Sif has reported a challenging first half of 2025, with market headwinds and production delays affecting results, though confidence remains strong for the medium to long term. Operationally, Sif delivered foundations for 529 MW of renewable capacity, down from 773 MW in the same period last year. Total production reached 80 kilotonnes, compared with 86 kilotonnes in 2024.
Revenue increased to €258 million from €231 million in the same period last year, while contribution rose slightly to €80.5 million. Adjusted EBITDA fell to €12.9 million compared with €26.1 million in the first half of 2024. The company has revised its full-year 2025 EBITDA outlook to €45 million, while reiterating its medium-term annualised run rate target of at least €160 million. Net debt stood at minus €2.1 million at the end of June, and a €50 million revolving credit facility was extended to 2028. The order book reached 625 kilotonnes at the end of August, including a new 200 kilotonne exclusivity contract for 2027 and 2028.
The Maasvlakte 2 facility, which underwent a major expansion in 2024, experienced slower than expected ramp-up due to the need for extended workforce training, equipment stabilisation and improved procedures. The company now expects full stabilisation and output levels to be reached in the first half of 2026, a delay of up to nine months. Production has already started on HKW VI for Ecowende, while Roermond has maintained steady output for Empire Wind 1, Ecowende and Baltyk.
Sif is strengthening its operations organisation, appointing a new chief operating officer while the current COO focuses on technical completion of the ramp-up plan. A programme of equipment and process modifications is underway with support from external specialists and suppliers to ensure a more stable production increase.
The wider offshore wind market has seen short-term pressure due to grid congestion, high electricity prices and tender criteria not aligned with current market conditions. However, governments are beginning to adjust ambitions and tender rules, with demand expected to grow strongly from the late 2020s. Sif’s long-term outlook remains positive, supported by its strengthened order book and commitment to stabilising operations.
The company reiterated its medium-term EBITDA goal of at least €160 million, with a provisional minimum guidance of €135 million for 2026. Final figures will depend on operational progress and second-half 2025 performance.
