Interim Financial Report Q2 2025

Satisfying first half-year results and unchanged guidance

The interim financial report for Q2 2025 shows a satisfying half-year result for ZITON compared to last year. EBITDA for the first half year amounted to EUR 30.1m, compared to EUR 29.1m in 2024.

Highlights of Q2 2025

EBITDA declined by EUR 3.2m from EUR 19.6m in Q2 2024 to EUR 16.4m in Q2 2025. The decline was mainly due to an 10-year classing of J/U WIND PIONEER during Q2 2025, an increase in OPEX for J/U WIND ENERGY, and higher projectrelated expenses from growth in providing fullservice solutions as well as an increase in SG&A.
On 7 January 2025, the closing of the transaction was completed whereby Macquarie Asset Management (“Macquarie”), via Macquarie European Infrastructure Fund 7, acquired all issued and outstanding shares of Zappy TopCo ApS and its wholly-owned subsidiary ZITON A/S.
On 4 June 2025, ZITON made a voluntary prepayment of 10% of the then outstanding nominal amounts of the first lien loan and the ESG loan, totalling EUR 24.3m, of which EUR 0.5m was a call premium.

KPI guidance for 2025
The following outlines our KPI guidance for 2025 for ZITON A/S, which remains unchanged from the Q1 2025 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
The outlook for 2025 is based on the following key assumptions:

We expect a positive contribution from the fullyear 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, and in relation to that, it is assumed that the day rate of the vessel will be reduced during most of Q4 2025.
We expect a positive contribution from an increase in the day rate for J/U WIND ENTERPRISE by mid-year 2025, according to the terms of the contract extension.
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 Q2 2025 here.