Sif Holding (SIFG) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 saw strong operational improvements, with production optimization at Maasvlakte II and throughput rising to 60 Kton from 39 Kton year-over-year.

• Safety incidents increased, with five lost time injuries in Q1 2026 versus two in Q1 2025; proactive safety measures have been implemented.

• Order book stands at 476 Kton, with firm contracts for 2026 and early 2027, and 190 Kton in exclusive negotiations expected to conclude by end of Q2 2026.

• Market sentiment for offshore wind is improving, driven by North Sea Energy Cooperation initiatives and increased tender activity in Europe.

Financial highlights

• Contribution for Q1 2026 rose 59% year-over-year to €63.8 million, with €55.0 million from offshore wind production.

• Adjusted EBITDA more than doubled to €21.0 million from €9.6 million in Q1 2025.

• Reported EBITDA was €15.1 million, up from €4.4 million year-over-year, after €5.9 million in non-recurring expansion expenses.

• Total cash position at end of Q1 2026 was €30.7 million, down from €95.6 million at end of Q4 2025.

• Net working capital improved to -€98.5 million from -€180.2 million at end of Q4 2025.

Outlook and guidance

• Adjusted EBITDA guidance for full year 2026 is reiterated at €135 million.

• Targeting normalized average EBITDA of €40 million per quarter from H2 2026.

• Market for 2027–2028 remains challenging, but sustainable industry levels are expected from 2029 onward.