Earnings release
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Trading Update 7 November 2025 Roermond, the Netherlands Highlights and Key Figures for Q3 2025 Operational Highlights Q3: One lost time safety incident in Q3 2025. Eight LTI Year-to-Date resulted in LTIF of 5.36 on a twelve- month rolling basis (one LTI in first nine months 2024 with LTIF of 0.81); Year-to-Date (YTD) 1 sick leave slightly increased to 7.7% compared to 7.5% for the first nine months of 2024; Implementation of the industrialisation measures and ramp-up of new manufacturing facilities on-track with revised schedule: full capacity expected by end of Q2 2026; Throughput of 44 Kton in Q3 2025 (42 Kton Q3 2024) brings Year-to-Date production to 124 Kton (128 Kton in first nine months 2024); Production and load-out of foundations for Empire Wind 1 completed, production of top sections for Ecowende completed, production of monopiles for Ecowende started. Key figures: Year-to-Date (YTD) contribution increased to €128 million (€111 million first nine months 2024): o €106 million from production of monopiles and transition pieces for offshore wind (WIND) (€93 million first 9 months 2024); o €13 million from production of offshore steel structures (OSS)(€10 million first nine months 2024); o €1 million from Marshalling and Logistic services (€1 million first nine months 2024); o €8 million from other activities (€7 million first nine months 2024); Adjusted YTD EBITDA €26.7 million (€31.3 million first nine months 2024); Operating Working Capital at end of Q3 2025 -/-€160 million (-/-€119 million at end of Q3 2024 and -/- €181 million at end of Q2 2025); Total cash position at end of Q3 2025 €55million (€88 million at end of Q3 2024 and €82 million at end of Q2 2025); Order book 586 Kton at end of Q3 2025. In € million First nine months 2025 First nine months 2024 Change YoY Contribution 128 111 +15.3% EBITDA adjusted 26.7 31.3 -14.7% EBITDA reported 12.2 24.2 -49.6% Kton production 124 128 -3.1% Quarter-on-quarter development In € million Q1 2025 Q2 2025 Q3 2025 Year to date Contribution 40.1 40.4 47.2 127.7 EBITDA adjusted 9.6 3.3 13.8 26.7 Kton production 39 41 44 124 Order book in Kton Per end of September 2025 Per end of September 2024 Contracted 386 525 Exclusive negotiation 200 0 Total for the period 586 525 1 Year-to-date (YTD) refers to the period 1 January-30 September
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Trading Update 7 November 2025 Roermond, the Netherlands Comment from Fred van Beers, CEO of Sif Group: “It is e ncouraging to see that progress has been made i n stabilizing our production lines in line with the announcement of our Q2 results. T he solid progress we are making is also cautiously reflected in our Q3 results: production, contribution and EBITDA all slightly improved on the previous quarters . The modifications to the production lines are performing as we expected and our focus is now on the continuation of the upward trend that will gradually bring us to the projected levels of production. We therefore maintain de guidance provided at the release of our Q2 numbers. Our orderbook is filled with firm contracts for 2026 and we expect more clarity on the exclusive negotiations for the 200 Kton orderbook position for 2027 in Q1 2026. The market remains challenging with a limited number of new tenders, and the United Kingdom and European countries struggling to run successful large -scale tenders. The upcoming CfD7 round in the UK is expected to see only 5-6 GW out of the potential 21 GW projects awarded, given the lower-than-expected subsidy allocation of £900 million. In a joint effort , European countries and the European Union are looking for ways to speed up grid connection and to facilitate the demand for and offtake of green energy. The European Parliament is pursuing countermeasures for a level playing field for offshore wind supply chain partners and for a tender approach that is more balanced than the recent tenders. All to maintain momentum for the energy transition , energy independence and the reduction of greenhouse gas emissions. Decision making speed and effective roll out of EU measures in EU member states is of the essence to regain momentum in the offshore wind market. Our intensified efforts to reduce the number of safety incidents and sick leave have paid off. In H1 2025 we experienced 7 LTI’s, and the YTD total now stands at 8 following one LTI incident in September. We will continue to keep focus on these important people related KPI’s to assure a sustainable safe and healthy working environment in line with our targets”.
