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"iso4217:EUR" } }, "f-324": { "value": "-5785000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-325": { "value": "2894000.0", "decimals": -3, "dimensions": { "concept": "sif:ProceedsFromGovernmentGrantsClassifiedAsOperatingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-326": { "value": "1353000.0", "decimals": -3, "dimensions": { "concept": "sif:ProceedsFromGovernmentGrantsClassifiedAsOperatingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-327": { "value": "586000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": 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"ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-336": { "value": "1922000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-337": { "value": "24971000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-338": { "value": "169620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": 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"scheme:724500J0BPD5CLHCK040", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-347": { "value": "8407000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-348": { "value": "1580000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-349": { "value": "17678000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-350": { "value": "11463000.0", "decimals": -3, "dimensions": { "concept": 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"period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-360": { "value": "
1\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Reporting entity
Sif Holding N.V. (the \u2018Company\u2019) is a public limited liability company domiciled in the Netherlands.
The Company\u2019s registered office is at Mijnheerkensweg 33, Roermond. These consolidated
financial statements comprise the Company and its subsidiaries (collectively the \u2018Group\u2019 and
individually \u2018Group companies\u2019). Information on the structure of the Group is provided in note 31.
The company is registered with the Netherlands Chamber of Commerce Business Register under
number 13016026 .
The consolidated financial statements of the Group for the year ended 31\u00a0December 2025, were
authorised for issue in accordance with a resolution of the Executive Board on 13\u00a0March 2026.
The Group is primarily involved in the manufacturing of foundation piles for offshore wind farms and
metal structures, parts of metal structures, pipes, pipe structures, and components for the
offshore industry.
As from 12 May 2016 the shares of the Company have been listed on Euronext Amsterdam.
2\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Basis of preparation
The Group\u2019s
consolidated financial statements are presented in EUR (\u2018000), which is also the Company\u2019s
functional currency, if not stated otherwise. All values are rounded to the nearest thousands (EUR
\u2018000) on individual line items which can result in minor rounding differences in sub-totals and
totals, except when otherwise indicated.
The consolidated financial statements provide comparative information in respect of the previous
period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
1\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Reporting entity
The consolidated financial statements of the Group for the year ended 31\u00a0December 2025, were
authorised for issue in accordance with a resolution of the Executive Board on 13\u00a0March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "Sif Holding N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "Mijnheerkensweg 33, Roermond", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "The Group is primarily involved in the manufacturing of foundation piles for offshore wind farms and metal structures, parts of metal structures, pipes, pipe structures, and components for the offshore industry.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
2\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Basis of preparation
These consolidated financial statements have been prepared in accordance with IFRS Accounting
Standard s, as adopted in the European Union, as effective from 1\u00a0January 2025. The financial
statements also comply with the financial reporting requirements included in section 9 of Book 2 of
the Netherlands Civil Code.
The consolidated financial statements have been prepared on a historical cost basis, except for the
liability for share based payments, investment property and interest rate swaps that are measured
at fair value and the jubilee provision that is based on the actuarial method. The Group\u2019s
consolidated financial statements are presented in EUR (\u2018000), which is also the Company\u2019s
functional currency, if not stated otherwise. All values are rounded to the nearest thousands (EUR
\u2018000) on individual line items which can result in minor rounding differences in sub-totals and
totals, except when otherwise indicated.
The consolidated financial statements provide comparative information in respect of the previous
period.
Manufacturing facility expansion
During 2023, the Group started the manufacturing facility expansion (hereafter \u2018expansion\u2019) at
Maasvlakte 2 in Rotterdam. The Group has financed the expansion, which is budgeted to
approximately EUR 328 million, through a combination of equity and debt, as well as advance
factory payment by two launching customers, with the remainder being funded through cash and
cash equivalents:
\u2022 EUR 100 million of advance factory payments from Launching Customers;
\u2022 EUR 50 million of newly issued cumulative preference shares;
\u2022 EUR 50 million raised through a rights offering;
\u2022 EUR 81 million Term-loans, as part of a EUR 481 million finance facility which in addition includes
a guarantee facility of EUR 350 million and revolving credit facility of EUR 50 million;
\u2022 EUR 40 million lease facility; and
\u2022 EUR 7 million cash and cash equivalents.
(together, the \u2018Funding Package\u2019).
The effective date of the finance facility is 5 June 2023 and has a term of 6 years. The interest rate
consists of EURIBOR (3 months) + margin, which is 2% for the term loans and for the revolving
facility depended on the level of net leverage. As per 31\u00a0December 2025, the advance factory
payments are settled in the respective construction contracts for an amount of EUR 69.5 million.
The remaining EUR 30.5 million of the advance factory payments was converted in a perpetual bond
at the end of 2023, of which EUR 9.8 million was settled during 2024. The remaining balance of EUR
20.7 million remained open as per 31\u00a0December 2025.
The term-loans are fully drawn and not repaid as per 31\u00a0December 2025 and the lease facility
(which is extended to EUR 47 million during 2025) is used for an amount of EUR 33.8 million.
2.1\u00a0 \u00a0 \u00a0 Going concern
In determining the appropriate basis of preparation of the consolidated financial statements,
management is required to consider whether the Group can continue in operational existence for
the foreseeable future.
The future financial performance of the Group is dependent upon the wider economic environment
in which it operates. The factors that particularly affect the performance of the Group include
political decision making and global economic conditions. The ongoing geopolitical tensions bring
uncertainties and implications on the global economy, impacting various industries and sectors.
The effects are wide ranging, including amongst others, security issues, inflation, volatile energy
prices, pressure on supply chains, and fluctuating interest rates in most parts of the world. Mainly
the high inflation and interest rates have resulted in cancellations of projects in the USA and UK and
in decreased tender interest with developers and investors, especially in our home market Europe.
This resulted amongst others in the cancellation of the Empire Wind 2 order for the Group at the end
of 2023. Views of the government in the USA on offshore wind as a source of energy has already
lead to a downscaling of new, planned and existing developments. This strengthens the company in
pursuing its strategy that is focussed on Europe. In addition, various governments have adjusted
their ambitions for offshore wind and altered tender procedures to match market conditions and
preferences. Recent political developments in Europe, and renewed commitments from European
Governments to meet tangible Offshore Wind energy production targets by 2040 have brought a
new sense of urgency and reality, demonstrating the long term need for energy security and the
energy transition. We see this new reality reflected in tender activity for projects after 2027.
We continue to monitor the developments and assess the implications on our business operations.
Despite the current market conditions, we concluded that the impact on the performance of the
business is not material for the 2026 and first half of 2027 financial periods. In addition, the
assessment did not result in any impairment or other material changes in the valuation of other
assets and liabilities. Due to the unpredictable nature of the market in which we operate, we are
actively monitoring the economic and market developments, as the severity of the impact on our
customers and our own business operations remain uncertain.
The delayed and slower than expected ramp-up of production levels after the expansion of our
manufacturing facilities at Maasvlakte 2 has and will continue to have a negative impact on our
financial results and cash position of the Group. This resulted in non-compliance with the net
leverage ratio as per Q3 2025, for which a waiver has been received from the consortium of banks.
In addition, the covenant levels are reset for Q4 2025 and Q1 2026, to match the expected financial
performance in these periods. With the anticipated operational improvements in 2026 (as
demonstrated in Q4 2025), the Group expects to be able to meet the covenant ratios going forward.
Despite above mentioned uncertainties, the outlook remains positive: the order book is well filled
with 2026 fully booked and tender activities ongoing for the period 2027-2030 (and beyond). The
main projects in the order book and tender list are projects in the EU or United Kingdom. In addition,
the financing arrangements are secured until June 2029. Despite the decreased cash levels during
the past months, the revolving credit facility of EUR 50 million remains available to the Group as an
additional buffer for working capital and any operational setbacks.
The Group assessed where climate related matters could have a significant impact on the going
concern situation. As a consequence of emission-reduction legislation the demand for offshore
wind energy is increasing and therewith increases the demand for the products of the Group.
Therefore, management assesses that the current climate related matters have a positive impact
on the future volume of projects in the offshore wind market, and therefore lower the risk in relation
to going concern of the Group.
Accordingly, management considers there to be no material uncertainties that may cast significant
doubt on the Group\u2019s ability to continue to operate as a going concern. Therefore, the Group
continues to adopt the going concern basis in the preparation of the consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
2\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Basis of preparation
These consolidated financial statements have been prepared in accordance with IFRS Accounting
Standard s, as adopted in the European Union, as effective from 1\u00a0January 2025.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
2\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Basis of preparation
2.1\u00a0 \u00a0 \u00a0 Going concern
In determining the appropriate basis of preparation of the consolidated financial statements,
management is required to consider whether the Group can continue in operational existence for
the foreseeable future.
The future financial performance of the Group is dependent upon the wider economic environment
in which it operates. The factors that particularly affect the performance of the Group include
political decision making and global economic conditions. The ongoing geopolitical tensions bring
uncertainties and implications on the global economy, impacting various industries and sectors.
The effects are wide ranging, including amongst others, security issues, inflation, volatile energy
prices, pressure on supply chains, and fluctuating interest rates in most parts of the world. Mainly
the high inflation and interest rates have resulted in cancellations of projects in the USA and UK and
in decreased tender interest with developers and investors, especially in our home market Europe.
This resulted amongst others in the cancellation of the Empire Wind 2 order for the Group at the end
of 2023. Views of the government in the USA on offshore wind as a source of energy has already
lead to a downscaling of new, planned and existing developments. This strengthens the company in
pursuing its strategy that is focussed on Europe. In addition, various governments have adjusted
their ambitions for offshore wind and altered tender procedures to match market conditions and
preferences. Recent political developments in Europe, and renewed commitments from European
Governments to meet tangible Offshore Wind energy production targets by 2040 have brought a
new sense of urgency and reality, demonstrating the long term need for energy security and the
energy transition. We see this new reality reflected in tender activity for projects after 2027.
We continue to monitor the developments and assess the implications on our business operations.
Despite the current market conditions, we concluded that the impact on the performance of the
business is not material for the 2026 and first half of 2027 financial periods. In addition, the
assessment did not result in any impairment or other material changes in the valuation of other
assets and liabilities. Due to the unpredictable nature of the market in which we operate, we are
actively monitoring the economic and market developments, as the severity of the impact on our
customers and our own business operations remain uncertain.
