Edda Wind (EWIND) Q1 2025 earnings summary

Executive summary

• Achieved technical utilization rate of 99% in Q1 2025, reflecting operational improvements from in-house vessel management.

• Revenue increased to EUR 19.5 million, up EUR 2.5 million year-over-year, driven by new vessel operations and higher utilization.

• Sale of Mistral Enabler completed, aligning fleet for zero-emission readiness; gain from sale expected in Q2 2025.

• 85% of available days for 2025 already booked, with new contracts signed with three new clients.

• Unconditional mandatory cash offer announced by largest shareholders, with intent to de-list from Oslo Stock Exchange.

Financial highlights

• Revenue of EUR 19.5 million in Q1 2025, up from EUR 16.99 million in Q1 2024.

• EBITDA of EUR 6.9 million, nearly flat year-over-year but up EUR 6.4 million excluding prior year gain on asset sale.

• Profit before tax of EUR 1.6 million, down from EUR 3.5 million in Q1 2024.

• Cash and cash equivalents at EUR 38.5 million, up from EUR 33.4 million at year-end 2024.

• Total investment in vessels and newbuildings at EUR 623.5 million as of March 31, 2025.

Outlook and guidance

• Offshore wind market expected to grow significantly through 2030, with strong demand for C/SOVs.

• Favorable supply-demand balance projected despite new vessel deliveries; newbuilding prices rising.

• Edda Wind sees increased tendering activity and expects continued growth opportunities.

• US offshore wind market uncertainty has limited impact due to no current or planned US operations.

• Five new CSOVs under construction, with deliveries scheduled through Q1 2026.