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Dutch offshore wind foundation manufacturer, Sif Group, is facing a delay in the ramp-up of production at its new monopile production facility at Maasvlakte 2 in Rotterdam and expects to achieve this in the first half of 2026, instead of this year.
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In its half-year results for 2025, the company reported a revenue of EUR 258 million, up from EUR 231 million in the first half of 2024, and an adjusted EBITDA of EUR 12.9 million, compared to EUR 26.1 million in the first half of 2024.
Sif has also further revised its 2025 EBITDA guidance to EUR 45 million, which was already adjusted earlier this year to between EUR 90 million and EUR 120 million, from the initial EUR 135 million. The latter is now the provisional minimum adjusted EBITDA guidance for 2026, when the new production facility is expected to fully contribute.
“Rather than focusing on the alternative of short-term EBITDA maximisation, our focus now is achieving robust and stable operations, and taking the time needed to implement the right industrialisation measures. As a result, we are adjusting our 2025 adjusted EBITDA guidance to EUR 45m”, Sif states in the H1 2025 report.
The company reiterated the mid-term annualised adjusted EBITDA run rate target of at least EUR 160 million as the goal for 2026. “Achieving the required output to underpin the adjusted EBITDA run rate is expected to shift into the first half of 2026” , Sif’s report reads.
“The original business plan factored in that there would be a steep ramp-up in the new Maasvlakte 2 facility during the first half year of 2025 to reach the anticipated production levels from the third quarter onwards. However, during this period we have learnt that the training of our new workforce, as well as the further stabilisation of equipment and implementing improved working procedures for the new manufacturing facilities require significantly more time than initially anticipated”, said Fred van Beers , CEO of Sif.
“Following a thorough review of our production and equipment challenges, and in line with our committed focus to safety, quality and then output, we have concluded that the time required to ramp up production will continue into the first half year of 2026. This results in lower output in 2025 than originally anticipated, and a delay of 6 – 9 months compared to the original business case.”
Sif also highlighted that despite being behind its initial ramp-up planning, foundations for the launching project of the new Maasvlakte 2 facility, Empire Wind 1 in New York, were delivered within the specifications to meet the installation window of the project.
The company’s factory in Roermond showed steady efficiency in producing transition pieces and top sections for Empire Wind 1, Ecowende and Baltyk offshore wind farms, Sif said.
The company also reported an increase in its order book as a project, which Sif left unnamed, had moved from a preferred supplier status to exclusive negotiations.
The company had secured a preferred supplier position for the project for a total of 200 kton production in 2027 and part of 2028.
“This has evolved to an exclusive status for one project of close to 200 kton for production mainly in 2027. As a result, our order book increases to 625 kton. Firm contract negotiations on the exclusive deal have started and could take until spring next year before final contract signing”, the company states.
Sif said that the demand for the period after 2027 looks more promising, but that this also depends on the success of tender rounds, among other things. The company pointed out that short-term conditions in the market were challenging, but that it remained confident in the medium to long-term outlook for the European market, which was further underpinned by the 200 Kton addition to its order book.
“We remain confident in the medium to long term outlook for the offshore wind market but expect a further offshore wind project development slowdown short term mainly due to non-market conform tender criteria, grid congestion and prices for electricity. Various governments have altered their ambitions for offshore wind to a more realistic level, and, although late, realise that they must adjust tender procedures and qualifications to match market conditions and preferences” , Sif said.
“We are pleased by the changed attitude and sense of reality since the need for energy transition and energy independence in the EU remains unchanged. We see this new reality reflected in tender activity for projects from mid-2028 onwards.”
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about 10 months ago
Dutch offshore wind foundation manufacturer, Sif Group, is facing a delay in the ramp-up of production at its new monopile production facility at Maasvlakte 2 in Rotterdam and expects to achieve this in the first half of 2026, instead of this year. Also in this article: In its half-year results for