The delayed and slower than expected ramp-up of production levels after the expansion of our
manufacturing facilities at Maasvlakte 2 has and will continue to have a negative impact on our
financial results and cash position of the Group. This resulted in non-compliance with the net
leverage ratio as per Q3 2025, for which a waiver has been received from the consortium of banks.
In addition, the covenant levels are reset for Q4 2025 and Q1 2026, to match the expected financial
performance in these periods. With the anticipated operational improvements in 2026 (as
demonstrated in Q4 2025), the Group expects to be able to meet the covenant ratios going forward.
Despite above mentioned uncertainties, the outlook remains positive: the order book is well filled
with 2026 fully booked and tender activities ongoing for the period 2027-2030 (and beyond). The
main projects in the order book and tender list are projects in the EU or United Kingdom. In addition,
the financing arrangements are secured until June 2029. Despite the decreased cash levels during
the past months, the revolving credit facility of EUR 50 million remains available to the Group as an
additional buffer for working capital and any operational setbacks.
The Group assessed where climate related matters could have a significant impact on the going
concern situation. As a consequence of emission-reduction legislation the demand for offshore
wind energy is increasing and therewith increases the demand for the products of the Group.
Therefore, management assesses that the current climate related matters have a positive impact
on the future volume of projects in the offshore wind market, and therefore lower the risk in relation
to going concern of the Group.
Accordingly, management considers there to be no material uncertainties that may cast significant
doubt on the Group\u2019s ability to continue to operate as a going concern. Therefore, the Group
continues to adopt the going concern basis in the preparation of the consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
3\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Material accounting policies
The Group has consistently applied the following accounting policies to all periods presented in
these consolidated financial statements.
3.1\u00a0 \u00a0 \u00a0 Basis of consolidation
Subsidiaries
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries as at 31\u00a0December 2025. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee. Specifically, the Group controls an investee if, and only if, the
Group has:
1 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
2 Exposure, or rights, to variable returns from its involvement with the investee;
3 The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses control
of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated financial statements from the date the Group gains
control until the date the Group ceases to control the subsidiary. A change in the ownership interest of
a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses
control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-
controlling interest and other components of equity while any resultant gain or loss is recognised in
profit or loss. Any investment retained is recognised at fair value.
Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition
is measured as the aggregate of the consideration transferred, which is measured at acquisition
date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at
fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related
costs are expensed as incurred and included in general expenses.
The Group determines that it has acquired a business when the acquired set of activities and assets
include an input and a substantive process that together significantly contribute to the ability to
create outputs. The acquired process is considered substantive if it is critical to the ability to
continue producing outputs, and the inputs acquired include an organised workforce with the
necessary skills, knowledge, or experience to perform that process or it significantly contributes to
the ability to continue producing outputs and is considered unique or scarce or cannot be replaced
without significant cost, effort, or delay in the ability to continue producing outputs.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred,
the Group re-assesses whether it has correctly identified all of the assets acquired and all of the
liabilities assumed and reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair value of net assets
acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-
group transactions, are eliminated. Unrealised gains arising from transactions with equity-
accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in
the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the
extent that there is no evidence of impairment.
3.2\u00a0 \u00a0 \u00a0 Management estimates and judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make
estimates and assumptions. To make these estimates and assumptions the Group uses factors
such as experience and expectations about future events that are reasonably expected to occur
given the information that is currently available. Furthermore, climate related matters are taken into
account, however the Group concluded that those have no significant impact on the estimates and
assumptions. The estimates and assumptions are reviewed on an ongoing basis.
Revisions of accounting estimates and assumptions, or differences between accounting estimates
and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of
assets and liabilities, which would be recognised prospectively.
Contract assets and liabilities
Revenues and cost to fulfil the contracts from contracts with customers are recognised in the
statement of profit or loss in proportion to the satisfaction of each performance obligation. In the
Wind segment and offshore steel structure projects in the Other segment the satisfaction is
assessed based on the actual hours incurred compared with the estimated hours needed to
complete the full performance obligation. In addition, management estimates at each reporting
date the total expected costs to fulfil the contract, the variable considerations and any claims/
litigations for each individual performance obligation and adjustments are made where
appropriate. Furthermore, judgement is applied in relation to licensing contracts, which concerns
the identification of performance obligations and the relative stand-alone selling prices based on
which the transaction price is allocated to the identified performance obligations.
Detailed explanations of the degree of judgment and assumptions used are included under the
respective section in the material accounting policies related to revenues from contracts with
customers.
Leases
The Group rents warehouse/factory equipment and several housing units in order to carry out its
activities. Furthermore, the Group entered into a lease agreement with Havenbedrijf Rotterdam
N.V. for the lease of four plots in the Rotterdam harbour.
Extension options or cancellation options are included in the lease term when the group has such
an economic incentive that exercising the option is reasonably certain. The group considers
available evidence at the time of the assessment, including potential favourable terms upon
extension, potential termination penalties, the relative costs associated with potential relocation or
termination of the lease and the extent of leasehold improvements undertaken. Additionally, the
size and the relative importance of the leased premises as well as the availability of easily
substitutable assets is taken into consideration when assessing whether the group has an
economic incentive to extend a lease for which it holds an option to do so.
The Group applies judgement in evaluating whether it is reasonably certain it will or will not exercise
the option to renew or terminate the lease. That is, it considers all relevant factors that create an
economic incentive for it to exercise either the renewal or the termination. After the
commencement date, the Group reassesses the lease term if there is a significant event or change
in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to renew or to terminate (e.g., construction of significant leasehold improvements or
significant customisation to the leased asset).
Recoverability of deferred tax assets
The Group has recognised deferred tax assets, related to unused tax losses and deductible
temporary differences. The Group has incurred taxable losses in recent years, which could raise
concerns whether future taxable profits will be available future taxable profits may not be available.
Therefore, deferred tax assets arising from unused tax losses and deductible temporary differences
are recognised only to the extent that sufficient convincing evidence exists that taxable profits will
be generated.
To support the deferred tax assets arising from unused tax losses which can not be supported by
reversing offsetting deferred tax liabilities, management has prepared detailed forecasts of future
taxable profits based on the Board-approved business plan. The return to profitability is primarily
driven by the operational improvements (as already demonstrated during Q4 2025), combined with
the well filled order book for 2026. This will result in a significant improvement in production levels
in 2026, which will, together with lower non-recurring ramp-up costs and the stabilisation of input
costs, result in a profitable situation in 2026 again.
Management believes that, based on the weight of available evidence, including the scheduled
reversal of deferred tax liabilities and approved business plans, it is probable that sufficient taxable
profit will be available to realise the recognised deferred tax assets.
3.3\u00a0 \u00a0 \u00a0 Summary of material accounting policies
Revenue from contracts with customers
The Group is primarily involved in the manufacturing of foundation piles for offshore wind farms
(Wind segment) and metal structures, parts of metal structures, pipes, pipe structures, and
components for the offshore industry (OSS segment). In addition, the Group is providing
Marshalling and logistics services to its clients (Marshalling segment). In addition, with the
acquisition of KCI The Engineers B.V. during 2021, the Group is also involved in the engineering of
solutions for renewables market, the oil & gas market and other equipment (Other segment).
Furthermore, during 2023 the Group started licensing its technology and trademarks to customers
(Other segment).
Revenue from contracts with customers is recognised when control of the goods or services is
transferred to the customer at an amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods or services. The Group has generally concluded
that it is the principal in its revenue arrangements, because it typically controls the (series of) goods
or services before transferring them to the customer.
The Group applied the following judgements that significantly affect the determination of the
amount and timing of revenue from contracts with customers:
Construction contracts
Identify the contract(s) with a customer
The Group identifies a contract with a customer when all the criteria of IFRS 15 are met. The price as
agreed upon may vary in the beginning of the project. The initial contract price is normally
determined based on situations in the past and the company is working with its customers on the
final design and development of the project. The change in the contract price is a change within the
existing contract and relates mainly to adjustments before the start of the production. A
combination of contracts is considered for every individual contract, although mostly not
applicable as contract prices are determined on a standalone basis and no discounts are given
related to other contracts. Contract modifications are relatively limited.
Under IFRS 15 cost to obtain a contract - when they are incremental - and if they are expected to be
recovered \u2014should be capitalised and then amortised consistently with the pattern of revenue for
the related contract. However, the Group incurs costs of obtaining a contract, but these are not
incremental costs (the costs would have incurred if the contract had not been obtained) and are
recognised as an expense when incurred.
Identify the performance obligations in the contract
The goods of the Group include mainly monopiles, transition pieces, legs, piles and pile sleeves.
Goods within a contract that are substantially the same and that have the same pattern of transfer
to the customer are considered as series of distinct goods. These series and the other individual
goods are identified as separate performance obligations as the customer can benefit from the
goods on its own or with readily available resources and the goods are distinct within the context of
the contract. This results in an accounting treatment with a series of goods on a performance
obligation for the aforementioned goods, as the series of goods are designed for a specific project
and connected to each other without having the opportunity to adjust these easily. The
aforementioned goods are separated as these can be considered to be distinct. Storage of goods is
not considered a performance obligation, as it is not a promise in the contract. When the customer
requires additional storage of goods (in addition to the agreed schedules for production and load-
out), this is assessed in light of the guidance for identification of performance obligations (at
contract inception) or contract modifications (when the request comes during the execution of the
contract). If applicable, the additional storage service is not considered a service in the Marshalling
segment, as it does not qualify as a lease (the customers does not obtain right to control the use the
storage area) and no specific logistical handling services are provided.
Determine the transaction price
The transaction price is the price that the company expects to receive for the satisfaction of the
performance obligations taking into account among others: discounts, financing components and
liquidated damages. Before including any amount of variable consideration in the transaction price,
the Group considers whether the amount of variable consideration is constrained. In case the
Group determined that the estimates of variable consideration are constrained, the transaction
price is adjusted accordingly. The main variable consideration that can be applicable to the
contracts of the Group is related to steel prices (of which the impact of changes is passed through
to the customers of the Group), liquidated damages (which are performance penalties in the
contract in case agreed milestones are not met) and cancellation fees. Based on facts and
circumstances in relation to the respective project, the Group assesses to what extend it is highly
probable that a significant revenue reversal will not occur in future periods once the uncertainty
related to the variable consideration is resolved. Other forms of variable consideration are relatively
limited, as the Group provides no volume rebates, no rights of returns, no performance bonuses, no
refunds nor credits.
