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Sif Holding N.V. — Earnings Release 2025
Mar 13, 2026
3883_rns_2026-03-13_ba8477eb-ff38-4d5e-98ba-83ac997d244b.pdf
Earnings Release
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FY 2025 results
13 March 2026
Ramp-up and performance on track; new facility reaching potential to deliver orderbook
Outlook for 2026 reiterated
Strategic highlights:
- Production in new factory ramping-up to reach planned potential in second quarter 2026;
- Order book for 2026 underpins reiteration of outlook;
- Successful completion of Empire Wind 1 and loadouts for Ecowende projects;
- Longer term ambitions of UK and EU governments remain healthy for offshore wind as contributor to energy independence.
Operational highlights:
- Safety performance: full-year 2025 LTIF at 5.37 (0.79 in 2024);
- Sickness leave: full-year 2025 at 7.7% (7.8% in 2024);
- Output of 176 kton (158 kton in 2024); 97 monopiles and primary steel for 101 transition pieces (89 monopiles and primary steel for 109 transition pieces in 2024) will contribute to the realization of 1,153 MW offshore wind capacity (1,297 MW in 2024);
- Carbon footprint scope 1 and 2 increased due to volume increase and lower output from owned wind turbine.
Financial highlights:
| In € million | FY 2025 | FY 2024 | change YOY |
|---|---|---|---|
| Contribution | 187.1 | 146.5 | +27.7% |
| Adjusted EBITDA | 48.0 | 38.4 | +25.0% |
| Earnings after tax (profit attributable to the shareholders) | (36.7) | 1.2 | |
| EPS in € | (1.32) | (0.04) | |
| Year-end net working capital | (180.2) | (178.5) | -1.0% |
| Year-end cash | 95.6 | 113.8 | -16% |
| Adjusted ROACE in % | nm | 57.7 | |
| Production in kton | 176 | 158 | +11.4% |
| Contribution to global offshore wind capacity in MW | 1,153 | 1,297 | -11.1% |
| LTIF in injuries per mln working hours | 5.37 | 0.79 | |
| Order book in kton (status 13 March 2026) | For 2026 & beyond | ||
| --- | --- | ||
| Contracted | 343 | ||
| Exclusive negotiations | 190 | ||
| Total | 533 |
Outlook:
- Order book strengthened with award of 48 pin piles for project Amprion (Balwin 1 and 2);
- Outlook for full-year 2026 EBITDA of at least €135 million reiterated.
Sif
FY 2025 results
13 March 2026
CEO Fred van Beers: "The August 2025 adjusted plan for the ramp-up of production in the new facilities has proven to be necessary, realistic and successful. We have seen our new equipment performing as planned and new staff becoming more effective due to the experience gained. The MVII facility is now demonstrating its capacity potential, consistently producing three to four monopiles per week. For 2026 our order book, including a shift in volumes from 2025, is well filled and, in combination with the ongoing ramp-up of the factory, provides us with the confidence to reiterate our expectation for adjusted EBITDA of at least €135 million.
Recent geopolitical developments in the Middle East and the resulting blockade of the Strait of Hormuz have made it even more clear that Europe must speed up its energy independence. Offshore Wind is one of the proven ways to reach this much needed energy independence quickly, as confirmed by the North Sea Summit Declaration in Hamburg on 26 January 2026, where nine European energy ministers agreed on a joint investment plan to realise up to 100 GW North Sea based offshore wind including cross border interconnectors between 2031 and 2040.
Although long term perspectives are healthy, short-term activity in offshore wind has reached a very low level. This leads to big challenges as the EU supply chain has made large investments over the last years based on high governmental ambitions and related developer's demand. AR7 results in the UK gave a good boost for the period 2028 and onwards but other North Sea countries are lagging. Sif has completed a €330 million investment in 2024, doing its part in response to strong market and governmental demands and ramped up its manufacturing output volume for next generation foundations for 15 MW plus turbines.
The 190Kton exclusive project in our orderbook is facing possible delays. We still expect this to become a firm contract, although timing is fully dependent on our customer taking a final investment decision. As it currently stands, the earliest start of production is H2-2027. Tender activity for projects after mid-2028 is picking up, and we expect to be able to secure a more stable orderbook from that period onwards.
Our order book for offshore steel structures (OSS) looks healthy with a stable order book pipeline well into 2028, predominantly for Offshore Wind Substation jackets for the EU market. In our view this underpins the strong EU commitment to roll out more Offshore Wind as all these substations need to be connected to (often still to be ordered) Offshore Wind farms.
We manufactured a total of 176 kton in 2025, gradually increasing our output during the year to 52 kton in the final quarter of 2025. This has resulted in adjusted EBITDA of €48.0 million, above what we had guided for. The contribution per month increased to €14.7 million (2024: €10.0 million), with contribution per ton increasing from €759 to €1,001.
While we are pleased with the present performance of the expanded Maasvlakte 2 facility, this is less the case with our safety-performance. After last year's drop, the number of lost time incidents increased from 1 in 2024 to 9 in 2025. Our LTIF increased from 0.78 in 2024 to 5.37 in 2025.
One of our material themes is circularity. We continued our preparational work and business case studies for the removal of obsolete wind farms together with Ballast Nedam and Dillinger Hütte. A core element of this business case is the re-use of the removed foundations as scrap input for new low carbon steel production for future monopiles. First offers for decommissioning have been submitted, and results are expected in the course of 2026
Full year 2025 results development
All amounts and numbers in this press release are based on the Company's annual accounts that will be published on 13 March 2026 and that will be presented to the Annual General Meeting of Shareholders for approval on 8 May 2026. All numbers include the effect of IFRS16 unless expressly stated otherwise.
Currency effects do not affect Sif's financial results. Revenues and expenses are invoiced and paid in euros, also for projects in non-euro countries. The price of steel is a pass-through item. Fluctuations in steel prices therefore have an immediate effect on revenues, but not on earnings. The level of revenues is also subject to the structure of the project execution; if Sif subcontracts part of its scope, revenues of the subcontractor are accounted for in Sif's revenues. If Sif teams up in partnership, revenues of the joint venture partner are generally not accounted for by Sif.
