ZITON has published its Annual Report for 2024, marking a year of strong operational performance, fleet expansion, and a major strategic milestone with the acquisition by Macquarie Asset Management.
A transformative year
In a defining moment for the company, ZITON’s former owners partnered with Macquarie Asset Management to support the company’s future growth. The acquisition, announced in September 2024 and completed in January 2025, marks a new chapter for ZITON as it continues to scale its capabilities and expand its leadership in offshore wind turbine maintenance.
“This year marks a pivotal moment in ZITON’s journey,” said Thorsten Jalk, CEO of ZITON. “Macquarie’s investment is a testament to the strong foundation we have built – with a solid market position, exceptional customer relationships, and some of the brightest talent in the industry. We are now better positioned than ever to support the energy transition and service the growing needs of offshore wind in Europe.”
Operational excellence and financial growth
2024 was a year of robust financial and operational performance. ZITON achieved a weighted average utilisation rate of 98%, exceeding initial expectations and reflecting the company’s strong market demand and fleet efficiency.
- Net revenue reached EUR 104.5 million, up from EUR 70.1 million in 2023.
- EBITDA rose to EUR 57.1 million, compared to EUR 35.9 million the previous year.
- Cash flows from operating activities totalled EUR 51.3 million, reflecting strong underlying business performance.
These results were driven by high vessel utilisation and the successful chartering of J/U WIND ENERGY from late February 2024, alongside increased revenue from ZITON’s three smaller vessels in a strong market for our full-service solutions.
Fleet expansion and future outlook
The fleet was significantly enhanced in 2024 with the addition of J/U WIND DISCOVERY, capable of servicing turbines up to 10 MW. This strategic investment now positions ZITON with the largest fleet dedicated to major component replacements in Europe, spanning vessels that can service turbines from 2 MW to 10 MW.
“In 2024, we laid the groundwork for the future by further strengthening our fleet,” added Jalk. “With six vessels now in operation and more investments planned, we can offer unmatched flexibility and readiness to meet the needs of offshore wind farms across the northern Europe.”
Commitment to Europe’s energy security
Despite global uncertainty, ZITON remains optimistic about the trajectory of renewable energy. “We are encouraged by the proactive efforts of European leaders to ensure energy security through initiatives like the Clean Industrial Deal,” said Jalk. “ZITON is proud to contribute to this transformation by keeping turbines running – having now repaired turbines with a total capacity of 6.2 GW.”
Read the full annual report for 2024 here.
