Sif has reported a 20% rise in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2025.
The offshore wind monopile manufacturer achieved adjusted EBITDA of €9.6 million, compared to €8m in Q1 2024.
The company said it is on track for full-year adjusted EBITDA of between €90m and €120m.
During the first quarter of 2025, Sif manufactured monopiles and transition pieces for Empire Wind 1 and sections for Ecowende.
In addition, the company manufactured smaller diameter components for offshore steel structures, mostly gas jackets and substations.
Chief executive Fred van Beers said: “Our main challenges for the first quarter of 2025 were the ramp-up of our newly expanded manufacturing facilities at Maasvlakte 2 Rotterdam and the suppletion of our orderbook for the post-2026 period.
“It pleases me that we have succeeded in gradually scaling up our production. With production of two to three monopiles per week at the end of the first quarter of 2025, we were however approximately three months behind our targeted schedule for the new factory.
“The factory and production processes at the Maasvlakte have reached the required stability and our focus now is to further increase output whilst remaining focused on safety and quality.
“At the same time the plant in Roermond delivered the targeted output on schedule. I am also pleased that we have been able to realise the margins in our order book that we need to achieve the EBITDA potential we indicated at the time of taking the final investment decision.
“Considering that the production ramp-up has further improved and given the present performance, we reiterate our latest guidance to close the year 2025 with adjusted EBITDA of between €90 and €120 million.”
In the coming months, Sif will continue to manufacture for Empire Wind 1 and Ecowende and will begin production for Baltyk 2 and 3.
Last month, Equinor suspended construction of the 810MW Empire Wind 1 project off the coast of New York following a directive from the administration of President Donald Trump.
More than 50% of the foundations have been completed so far.
Van Beers said: “While offshore construction works for Empire Wind 1 have been halted, the manufacturing of monopiles and transition pieces and their storage continue as per our client Equinor’s contract.
“Our order book for 2026 and the present progress on efficiency make us confident of achieving the adjusted EBITDA projection of at least €160 million in 2026.”