Sif
FY 2025 results
13 March 2026
Because of the above, total contribution and contribution per ton or unit of time are more adequate performance indicators for Sif than revenues. All of Sif's activities take place in the Netherlands. Each monopile is uniquely designed and manufactured according to its location in a wind farm and all products are as a rule delivered 'free alongside ship' or 'free on board' Maasvlakte 2, Rotterdam. Occasionally products are 'delivered at place'. This applies to primary steel for transition pieces or pin piles for jackets that are mostly delivered at fabrication yards of Smulders in Belgium (primary steel for transition pieces) or at yards of jacket manufacturers, which are mostly elsewhere in Europe.
Contribution, EBITDA, Net Earnings
We manufactured 97 monopiles and 101 transition pieces in 2025 (89 and 109 respectively in 2024) to deliver foundations for potentially 1,153 MW of offshore wind (1,297 in 2024). This brings the total amount of green electricity potentially generated on Sif foundations to almost 20 GW.
Our quarter-on-quarter performance in 2025 illustrates the gradual ramp-up of the production facilities over the calendar-year:
| In € million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|
| Contribution | 40.1 | 40.4 | 47.2 | 59.4 |
| EBITDA adjusted | 9.6 | 3.3 | 13.8 | 21.3 |
| Kton production | 39 | 41 | 44 | 52 |
| Lost Time Incidents | 2 | 5 | 1 | 1 |
Contribution (revenue minus the cost of raw materials, subcontracted work, other external charges and logistic and other project-related expenses) at €187.1 million was 27.7% higher compared to 2024.
Of total contribution, €1.0 million was generated by marshalling activities (€1.2 million in 2024) and €11.5 million was generated by other activities (€13.7 million in 2024), of which €9.0 million from engineering activities (€7.2 million in 2024) and €1.0 million contribution from projects with no production volume (€18.2 million in 2024). Contribution per ton throughput, corrected for marshalling, engineering and fees for projects with no production volume, increased from €759/ton in 2024 to €1,001/ton in 2025.
After deduction of direct personnel expenses and production & general manufacturing expenses this resulted in gross profit of €89.7 million (15% of total revenues) compared to €80.4 million (18.7% of total revenues) in 2024. Production and general manufacturing expenses include maintenance and rent of machinery, consumption of utilities in production and support materials. Adjusted EBITDA in 2025 totalled €48.0 million compared to €38.4 million in 2024. Total reported EBITDA of €27.5 million in 2025 is impacted by one-off expenses of €20.5 million, which are directly related to adjustments to and ramp-up of the expansion project (€14.7 million in 2024).
Profit attributable to the shareholder was minus €36.7 million in 2025 compared to €1.2 million in 2024. Earnings per share arrived at minus €1.32 compared to minus €0.04 per share in 2024. Loan conditions and the dividend pay-out regime on cumulative preference shares that relate to the investment in the expansion of manufacturing facilities do not allow Sif to pay a dividend on ordinary shares if building activities are ongoing and if dividends on cumulative preference shares are being accumulated.
At the end of 2025 our workforce in FTE was made up of 504 permanent and 344 flexible staff (848 total) compared to 449 permanent and 228 flexible staff (677 total) at the end of 2024
Banking facilities and covenants
Sif had debt and guarantee facilities at the end of 2025 with a banking consortium comprising ABN AMRO Bank N.V., Euler-Hermes, ING Bank N.V., Coöperatieve Rabobank U.A., Tokio Marine Europe SA, AKA Ausfuhrkredit-Gesellschaft mbH, DNB Bank ASA and DNB (UK) Ltd, with 5 June 2029 as the expiry date. Interest on the revolving credit facility is based on Euribor plus a variable margin based on the prevailing leverage. Margins on the term loan do not depend on covenant levels.
Sif
FY 2025 results
13 March 2026
| Facility | Conditions | |
|---|---|---|
| Term loan facility | €81 million | 3 months Euribor + 2% |
| Revolving credit facility | €50 million | 3 months Euribor + margin depending on quarterly leverage |
| Lease facility | €47 million | Implicit in the lease (5.1-5.8%) |
| Committed guarantee facility | €350 million | |
| Leverage covenant (Total debt/EBITDA)* | Ranging from max 4.00 in 2024 to max 6.00 on 31 December 2025, 3.50 on 31 March 2026 and 2.50 from 30 June 2026 onwards | |
| Solvency covenant* | Ranging from min 25% in 2024 to min 35% from 30 June 2025 onwards, to min 25% on 31 December 2025 and back to min 35% from 30 June 2026 onwards | |
| *normalized for IFRS16 effects |
Solvency at the end of Q3 2025 (35.0%) was compliant, but the negative LTM EBITDA (adjusted to exclude exceptional items (ex IFRS 16)) resulted in net leverage which could not be determined. We agreed a waiver with the banking consortium for the leverage covenant Q3 2025. Considering the ongoing ramp-up of our production, we also agreed to an amendment of the leverage and solvency covenants for the period Q4 2025 and Q1 2026. In addition, a minimum adjusted EBITDA covenant has been introduced for these two quarters. The table below reflects the changed conditions for these two quarters:
| Covenant | Q4 2025 | Actual Q4 2025 | Q1 2026 |
|---|---|---|---|
| Solvency | 25% | 32.7% | 30% |
| Leverage | 6.0 x | 0 | 3.5 x |
| Minimum adjusted EBITDA | €10 million | €21.2 million | €25 million |
Covenant definitions include net debt and adjusted EBITDA on an ex-IFRS16 basis. The difference with IFRS16 net debt and EBITDA is largely determined by the lease of land at Maasvlakte 2 Rotterdam with the corresponding lease-commitments being amortized on the balance sheet.
Net working capital, CAPEX, cash flows
In 2025, Sif invested €27.3 million in tangible and intangible fixed assets (€169.2 million in 2024). Sif has leased approximately 82 hectares of land in Rotterdam, and leases (logistic) equipment. As of 2019, IFRS16 requires Sif to capitalize the right of use for lease and to amortize this over a period in line with the estimated lease term. The positive effect of IFRS16 in comparison to Dutch GAAP was approximately €22.4 million on EBITDA in 2025 (€12.9 million in 2024).
