The interim financial report for Q1 2025 shows a strong start to the year for ZITON, building on the solid performance in 2024. EBITDA for the quarter amounted to EUR 13.7m, compared to EUR 9.5m in Q1 2024.

Highlights of Q1 2025

• EBITDA amounted to EUR 13.7m in Q1 2025 compared to EUR 9.5m in Q1 2024, an increase of 43%. The improvement was mainly due to an increase in revenue reflecting that J/U WIND ENERGY went on time charter with Siemens Gamesa at the end of February 2024, as well as improved contribution from the three smaller vessels as the market for major component replacements was strong, although this was partly offset by the 10-year classing of J/U WIND SERVER, which was completed in Q1 2025.
• On 7 January 2025, the closing of the transaction was completed whereby Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, acquired all issued and outstanding shares of Zappy TopCo ApS and its wholly-owned subsidiary ZITON A/S.
• At the end of Q1 2025, ZITON held cash and cash equivalents on its balance sheet amounting to EUR 19.4m. The terms of the bond agreements for the first lien loan and the ESG loan include a clause on voluntary partial redemption, allowing ZITON, from the issue date, in each twelvemonth period, to redeem up to 10.00% of the then outstanding nominal amount at a price of 102 per cent of the nominal amount. ZITON contemplates to complete such a voluntary redemption in the twelve-month period leading up to 9 June 2025, i.e. the second anniversary of the issue date of the first lien bond loan.

KPI guidance for 2025
The following outlines our KPI guidance for 2025 for ZITON A/S, which remains unchanged from the Q4 2024 report:

• Weighted average utilisation rate. We expect a utilisation rate in the range of 95-100%.
• EBITDA. We expect EBITDA to be in the range of EUR 60-65m.
• Cash flow from operating activities. We expect cash flows from operating activities to be in the range of EUR 58-63m.
• CAPEX. We expect CAPEX to be in the range of EUR 24-28m including CAPEX for the leg extension on J/U WIND ENERGY.

Outlook for 2025 and beyond
The outlook for 2025 is based on the following key assumptions:

• We expect a positive contribution from the full-year effect of Siemens Gamesa’s time charter for J/U WIND ENERGY, which was initiated at the end of February 2024. However, in late 2025 the vessel may undergo a leg extension, during which the day rate on the time charter will be reduced.
• The long-term charter agreement with Siemens Gamesa for J/U WIND ENTERPRISE. The vessel’s day rate is set to increase significantly by midyear 2025, according to the terms of the contract extension signed in April 2023.
• The three smaller vessels, servicing the market below 6 MW, will carry out regular major component replacements on framework agreements and other tenders attained.

Read the full interim financial report for Q1 2025 here.