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Trading Update 7 November 2025 Roermond, the Netherlands Q3 2025 and YTD Results Contribution Contribution is a better indicat or for performance than revenues since it eliminates changes in steel prices and ignores legal structures for cooperation . For the first nine months of 2025 contribution added up to €128 million of which €1 million relates to Marshalling and Logistics services and €8 million relates to other activities, including Engineering services (€111 million of which €1 million for Marshalling and €7 million for other activities, including Engineering services in first nine months 2024). Contribution, adjusted for contribution from Marshalling, Engineering services and fees for projects without production volume, of €13.4 million per month and €969 per ton improved on the contribution per month and per ton in the same period of 2024 when it stood at €10.1 million and €712 per ton respectively. Earnings Adjusted EBITDA in Q3 2025 amounted to €13.8 million (€5.2 million in Q3 2024). Non-recurring expenses relating to the expansion of our manufacturing facilities amounted to €3.7 million in the third quarter (€3.2 million in Q3 2024), resulting in a reported EBITDA of €10.1 million (€2.0 million in Q3 2024). Reported EBITDA was positively impacted by the release of provisions for liquidated damages in projects. Financial position Net working capital was -/-€160. million ( -/-€180.8 million at the end of Q2 2025). Total cash position decreased to €55 million at the end of Q3 2025 from €82.5 million at the end of Q2 2025. Banking covenants require solvency of 35% and maximum net leverage of 3.00x. Solvency at the end of Q3 2025 with 35.0.% was compliant but the negative LTM EBITDA (adjusted to exclude exceptional items (ex IFRS 16)) results in net leverage which cannot be determined. We have therefore agreed a waiver with the banking consortium for the leverage covenant Q3 2025. Furthermore, in light of the ongoing ramp-up of our production, we have agreed to an amendment of the leverage and solvency covenants for the period Q4 2025 and Q1 2026. In addition, a minimum EBITDA covenant has been introduced for these two quarters, as reflected below: Covenant Q4 2025 Q1 2026 Solvency 25% 30% Leverage 6.0x 3.5x Minimum Adjusted EBITDA €10m €25m Non-financial performance; ESG Starting the financial year 2024, Sif has started reporting in line with CSRD. In the first three quarters Sif has participated in projects resulting in 934 MW renewable energy capacity. With the increase in manufacturing capacity and Sif’s ability to service larger capacity wind farms, Sif expects its participation to show an increasing trend going forward.
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Trading Update 7 November 2025 Roermond, the Netherlands Sif’s safety statistics have improved in Q3 2025 in a challenging environment of enlarging products . T he new production facilities will better balance product-size and manufacturing-lay out and techniques. Outlook The order book at the end of September amounts to 586 Kton. Tendering has seen a slowdown in activity during the quarter, and the market remains hesitant with offshore wind park project awards being postponed or even cancelled. We maintain the guidance provided at the release of our Q2 numbers. 2026 Financial Calendar March 13, 2026 Release of full year 2025 results and 2025 Annual Report May 8, 2026 Release of Q1 2026 Trading update May 8, 2026 Annual General Meeting of Shareholders July 30, 2026 Release of 2026 interim results November 6, 2026 Release of Q3 2026 Trading update Contact Fons van Lith, Investor Relations Telephone: +31 (0)651314952 Email: f.vanlith@sif-group.com
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Trading Update 7 November 2025 Roermond, the Netherlands Definition and Explanation of use of non-IFRS financial measures Contribution (per ton or month) Total revenue from contracts with customers minus raw materials, subcontracted work and other external charges and logistic and other project-related expenses. Contribution is an important KPI since it excludes pass-through expenses. Together with production in Kton and EBITDA it indicates the quality of Sif’s performance in any reporting period. For the per ton or month measures contribution is adjusted for contribution related to Marshalling and Logistics services, Engineering and fees for projects with no production volume. EBITDA Adjusted EBITDA Earnings before net finance costs, tax, depreciation and amortization. The company discloses EBITDA and Adjusted EBITDA as supplemental non-IFRS financial measures, as the company believes these