Net working capital (inventories + contract assets + trade receivables + current prepayments – trade payables – contract liabilities) amounted to -/- €180.2 million at the end of 2025 compared to -/- €178.5 million at the end of 2024. Cash from operations depends on invoicing milestones agreed with customers, subcontractors and suppliers and does not affect revenue or earnings recognition. The balance of cash and cash equivalents at the end of 2025 amounted to €95.6 million compared to €113.8 million at the end of 2024.
Summary and outlook
Five years of preparation and dedicated work have resulted in the state-of-the-art manufacturing facilities at Maasvlakte 2 Rotterdam. We have gradually been ramping up the production and just before the end of 2025, after having prioritized safety and consistency of quality over volumes, we achieved the output of four monopiles per week. This was steadily developed during H2 2025 according to the revised plan, and we are confident of reaching the originally planned output during the first half of 2026. On this basis and given the size and quality of the order book, we reiterate our adjusted EBITDA forecast for the full year 2026 of at least €135 million.
Sif
FY 2025 results
13 March 2026
We operate in a project-driven business, which naturally brings periods of unpredictability and cycles. Our strong orderbook provides a solid foundation for our guidance. As we have seen in the recent press, after a few challenging years policy makers are once again prioritizing offshore wind, and we anticipate an exciting pipeline of growth opportunities across the EU and UK, particularly in the North Sea and Baltic Sea regions. While the industry will face challenges in 2027 and 2028, our adaptability and resilience will guide us through these periods.
Financial calendar
8 May 2026
AGM and Trading Update Q1 2026
AGM record date 10 April 2026
30 July 2026
HY 2026 Earnings
Trading Update Q3 2026
6 November 2026
Presentation of 2025 results
Sif will host an audio webcast analyst meeting following publication of full year 2025 results on 13 March 2026 at 10:00 AM CET. A link for the webcast is on the homepage of Sif's website. An on-demand version will be available from 17 March 2026. The Annual General Meeting of Shareholders is scheduled for 8 May 2026. Shareholders of Sif are invited to participate in a guided project tour immediately after the AGM.
Contact information
Investor relations
Fons van Lith
telephone +31 (0)475 385 777
mobile +31 (0)6 5131 49 52
e-mail [email protected]
Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements. These statements are based on the management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from the statements. Historical results are no guarantee of future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause Sif's actual results and business performance to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "may", "will", "should", "would be", "expects", "anticipates" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif neither intends nor assumes any obligation to update any industry information or forward-looking statements set forth in this release in order to
Sif
FY 2025 results
13 March 2026
reflect subsequent events or circumstances. The content of this trading update is for information purposes only and is not intended as investment advice, nor does it constitute an offer or solicitation for the purchase or sale of any financial instrument. Sif does not warrant or guarantee the completeness, accuracy, or fitness for any particular purposes of the information included in this release.
Sif
FY 2025 results
13 March 2026
Consolidated statement of profit or loss and other comprehensive income
for the year ended 31 December 2025
| Amounts in EUR '000 | Notes | 2025 | 2024 |
|---|---|---|---|
| Revenue from contracts with customers | 595,451 | 427,318 | |
| Operating lease income | 1,588 | 1,673 | |
| Total revenue | 6 | 597,039 | 428,991 |
| Raw materials | (283,854) | (225,181) | |
| Subcontracted work and other external charges | (104,285) | (32,232) | |
| Logistic and other project related expenses | (21,771) | (25,044) | |
| Direct personnel expenses | 7 | (71,104) | (48,316) |
| Production and general manufacturing expenses | (26,298) | (17,797) | |
| Indirect personnel expenses | 7 | (40,447) | (33,578) |
| Depreciation, amortisation and impairment | 15,16,32 | (62,623) | (19,827) |
| Facilities, housing and maintenance | (12,455) | (7,691) | |
| Selling expenses | 8 | (777) | (1,243) |
| General expenses | 9 | (14,922) | (14,187) |
| Operating profit / (loss) | (41,497) | 3,895 | |
| Finance income | 11 | 1,546 | 2,860 |
| Impairment (losses) / reversals on financial assets | 21 | 311 | (340) |
| Finance costs | 11 | (12,290) | (3,885) |
| Finance costs and impairment losses | (10,433) | (1,365) | |
| Other income | 10 | 6,328 | 1 |
| Share of profit / (loss) of joint ventures | 12,18 | 15 | 10 |
| Profit / (loss) before tax | (45,587) | 2,541 | |
| Income tax income / (expense) | 13 | 11,108 | (980) |
| Profit / (loss) after tax | (34,479) | 1,561 | |
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax): | |||
| Net gain (loss) on cash flow hedges | 26 | 206 | (477) |
| Total comprehensive income | (34,273) | 1,084 | |
| Attributable to: | |||
| Profit / (loss) after tax Non-controlling interests | 24 | 2,209 | 361 |
| Profit / (loss) after tax Equity holders of Sif Holding N.V. | (36,688) | 1,200 | |
| Total comprehensive income Non-controlling interests | 2,209 | 361 | |
| Total comprehensive income Equity holders of Sif Holding N.V. | (36,482) | 723 | |
| Earnings per share | 14 | ||
| Basic/diluted earnings per share (EUR) | (1.32) | (0.04) |
Sif
FY 2025 results
13 March 2026
Consolidated statement of financial position
as at 31 December 2025 (before appropriation of result)
| Amounts in EUR '000 | Notes | 31-Dec-2025 | 31-Dec-2024 |
|---|---|---|---|
| Assets | |||
| Intangible assets | 15 | 6,010 | 3,831 |
| Property, plant and equipment | 16 | 423,228 | 442,148 |
| Right-of-use assets | 32 | 121,684 | 119,390 |
| Investment property | 17 | 550 | 520 |
| Investments in joint ventures | 18 | 114 | 99 |
| Deferred tax assets | 13 | 11,032 | — |
| Other financial assets - non-current | 143 | — | |
| Total non-current assets | 562,761 | 565,988 | |
| Inventories | 19 | 15,357 | 400 |
