Interim Financial Report Q3 2025

27. October 2025

Continued strong 2025 for ZITON

The interim financial report for Q3 2025 shows a continued strong 2025 for ZITON. EBITDA for the three first quarters of the year amounted to EUR 50.3m, compared to EUR 48.6m in 2024.

Highlights of Q3 2025

EBITDA increased from EUR 19.5m in Q3 2024 to EUR 20.2m in Q3 2025. The increase was mainly a consequence of the increase in the day rate for J/U WIND ENTERPRISE from mid-year 2025, which was partly offset by higher project-related expenses from growth in providing full-service solutions and a decommissioning project.
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.

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. The contemplated leg extension in Q4 2025 will not be completed within the calendar year, so the vessel will not be on reduced day rate during most of Q4 2025.
We expect an increased contribution from an increase in the day rate for J/U WIND ENTERPRISE from 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.

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