Edda Wind (EWIND) Q3 2024 earnings summary

Executive summary

• Revenue reached EUR 18.4 million in Q3 2024, up EUR 6.6 million year-over-year, with EBITDA at EUR 6.1 million.

• Seven vessels in full operation by quarter-end, with Vestri Enabler delivered post-quarter, raising the fleet to eight.

• Vessel utilisation improved to near 100% in Q3, driven by gangway upgrades and newbuilds entering operation.

• New contracts secured for newbuilds, including the first contract in Taiwan, expanding presence in Asia.

• Vessel management transition to in-house nearly complete, expected to enhance operational efficiency and cost control.

Financial highlights

• Q3 2024 revenue was EUR 18.4 million, up from EUR 11.8 million in Q3 2023.

• EBITDA for Q3 2024 was EUR 6.1 million, an increase of EUR 1.1 million year-over-year.

• Profit before tax for Q3 2024 was EUR 0.2 million, down from EUR 1.8 million in Q3 2023, impacted by higher interest expenses.

• Operating costs were EUR 12.4 million, including EUR 1.7 million in front-runner costs.

• Cash and cash equivalents stood at EUR 34.8 million at quarter-end, with net interest-bearing debt at EUR 286 million.

Outlook and guidance

• 2024 is fully booked, with strong contract coverage into 2025 and beyond; no open vessel days until summer 2025.

• Four new vessels scheduled for delivery in 2025, with high tender and vessel requirement activity expected.

• Offshore wind market expected to see significant growth, with vessel demand projected to exceed 250 C/SOVs by 2030.

• Optimism for further fleet expansion and strong market demand in Europe and Asia, especially Taiwan.