| Contract assets | 20 | 7,689 | 26,159 |
| Trade receivables | 21 | 28,123 | 26,263 |
| VAT receivable | — | — | |
| Prepayments and other receivables | 10,248 | 5,211 | |
| CIT receivable | 191 | 745 | |
| Cash and cash equivalents | 22 | 95,568 | 113,764 |
| Total current assets | 157,176 | 172,542 | |
| Total assets | 719,937 | 738,530 | |
| Amounts in EUR '000 | Note | 31-Dec-2025 | 31-Dec-2024 |
| --- | --- | --- | --- |
| Equity | |||
| Share capital | 23 | 5,978 | 5,978 |
| Share premium | 23 | 49,711 | 49,711 |
| Other capital reserves | 23 | 70,710 | 70,710 |
| Cash flow hedge reserve | 26 | (271) | (477) |
| Retained earnings | 110,546 | 109,346 | |
| Result for the year | -36,688 | 1,200 | |
| Equity attributable to shareholder | 199,986 | 236,468 | |
| Non-controlling interests | 4,049 | 1,840 | |
| Total equity | 204,035 | 238,308 | |
| Liabilities | |||
| Loans and borrowings - non-current | 25 | 60,444 | 80,330 |
| Lease Liabilities - non-current | 32 | 102,970 | 110,107 |
| Finance liabilities sale and leaseback - non-current | 25 | 25,694 | 29,588 |
| Other non-current financial liabilities | 26 | 366 | 643 |
| Employee benefits - non-current | 27 | 932 | 1,716 |
| Deferred tax liabilities | 13 | — | 2,657 |
| Contract liabilities - non-current | 20 | 6,683 | 35,855 |
| Other non-current liabilities | 29 | 146 | 319 |
| Total non-current liabilities | 197,235 | 261,215 | |
| Loans and borrowings - current | 25 | 20,148 | — |
| Finance liabilities sale and leaseback - current | 25 | 8,155 | 7,403 |
| Lease Liabilities - current | 32 | 21,077 | 10,581 |
| Trade payables | 90,065 | 81,390 | |
| Contract Liabilities - current | 20 | 144,861 | 119,238 |
| Employee benefits - current | 27 | 5,305 | 5,216 |
| Wage tax and social security | 1,584 | 2,443 | |
| VAT payable | 5,367 | 2,967 | |
| CIT payable | 1,626 | 113 | |
| Other current liabilities | 29 | 20,479 | 9,656 |
| Total current liabilities | 318,667 | 239,007 | |
| Total liabilities | 515,902 | 500,222 | |
| Total equity and liabilities | 719,937 | 738,530 |
Sif
FY 2025 results
13 March 2026
Consolidated cash flow statement
for the year ended 31 December 2025
| Amounts in EUR '000 | Notes | 2025 | 2024 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit / (loss) before tax | (45,587) | 2,541 | |
| Adjustments for: | |||
| Depreciation, amortisation and impairment of Property, Plant and Equipment and Intangible assets | 15,16 | 38,833 | 8,662 |
| Depreciation of right-of-use assets | 32 | 23,790 | 11,165 |
| Fair value adjustments on investment property | 17 | (30) | — |
| Share in (profit)/loss of joint ventures | 18 | (15) | (10) |
| Impairment losses / (reversals) on financial assets | (311) | 340 | |
| Finance income | (1,546) | (2,860) | |
| Finance costs | 12,290 | 3,885 | |
| Changes in net working capital | |||
| o Inventories | 19 | (14,957) | 117 |
| o Contract assets and liabilities | 20 | 11,872 | 36,205 |
| o Trade receivables | 21 | (1,549) | (3,273) |
| o Prepayments and other receivables | (5,717) | 5,147 | |
| o Trade payables | 14,463 | (2,569) | |
| Total changes in net working capital | 4,112 | 35,627 | |
| VAT payable and receivable | 2,400 | 10,725 | |
| Initial direct costs on operating lease contracts | (5,534) | (312) | |
| Other financial assets | (142) | — | |
| Employee benefits | (695) | 2,176 | |
| Wage tax and social security | (859) | 607 | |
| Other liabilities | 7,741 | (5,785) | |
| Government grants received | 2,894 | 1,353 | |
| Income taxes received / (paid) | (586) | 2,331 | |
| Interest paid | (5,771) | (4,843) | |
| Interest received | 1,384 | 2,267 | |
| Net cash from operating activities | 32,368 | 67,869 |
Sif
FY 2025 results
13 March 2026
Consolidated cash flow statement
for the year ended 31 December 2025 (continued)
Amounts in EUR '000
| 2025 | 2024 | |
|---|---|---|
| Cash flows from investing activities | ||
| Purchase of intangible fixed assets | 15 | (2,875) |
| Purchase of property, plant and equipment | 16 | (24,971) |
| Proceeds from sale of property, plant and equipment | 50 | 1 |
| Net cash from (used in) investing activities | (27,796) | (171,541) |
| Cash flows from financing activities | ||
| Proceeds from new borrowing | 25 | — |
| Proceeds from sale and lease back facility | 25 | 3,317 |
| Repayments of sale and lease back facility | 25 | (8,407) |
| Payment of principal amount of lease liabilities | 32 | (17,678) |
| Net cash from (used in) financing activities | (22,768) | 86,047 |
| Net increase / (decrease) in cash and cash equivalents | (18,196) | (17,625) |
| Cash and cash equivalents at 1 January | 113,764 | 131,389 |
| Cash and cash equivalents at 31 December | 95,588 | 113,764 |
Sif
FY 2025 results
13 March 2026
KEY FIGURES
2021-2025
in € 1,000
| 2025 | 2024 | 2023 | 2022 | 2021 | Reference* | |
|---|---|---|---|---|---|---|
| Revenue | 597,039 | 428,991 | 454,299 | 374,543 | 422,541 | |
| Contribution | 187,129 | 146,534 | 148,989 | 130,511 | 114,230 | (a) |
| Contribution/ton | 1,001 | 759 | 669 | 674 | 637 | (a) |
| EBITDA | 27,454 | 23,723 | 36,806 | 36,426 | 39,061 | (b) |
| Adjusted EBITDA | 47,973 | 38,406 | 42,168 | 41,792 | 39,760 | (b) |
| Adjusted EBITDA (ex IFRS 16) | 25,593 | 25,524 | 34,726 | 27,487 | 34,173 | (b) |
| EBIT | (35,169) | 3,896 | 13,909 | 12,200 | 17,349 | (c) |
| Adjusted EBIT | (14,650) | 18,579 | 19,271 | 17,566 | 18,048 | (c) |
| Profit / (loss) attributable to the shareholders | (36,688) | 1,200 | 10,863 | 7,217 | 11,590 | |
| Net cash from operating activities | 32,368 | 67,869 | 106,483 | 50,360 | 91,230 | |
| Net cash from investing activities | (27,796) | (171,541) | (169,858) | (20,283) | (11,493) | |
| Net increase/(decrease) in cash and cash equivalents | (18,196) | (17,625) | 41,557 | 16,631 | 70,556 | |
| Depreciation, amortisation and impairment | (62,623) | (19,827) | (22,897) | (24,226) | (21,712) | |
| Net debt | 142,920 | 124,245 | 427 | 17,566 | 32,482 | (d) |
| Net debt (ex IFRS 16) | 18,873 | 3,557 | (111,463) | (89,832) | (73,201) | (d) |
| Net working capital | (180,192) | (178,450) | (133,123) | (81,484) | (65,840) | (e) |
- Reference is made to section 'Definition and Explanation of use of non-IFRS financial measures' and 'Reconciliation of non-IFRS financial measures' in the Other Information section for the definition and explanation of use, reconciliation and restatements (if applicable)
