CS WIND Offshore has booked a €90m (DKK 675 million) impairment at its Lindø monopile production facility at Odense Port over a lack of orders in a challenging market environment.
The company said the impairment for the year ending 31 December 2025 was driven by external market developments, including project cancellations from the US market, which resulted in no order intake for the Lindø facility (pictured) during 2025.
CS WIND Offshore added that the outlook for Lindø remains uncertain and several future scenarios are currently under evaluation.
The impairment contributed to EBIT falling to €16m (DKK 120 million) for 2025, although EBIT before impairment reached €106m (DKK 795 million).
Chief executive Hee Joung Moon said: “By recognising the significant impairment for the Lindø facility in 2025, we are taking a conservative and disciplined financial position which reflects current market conditions.
“Considering the market developments and the significant impairment recognised in 2025, the underlying results demonstrate the resilience of our company. We stand on a solid financial position while we are executing our pipeline of TP projects in Aalborg.”
He added: “We are well prepared for the rebound of the offshore wind market supported by strong political commitment, requesting more renewable energy based on a resilient and independent European supply chain for offshore wind.”
CS WIND Offshore said it adjusted its cost structure during 2025 to align with prevailing market conditions while maintaining focus on operational efficiency and disciplined project execution.
The company said cash holdings exceeded credit liabilities at the end of 2025 and equity stood at DKK 379 million.
CS WIND Offshore said the Aalborg facility has been designated as the central foundation hub within the CS Wind Group.
The company added that its owners invested about DKK 65 million in the Aalborg facility during 2025 and plan a further DKK 50 million investment in 2026 for modernization and optimisation activities.
CS WIND Offshore expects to deliver a stronger financial result in 2026 than in 2025.