to the EU regulatory bodies and member states to translate the Clean Industrial Deal into concrete actions, tender policies and requirements that boost acceleration of the offshore wind ambitions.'
Read full press release:
https://sif-group.com/en/investor-relations/download/cbfd9e3c-aafe-470f-aa2c-4e15d92c7b88/siffullyear2024results.pdf
© 2025 GlobeNewswire (Europe)