Allocate the transaction price to the performance obligations in the contract
The transaction price is separately agreed for the relevant performance obligation or are allocated
to the relevant performance obligation in proportion to their stand-alone selling price which was the
basis for the contract.
Recognise revenue when (or as) the entity satisfies a performance obligation
The Group recognises revenue when (or as) a performance obligation is satisfied, i.e., when control
of the (series of) goods or services underlying the particular performance obligation is transferred to
the customer. The Group recognises revenue over time, since its performance creates or enhances
an asset that the customer controls as the asset is created, its performance does not create an
asset with an alternative use to the entity and the entity has an enforceable right to payment for
performance completed to date. The Group uses the input method to measure progress over time,
based on labour hours spent. The actual hours spent in relation to the total expected hours to the
satisfaction of that performance obligation is considered a reliable measure to recognise revenue
over time.
Termination of contracts
In case of a termination of a contract with a customer, based on the specific contractual
agreements the financial consequences are determined.
Marshalling services
During 2019 the Group started to provide marshalling and logistic services to its clients. These
services can comprise of (a combination of) renting out logistical and facilities, and providing
logistical handling services.
Contracts with bundled sales of renting out space and logistical handling services are comprised of
at least two performance obligations, because the renting and handling services are both sold on a
stand-alone basis and are distinct within the context of the contract. Accordingly, the Group
allocates the transaction price based on the relative stand-alone selling prices of the services. In
the assessment of the applicable performance obligations in contracts with customers in the
Marshalling segment it is considered whether the control of any goods or services is transferred to
the Group, or the control remains at the customer.
As renting out logistical space is considered a lease contract within the scope of IFRS 16, the related
accounting is performed in accordance with the policies as described in the section \u201cLeases\u201d.
The logistical handling services agreed in the contract can be distinct, or a series of distinct services
that are substantially the same and that have the same pattern of transfer to the customer. As a
customer simultaneously receives and consumes the benefits provided by the Group\u2019s
performance and the throughput time of an individual performance obligation is limited, the Group
considers the control of the service to be transferred at a point in time. Therefore, revenue for
logistical handling services is recognised at the moment the service is provided to the customer.
For some contracts the Group needs to incur costs in order to enable the Group to fulfil the
performance obligations in the contract (initial direct costs). In accordance with IFRS 15 and 16, in
the accounting of those costs to fulfil a contract, any other applicable accounting standards are
considered first. If other standards are not applicable to contract fulfilment costs, the following
criteria are applied for capitalisation of these costs as contract costs in case of an IFRS 15 contract:
1 The costs directly relate to a contract or to a specifically identifiable anticipated contract (e.g.,
costs relating to services to be provided under renewal of an existing contract or costs of
designing an asset to be transferred under a specific contract that has not yet been approved).
2 The costs generate or enhance resources of the entity that will be used in satisfying (or in
continuing to satisfy) performance obligations in the future.
3 The costs are expected to be recovered.
In case the initial direct costs related to an operational lease contract for which the Group acts as
the (intermediate) lessor, the initial direct costs incurred in obtaining an operating lease are added
to the carrying amount of the underlying asset and recognised as an expense over the lease term on
the same basis as the lease income.
Other revenue
In addition to revenue from construction contracts and marshalling contracts, the Group has
limited revenue from engineering services, operational lease of the windmill on the Group\u2019s site in
Rotterdam and the licensing of the Group\u2019s technology and trademarks.
The revenue for engineering services is recognised in line with the accounting policies for
construction contracts. The operational lease of the windmill is considered a lease contract within
the scope of IFRS 16, the related accounting is performed in accordance with the policies as
described in the section \u201cLeases\u201d. The licensing revenue is generated through licensing of the
Group\u2019s technology and trademarks to customers, to enable them to produce and sell offshore
wind products in line with the Group\u2019s quality standards. The technology license is granted as \u2018right
to use\u2019 license while the license of the Group\u2019s trademark is granted as \u2018right to access\u2019. Revenue
from \u2018right to access\u2019 licenses is recognised over the (estimated) period during which the Group is
obliged to provide access to the customers. License revenue for \u2018right to use\u2019 licenses is recognised
at the moment the control passes to the customer, except for the usage-based royalties, which are
recognised when the usage has taken place based on royalties the Group is entitled to for the
period.
Bundled goods and services
When products and services are offered as a bundle under one agreement or under a series of
agreements that are commercially linked, the (estimated) total transaction price of the agreement
is allocated to each of the identified \u2018distinct\u2019 performance obligation based on the relative stand-
alone selling price of each element. Depending on their nature, the revenue from each of the
\u2018distinct\u2019 performance obligations is recognised based on the applicable revenue recognition policy
as described above.
The relative stand-alone selling price of each element in a bundled arrangement is based on the
available stand-alone selling price or is estimated using methods allowed under IFRS, such as the
cost plus reasonable margin method, residual method or a combination thereof. In making such
estimates, management makes use of judgment and assumptions to arrive at an outcome that best
reflects a transaction\u2019s substance.
Contract balances
Contract assets
Contract assets represent the Group\u2019s right to consideration in exchange for goods or services that
the entity has transferred to a customer when that right is conditioned on something other than the
passage of time (for example, the entity\u2019s future performance). Contract assets are subject to
impairment assessment. Refer to accounting policies on impairment of financial assets.
Contract liabilities
A contract liability is recognised if a customer pays consideration, or the Group has a right to an
amount of consideration that is unconditional (i.e. a receivable), before the Group transfers the
related goods or services. Contract liabilities are recognised as revenue when the Group performs
under the contract (i.e., transfers control of the related goods or services to the customer).
Trade receivables
A receivable is recognised if an amount of consideration that is unconditional is due from the
customer (i.e., only the passage of time is required before payment of the consideration is due).
Refer to accounting policies of financial assets.
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be
received and all attached conditions will be complied with. When the grant relates to an expense
item, it is recognised as income on a systematic basis over the periods that the related costs, for
which it is intended to compensate, are expensed. When the grant relates to an asset, it is
recognised as income in equal amounts over the expected useful life of the related asset.
Employee benefits
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably. Wage tax deductions (WBSO) are recognised in profit or loss
over the periods in which the Group recognises the related costs which the grants are intended to
compensate.
Post-employment benefit plan
The Group has a defined benefit scheme for which premiums are payable to an industry pension
fund (Bedrijfstakpensioenfonds) that is separately managed: the Pensioenfonds Metaal en
Techniek (PMT). This pension scheme is administered together with those of other legal entities.
The pension obligation is based on the duration of the participation in the plan and their salary
levels. The related obligations are covered by the periodical premiums to the industry pension fund.
The structure of the administration does not allow for providing the required information to the
Group for accounting for the pension scheme as a defined benefit scheme in accordance with IAS
19. As such, this pension scheme has been accounted for as a defined contribution scheme in the
financial statements.
Obligations for contributions to the industry pension fund are expensed as the related service is
provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in future payments is available.
Share-based compensation
Employees of the Group receive remuneration in the form of share-based payments, whereby
employees render services in exchange for equity instruments (equity-settled transactions) and/or
share appreciation rights which are settled in cash (cash-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is
made using an appropriate valuation model (further details are given in note 28).
That cost is recognised in employee benefits expense, together with a corresponding increase in
equity (share premium), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments
that will ultimately vest. The expense or credit in the statement of profit or loss for a period
represents the movement in cumulative expense recognised as at the beginning and end of that
period.
Service and non-market performance conditions are not taken into account when determining the
grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of
the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. Any other conditions attached
to an award, but without an associated service requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an
immediate expensing of an award unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of whether the market or non-vesting
condition is satisfied, provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the
grant date fair value of the unmodified award, provided the original vesting terms of the award are
met. An additional expense, measured as at the date of modification, is recognised for any
modification that increases the total fair value of the share-based payment transaction, or is
otherwise beneficial to the employee. Where an award is cancelled by the entity or by the
counterparty, any remaining element of the fair value of the award is expensed immediately through
profit or loss.
Cash-settled transactions
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured
initially and at each reporting date up to and including the settlement date, with changes in fair
value recognised in employee benefits expense. The fair value is expensed over the period until the
vesting date with recognition of a corresponding liability. The fair value is determined using a
binomial model (further details are given in note 28). The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to cash-settled transactions.
Other long-term employee benefits
The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit
that employees have earned in return for their service in the current and prior periods. That benefit
is discounted to determine its present value. Remeasurements are recognised in profit or loss in
the period in which they arise.
Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022 interest income;
\u2022 interest expense; and
\u2022 the foreign currency gain or loss on financial assets and financial liabilities.
Interest income or expense is recognised using the effective interest method.
Taxes
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the
year and any adjustment to tax payable or receivable in respect of previous years. It is measured
using tax rates enacted or substantively enacted at the reporting date in the countries where the
Group operates and generates taxable income.
Income tax expense comprises current and deferred tax. Income taxes are recognised in profit or
loss except to the extent that they relate to items recognised directly in equity or in other
comprehensive income. Management periodically evaluates positions taken in the tax returns with
respect to situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and their tax bases, except for:
\u2022 deferred tax liabilities arising from the initial recognition of goodwill or assets or liabilities in a
transaction that is not a business combination and, at the time of the transaction, affects
neither accounting nor taxable profit or loss and;
\u2022 temporary differences related to investments in subsidiaries, associates and joint
arrangements to the extent that the Group is able to control the timing of the reversal of the
temporary differences and it is probable that they will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible unused tax losses, tax credits and unused
deductible temporary differences to the extent that it is probable that future taxable profits will be
available against which they can be utilised. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related tax benefit will be
realised. Such reductions are reversed when the probability of future taxable profits improves.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the
extent that it has become probable that future taxable profits will be available against which they
can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss.
Deferred tax items are recognised in correlation to the underlying transaction either in other
comprehensive income (OCI) or directly in equity.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax liabilities or assets are expected to be
settled or recovered.
Value added tax
Expenses and assets are recognised net of the amount of value added tax, except when the value
added tax incurred on a purchase of assets or services is not recoverable from the taxation
authority, in which case, the value added tax is recognised as part of the cost of acquisition of the
asset or as part of the expense item, as applicable.
The net amount of value added tax recoverable from, or payable to, the taxation authority is
included as part of receivables or payables in the statement of financial position.
