Interim Financial Report Q1 2026

28. May 2026

Robust performance in Q1 2026 for ZITON

The interim financial report for Q1 2026 shows a strong start to the year for ZITON, building on the solid performance in 2025. EBITDA for the quarter amounted to EUR 18.0m, compared to EUR 13.9m in Q1 2025.

Highlights of Q1 2026

EBITDA amounted to EUR 18.0m in Q1 2026, compared to EUR 13.9m in Q1 2025, representing an increase of 29%. The improvement was mainly driven by higher revenue, reflecting that J/U WIND SERVER was fully operational throughout the quarter, compared to Q1 2025 when she underwent her 10-year classing and was out of operation for half of the quarter. The increase was also supported by an increase in the day rate for J/U WIND ENTERPRISE from mid-2025. This was partly offset by lower activity for J/U WIND, as well as a dock stay for J/U WIND PIONEER, which was completed in Q1 2026.

KPI guidance for 2026

Our KPI guidance for 2026 is unchanged and as follows:

Weighted average financial utilisation rate. We expect the weighted average financial utilisation rate to be in the range of 105-110%.
EBITDA. We expect EBITDA to be in the range of EUR 64-69m.
Cash flow from operating activities. We expect cash flows from operating activities to be in the range of EUR 61-66m.
CAPEX. We expect CAPEX to be in the range of EUR 16-20m.

Outlook for 2026

The outlook for 2026 is based on the following key assumptions:

J/U WIND ENTERPRISE and J/U WIND ENERGY, which service the 6-11 MW segment, are expected to remain on time charter with Siemens Gamesa for the full year.
The three smaller vessels, servicing the market below 6 MW, will carry out regular major component replacements on framework agreements and other tenders attained.
Further, our forecast assumes robust demand for major component replacements, resulting in close to full utilisation of our vessels.
To be able to fulfil the strong demand, we assume high operational availability of our vessels.

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