Sif has reported its operational and financial performance for the first quarter of 2025, highlighting continued growth in wind-related activity and workforce expansion, despite a modest decline in steel throughput and a rise in reported workplace incidents.
During the quarter, the company recorded two Lost Time Injuries (LTIs), resulting in a Lost Time Injury Frequency (LTIF) of 2.2. This contrasts with zero LTIs in the same period last year. Sick leave remained stable at 9.2%, a slight improvement from 9.3% in the first quarter of 2024.
Production activities at Sif focused on manufacturing monopiles and transition pieces for the Empire Wind 1 and Ecowende projects, along with several components for offshore steel structures. The company’s workforce grew significantly, reaching 467 permanent employees and 406 flexible staff by the end of March 2025, up from 393 permanent and 261 flexible staff at the end of Q1 2024.
Total steel throughput for the quarter amounted to approximately 39,000 tonnes, down from 42,000 tonnes in the same period last year.
Sif reported a total contribution of €40.1 million, compared to €33.6 million in Q1 2024. Wind activities accounted for €32.4 million of this figure, while offshore steel structures contributed €5.2 million. Contributions from marshalling and other services were €0.1 million and €2.4 million, respectively. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached €9.6 million, up from €8.0 million a year earlier, keeping the company on track to meet its full-year adjusted EBITDA guidance of between €90 million and €120 million.
At the end of the quarter, Sif reported net working capital of negative €176.8 million, a slight improvement on the negative €178.5 million at the end of 2024. Cash reserves stood at €102.4 million, compared to €113.8 million at the end of last year.
The company’s orderbook remains strong, with 465,000 tonnes scheduled for delivery across 2025, 2026 and 2027.