Sif
FY 2025 results
13 March 2026
Key figures
2021-2025
| 2025 | 2024 | 2023 | 2022 | 2021 | Reference* | |
|---|---|---|---|---|---|---|
| In Kton | ||||||
| Production | 176 | 158 | 192 | 169 | 171 | |
| Per share x € | ||||||
| Earnings | (1.32) | (0.04) | 0.32 | 0.28 | 0.45 | |
| Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.19 | |
| Number of shares issued (in 1,000) | 29,889 | 29,889 | 29,889 | 25,501 | 25,501 | |
| Ratios % | ||||||
| ROACE | (17.2) | 2.0 | 22.3 | 28.3 | 43.2 (f) | |
| ROACE (adjusted) | N/A | 57.7 | 110.7 | 43.6 | 46.0 (g) | |
| Covenant ratios | ||||||
| Solvency | 32.7 | 37.8 | 43.8 | 41.0 | 47.7 (h) | |
| Leverage | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 (i) | |
| Non-financial KPI's | ||||||
| LTIF per mln exposure hours | 5.37 | 0.79 | 8.28 | 6.50 | 4.98 | |
| Sickness leave % | 7.7 | 7.8 | 6.9 | 7.9 | 5.1 | |
| Gross CO2e footprint in tons (market-based scope 2) | 10,948 | 6,127 | 8,085 | 11,429 | 9,304 | |
| Net CO2e footprint in tons (market-based scope 2) | 9,685 | 5,109 | 5,737 | 8,581 | 6,324 | |
| Participation in projects that will result in renewable energy capacity (in MW) | 1,153 | 1,297 | 2,622 | 1,954 | 1,873 | |
| Usage of gasses in (pre-)heating of welds - natural gas in m3per kg welding material | 0.86 | 0.34 | 0.61 | 0.83 | naf | |
| Usage of gasses in (pre-)heating of welds - propane gas in kg per kg welding material | 0.16 | 0.07 | 0.45 | 0.57 | naf | |
| naf not accounted for | ||||||
| * Reference is made to section 'Definition and Explanation of use of non-IFRS financial measures' and 'Reconciliation of non-IFRS financial measures' in the Other Information section for the definition and explanation of use, reconciliation and restatements (if applicable) |
Sif
FY 2025 results
13 March 2026
Definition and Explanation of use of non-IFRS financial measures
| (a) Contribution | Total revenue from contracts with customers minus raw materials, subcontracted work and other external charges and logistic and other project-related expenses. |
|---|---|
| Contribution/ton or month | Contribution is an important KPI since it excludes pass-through expenses. Together with production in Kton and EBIT it indicates the quality of Sif's performance in any reporting period. |
| For the contribution/ton or month measure the contribution is adjusted for contribution related to Marshalling, Engineering and fees for projects with no production volume. | |
| (b) EBITDA | Earnings before net finance costs, tax, depreciation and amortisation. |
| Adjusted EBITDA | The company discloses EBITDA and Adjusted EBITDA (both including and excluding the effect of IFRS 16) as supplemental non-IFRS financial measures, as the company believes these are meaningful measures to evaluate the performance of the company's business activities over time. The company understands that these measures are used by analysts, rating agencies and investors in assessing the company's performance. The company also believes that the presentation of EBITDA and Adjusted EBITDA provide useful information to investors on the development of the company's business. The company also uses EBITDA and Adjusted EBITDA as key financial measures to assess operational performance. |
| Adjusted EBITDA (ex IFRS 16) | Adjusted EBITDA is adjusted for expenses that relate to the research into and preparations for the required adjustment and expansion of our production facilities. |
| Adjusted EBITDA excluding IFRS 16 is provided to be able to be compared with non-IFRS reporting Companies, as the IFRS 16 impact on EBITDA is significant for Sif. Adjusted EBITDA is adjusted for expenses of lease contracts other than 'short-term leases' and 'low-value leases' and the impact of the difference in accounting treatment of lease incentives between IFRS 16 and the former lease standard IAS 17. | |
| (c) EBIT | Operating result plus other income. Adjusted EBIT is adjusted for expenses that relate to the research into and preparations for the required adjustment and expansion of our production facilities. |
| Adjusted EBIT | EBIT is an important KPI since it mitigates the effect depreciation and amortisation has on EBITDA. Together with production in Kton and contribution it indicates the quality of Sif's performance in any reporting period. |
| (d) Net debt | Loans and borrowings plus finance liabilities sale and leaseback minus cash and cash equivalents. |
| Net debt (ex IFRS 16) | Net debt is presented to express the financial strength of the Company. The Company understands that analysts, rating agencies and investors use this measure in assessing the company's performance. |
| Net debt (ex IFRS 16) is presented to be compared with non-IFRS reporting Companies, as the IFRS 16 impact on loans and borrowings is significant for Sif. | |
| (e) Net working capital | Inventories plus contract assets plus trade receivables plus current prepayments minus trade payables and contract liabilities) |
| The company discloses net working capital as a supplemental non-IFRS financial measure, as the company believes it is a meaningful measure to evaluate the company's ability to maintain a solid balance between growth, profitability and liquidity. Net working capital is broadly analysed and reviewed by analysts and investors in assessing the company's performance. This measure serves as a metric for how efficiently a company is operating and how financially stable it is in the short term. It is an important measure of a company's ability to pay off short-term expenses or debts. | |
| (f) ROACE | Return on average capital employed, EBIT as a % of average equity plus loans and borrowings excluding lease-commitments minus cash. In the adjusted measure all values are adjusted for the effects that relate to the research into and preparations for the required adjustment and expansion of our production facilities. |
| (g) ROACE (adjusted) | The company discloses the measure as supplemental non-IFRS financial measures, as the Company believes these are meaningful measures to evaluate the performance of the Company's business activities over time. The measure is therefore also included in the performance targets of management. |
Sif
FY 2025 results
13 March 2026
(h) Solvency
This measure is a bank covenant, and is presented to express the financial strength of the Company.