Intangible assets
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are
recognised as an intangible asset when the Group can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that the asset will be available
for use or sale
\u2022 Its intention to complete and its ability and intention to use or sell the asset
\u2022 How the asset will generate future economic benefits
\u2022 The availability of resources to complete the asset
\u2022 The ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried at cost
less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset
begins when development is complete, and the asset is available for use. It is amortised over the
period of expected future benefit, which is determined per project (with a standard assumption of 5
years). Amortisation is recorded in depreciation and amortisation costs. During the period of
development, the asset is tested for impairment annually.
Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant
and equipment and borrowing costs for long-term construction projects if the recognition criteria
are met.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in
which they occur. Borrowing costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds. Interest expense arising from customer contracts with a
significant financing component are capitalised as borrowing costs if they are directly attributable
to the acquisition, construction or production of a qualifying asset.
When significant parts of plant and equipment are required to be replaced at intervals, the Group
depreciates them separately based on their specific useful lifes. Likewise, when a major renovation
or overhaul is performed, its cost is recognised in the carrying amount of the plant and equipment
as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are
recognised in profit or loss as incurred.
If significant parts of an item of property, plant and equipment have different useful lifes, they are
accounted for as separate items (major components) of property, plant and equipment.
Subsequent expenditure
Subsequent expenditure is capitalised only when it is probable that the future economic benefits
associated with the expenditure will flow to the Group.
Depreciation
Depreciation is calculated using the cost of items of property, plant and equipment using the straight-
line method over their estimated useful lifes, and is recognised in profit or loss. Land is not depreciated.
Assets which are under construction are capitalised under property, plant or equipment whereby
depreciation will start when the asset is available for use.
The estimated useful lifes of property, plant and equipment for current and comparative periods are
as follows:
>
Buildings:
6 \u2013 20 years
>
Plant and equipment:
5 \u2013 20 years
>
Other fixed assets:
5 \u2013 10 years
Depreciation methods and useful lifes are reviewed at each reporting date and adjusted if appropriate.
Derecognition
An item of property, plant and equipment and any significant part initially recognised is
derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
Investment property
Investment property is initially measured at cost. Subsequent to initial recognition, investment
properties are stated at fair value, which reflects market conditions at the reporting date. Gains or
losses arising from changes in the fair values of investment properties are included in profit or loss
in the period in which they arise, including the corresponding tax effect.
Investment properties are derecognised either when they have been disposed of (i.e., at the date
the recipient obtains control) or when they are permanently withdrawn from use and no future
economic benefit is expected from their disposal. Any gain or loss on disposal of an investment
property (calculated as the difference between the net proceeds from disposal and the carrying
amount of the item) is recognised in profit or loss in the period of derecognition.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-
term leases and leases of low-value assets. The Group recognises lease liabilities to make lease
payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less any
lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the
shorter of the lease term and the estimated useful lifes of the assets. For more information related
to the estimated useful life of the assets reference is made to note 3.2.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life
of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in section
\u201cImpairment of non-financial assets\u201d.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The lease payments include fixed
payments (including in-substance fixed payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of penalties for terminating the
lease, if the lease term reflects the Group exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are recognised as expenses (unless they are
incurred to produce inventories) in the period in which the event or condition that triggers the
payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate
at the lease commencement date because the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect
the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the lease payments (e.g., changes to future payments resulting from a change in an index
or rate used to determine such lease payments) or a change in the assessment of an option to
purchase the underlying asset.
The repayment of lease liabilities is separately shown in cash flow statement under financing
activities. The interest part is shown as part of the interest paid. The Group\u2018s lease liabilities are
separately shown in the balance sheet.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery
and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low value
assets recognition exemption to leases of office equipment that are considered to be low value.
Lease payments on short-term leases and leases of low value assets are recognised as expense on
a straight-line basis over the lease term.
Significant judgement in determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to
terminate or extend the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise the renewal. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that is within its control and
affects its ability to exercise (or not to exercise) the option to renew or to terminate (e.g., a change in
business strategy).
During 2025 no adjustments have been made to the estimations of the lease terms which had a
material impact.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to
ownership of an asset are classified as operating leases. Rental income arising is accounted for on
a straight-line basis over the lease terms and is included in operational lease income in the
statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and
arranging an operating lease are added to the carrying amount of the leased asset and recognised
over the lease term on the same basis as rental income. Rents are recognised as revenue in the
period in which they are earned.
Investments in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture. Joint control is the contractually
agreed sharing of control of an arrangement, which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing control. The considerations made in
determining significant influence or joint control are similar to those necessary to determine control
over subsidiaries. The Group\u2019s investments in its joint ventures are accounted for using the equity
method. Under the equity method, the investment in a joint venture is initially recognised at cost.
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net
assets of the joint ventures since the acquisition date.
The statement of profit or loss reflects the Group\u2019s share of the results of operations of the
associate or joint venture. In addition, when there has been a change recognised directly in the
equity of the associate or joint venture, the Group recognises its share of any changes, when
applicable, in the statement of changes in equity. Unrealised gains and losses resulting from
transactions between the Group and the associate or joint venture are eliminated to the extent of
the interest in the associate or joint venture.
Non-controlling interests
Non-controlling interest is defined as the equity in a subsidiary non attributable, directly or
indirectly, to a parent. For each business combination, in which the company holds less than 100%
of the equity interests in the acquiree, the Group values the non-controlling interest using its
proportionate share of the acquiree\u2019s identifiable net assets.
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is
based on the first-in first-out principle. Net realisable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and the estimated costs necessary
to make the sale.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in
hand, which are subject to an insignificant risk of changes in value.
Because of the short term nature of the instrument, the Group recognises the current account at its
contractual par amount. Similar to trade receivables, the current account involves one single cash
flow which is the repayment of the principal. Therefore, the cash flows resulting from the
receivables meet the SPPI test of payments of principal and interest despite the interest
component being zero.
The Group holds the current account in order to collect contractual cash flows. The current
account is therefore classified as measured at amortised cost.
Financial assets
IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and
some contracts to buy or sell non-financial items.
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient of IFRS 15.63 associated with the determination of whether a
significant financing component exists, the Group initially measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade
receivables that do not contain a significant financing component or for which the Group has applied
the practical expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level. The Group\u2019s business model for managing financial assets refers to how it manages
its financial assets in order to generate cash flows. The business model determines whether cash
flows will result from collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
Financial assets at amortised cost are the most relevant to the Group. The Group measures
financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR)
method and are subject to impairment. Gains and losses are recognised in profit or loss when the
asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost
includes trade receivables, contract assets and a loan to an associate.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is derecognised (i.e., removed from the Group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset have expired;
or
\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
\u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at an approximation of the original effective interest rate.
For trade receivables and contract assets, the Group applies a simplified approach in calculating
ECLs, as these positions do not contain a significant financing component. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors such as macro economic
information and the loss given default, specific to the debtors and the economic environment.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at
fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s material financial liabilities include trade and other payables and loans and borrowings
including bank overdrafts, financial liabilities following from sale and lease back transactions and
derivative financial instruments.
In case a financial liability does not meet the initial recognition criteria, the financial liability is
disclosed as contingent liability.
Subsequent measurement
Financial liabilities at amortised cost (loans and borrowings) is the category most relevant to the
Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of
profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments (interest rate swaps) to hedge its interest rate risks.
Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
For the purpose of hedge accounting, the hedge instruments are classified as cash flow hedges, as
the exposure to variability in interest cash flows is hedged.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and
strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged and how the Group will assess whether the hedging relationship meets the
hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets
all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of
the hedged item that the Group actually hedges and the quantity of the hedging instrument
that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is recognised immediately in the statement of
profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in fair value of the hedged item.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI
must be accounted for depending on the nature of the underlying transaction as described above.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle on a net basis, to realise the assets and
settle the liabilities simultaneously.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The Group uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input
that is significant to the fair value measurement as a whole:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable
\u2022 Level 3: Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-
assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
Share capital
Cash dividend and non-cash distribution to the shareholder
The Company recognises a liability to make cash or non-cash distributions to the shareholders
when the distribution is authorised and the distribution is no longer at the discretion of the
Company. As per the corporate laws in the Netherlands, a distribution is authorised when it is
approved by the shareholders. A corresponding amount is recognised directly in equity.
Non-cash distributions are measured at the fair value of the assets to be distributed with fair value
remeasurement recognised directly in equity. Upon distribution of non-cash assets, any difference
between the carrying amount of the liability and the carrying amount of the assets distributed is
recognised in the statement of profit or loss.
Cumulative preference shares and perpetual bond
Cumulative preference shares and the perpetual bond are classified as either a financial liability or
equity components based on the terms of the contract.
A financial liability is any liability that is:
\u2022 a contractual obligation to deliver cash or another financial asset to another entity, or to
exchange financial assets or financial liabilities with another entity under conditions that are
potentially unfavourable to the entity; or
\u2022 a contract that will or may be settled in the entity\u2019s own equity instruments and is a non\u2013
derivative for which the entity is or may be obliged to deliver a variable number of the entity\u2019s
own equity instruments, or a derivative that will or may be settled other than by the exchange
of a fixed amount of cash or another financial asset for a fixed number of the entity\u2019s own
equity instruments.
The cumulative preference shares and perpetual bond have been classified as equity, because
there is no mandatory redemption and distributions to the holders of the respective instrument are
at the discretion of Sif.
The cash received is classified as other capital reserve in equity, the transaction costs (net of tax)
are accounted for as a deduction from equity. The Group has chosen to recognise the charge as a
reduction of share premium.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. When the Group expects some or all of a provision to be reimbursed, for example, under
an insurance contract, the reimbursement is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to a provision is presented in the statement
of profit or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax
rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognised as a finance cost.
Impairment of non-financial assets
Each reporting date, the Group assesses whether there is any indication that the Group\u2019s assets
have been impaired. If any indication exists, an estimate is made of the recoverable amount of the
asset concerned. An impairment is only recognised when the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Any impairments are recognised in the
statement of profit or loss under depreciation and impairment expenses.
The recoverable amount of an asset or cash-generating unit is the higher of the value in use and the
fair value less costs of disposal. The recoverable amount is calculated for each asset individually,
unless that asset does not generate any cash flows that are largely independent from those of other
assets or groups of assets. The calculation of the value in use is based on a discounting of the
estimated future cash flows, using a discount rate that reflects the current market assessments of
the time value of money and the specific risks associated with the asset. For the calculation of fair
value minus cost of disposal use is made of an appropriate valuation model.
