Integrated Wind Solutions ASA (“IWS”) has today published its Q2 2024 Financial Report and Presentation.
HIGHLIGHTS
•Total revenue of EUR 12.6m for Q2 2024, a 133% increase from Q1 and a 143% increase compared with Q2 2023.
•Group EBITDA of EUR 1.6m for Q2 2024 compared with EUR -3.2m in Q1 and EUR -1.0m in Q2 2023. The positive EBITDA was driven by the charter operations of the first two vessels and positive contributions from IWS Services and PEAK Wind.
•Group net profit was EUR 0.6m for Q2 2024 compared with EUR -2.8 m in Q1 and EUR -0.7m in Q2 2023.
•IWS Fleet revenue of EUR 4.9m in Q2 2024 versus EUR 0.6m in Q1 and EUR 0.0m in Q2 2023. IWS Fleet had two vessels in operation in the quarter with IWS Skywalker on charter at the Dogger Bank Wind Farm for the full quarter, and IWS Windwalker on charter with TenneT TSO from early June. Furthermore, IWS Seawalker was delivered from the yard on 23 August and will arrive in Europe in late October.
•IWS Fleet signed two additional contracts as part of the frame term agreement with Siemens Gamesa. Both contracts were signed with additional firm days above the minimums defined in the frame agreement.
•IWS Services revenue of EUR 7.6m in Q2 2024, an increase of 65% from Q1, due to the nature of the project-driven construction business. The book-to-bill ratio in Q2 was well above 1, further improving the visibility for 2025. The guidance for the full year 2024 remains unchanged.
•PEAK Wind continues its strong growth with an increase in net revenue for Q2 by 26% compared with Q2 2023. The Group’s share of the net profit in Q2 2024 was EUR 0.2m, after EUR -0.1m amortisation of acquisition-related intangible assets.
•IWS announced on 12 June the completion of a strategic partnership with Sumitomo Corporation (“Sumitomo”). IWS Fleet raised EUR 60m in equity in a private placement to Sumitomo for 25.38% ownership. Consequently, the equity attributable to the owners of the parent company increased by EUR 26.7m, corresponding to about NOK 8 per share.
•IWS Fleet has secured credit approval for an expanded Green Senior Secured Credit Facility of up to EUR 186.9m, securing debt financing for all six vessels. The expanded facility is expected to become effective in Q3.
Lars-Henrik Røren, CEO, commented: “The second quarter was eventful with two vessels in operation and the closing of the strategic partnership with Sumitomo Corporation. We are proud that the vessels have shown excellent capabilities, also recognised by our clients. Furthermore, we are pleased that IWS Services improved significantly in Q2, and we expect further improvements in the second half of the year, backed by higher revenues and margin improvements. IWS is now on a solid business- and financial track, and we are continuously exploring further growth initiatives.”
For further information, please contact:
Lars-Henrik Røren
CEO Integrated Wind Solutions
Phone: +47 98 22 85 06
E-mail: lhr@integratedwind.com
Marius Magelie
Group CFO Integrated Wind Solutions
Phone: +47 920 27 419
E-mail: mm@integratedwind.com
About:
Integrated Wind Solutions ASA offers a fleet of state-of-the-art service vessels to the offshore wind industry combined with a suite of adhering services to reduce the levelised cost of energy (“LCOE”) for offshore wind. The Company owns 74.62% of IWS Fleet AS, which has three Commissioning Service Operation Vessels (“CSOVs”) delivered and three CSOVs under construction with delivery in 2024 and 2025. Furthermore, IWS owns the offshore wind supply-chain service company, IWS Services A/S and owns 30% of the independent advisor, consultancy, data intelligence and wind farm operator firm PEAK Wind Group.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.