Definition
Consolidated Tangible Net Worth (ex IFRS 16) divided by Consolidated Balance Sheet Total (ex IFRS 16)
Consolidated Tangible Net Worth = Equity attributable to shareholder minus dividend declared, Intangible assets, Upward revaluation of assets (other than financial instruments) after the 2023 Effective Date (5 June 2023) and Advanced factory payments converted into perpetual bond instruments
Consolidated Balance Sheet Total = Total assets minus Intangible assets, book value of the assets leased under the Rabo lease facility and the cash on the balance sheet related to advance factory payments converted into perpetual bond instruments.
(i) Leverage
This measure is a bank covenant, and is presented to express the financial strength of the Company.
Definition
Total net debt (ex IFRS 16) divided by EBITDA ex exceptional items (ex IFRS 16)
Total net debt (ex IFRS 16) = Borrowings (ex IFRS 16) minus Cash and Cash Equivalents
Borrowings (ex IFRS 16) = Revolving credit facility plus term loans
EBITDA ex exceptional items (ex IFRS 16) = EBITDA (ex IFRS 16) minus:
- charge to profit or loss represented by the expensing of stock options
- the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring
- disposals, revaluations, write downs or impairment of non-current assets or any reversal of any write down or impairment
- any exceptional, one off, non-recurring or extraordinary items which represent gains or losses relating to the P11 manufacturing expansion (with a maximum of EUR 10 million).
EBITDA (ex IFRS 16) = EBITDA adjusted for expenses of lease contracts other than 'short-term leases' and 'low-value leases' (including those expenses accounted for as project costs based on progress), the impact of the difference in accounting treatment of lease incentives between IFRS 16 and the former lease standard IAS 17 and expenses related to initial direct costs of operational lease contracts.
S
Sif
FY 2025 results
13 March 2026
Reconciliation of non-IFRS financial measures
Amounts in EUR '000
2025
2024 Reference to consolidated financial statements
| (a) Calculation of contribution | ||
|---|---|---|
| Total revenue | 597,039 | 428,991 Consolidated statement of profit and loss, note 6 |
| Raw materials | (283,854) | (225,181) Consolidated statement of profit and loss, note 6 |
| Subcontracted work and other external charges | (104,285) | (32,232) Consolidated statement of profit and loss, note 6 |
| Logistic and other project related expenses | (21,771) | (25,044) Consolidated statement of profit and loss, note 6 |
| Contribution | 187,129 | 146,534 |
| - Marshalling | (954) | (1,206) Notes to the consolidated financial statements, note 6 |
| - Engineering | (8,965) | (7,179) |
| - Fees for projects with no production volume | (1,039) | (18,170) |
| Adjusted contribution | 176,171 | 119,979 |
| Production output (Kton) | 176 | 158 |
| Contribution per Kton | 1,001 | 759 |
| Contribution per month | 14,681 | 9,998 |
| (b) Reconciliation operating profit / (loss) to adjusted EBITDA (ex IFRS 16) | ||
| Operating profit / (loss) | (41,497) | 3,895 Consolidated statement of profit and loss |
| - Other income | 6,328 | 1 Consolidated statement of profit and loss |
| - Depreciation, amortisation and impairment | 62,623 | 19,827 Consolidated statement of profit and loss, note 15,16,32 |
| EBITDA | 27,454 | 23,723 |
| - Expenses that relate to the research into, preparations for and the execution of the required adjustment and expansion of our production facilities | 20,519 | 14,683 |
| Adjusted EBITDA | 47,973 | 38,406 |
| - Expenses of lease contracts other than ‘short-term leases’ and ‘low-value leases’ | (25,436) | (12,178) |
| - Expenses related to initial direct costs of operational lease contacts | — | — |
| - Expenses of lease contracts other than ‘short-term leases’ and ‘low value leases’ accounted for as project costs based on progress | 2,933 | (827) |
| - Net impact of the difference in accounting treatment of lease incentives between IFRS 16 and the former lease standard IAS 17 | 123 | 123 |
| EBITDA (ex IFRS 16) | 25,593 | 25,524 |
| Adjusted EBITDA YTD Q3 2025 | 26,731 | |
| Adjusted EBITDA Q4 2025 | 21,242 |
S
15
FY 2025 results
13 March 2026
Amounts in EUR '000
2025
2024 Reference to consolidated financial statements
| (c) Reconciliation of operating profit / (loss) to EBIT to adjusted EBIT | ||
|---|---|---|
| Operating profit / (loss) | (41,497) | 3,895 Consolidated statement of profit and loss |
| - Other income | 6,328 | 1 Consolidated statement of profit and loss |
| EBIT | (35,169) | 3,896 |
| - Expenses that relate to the research into, preparations for and the execution of the required adjustment and expansion of our production facilities | 20,519 | 14,683 |
| Adjusted EBIT | (14,650) | 18,579 |
| (d) Calculation of Net debt and Net debt (ex IFRS 16) | ||
| Loans and borrowings - non-current | 60,444 | 80,330 Consolidated statement of financial position, note 25 |
| Loans and borrowings - current | 20,148 | — Consolidated statement of financial position, note 25 |
| Lease liabilities - non-current | 102,970 | 110,107 Consolidated statement of financial position, note 25,32 |
| Lease liabilities - current | 21,077 | 10,581 Consolidated statement of financial position, note 25,32 |
| Finance liabilities sale and leaseback - non-current | 25,694 | 29,588 Consolidated statement of financial position, note 25 |
| Finance liabilities sale and leaseback - current | 8,155 | 7,403 Consolidated statement of financial position, note 25 |
| Cash and cash equivalents | (95,568) | (113,764) Consolidated statement of financial position, note 22 |
| Net debt | 142,920 | 124,245 |
| Lease liabilities - non-current | (102,970) | (110,107) Consolidated statement of financial position, note 25,32 |