A previously recognised impairment loss is only reversed if the assumptions used to determine the
asset\u2019s recoverable amount have changed since the most recent impairment loss. The reversal is
limited so that the carrying amount of the asset does not exceed its recoverable amount, nor
exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.
6\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating segments
For management purposes, the Group is organised into divisions based on its products and
services and has four operating segments :
\u2022 Wind, which produces and delivers monopiles and transition pieces for the off-shore wind
industry;
\u2022 OSS, which produces offshore steel structures;
\u2022 Marshalling, which includes renting-out of logistical area and facilities and the delivery of
logistical services to customers, mainly in the off-shore wind industry;
\u2022 Other, which includes mainly engineering services, licensing fees and operational lease
income for the windmill on the Group\u2019s site in Rotterdam.
Information related to each operating segment is set out below.
Segment contribution constitutes the difference between revenue from contracts with customers
and cost of sales. Cost of sales includes the costs of raw materials, subcontracted work and other
external charges as well as logistic and other project related expenses. The gross profit is
determined by segment contribution subtracted by costs relating to direct personnel expenses and
production and general manufacturing expenses.
All accounts below gross profit are not allocated to individual segments as these are managed on
an overall group basis. Costs of sales like raw materials, subcontracted work and other charges and
logistic and other project related expenses depend on underlying contracts with customers. Gross
profit is used to measure performance because management believes that this information is the
most relevant in evaluating the results of the respective segments relative to other entities that
operate in the same industries. Total assets, which are located in the Netherlands, are not
allocated to individual segments as these are managed on an overall group basis.
14\u00a0 \u00a0 \u00a0 \u00a0 Earnings per share
Basic and diluted earnings per share
The calculation of basic and diluted earnings per share has been based on the profit or loss
attributable to the ordinary shareholders of the Group (adjusted for the undeclared dividend on the
cumulative preference shares) and the weighted-average number of ordinary shares outstanding.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
3\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Material accounting policies
Subsidiaries
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries as at 31\u00a0December 2025. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee. Specifically, the Group controls an investee if, and only if, the
Group has:
1 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
2 Exposure, or rights, to variable returns from its involvement with the investee;
3 The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses control
of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated financial statements from the date the Group gains
control until the date the Group ceases to control the subsidiary. A change in the ownership interest of
a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses
control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-
controlling interest and other components of equity while any resultant gain or loss is recognised in
profit or loss. Any investment retained is recognised at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
3\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Material accounting policies
3.2\u00a0 \u00a0 \u00a0 Management estimates and judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make
estimates and assumptions. To make these estimates and assumptions the Group uses factors
such as experience and expectations about future events that are reasonably expected to occur
given the information that is currently available. Furthermore, climate related matters are taken into
account, however the Group concluded that those have no significant impact on the estimates and
assumptions. The estimates and assumptions are reviewed on an ongoing basis.
Revisions of accounting estimates and assumptions, or differences between accounting estimates
and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of
assets and liabilities, which would be recognised prospectively.
Contract assets and liabilities
Revenues and cost to fulfil the contracts from contracts with customers are recognised in the
statement of profit or loss in proportion to the satisfaction of each performance obligation. In the
Wind segment and offshore steel structure projects in the Other segment the satisfaction is
assessed based on the actual hours incurred compared with the estimated hours needed to
complete the full performance obligation. In addition, management estimates at each reporting
date the total expected costs to fulfil the contract, the variable considerations and any claims/
litigations for each individual performance obligation and adjustments are made where
appropriate. Furthermore, judgement is applied in relation to licensing contracts, which concerns
the identification of performance obligations and the relative stand-alone selling prices based on
which the transaction price is allocated to the identified performance obligations.
Detailed explanations of the degree of judgment and assumptions used are included under the
respective section in the material accounting policies related to revenues from contracts with
customers.
Leases
The Group rents warehouse/factory equipment and several housing units in order to carry out its
activities. Furthermore, the Group entered into a lease agreement with Havenbedrijf Rotterdam
N.V. for the lease of four plots in the Rotterdam harbour.
Extension options or cancellation options are included in the lease term when the group has such
an economic incentive that exercising the option is reasonably certain. The group considers
available evidence at the time of the assessment, including potential favourable terms upon
extension, potential termination penalties, the relative costs associated with potential relocation or
termination of the lease and the extent of leasehold improvements undertaken. Additionally, the
size and the relative importance of the leased premises as well as the availability of easily
substitutable assets is taken into consideration when assessing whether the group has an
economic incentive to extend a lease for which it holds an option to do so.
The Group applies judgement in evaluating whether it is reasonably certain it will or will not exercise
the option to renew or terminate the lease. That is, it considers all relevant factors that create an
economic incentive for it to exercise either the renewal or the termination. After the
commencement date, the Group reassesses the lease term if there is a significant event or change
in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to renew or to terminate (e.g., construction of significant leasehold improvements or
significant customisation to the leased asset).
Recoverability of deferred tax assets
The Group has recognised deferred tax assets, related to unused tax losses and deductible
temporary differences. The Group has incurred taxable losses in recent years, which could raise
concerns whether future taxable profits will be available future taxable profits may not be available.
Therefore, deferred tax assets arising from unused tax losses and deductible temporary differences
are recognised only to the extent that sufficient convincing evidence exists that taxable profits will
be generated.
To support the deferred tax assets arising from unused tax losses which can not be supported by
reversing offsetting deferred tax liabilities, management has prepared detailed forecasts of future
taxable profits based on the Board-approved business plan. The return to profitability is primarily
driven by the operational improvements (as already demonstrated during Q4 2025), combined with
the well filled order book for 2026. This will result in a significant improvement in production levels
in 2026, which will, together with lower non-recurring ramp-up costs and the stabilisation of input
costs, result in a profitable situation in 2026 again.
Management believes that, based on the weight of available evidence, including the scheduled
reversal of deferred tax liabilities and approved business plans, it is probable that sufficient taxable
profit will be available to realise the recognised deferred tax assets.
3.3\u00a0 \u00a0 \u00a0 Summary of material accounting policies
Revenue from contracts with customers
The Group is primarily involved in the manufacturing of foundation piles for offshore wind farms
(Wind segment) and metal structures, parts of metal structures, pipes, pipe structures, and
components for the offshore industry (OSS segment). In addition, the Group is providing
Marshalling and logistics services to its clients (Marshalling segment). In addition, with the
acquisition of KCI The Engineers B.V. during 2021, the Group is also involved in the engineering of
solutions for renewables market, the oil & gas market and other equipment (Other segment).
Furthermore, during 2023 the Group started licensing its technology and trademarks to customers
(Other segment).
Revenue from contracts with customers is recognised when control of the goods or services is
transferred to the customer at an amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods or services. The Group has generally concluded
that it is the principal in its revenue arrangements, because it typically controls the (series of) goods
or services before transferring them to the customer.
The Group applied the following judgements that significantly affect the determination of the
amount and timing of revenue from contracts with customers:
Construction contracts
Identify the contract(s) with a customer
The Group identifies a contract with a customer when all the criteria of IFRS 15 are met. The price as
agreed upon may vary in the beginning of the project. The initial contract price is normally
determined based on situations in the past and the company is working with its customers on the
final design and development of the project. The change in the contract price is a change within the
existing contract and relates mainly to adjustments before the start of the production. A
combination of contracts is considered for every individual contract, although mostly not
applicable as contract prices are determined on a standalone basis and no discounts are given
related to other contracts. Contract modifications are relatively limited.
Under IFRS 15 cost to obtain a contract - when they are incremental - and if they are expected to be
recovered \u2014should be capitalised and then amortised consistently with the pattern of revenue for
the related contract. However, the Group incurs costs of obtaining a contract, but these are not
incremental costs (the costs would have incurred if the contract had not been obtained) and are
recognised as an expense when incurred.
Identify the performance obligations in the contract
The goods of the Group include mainly monopiles, transition pieces, legs, piles and pile sleeves.
Goods within a contract that are substantially the same and that have the same pattern of transfer
to the customer are considered as series of distinct goods. These series and the other individual
goods are identified as separate performance obligations as the customer can benefit from the
goods on its own or with readily available resources and the goods are distinct within the context of
the contract. This results in an accounting treatment with a series of goods on a performance
obligation for the aforementioned goods, as the series of goods are designed for a specific project
and connected to each other without having the opportunity to adjust these easily. The
aforementioned goods are separated as these can be considered to be distinct. Storage of goods is
not considered a performance obligation, as it is not a promise in the contract. When the customer
requires additional storage of goods (in addition to the agreed schedules for production and load-
out), this is assessed in light of the guidance for identification of performance obligations (at
contract inception) or contract modifications (when the request comes during the execution of the
contract). If applicable, the additional storage service is not considered a service in the Marshalling
segment, as it does not qualify as a lease (the customers does not obtain right to control the use the
storage area) and no specific logistical handling services are provided.
Determine the transaction price
The transaction price is the price that the company expects to receive for the satisfaction of the
performance obligations taking into account among others: discounts, financing components and
liquidated damages. Before including any amount of variable consideration in the transaction price,
the Group considers whether the amount of variable consideration is constrained. In case the
Group determined that the estimates of variable consideration are constrained, the transaction
price is adjusted accordingly. The main variable consideration that can be applicable to the
contracts of the Group is related to steel prices (of which the impact of changes is passed through
to the customers of the Group), liquidated damages (which are performance penalties in the
contract in case agreed milestones are not met) and cancellation fees. Based on facts and
circumstances in relation to the respective project, the Group assesses to what extend it is highly
probable that a significant revenue reversal will not occur in future periods once the uncertainty
related to the variable consideration is resolved. Other forms of variable consideration are relatively
limited, as the Group provides no volume rebates, no rights of returns, no performance bonuses, no
refunds nor credits.
Allocate the transaction price to the performance obligations in the contract
The transaction price is separately agreed for the relevant performance obligation or are allocated
to the relevant performance obligation in proportion to their stand-alone selling price which was the
basis for the contract.
Recognise revenue when (or as) the entity satisfies a performance obligation
The Group recognises revenue when (or as) a performance obligation is satisfied, i.e., when control
of the (series of) goods or services underlying the particular performance obligation is transferred to
the customer. The Group recognises revenue over time, since its performance creates or enhances
an asset that the customer controls as the asset is created, its performance does not create an
asset with an alternative use to the entity and the entity has an enforceable right to payment for
performance completed to date. The Group uses the input method to measure progress over time,
based on labour hours spent. The actual hours spent in relation to the total expected hours to the
satisfaction of that performance obligation is considered a reliable measure to recognise revenue
over time.
