Interim Financial Report Q2 2026

25. August 2026

Satisfying first half-year results and unchanged guidance

The interim financial report for Q2 2026 shows a satisfying half-year result for ZITON compared to last year. EBITDA for the first half-year amounted to EUR 37.4m, compared to EUR 30.6m in 2025.

Highlights of Q2 2026

EBITDA increased by EUR 2.8m from EUR 16.7m in Q2 2025 to EUR 19.4m in Q2 2026, representing an increase of 17%. The improvement was mainly driven by higher revenue, reflecting that the day rate for J/U WIND ENTERPRISE increased from mid-2025.

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 secured.
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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