Sif has reported improved financial and operational results for the first nine months of 2026, but continues to face funding challenges linked to delays in an offshore wind foundation project. The company is negotiating short-term financing with its lenders, the Dutch State, other stakeholders and its largest shareholder. The discussions concern a 190 kton exclusive project for which the client has yet to take a final investment decision.
Sif continues to prepare for production to start in mid-2027, but the uncertainty surrounding the project and the availability of short-term funding raises material doubts about the company's ability to continue as a going concern over the next 12 months.
Sif is also exploring strategic options with its advisers and several parties. A long-term financial solution and additional funding will be required to address its capital structure and finance operations until the expected start of the project. This is expected to involve raising additional equity. Shareholders will be asked to authorise the management board to issue shares or grant subscription rights at an extraordinary general meeting on 22 December 2026.
Operational performance
Sif produced 211 kton during the first nine months of 2026, compared with 124 kton in the same period last year. Output included 141 monopiles and primary steel for 46 transition pieces. Production remained stable at four monopiles per week during the third quarter.
The company completed production for the Baltyk 2 and 3 projects, while work on Oranjewind and East Anglia 2 continued. Sif has also been shortlisted for several tenders for projects from 2028 onwards and is in exclusive negotiations for one project.
Financial results and production adjustments
Contribution for the first nine months increased to €203.4 million, compared with €127.8 million in the corresponding period of 2025. Adjusted EBITDA rose to €68.3 million from €26.7 million, while the net loss attributable to shareholders narrowed to €0.8 million, compared with €35.3 million a year earlier.
To conserve cash and retain experienced employees, Sif plans to close one of the three production lines at its Maasvlakte 2 facility in Rotterdam during the fourth quarter of 2026. Operations in Roermond will also be reduced from the first quarter of 2027. These measures will lower production volumes and the number of monopiles manufactured.
Sif reiterated its full-year 2026 adjusted EBITDA outlook of €95 million. Securing short-term financing and reaching an agreement on the 190 kton project remain key priorities.
