Edda Wind (EWIND) Q4 2024 earnings summary

Executive summary

• Revenue and EBITDA grew significantly year-over-year, supported by increased fleet size, improved rates, and operational efficiency.

• Three new vessels, including Vestri Enabler, were delivered in 2024, expanding the fleet from five to eight, with all vessel management now in-house.

• Vessel utilization improved to 96% in Q4 2024, and 81% of 2025 vessel capacity is already booked at attractive rates.

• Four additional vessels are expected for delivery in 2025, with two already contracted, bringing the fleet to 12 by year-end.

• Operational challenges from early 2024 were addressed, resulting in improved performance and efficiency.

Financial highlights

• Q4 2024 revenue reached EUR 20.1 million, up EUR 8.7 million from Q4 2023; full-year revenue was EUR 70.4 million, up from EUR 39.4 million in 2023.

• Q4 2024 EBITDA was EUR 5.9 million, a EUR 7.0 million improvement year-over-year; full-year EBITDA was EUR 19.7 million, up from EUR 7.4 million.

• Q4 net loss before tax was EUR 0.6 million, improved from EUR 3.6 million loss in Q4 2023; full-year profit before tax was EUR 3.8 million.

• Operating expenses included EUR 500,000 in one-off costs related to vessel management takeover.

• Net financial result for 2024 was positively affected by an EUR 8 million IAS 23 adjustment, with no cash effect.

Outlook and guidance

• Four additional vessels are expected to be delivered in 2025, bringing the fleet to 12 by year-end, with 81% of 2025 capacity already booked at strong rates.

• Market outlook remains favorable, with increased tendering activity, stable day rates (EUR 40,000–50,000/day), and no significant risk of oversupply.

• Cost improvement measures and benefits of scale are expected as the fleet expands.

• Offshore wind market expected to grow significantly through 2030, supporting high utilization and growth opportunities.

• No exposure to US offshore wind market, limiting impact from US policy uncertainties.