Sif has successfully completed the expansion of its manufacturing facilities, with production now ramping up. To enhance operational capacity, the company has also leased additional land for storage and marshalling activities.
Sif reported a significant improvement in safety performance, with the lost time injury frequency (LTIF) decreasing from 8.28 in 2023 to 0.78 in 2024. However, sickness leave increased slightly to 7.75%, compared to 6.86% in the previous year.
Total production output for 2024 reached 158 kilotonnes, down from 192 kilotonnes in 2023. This included 89 monopiles and primary steel for 109 transition pieces, contributing to 1,297 MW of offshore wind capacity. In contrast, the 2023 output comprised 141 monopiles and primary steel for 182 transition pieces, supporting 2,622 MW of offshore wind capacity.
Sif continued to reduce its carbon footprint, lowering Scope 1 and 2 emissions through further electrification and the increased use of biodiesel for inland shipping.
Sif’s total contribution for 2024 was €146.5 million, slightly down from €149.0 million in 2023, a decrease of 1.7%. Adjusted EBITDA fell by 9.0% to €38.4 million, compared to €42.2 million in the previous year.
Earnings after tax declined sharply to €1.2 million, down from €10.9 million in 2023, a decrease of 89.0%. This resulted in earnings per share of negative €0.04, compared to €0.32 in 2023, a drop of 112.5%.
Year-end net working capital stood at negative €178.5 million, compared to negative €133.1 million in 2023, reflecting a 34.1% increase. Cash reserves at year-end totalled €113.8 million, down 13.4% from €131.4 million in the previous year. Adjusted return on average capital employed (ROACE) declined to 57.7%, compared to 110.7% in 2023.
As of 19 March 2025, Sif has secured a contracted order book of 508 kilotonnes for 2025 and beyond, with additional projects under exclusive negotiations.
Key project awards strengthening the order book include the East Anglia TWO wind farm for Scottish Power and transition pieces for the Baltyk II and III wind farms, developed by Equinor and Polenergia.
Sif has revised its full-year 2025 outlook, forecasting an adjusted EBITDA of between €90 million and €120 million. Some production originally scheduled for 2025 will shift into 2026 due to a longer-than-expected ramp-up period. However, the 2026 outlook remains unchanged, with an adjusted EBITDA expected to exceed €160 million.
With ongoing investment in infrastructure, operational efficiencies, and a strong project pipeline, Sif remains well-positioned to support the global expansion of offshore wind energy.