Termination of contracts
In case of a termination of a contract with a customer, based on the specific contractual
agreements the financial consequences are determined.
Marshalling services
During 2019 the Group started to provide marshalling and logistic services to its clients. These
services can comprise of (a combination of) renting out logistical and facilities, and providing
logistical handling services.
Contracts with bundled sales of renting out space and logistical handling services are comprised of
at least two performance obligations, because the renting and handling services are both sold on a
stand-alone basis and are distinct within the context of the contract. Accordingly, the Group
allocates the transaction price based on the relative stand-alone selling prices of the services. In
the assessment of the applicable performance obligations in contracts with customers in the
Marshalling segment it is considered whether the control of any goods or services is transferred to
the Group, or the control remains at the customer.
As renting out logistical space is considered a lease contract within the scope of IFRS 16, the related
accounting is performed in accordance with the policies as described in the section \u201cLeases\u201d.
The logistical handling services agreed in the contract can be distinct, or a series of distinct services
that are substantially the same and that have the same pattern of transfer to the customer. As a
customer simultaneously receives and consumes the benefits provided by the Group\u2019s
performance and the throughput time of an individual performance obligation is limited, the Group
considers the control of the service to be transferred at a point in time. Therefore, revenue for
logistical handling services is recognised at the moment the service is provided to the customer.
For some contracts the Group needs to incur costs in order to enable the Group to fulfil the
performance obligations in the contract (initial direct costs). In accordance with IFRS 15 and 16, in
the accounting of those costs to fulfil a contract, any other applicable accounting standards are
considered first. If other standards are not applicable to contract fulfilment costs, the following
criteria are applied for capitalisation of these costs as contract costs in case of an IFRS 15 contract:
1 The costs directly relate to a contract or to a specifically identifiable anticipated contract (e.g.,
costs relating to services to be provided under renewal of an existing contract or costs of
designing an asset to be transferred under a specific contract that has not yet been approved).
2 The costs generate or enhance resources of the entity that will be used in satisfying (or in
continuing to satisfy) performance obligations in the future.
3 The costs are expected to be recovered.
In case the initial direct costs related to an operational lease contract for which the Group acts as
the (intermediate) lessor, the initial direct costs incurred in obtaining an operating lease are added
to the carrying amount of the underlying asset and recognised as an expense over the lease term on
the same basis as the lease income.
Other revenue
In addition to revenue from construction contracts and marshalling contracts, the Group has
limited revenue from engineering services, operational lease of the windmill on the Group\u2019s site in
Rotterdam and the licensing of the Group\u2019s technology and trademarks.
The revenue for engineering services is recognised in line with the accounting policies for
construction contracts. The operational lease of the windmill is considered a lease contract within
the scope of IFRS 16, the related accounting is performed in accordance with the policies as
described in the section \u201cLeases\u201d. The licensing revenue is generated through licensing of the
Group\u2019s technology and trademarks to customers, to enable them to produce and sell offshore
wind products in line with the Group\u2019s quality standards. The technology license is granted as \u2018right
to use\u2019 license while the license of the Group\u2019s trademark is granted as \u2018right to access\u2019. Revenue
from \u2018right to access\u2019 licenses is recognised over the (estimated) period during which the Group is
obliged to provide access to the customers. License revenue for \u2018right to use\u2019 licenses is recognised
at the moment the control passes to the customer, except for the usage-based royalties, which are
recognised when the usage has taken place based on royalties the Group is entitled to for the
period.
Bundled goods and services
When products and services are offered as a bundle under one agreement or under a series of
agreements that are commercially linked, the (estimated) total transaction price of the agreement
is allocated to each of the identified \u2018distinct\u2019 performance obligation based on the relative stand-
alone selling price of each element. Depending on their nature, the revenue from each of the
\u2018distinct\u2019 performance obligations is recognised based on the applicable revenue recognition policy
as described above.
The relative stand-alone selling price of each element in a bundled arrangement is based on the
available stand-alone selling price or is estimated using methods allowed under IFRS, such as the
cost plus reasonable margin method, residual method or a combination thereof. In making such
estimates, management makes use of judgment and assumptions to arrive at an outcome that best
reflects a transaction\u2019s substance.
Significant judgement in determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to
terminate or extend the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise the renewal. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that is within its control and
affects its ability to exercise (or not to exercise) the option to renew or to terminate (e.g., a change in
business strategy).
During 2025 no adjustments have been made to the estimations of the lease terms which had a
material impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
3\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Material accounting policies
Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition
is measured as the aggregate of the consideration transferred, which is measured at acquisition
date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at
fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related
costs are expensed as incurred and included in general expenses.
The Group determines that it has acquired a business when the acquired set of activities and assets
include an input and a substantive process that together significantly contribute to the ability to
create outputs. The acquired process is considered substantive if it is critical to the ability to
continue producing outputs, and the inputs acquired include an organised workforce with the
necessary skills, knowledge, or experience to perform that process or it significantly contributes to
the ability to continue producing outputs and is considered unique or scarce or cannot be replaced
without significant cost, effort, or delay in the ability to continue producing outputs.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred,
the Group re-assesses whether it has correctly identified all of the assets acquired and all of the
liabilities assumed and reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair value of net assets
acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
3\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Material accounting policies
3.1\u00a0 \u00a0 \u00a0 Basis of consolidation
Subsidiaries
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries as at 31\u00a0December 2025. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee. Specifically, the Group controls an investee if, and only if, the
Group has:
1 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
2 Exposure, or rights, to variable returns from its involvement with the investee;
3 The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses control
of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated financial statements from the date the Group gains
control until the date the Group ceases to control the subsidiary. A change in the ownership interest of
a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses
control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-
controlling interest and other components of equity while any resultant gain or loss is recognised in
profit or loss. Any investment retained is recognised at fair value.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-
group transactions, are eliminated. Unrealised gains arising from transactions with equity-
accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in
the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the
extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition
is measured as the aggregate of the consideration transferred, which is measured at acquisition
date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at
fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related
costs are expensed as incurred and included in general expenses.
The Group determines that it has acquired a business when the acquired set of activities and assets
include an input and a substantive process that together significantly contribute to the ability to
create outputs. The acquired process is considered substantive if it is critical to the ability to
continue producing outputs, and the inputs acquired include an organised workforce with the
necessary skills, knowledge, or experience to perform that process or it significantly contributes to
the ability to continue producing outputs and is considered unique or scarce or cannot be replaced
without significant cost, effort, or delay in the ability to continue producing outputs.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred,
the Group re-assesses whether it has correctly identified all of the assets acquired and all of the
liabilities assumed and reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair value of net assets
acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
3.2\u00a0 \u00a0 \u00a0 Management estimates and judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make
estimates and assumptions. To make these estimates and assumptions the Group uses factors
such as experience and expectations about future events that are reasonably expected to occur
given the information that is currently available. Furthermore, climate related matters are taken into
account, however the Group concluded that those have no significant impact on the estimates and
assumptions. The estimates and assumptions are reviewed on an ongoing basis.
Revisions of accounting estimates and assumptions, or differences between accounting estimates
and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of
assets and liabilities, which would be recognised prospectively.
Contract assets and liabilities
Revenues and cost to fulfil the contracts from contracts with customers are recognised in the
statement of profit or loss in proportion to the satisfaction of each performance obligation. In the
Wind segment and offshore steel structure projects in the Other segment the satisfaction is
assessed based on the actual hours incurred compared with the estimated hours needed to
complete the full performance obligation. In addition, management estimates at each reporting
date the total expected costs to fulfil the contract, the variable considerations and any claims/
litigations for each individual performance obligation and adjustments are made where
appropriate. Furthermore, judgement is applied in relation to licensing contracts, which concerns
the identification of performance obligations and the relative stand-alone selling prices based on
which the transaction price is allocated to the identified performance obligations.
Detailed explanations of the degree of judgment and assumptions used are included under the
respective section in the material accounting policies related to revenues from contracts with
customers.
Revenue from contracts with customers
The Group is primarily involved in the manufacturing of foundation piles for offshore wind farms
(Wind segment) and metal structures, parts of metal structures, pipes, pipe structures, and
components for the offshore industry (OSS segment). In addition, the Group is providing
Marshalling and logistics services to its clients (Marshalling segment). In addition, with the
acquisition of KCI The Engineers B.V. during 2021, the Group is also involved in the engineering of
solutions for renewables market, the oil & gas market and other equipment (Other segment).
Furthermore, during 2023 the Group started licensing its technology and trademarks to customers
(Other segment).
Revenue from contracts with customers is recognised when control of the goods or services is
transferred to the customer at an amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods or services. The Group has generally concluded
that it is the principal in its revenue arrangements, because it typically controls the (series of) goods
or services before transferring them to the customer.
The Group applied the following judgements that significantly affect the determination of the
amount and timing of revenue from contracts with customers:
Construction contracts
Identify the contract(s) with a customer
The Group identifies a contract with a customer when all the criteria of IFRS 15 are met. The price as
agreed upon may vary in the beginning of the project. The initial contract price is normally
determined based on situations in the past and the company is working with its customers on the
final design and development of the project. The change in the contract price is a change within the
existing contract and relates mainly to adjustments before the start of the production. A
combination of contracts is considered for every individual contract, although mostly not
applicable as contract prices are determined on a standalone basis and no discounts are given
related to other contracts. Contract modifications are relatively limited.
Under IFRS 15 cost to obtain a contract - when they are incremental - and if they are expected to be
recovered \u2014should be capitalised and then amortised consistently with the pattern of revenue for
the related contract. However, the Group incurs costs of obtaining a contract, but these are not
incremental costs (the costs would have incurred if the contract had not been obtained) and are
recognised as an expense when incurred.
Identify the performance obligations in the contract
The goods of the Group include mainly monopiles, transition pieces, legs, piles and pile sleeves.
Goods within a contract that are substantially the same and that have the same pattern of transfer
to the customer are considered as series of distinct goods. These series and the other individual
goods are identified as separate performance obligations as the customer can benefit from the
goods on its own or with readily available resources and the goods are distinct within the context of
the contract. This results in an accounting treatment with a series of goods on a performance
obligation for the aforementioned goods, as the series of goods are designed for a specific project
and connected to each other without having the opportunity to adjust these easily. The
aforementioned goods are separated as these can be considered to be distinct. Storage of goods is
not considered a performance obligation, as it is not a promise in the contract. When the customer
requires additional storage of goods (in addition to the agreed schedules for production and load-
out), this is assessed in light of the guidance for identification of performance obligations (at
contract inception) or contract modifications (when the request comes during the execution of the
contract). If applicable, the additional storage service is not considered a service in the Marshalling
segment, as it does not qualify as a lease (the customers does not obtain right to control the use the
storage area) and no specific logistical handling services are provided.