| Lease liabilities - current | (21,077) | (10,581) Consolidated statement of financial position, note 25,32 |
| Net debt (ex IFRS 16) | 18,873 | 3,557 |
| (e) Calculation of Net working capital | ||
| Inventories | 15,357 | 400 Consolidated statement of financial position, note 19 |
| Contract assets | 7,689 | 26,159 Consolidated statement of financial position, note 20 |
| Trade receivables | 28,123 | 26,263 Consolidated statement of financial position, note 21 |
| Prepayments and other receivables | 10,248 | 5,211 Consolidated statement of financial position |
| Trade payables | (90,065) | (81,390) Consolidated statement of financial position |
| Contract liabilities - current | (144,861) | (119,238) Consolidated statement of financial position, note 20 |
| Contract liabilities - non-current | (6,683) | (35,855) Consolidated statement of financial position, note 20 |
| Net working capital | (180,192) | (178,450) |
Sif
FY 2025 results
13 March 2026
| 2025 | ||||||
|---|---|---|---|---|---|---|
| Amounts in EUR '000 | Average | Q1 | Q2 | Q3 | Q4 | Reference to consolidated financial statements |
| (f) Calculation of ROACE - EBIT / Average capital employed | ||||||
| Total equity | 213,040 | 230,311 | 212,555 | 205,257 | 204,035 | Consolidated statement of financial position |
| Cash and cash equivalents | (83,846) | (102,437) | (82,466) | (54,912) | (95,568) | Consolidated statement of financial position, note 22 |
| Loans and borrowings (excl lease liabilities and finance liabilities sale and leaseback) | 75,415 | 80,367 | 80,405 | 80,444 | 60,444 | Consolidated statement of financial position, note 25 |
| Capital employed | 204,609 | 208,241 | 210,494 | 230,789 | 168,911 | |
| EBIT | (35,169) | (c) | ||||
| ROACE | (17.2)% | |||||
| 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Amounts in EUR '000 | Average | Q1 | Q2 | Q3 | Q4 | Reference to consolidated financial statements |
| Total equity | 241,806 | 241,375 | 244,988 | 242,553 | 238,308 | Consolidated statement of financial position |
| Cash and cash equivalents | (107,463) | (140,733) | (87,198) | (88,157) | (113,764) | Consolidated statement of financial position, note 22 |
| Loans and borrowings (excl lease liabilities and finance liabilities sale and leaseback) | 65,080 | 39,690 | 60,007 | 80,292 | 80,330 | Consolidated statement of financial position, note 25 |
| Capital employed | 199,423 | 140,332 | 217,797 | 234,688 | 204,874 | |
| EBIT | 3,896 | (c) | ||||
| ROACE | 2.0 % |
Sif
FY 2025 results
13 March 2026
| Amounts in EUR '000 | 2025 | Reference to consolidated financial statements | ||||
|---|---|---|---|---|---|---|
| Average | Q1 | Q2 | Q3 | Q4 | ||
| (g) Calculation of ROACE (adjusted) - EBIT (adjusted) / Average capital employed (adjusted) | ||||||
| Total equity | 213,040 | 230,311 | 212,555 | 205,257 | 204,035 | Consolidated statement of financial position |
| - Equity financing related to the required adjustment and expansion of our production facilities | (99,092) | (99,092) | (99,092) | (99,092) | (99,092) | |
| - Cumulative expenses that relate to the research into, preparations for and the execution of the required adjustment and expansion of our production facilities | 38,224 | 30,647 | 36,334 | 39,986 | 45,929 | |
| Total equity (adjusted) | 152,172 | 161,866 | 149,797 | 146,151 | 150,872 | |
| Cash and cash equivalents | (83,846) | (102,437) | (82,466) | (54,912) | (95,568) | Consolidated statement of financial position, note 22 |
| - Cash-in related to financing of the required adjustment and expansion of our production facilities | 292,068 | 319,794 | 315,870 | 277,438 | 255,169 | |
| - Cumulative cash-in/(out) related to expenses and investments that relate to the research into, preparations for and execution of the required adjustment and expansion of our production facilities | (395,659) | (380,912) | (390,551) | (401,641) | (409,532) | |
| Cash and cash equivalents (adjusted) | (187,437) | (163,555) | (157,147) | (179,115) | (249,931) | |
| Loans and borrowings (excl lease liabilities and finance liabilities sale and leaseback) | 75,415 | 80,367 | 80,405 | 80,444 | 60,444 | Consolidated statement of financial position, note 25 |
| - Loans and borrowings (excl lease liabilities) related to financing of the required adjustment and expansion of our production facilities | (75,415) | (80,367) | (80,405) | (80,444) | (60,444) | |
| Loans and borrowings (excl lease liabilities and finance liabilities sale and leaseback) (adjusted) | — | — | — | — | — | |
| Capital employed (adjusted) | (35,265) | (1,689) | (7,350) | (32,964) | (99,059) | |
| EBIT | (35,169) | (c) | ||||
| - Expenses that relate to the research into, preparations for and the execution of the required adjustment and expansion of our production facilities | 20,519 | |||||
| EBIT (adjusted) | (14,650) | |||||
| ROACE (adjusted) | N/A |
Sif
FY 2025 results
13 March 2026
| 2024 | ||||||
|---|---|---|---|---|---|---|
| Amounts in EUR '000 | Average | Q1 | Q2 | Q3 | Q4 | Reference to consolidated financial statements |
| (g) Calculation of ROACE (adjusted) - EBIT (adjusted) / Average capital employed (adjusted) | ||||||
| Total equity | 241,806 | 241,375 | 244,988 | 242,553 | 238,308 | Consolidated statement of financial position |
| - Equity financing related to the required adjustment and expansion of our production facilities | (99,092) | (99,092) | (99,092) | (99,092) | (99,092) | |
| - Cumulative expenses that relate to the research into, preparations for and the execution of the required adjustment and expansion of our production facilities | 17,487 | 12,238 | 14,507 | 17,790 | 25,411 | |
| Total equity (adjusted) | 160,201 | 154,521 | 160,403 | 161,251 | 164,627 | |