are meaningful measures to evaluate the performance of the company’s business activities over time. The company understands that these measures are used by analysts, rating agencies and investors in assessing the company’s performance. The company also believes that the presentation of EBITDA and Adjusted EBITDA provide useful information to investors on the development of the company’s business. The company also uses EBITDA and Adjusted EBITDA as key financial measures to assess operational performance. Adjusted EBITDA is adjusted for expenses that relate to the research into, preparations for and the execution of the required adjustment and expansion of our production facilities and business acquisitions. Net working capital Inventories plus current contract assets plus trade receivables plus current prepayments minus trade payables and current contract liabilities. The company discloses net working capital as a supplemental non-IFRS financial measure, as the company believes it is a meaningful measure to evaluate the company’s ability to maintain a solid balance between growth, profitability and liquidity. Net working capital is broadly analysed and reviewed by analysts and investors in assessing the company’s performance. This measure serves as a metric for how efficiently a company is operating and how financially stable it is in the short term. It is an important measure of a company’s ability to pay off short-term expenses or debts. Solvency This measure is a bank covenant and is presented to express the financial strength of the Company. Definition Consolidated Tangible Net Worth (ex IFRS 16) divided by Consolidated Balance Sheet Total (ex IFRS 16)
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Trading Update 7 November 2025 Roermond, the Netherlands Consolidated Tangible Net Worth = Equity attributable to shareholder minus dividend declared, Intangible assets, Upward revaluation of assets (other than financial instruments) after the 2023 Effective Date (5 June 2023) and Advanced factory payments converted into perpetual bond instruments Consolidated Balance Sheet Total = Total assets minus Intangible assets, book value of the assets leased under the Rabo lease facility and the cash on the balance sheet related to advance factory payments converted into perpetual bond instruments Net leverage This measure is a bank covenant and is presented to express the financial strength of the Company. Definition Total net debt (ex IFRS 16) divided by EBITDA ex exceptional items (ex IFRS 16) LTM (last twelve months), being quarter four of 2024 and quarter one until three of 2025 Total net debt (ex IFRS 16) = Borrowings (ex IFRS 16) minus Cash and Cash Equivalents Borrowings (ex IFRS 16) = Revolving credit facility plus term loans EBITDA ex exceptional items (ex IFRS 16) = EBITDA (ex IFRS 16) minus: - charge to profit represented by the expensing of stock options - the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring - disposals, revaluations, write downs or impairment of non-current assets or any reversal of any write down or impairment - any exceptional, one off, non-recurring or extraordinary items which represent gains or losses relating to the P11 manufacturing expansion (with a maximum of €10 million on an LTM basis) EBITDA (ex IFRS 16) = EBITDA adjusted for expenses of lease contracts other than 'short-term leases’ and ‘low-value leases’ (including those expenses accounted for as project costs based on progress), the impact of the difference in accounting treatment of lease incentives between IFRS 16 and the former lease standard IAS 17 and expenses related to initial direct costs of operational lease contracts.
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Trading Update 7 November 2025 Roermond, the Netherlands Calculation of Contribution (€ ‘000): YTD Q3 2025 YTD Q3 2024 Total revenue 409.138 341.118 Raw materials (203.005) (186.865) Subcontracted work and other external charges (59.531) (22.153) Logistic and other project related expenses (18.894) (21.122) Contribution 127.708 110.978 Adjustments for per Kton/month measure: - Marshalling and Logistics services (721) (871) - Engineering services (6.584) (5.689) - Fees for projects with no production volume (251) (13.265) Adjusted contribution 120.152 91.153 Production output (Kton) 124 128 Contribution per Kton (adjusted) 969 712 Contribution per month (adjusted) 13.350 10.128 Reconciliation of (adjusted) EBITDA to operating profit (€ ‘000): YTD Q3 2025 YTD Q3 2024 Operating profit (40.093) 8.129 Other income 6.300 - - Depreciation and amortization 45.949 16.113 EBITDA 12.156 24.242 - Expenses that relate to the research into and preparations for the required adjustment and expansion of our production facilities and business acquisitions 14.575 7.062 Adjusted EBITDA 26.731 31.304 Calculation of net working capital (€ ‘000): 30-Sep-25 31-Dec-24 Inventories 657 400 Contract assets 14.164 26.159 Trade receivables 37.324 26.263 Prepayments and other receivables 8.394 5.211 Trade payables (67.989) (81.390) Contract liabilities - current (118.397) (119.238) Contract liabilities – non-current (33.697) (35.855) Net working capital (159.544) (178.450)
