Interim Financial Report Q4 2024

25. February 2025

A great result within the latest guidance

The interim financial report for Q4 2024 shows a great result for ZITON, building on the solid performance from the first three quarters. EBITDA for the year amounted to EUR 57.1m compared to EUR 38.9m in 2023.

Highlights of Q4 2024

EBITDA amounted to EUR 8.6m in Q4 2024 compared to EUR 6.2m in Q4 2023, an increase of 38%. The improvement was 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 due to a stronger market for major component replacements.
On 7 January 2025, 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.

KPI guidance for 2025

The following sets out our revised KPI guidance for 2025 for ZITON A/S:

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 EUR 24-28m including CAPEX for leg extension on J/U WIND ENERGY.

Outlook for 2026 and beyond

The outlook for 2025, is based on the following key assumptions:

We expect a positive contribution from the fullyear effect of Siemens Gamesa time charter for J/U WIND ENERGY that 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 the day rate is set to increase significantly by mid-year 2025, according to the terms of 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.

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