Interim Financial Report Q4 2025

26. February 2026

A great 2025 result for ZITON

The interim financial report for Q4 2025 shows a great result in 2025 for ZITON. EBITDA for the year amounted to EUR 69.0m, compared to EUR 58.0m in 2024.

Highlights of Q4 2025

EBITDA increased to EUR 18.0m in Q4 2025 compared to EUR 8.8m in Q4 2024. The increase of EUR 9.2m was mainly attributable to favourable weather conditions that supported the efficient delivery of full-service solutions, improved operational availability of the vessels, as well as an increase in the day rate for J/U WIND ENTERPRISE from mid-2025.
Financial performance for 2025. We provided initial guidance for 2025 in the interim report Q4 2024, published on 24 February 2025. The guidance remained unchanged throughout the year. Below, we review the financial performance for 2025:
- Weighted average financial utilisation rate. We guided on financial utilisation in the range of 95%-100%. We realised financial utilisation of 112%. The main reason was that we achieved strong utilisation of 123% in Q4 2025 compared to 77% in Q4 2024 mainly because favourable weather conditions supported the efficient delivery of full-service solutions, improved operational availability of the vessels, as well as an increase in the day rate for J/U WIND ENTERPRISE from mid-2025.
- EBITDA. We guided on EBITDA to be in the range of EUR 60-65m. We realised EBITDA of EUR 69.0m, which was somewhat above our guidance range due to strong utilisation of the vessels.
- Cash flow from operating activities. We guided on cash flows from operating activities of EUR 58-63m. We realised cash flows from operating activities of EUR 66.2m, which were above our guidance range due to strong utilisation of the vessels.
- CAPEX. We guided on CAPEX to be in the range of EUR 24-28m. We realised net CAPEX of EUR 17.6m. The lower-than-expected CAPEX was due to the postponement of the planned leg extension on J/U WIND ENERGY, which had an expected CAPEX of EUR 10.0m. Adjusted for the postponed extension, CAPEX was within the guidance range.

KPI guidance for 2026

Our KPI guidance for 2026 is 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 6-10 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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