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Trading Update 7 November 2025 Roermond, the Netherlands Calculation of solvency (€ ‘000): 30-Sep-25 31-Dec-24 Equity attributable to shareholder 201.273 236.468 Adjustments to exclude IFRS 16 impact: - Right-of-use assets (128.567) (119.390) - Lease liabilities – non-current 105.727 110.107 - Lease liabilities – current 23.271 10.581 - Lease incentives capitalised on the balance sheet (1.944) (2.036) - Expenses of lease contracts other than 'short-term leases' and 'low value leases' accounted for as project costs based on progress 2.392 (361) - Deferred tax on above items (397) (944) Total equity (ex IFRS 16) 201.755 234.425 - Intangible assets (4.632) (3.831) - Upward revaluation of assets (other than financial instruments) after the 2023 Effective Date (5 June 2023) (5) (5) - Advance factory payments converted into perpetual bond instruments (20.710) (20.710) Consolidated Tangible Net Worth (ex IFRS16) 176.408 209.879 Total assets 693.283 738.530 Adjustments to exclude IFRS 16 impact: - Right-of-use assets (128.567) (119.390) - Expenses of lease contracts other than 'short-term leases' and 'low value leases' accounted for as project costs based on progress 2.392 (361) - Deferred tax asset on Right-of-use assets and lease liabilities (397) (944) Total assets (ex IFRS 16) 566.711 617.835 - Intangible assets (4.632) (3.831) - Cash on the balance sheet related to advance factory payments converted into perpetual bond instruments (20.710) (20.710) - Bookvalue assets in lease facility (37.836) (38.340) Consolidated Balance Sheet Total (ex IFRS16) 503.533 554.954 Solvency 35.0% 37.8%
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Trading Update 7 November 2025 Roermond, the Netherlands Calculation of net leverage (€ ‘000): 30-Sep-25 31-Dec-24 Loans and borrowings 80.444 80.330 Borrowings (ex IFRS 16) 80.444 80.330 Cash and cash equivalents (54.912) (113.764) Total net debt 25.532 (33.434) EBITDA 12.156 23.723 Adjustments to exclude IFRS 16 impact: - Expenses of lease contracts other than 'short-term leases' and 'low-value leases' (20.138) (12.178) - Lease terms related to lease facility (5.844) (1.473) - Expenses related to initial direct costs of operational lease contracts not commenced yet - - - Expenses of lease contracts other than 'short-term leases' and 'low value leases' accounted for as project costs based on progress 2.753 (827) - Net impact of the difference in accounting treatment of lease incentives between IFRS 16 and the former lease standard IAS 17 92 123 EBITDA (ex IFRS 16) (10.981) 9.368 - Charge to profit represented by the expensing of stock options 174 186 - Disposals, revaluations, write downs or impairment of non-current assets or any reversal of any write down or impairment - - - Exceptional, one off, non-recurring or extraordinary items which represent gains or losses relating to the P11 manufacturing expansion 14.575 14.683 EBITDA ex exceptional items (ex IFRS 16) 3.768 24.237 EBITDA ex exceptional items (ex IFRS 16) LTM 6.197 24.237 - Adjustment for LTM maximum of €10m for exceptional, one off, non- recurring or extraordinary items which represent gains or losses relating to the P11 manufacturing expansion (12.196) (4.683) EBITDA ex exceptional items (ex IFRS 16) LTM (5.999) 19.554 Net leverage N/A 0.00
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Trading Update 7 November 2025 Roermond, the Netherlands Disclaimer Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions involving known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Historical results are no guarantee of future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of Sif’s business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or any other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances. The content of this trading update is for information purposes only. This release is not intended as investment advice, nor does it offer solicitations for the purchase or sale in any financial instrument. Sif does not warrant or guarantee the completeness, accuracy or fitness for any particular purpose in respect of the information included in this release.