Production at Sif's new Maasvlakte II facility has reached the planned average of four to five monopiles per week. The Ecowende project has been completed, while loadouts for Baltyk 2&3 are ongoing and production for Oranjewind and East Anglia is progressing as planned. Preparations for the exclusive 190 kton project continue, with stakeholders working towards the start of production in mid-2027.
The limited number of offshore wind projects reaching Final Investment Decision is expected to reduce demand for monopile production during 2027 and 2028. Tendering activity for production in 2028 and 2029 is continuing, with Sif shortlisted for most active tenders. Increasing tender activity is also emerging in support of the United Kingdom and European Union target of 100 GW of offshore wind capacity by 2040, alongside progress in Brussels on measures aimed at strengthening the European offshore wind supply chain. In addition, Sif has been shortlisted for its first offshore wind decommissioning projects, with initial project decisions expected later this year.
In June 2026, Sif explored the possibility of issuing a bond to strengthen its balance sheet and improve liquidity. Discussions with its largest shareholder and lenders are continuing, while alternative funding options are also being assessed during the second half of 2026.
Operationally, the Lost Time Injury Frequency improved to 4.31, compared with 5.37 for full-year 2025. Production increased to 141 kton, up from 80 kton in the first half of 2025, comprising 101 monopiles and primary steel for 14 transition pieces. In the first half of 2025, production totalled 44 monopiles and primary steel for 34 transition pieces. The components produced in the first half of 2026 will support 1,405 MW of offshore wind capacity, compared with 529 MW a year earlier. The net carbon dioxide footprint increased to 7,379 metric tonnes (market-based Scope 2), from 4,493 metric tonnes in the first half of 2025.
Contribution rose to €134.7 million in the first half of 2026 from €80.5 million a year earlier, while adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased to €43.4 million, compared with €12.9 million. The net loss attributable to shareholders narrowed to €4.1 million, from €25.9 million, and the loss per share improved to €0.18, compared with €0.91. Period-end net working capital improved to €81.6 million negative, from €180.2 million negative at the end of 2025, while cash declined to €7.1 million from €95.6 million.
The improvement in financial performance reflects the ramp-up and stabilisation of operations at the Maasvlakte II facility. Financial covenants were met at 30 June 2026, with a solvency ratio of 35.6% and leverage of 1.98 times. The first €6.7 million repayment under the term loan was completed, while the €50 million revolving credit facility remained undrawn.
As of 31 July 2026, the order book comprised 225 kton under contract and 197 kton in exclusive negotiations, including Offshore Substations, giving a total pipeline of 422 kton.
The current focus is on improving safety, optimising production, reducing costs, securing the 190 kton exclusive project, delivering the existing order book and managing working capital and short-term liquidity. Discussions with the largest shareholder and lenders are continuing.
The full-year 2026 adjusted EBITDA outlook has been revised to €95 million, down from the previous guidance of at least €135 million. The revision reflects a decision to shift revenue and approximately €40 million of adjusted EBITDA from 2026 into 2027 to reduce operational risk and the costs associated with ramping production down and back up between projects. Performance in 2026 is expected to remain sufficient to meet banking covenants during the third and fourth quarters.
