Integrated Wind Solutions ASA (“IWS”) has today published its Q4 2024 Financial Report and Presentation.
HIGHLIGHTS - STRONG PERFORMANCE FROM IWS FLEET
•A record total revenue of EUR 21.4m for Q4 2024, a 26% increase from Q3 and a 232% increase compared with Q4 2023.
•Group EBITDA of EUR 6.9m for Q4 2024 compared with EUR 3.9m in Q3 and EUR -0.2m in Q4 2023. The EBITDA growth was driven by IWS Fleet and improvements in IWS Services.
•Group net profit was EUR 5.8m for Q4 2024 compared with EUR 2.6m in Q3 and EUR 0.7m in Q4 2023.
•IWS Fleet revenue of EUR 12.1m in Q4 2024, including a EUR 3.0m termination fee, versus EUR 8.0m in Q3 and EUR 0.2m in Q4 2023. Three vessels were in operation during Q4 with IWS Skywalker and IWS Seawalker on charter with Dogger Bank Wind Farm and IWS Windwalker on charter with Siemens Gamesa Renewable Energy.
•IWS Services revenue of EUR 9.1m in Q4 2024, an increase of 4% from Q3, on improved EBIT margins.
•PEAK Wind net revenue in Q4 was on par with Q4 2023, ending the year with 18% net revenue growth compared with 2023. The Group’s share of the net profit in Q4 2024 was EUR 0.3m, before EUR -0.1m amortisation of acquisition-related intangible assets.
•With the commencement of the frame agreement with Siemens Gamesa Renewable Energy in Q4, the margin on the Group’s Green Senior Secured Credit Facility was reduced from late Q4.
•IWS completed the uplisting to Euronext Oslo Børs, with the first trading day on 3 February 2025. To ensure compliance with the minimum number of shareholders required for the uplisting, the Company issued 810,800 shares in January 2025, raising gross proceeds of EUR 2.6 million and welcoming approximately 700 new shareholders.
•IWS Fleet has in Q1 2025 signed charter contracts for more than EUR 30m. IWS Skywalker’s contracts with Dogger Bank Wind Farm were in January 2025 extended from the end of Q2 2026 into Q3 2027 on improved terms. Furthermore, IWS Starwalker, the fourth CSOV, signed a new contract with Dogger Bank Wind Farm that commenced on 10 February 2025.
Lars-Henrik Røren, CEO, commented: “IWS has delivered another record quarter with strong growth in revenue and net profit. The uplisting to Oslo Børs in February is a milestone and a natural progression that reflects a new phase of the growth journey for IWS. IWS has undergone a remarkable transformation since ordering its first two CSOV newbuildings in January 2021, later increasing to six. With our latest addition, IWS Starwalker, four CSOVs are now in operation and continue to deliver exceptional performance for our clients. Furthermore, IWS Services and PEAK Wind continue to grow. Coupled with our solid financial foundation, we are optimistic about the years ahead.”
For investor relations queries, contact
Marius Magelie
Group CFO Integrated Wind Solutions
Phone: +47 920 27 419
E-mail: mm@integratedwind.com
For press queries, please contact
Lars-Henrik Røren
CEO Integrated Wind Solutions
Phone: +47 98 22 85 06
E-mail: lhr@integratedwind.com
About IWS:
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. The Company owns 74.62% of IWS Fleet AS, which has four Commissioning Service Operation Vessels (“CSOVs”) delivered and two CSOVs under construction with delivery in 2025. Furthermore, IWS owns the offshore wind supply-chain service company, IWS Services A/S and the investment in the independent advisor, consultancy, data intelligence and wind farm operator firm PEAK Wind Group.
Integrated Wind Solutions ASA is listed on Euronext Oslo Børs under the ticker “IWS”.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.