Determine the transaction price
The transaction price is the price that the company expects to receive for the satisfaction of the
performance obligations taking into account among others: discounts, financing components and
liquidated damages. Before including any amount of variable consideration in the transaction price,
the Group considers whether the amount of variable consideration is constrained. In case the
Group determined that the estimates of variable consideration are constrained, the transaction
price is adjusted accordingly. The main variable consideration that can be applicable to the
contracts of the Group is related to steel prices (of which the impact of changes is passed through
to the customers of the Group), liquidated damages (which are performance penalties in the
contract in case agreed milestones are not met) and cancellation fees. Based on facts and
circumstances in relation to the respective project, the Group assesses to what extend it is highly
probable that a significant revenue reversal will not occur in future periods once the uncertainty
related to the variable consideration is resolved. Other forms of variable consideration are relatively
limited, as the Group provides no volume rebates, no rights of returns, no performance bonuses, no
refunds nor credits.
Allocate the transaction price to the performance obligations in the contract
The transaction price is separately agreed for the relevant performance obligation or are allocated
to the relevant performance obligation in proportion to their stand-alone selling price which was the
basis for the contract.
Recognise revenue when (or as) the entity satisfies a performance obligation
The Group recognises revenue when (or as) a performance obligation is satisfied, i.e., when control
of the (series of) goods or services underlying the particular performance obligation is transferred to
the customer. The Group recognises revenue over time, since its performance creates or enhances
an asset that the customer controls as the asset is created, its performance does not create an
asset with an alternative use to the entity and the entity has an enforceable right to payment for
performance completed to date. The Group uses the input method to measure progress over time,
based on labour hours spent. The actual hours spent in relation to the total expected hours to the
satisfaction of that performance obligation is considered a reliable measure to recognise revenue
over time.
Termination of contracts
In case of a termination of a contract with a customer, based on the specific contractual
agreements the financial consequences are determined.
Marshalling services
During 2019 the Group started to provide marshalling and logistic services to its clients. These
services can comprise of (a combination of) renting out logistical and facilities, and providing
logistical handling services.
Contracts with bundled sales of renting out space and logistical handling services are comprised of
at least two performance obligations, because the renting and handling services are both sold on a
stand-alone basis and are distinct within the context of the contract. Accordingly, the Group
allocates the transaction price based on the relative stand-alone selling prices of the services. In
the assessment of the applicable performance obligations in contracts with customers in the
Marshalling segment it is considered whether the control of any goods or services is transferred to
the Group, or the control remains at the customer.
As renting out logistical space is considered a lease contract within the scope of IFRS 16, the related
accounting is performed in accordance with the policies as described in the section \u201cLeases\u201d.
The logistical handling services agreed in the contract can be distinct, or a series of distinct services
that are substantially the same and that have the same pattern of transfer to the customer. As a
customer simultaneously receives and consumes the benefits provided by the Group\u2019s
performance and the throughput time of an individual performance obligation is limited, the Group
considers the control of the service to be transferred at a point in time. Therefore, revenue for
logistical handling services is recognised at the moment the service is provided to the customer.
For some contracts the Group needs to incur costs in order to enable the Group to fulfil the
performance obligations in the contract (initial direct costs). In accordance with IFRS 15 and 16, in
the accounting of those costs to fulfil a contract, any other applicable accounting standards are
considered first. If other standards are not applicable to contract fulfilment costs, the following
criteria are applied for capitalisation of these costs as contract costs in case of an IFRS 15 contract:
1 The costs directly relate to a contract or to a specifically identifiable anticipated contract (e.g.,
costs relating to services to be provided under renewal of an existing contract or costs of
designing an asset to be transferred under a specific contract that has not yet been approved).
2 The costs generate or enhance resources of the entity that will be used in satisfying (or in
continuing to satisfy) performance obligations in the future.
3 The costs are expected to be recovered.
In case the initial direct costs related to an operational lease contract for which the Group acts as
the (intermediate) lessor, the initial direct costs incurred in obtaining an operating lease are added
to the carrying amount of the underlying asset and recognised as an expense over the lease term on
the same basis as the lease income.
Other revenue
In addition to revenue from construction contracts and marshalling contracts, the Group has
limited revenue from engineering services, operational lease of the windmill on the Group\u2019s site in
Rotterdam and the licensing of the Group\u2019s technology and trademarks.
The revenue for engineering services is recognised in line with the accounting policies for
construction contracts. The operational lease of the windmill is considered a lease contract within
the scope of IFRS 16, the related accounting is performed in accordance with the policies as
described in the section \u201cLeases\u201d. The licensing revenue is generated through licensing of the
Group\u2019s technology and trademarks to customers, to enable them to produce and sell offshore
wind products in line with the Group\u2019s quality standards. The technology license is granted as \u2018right
to use\u2019 license while the license of the Group\u2019s trademark is granted as \u2018right to access\u2019. Revenue
from \u2018right to access\u2019 licenses is recognised over the (estimated) period during which the Group is
obliged to provide access to the customers. License revenue for \u2018right to use\u2019 licenses is recognised
at the moment the control passes to the customer, except for the usage-based royalties, which are
recognised when the usage has taken place based on royalties the Group is entitled to for the
period.
Bundled goods and services
When products and services are offered as a bundle under one agreement or under a series of
agreements that are commercially linked, the (estimated) total transaction price of the agreement
is allocated to each of the identified \u2018distinct\u2019 performance obligation based on the relative stand-
alone selling price of each element. Depending on their nature, the revenue from each of the
\u2018distinct\u2019 performance obligations is recognised based on the applicable revenue recognition policy
as described above.
The relative stand-alone selling price of each element in a bundled arrangement is based on the
available stand-alone selling price or is estimated using methods allowed under IFRS, such as the
cost plus reasonable margin method, residual method or a combination thereof. In making such
estimates, management makes use of judgment and assumptions to arrive at an outcome that best
reflects a transaction\u2019s substance.
Contract balances
Contract assets
Contract assets represent the Group\u2019s right to consideration in exchange for goods or services that
the entity has transferred to a customer when that right is conditioned on something other than the
passage of time (for example, the entity\u2019s future performance). Contract assets are subject to
impairment assessment. Refer to accounting policies on impairment of financial assets.
Contract liabilities
A contract liability is recognised if a customer pays consideration, or the Group has a right to an
amount of consideration that is unconditional (i.e. a receivable), before the Group transfers the
related goods or services. Contract liabilities are recognised as revenue when the Group performs
under the contract (i.e., transfers control of the related goods or services to the customer).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
3.2\u00a0 \u00a0 \u00a0 Management estimates and judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make
estimates and assumptions. To make these estimates and assumptions the Group uses factors
such as experience and expectations about future events that are reasonably expected to occur
given the information that is currently available. Furthermore, climate related matters are taken into
account, however the Group concluded that those have no significant impact on the estimates and
assumptions. The estimates and assumptions are reviewed on an ongoing basis.
Revisions of accounting estimates and assumptions, or differences between accounting estimates
and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of
assets and liabilities, which would be recognised prospectively.
Leases
The Group rents warehouse/factory equipment and several housing units in order to carry out its
activities. Furthermore, the Group entered into a lease agreement with Havenbedrijf Rotterdam
N.V. for the lease of four plots in the Rotterdam harbour.
Extension options or cancellation options are included in the lease term when the group has such
an economic incentive that exercising the option is reasonably certain. The group considers
available evidence at the time of the assessment, including potential favourable terms upon
extension, potential termination penalties, the relative costs associated with potential relocation or
termination of the lease and the extent of leasehold improvements undertaken. Additionally, the
size and the relative importance of the leased premises as well as the availability of easily
substitutable assets is taken into consideration when assessing whether the group has an
economic incentive to extend a lease for which it holds an option to do so.
The Group applies judgement in evaluating whether it is reasonably certain it will or will not exercise
the option to renew or terminate the lease. That is, it considers all relevant factors that create an
economic incentive for it to exercise either the renewal or the termination. After the
commencement date, the Group reassesses the lease term if there is a significant event or change
in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to renew or to terminate (e.g., construction of significant leasehold improvements or
significant customisation to the leased asset).
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-
term leases and leases of low-value assets. The Group recognises lease liabilities to make lease
payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less any
lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the
shorter of the lease term and the estimated useful lifes of the assets. For more information related
to the estimated useful life of the assets reference is made to note 3.2.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life
of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in section
\u201cImpairment of non-financial assets\u201d.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The lease payments include fixed
payments (including in-substance fixed payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of penalties for terminating the
lease, if the lease term reflects the Group exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are recognised as expenses (unless they are
incurred to produce inventories) in the period in which the event or condition that triggers the
payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate
at the lease commencement date because the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect
the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the lease payments (e.g., changes to future payments resulting from a change in an index
or rate used to determine such lease payments) or a change in the assessment of an option to
purchase the underlying asset.
The repayment of lease liabilities is separately shown in cash flow statement under financing
activities. The interest part is shown as part of the interest paid. The Group\u2018s lease liabilities are
separately shown in the balance sheet.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery
and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low value
assets recognition exemption to leases of office equipment that are considered to be low value.
Lease payments on short-term leases and leases of low value assets are recognised as expense on
a straight-line basis over the lease term.
Significant judgement in determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to
terminate or extend the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise the renewal. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that is within its control and
affects its ability to exercise (or not to exercise) the option to renew or to terminate (e.g., a change in
business strategy).
During 2025 no adjustments have been made to the estimations of the lease terms which had a
material impact.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to
ownership of an asset are classified as operating leases. Rental income arising is accounted for on
a straight-line basis over the lease terms and is included in operational lease income in the
statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and
arranging an operating lease are added to the carrying amount of the leased asset and recognised
over the lease term on the same basis as rental income. Rents are recognised as revenue in the
period in which they are earned.
Impairment of non-financial assets
Each reporting date, the Group assesses whether there is any indication that the Group\u2019s assets
have been impaired. If any indication exists, an estimate is made of the recoverable amount of the
asset concerned. An impairment is only recognised when the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Any impairments are recognised in the
statement of profit or loss under depreciation and impairment expenses.
