Sif Holding (SIFG) AGM 2026 presentation summary

Health and safety performance

• Safety remains a top priority, but performance was poor with 5 LTIs in Q1 2026 and high sickness leave rates, impacted by cultural diversity and high staff turnover.

• Structural safety stand-downs, practical training, and active case management are ongoing to improve safety culture.

• Average number of employees increased to 488 FTE in 2025, with continued investments in working conditions.

Operational and market developments

• Factory ramp-up delay led to two profit warnings and EBITDA guidance reduction from €135M to €45M, but output stabilized by Q4 2025.

• Offshore wind market slowed in 2025 due to failed tenders, geopolitical issues, and aggressive competition, but signs of recovery appeared in Q1 2026.

• Maasvlakte II ramp-up continued as planned in H1 2026, with Roermond factory fully booked for small diameter lines.

Financial performance and outlook

• 2025 adjusted EBITDA was €45M, in line with revised guidance; working capital improved with advance payments recognized in 2026.

• Record contribution margin of €1,001 per ton and €14.7M per month achieved; orderbook at 476 Kton.

• On track for 2026 adjusted EBITDA of at least €135M, with orderbook additions for 2027–2028 progressing despite challenges.