| Cash and cash equivalents | (107,463) | (140,733) | (87,198) | (88,157) | (113,764) | Consolidated statement of financial position, note 22 |
| - Cash-in related to financing of the required adjustment and expansion of our production facilities | 275,852 | 240,954 | 261,204 | 281,454 | 319,794 | |
| - Cumulative cash-in/(out) related to expenses and investments that relate to the research into, preparations for and execution of the required adjustment and expansion of our production facilities | (296,415) | (228,367) | (271,833) | (318,724) | (366,739) | |
| Cash and cash equivalents (adjusted) | (128,026) | (128,146) | (97,827) | (125,427) | (160,709) | |
| Loans and borrowings (excl lease liabilities and finance liabilities sale and leaseback) | 65,080 | 39,690 | 60,007 | 80,292 | 80,330 | Consolidated statement of financial position, note 25 |
| - Loans and borrowings (excl lease liabilities) related to financing of the required adjustment and expansion of our production facilities | (65,080) | (39,690) | (60,007) | (80,292) | (80,330) | |
| Loans and borrowings (excl lease liabilities and finance liabilities sale and leaseback) (adjusted) | — | — | — | — | — | |
| Capital employed (adjusted) | 32,175 | 26,375 | 62,576 | 35,824 | 3,918 | |
| EBIT | 3,896 | (c) | ||||
| - Expenses that relate to the research into, preparations for and the execution of the required adjustment and expansion of our production facilities | 14,683 | |||||
| EBIT (adjusted) | 18,579 | |||||
| ROACE (adjusted) | 57.7% |
Sif
FY 2025 results
13 March 2026
| Amounts in EUR '000 | 2025 | 2024 | Reference to consolidated financial statements |
|---|---|---|---|
| (h) Calculation of Solvency | |||
| Equity attributable to shareholder | 199,986 | 236,468 | Consolidated statement of financial position |
| Adjustments to exclude IFRS 16 impact: | |||
| - Right-of-use assets | (121,684) | (119,390) | Consolidated statement of financial position, note 25,32 |
| - Lease liabilities - non-current | 102,970 | 110,107 | Consolidated statement of financial position, note 25,32 |
| - Lease liabilities - current | 21,077 | 10,581 | Consolidated statement of financial position, note 25,32 |
| - Lease incentives capitalised on the balance sheet | (1,913) | (2,036) | |
| - Equity effect of expenses of lease contracts other than 'short-term leases' and 'low value leases' accounted for as project costs based on progress | 2,572 | (361) | |
| - Deferred tax on above items | (901) | (944) | |
| Equity attributable to shareholder (ex IFRS 16) | 202,107 | 234,425 | |
| Intangible assets | (6,010) | (3,831) | Consolidated statement of financial position, note 15 |
| Upward revaluation of assets (other than financial instruments) after the 2023 Effective Date (5 June 2023) | (35) | (5) | |
| Advance factory payments converted into perpetual bond instruments | (20,710) | (20,710) | |
| Consolidated Tangible Net Worth (ex IFRS 16) | 175,352 | 209,879 | |
| Total assets | 719,937 | 738,530 | Consolidated statement of financial position |
| Adjustments to exclude IFRS 16 impact: | |||
| - Right-of-use assets | (121,684) | (119,390) | Consolidated statement of financial position, note 32 |
| - Impact on contract assets of expenses of lease contracts other than 'short-term leases' and 'low value leases' accounted for as project costs based on progress | 2,572 | (361) | |
| - Deferred tax asset on Right-of-use assets and lease liabilities | (901) | (944) | |
| Total assets (ex IFRS 16) | 599,924 | 617,835 | |
| Intangible assets | (6,010) | (3,831) | Consolidated statement of financial position, note 15 |
| Bookvalue assets in lease facility | (37,491) | (38,340) | |
| Cash on the balance sheet related to advance factory payments converted into perpetual bond instruments | (20,710) | (20,710) | |
| Outstanding AFPs (excl launching customers) | — | — | |
| Consolidated Balance Sheet Total (ex IFRS 16) | 535,713 | 554,954 | |
| Solvency | 32.7 % | 37.8 % |
Sif
FY 2025 results
13 March 2026
Amounts in EUR '000
| 2025 | 2024 | Reference to consolidated financial statements | |
|---|---|---|---|
| (i) Calculation of Leverage | |||
| Loans and borrowings (excl lease liabilities and finance liabilities sale and leaseback) | 80,592 | 80,330 | Consolidated statement of financial position, note 25 |
| Total debt (Borrowings) (ex IFRS 16) | 80,592 | 80,330 | |
| Cash and cash equivalents | (95,568) | (113,764) | Consolidated statement of financial position, note 22 |
| Total net debt (ex IFRS 16) | (14,976) | (33,434) | |
| EBITDA | 27,454 | 23,723 | (b) |
| Adjustments to exclude IFRS 16 impact: | |||
| - Expenses of lease contracts other than 'short-term leases' and 'low-value leases' | (25,436) | (12,178) | |
| - Expenses related to initial direct costs of operational lease contacts | — | — | |
| - Expenses of lease contracts other than 'short-term leases' and 'low value leases' accounted for as project costs based on progress | 2,933 | (827) | |
| - Net impact of the difference in accounting treatment of lease incentives between IFRS 16 and the former lease standard IAS 17 | 123 | 123 | |
| EBITDA (ex IFRS 16) | 5,074 | 10,841 | |
| - Charge to profit / (loss) represented by the expensing of stock options | 183 | 186 | |
| - Disposals, revaluations, write downs or impairment of non-current assets or any reversal of any write down or impairment | (30) | — | |
| - Lease terms related to lease facility | (7,878) | (1,473) | |
| - Exceptional, one off, non-recurring or extraordinary items which represent gains or losses relating to the P11 manufacturing expansion (max €10 million) | 10,000 | 10,000 | |
| EBITDA ex exceptional items (ex IFRS 16) | 7,349 | 19,554 | |
| Net Leverage | 0.00 | 0.00 |
21