The recoverable amount of an asset or cash-generating unit is the higher of the value in use and the
fair value less costs of disposal. The recoverable amount is calculated for each asset individually,
unless that asset does not generate any cash flows that are largely independent from those of other
assets or groups of assets. The calculation of the value in use is based on a discounting of the
estimated future cash flows, using a discount rate that reflects the current market assessments of
the time value of money and the specific risks associated with the asset. For the calculation of fair
value minus cost of disposal use is made of an appropriate valuation model.
A previously recognised impairment loss is only reversed if the assumptions used to determine the
asset\u2019s recoverable amount have changed since the most recent impairment loss. The reversal is
limited so that the carrying amount of the asset does not exceed its recoverable amount, nor
exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
3.2\u00a0 \u00a0 \u00a0 Management estimates and judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make
estimates and assumptions. To make these estimates and assumptions the Group uses factors
such as experience and expectations about future events that are reasonably expected to occur
given the information that is currently available. Furthermore, climate related matters are taken into
account, however the Group concluded that those have no significant impact on the estimates and
assumptions. The estimates and assumptions are reviewed on an ongoing basis.
Revisions of accounting estimates and assumptions, or differences between accounting estimates
and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of
assets and liabilities, which would be recognised prospectively.
Leases
The Group rents warehouse/factory equipment and several housing units in order to carry out its
activities. Furthermore, the Group entered into a lease agreement with Havenbedrijf Rotterdam
N.V. for the lease of four plots in the Rotterdam harbour.
Extension options or cancellation options are included in the lease term when the group has such
an economic incentive that exercising the option is reasonably certain. The group considers
available evidence at the time of the assessment, including potential favourable terms upon
extension, potential termination penalties, the relative costs associated with potential relocation or
termination of the lease and the extent of leasehold improvements undertaken. Additionally, the
size and the relative importance of the leased premises as well as the availability of easily
substitutable assets is taken into consideration when assessing whether the group has an
economic incentive to extend a lease for which it holds an option to do so.
The Group applies judgement in evaluating whether it is reasonably certain it will or will not exercise
the option to renew or terminate the lease. That is, it considers all relevant factors that create an
economic incentive for it to exercise either the renewal or the termination. After the
commencement date, the Group reassesses the lease term if there is a significant event or change
in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to renew or to terminate (e.g., construction of significant leasehold improvements or
significant customisation to the leased asset).
17\u00a0 \u00a0 \u00a0 \u00a0 Investment property
Reconciliation of the carrying amount
Amounts in EUR '000
2025
2024
Balance at 1 January
520
520
Revaluation
30
\u2014
Balance at 31 December
550
520
Investment property comprises a commercial property that is leased to a third party. The lease
contains annual rents indexed to consumer prices. Subsequent renewals are negotiated with the
lessee. No contingent rents are charged. Further information about this lease is included in note 32.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date.
The amounts are gross and undiscounted:
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2025
Term loans
80,592
86,736
800
22,385
28,912
34,639
\u2014
Interest rate swaps (net cash flows)
366
456
91
274
91
\u2014
\u2014
Finance liabilities sale and leaseback
33,849
38,309
1,396
6,100
8,133
22,680
\u2014
Lease liabilities
124,047
132,112
4,969
17,333
9,192
23,150
77,468
Trade payables
90,065
90,065
90,065
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
34,361
34,361
34,361
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
363,280
382,039
131,682
46,092
46,328
80,469
77,468
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2024
Term loans
80,330
91,709
959
2,877
23,766
64,107
\u2014
Interest rate swaps (net cash flows)
643
108
12
36
48
12
\u2014
Finance liabilities sale and leaseback
36,991
42,951
1,878
5,633
7,510
27,930
\u2014
Lease liabilities
120,688
129,380
3,163
8,460
10,967
30,931
75,859
Trade payables
81,390
81,390
81,390
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
20,395
20,395
20,395
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
340,437
365,933
107,797
17,006
42,291
122,980
75,859
32\u00a0 \u00a0 \u00a0 \u00a0 Leases
Group as lessee
The Group has lease contracts for various items of plant, machinery, vehicles and other equipment
used in its operations. Leases of plant and machinery generally have lease terms between 3 and 25
years, while motor vehicles and other equipment generally have lease terms between 3 and 5 years.
The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets.
Generally, the Group is restricted from assigning and subleasing the leased assets. There are
several lease contracts that include extension and termination options and variable lease
payments, which are further discussed below.
The Group also has certain leases of machinery and equipment with lease terms of 12 months or
less and leases of office equipment with low value, for a total amount of EUR 5.0 million in 2025
(2024: EUR 3.0 million). The majority relates to short-term leases. The Group applies the \u2018short-term
lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.
As of September 2015, the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V.
for the lease of two plots in the Rotterdam harbour. The lease of plot A started at 1 September 2015
and will end on 1 July 2041 (cancellable as per 1 July 2031). The lease of plot B started at 1 July 2017
and will end on 1 July 2041 (cancellable as per 1 July 2031). As of July 2019, the Group entered into a
lease agreement with Havenbedrijf Rotterdam N.V. for plot C. The lease for plot C started on 30th
July 2019 and will end on 1 July 2041 (also cancellable as per 1 July 2031). The leases of all plots can
be extended after 1 July 2041 when parties reach agreement (no formal preferred right of extension).
Right-of-use assets
Amounts in EUR '000
Land and
buildings
Plant and
equipment
Other assets
Total
Cost
Balance at 1 January 2025
144,235
17,568
503
162,306
Additions
1,736
21,685
866
24,287
Remeasurement
3,381
(1,573)
(11)
1,797
Disposals
\u2014
(7,305)
(91)
(7,396)
Balance at 31 December 2025
149,352
30,375
1,267
180,994
Balance at 1 January 2024
127,443
12,708
450
140,601
Additions
9,052
1,878
132
11,062
Remeasurement
8,207
2,982
(38)
11,151
Disposals
(467)
\u2014
(41)
(508)
Balance at 31 December 2024
144,235
17,568
503
162,306
Accumulated depreciation
Balance at 1 January 2025
(33,849)
(8,873)
(194)
(42,916)
Depreciation
(9,129)
(14,424)
(237)
(23,790)
Disposals
\u2014
7,305
91
7,396
Balance at 31 December 2025
(42,978)
(15,992)
(340)
(59,310)
Balance at 1 January 2024
(27,709)
(4,444)
(106)
(32,259)
Depreciation
(6,607)
(4,429)
(129)
(11,165)
Disposals
467
\u2014
41
508
Balance at 31 December 2024
(33,849)
(8,873)
(194)
(42,916)
Carrying amounts
At 31 December 2025
106,374
14,383
927
121,684
At 31 December 2024
110,386
8,695
309
119,390
Lease liabilities
Amounts in EUR '000
Balance at 1 January 2025
120,688
Additions
20,171
Remeasurement
1,797
Lease terms
(20,085)
Financing costs
1,476
Balance at 31 December 2025
124,047
Balance at 1 January 2024
111,890
Additions
9,332
Remeasurement
11,151
Lease terms
(12,720)
Financing costs
1,035
Balance at 31 December 2024
120,688
Carrying amounts
At 31 December 2025
124,047
At 31 December 2024
120,688
Of the total carrying value per year-end 2025 an amount of EUR 21.1 million is classified current
(2024: EUR 10.6 million).
The additions in right-of-use assets include mainly the load-out logistic equipment at Maasvlakte 2
(EUR 20.4 million) and the temporary coating halls at Maasvlakte 2 (EUR 3.5 million). The
remeasurements relate mainly to the annual indexation of lease payments (EUR 2.5 million, 2024:
EUR 8.3 million) and the change in the lease terms (EUR -0.7 million, 2024: EUR 2.9 million).
The Group had total cash outflows for leases of EUR 25.1 million in 2025 (2024: EUR 15.8 million).
The Group also had non-cash additions to right-of-use assets and lease liabilities of EUR 20.2
million in 2025 (2024: EUR 9.3 million).
The Group has several lease contracts that include extension and termination options. These
options are negotiated by management to provide flexibility in managing the leased-asset portfolio
and align with the Group\u2019s business needs. Management exercises significant judgement in
determining whether these extension and termination options are reasonably certain to be
exercised. Reference is made to the section \u2018Management estimates and judgements\u2019 for the
details on the estimate relating to the lease term.
Group as a lessor
The Group leases out its investment property (see note 17), a Wind Turbine Generator located at
Maasvlakte 2 and some antenna locations for telecom providers. The lease income from
operational leases amounts for the year 2025 EUR 1.5 million (2024: EUR 1.5 million) and does not
include variable payments.
Furthermore, as part of its contracts with customers in the Marshalling segment, the Group leases
out part of the leased plots in the Rotterdam harbour and some other minor assets. These leases
classify as operational sub-leases, and have terms of less than one year. The lease income from
these operational lease contracts amounts for the year 2025 EUR 31 thousand (2024: EUR 0.2
million).
Future minimum rental receivable
At 31 December, the future minimum rental receivables under non-cancellable leases are as follows:
Amounts in EUR '000
2025
2024
Less than 1 year
747
747
Between 1 and 2 years
\u2014
\u2014
More than 2 years
\u2014
\u2014
Total future minimum rental receivable
747
747
The future rental receivable relates mainly to operating lease agreement of the wind turbine
generator on the Maasvlakte 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
3.2\u00a0 \u00a0 \u00a0 Management estimates and judgements
Contract assets and liabilities
Revenues and cost to fulfil the contracts from contracts with customers are recognised in the
statement of profit or loss in proportion to the satisfaction of each performance obligation. In the
Wind segment and offshore steel structure projects in the Other segment the satisfaction is
assessed based on the actual hours incurred compared with the estimated hours needed to
complete the full performance obligation. In addition, management estimates at each reporting
date the total expected costs to fulfil the contract, the variable considerations and any claims/
litigations for each individual performance obligation and adjustments are made where
appropriate. Furthermore, judgement is applied in relation to licensing contracts, which concerns
the identification of performance obligations and the relative stand-alone selling prices based on
which the transaction price is allocated to the identified performance obligations.
Detailed explanations of the degree of judgment and assumptions used are included under the
respective section in the material accounting policies related to revenues from contracts with
customers.
6\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating segments
Information about operating segments
Amounts in EUR '000
2025
2024
Wind
OSS
Marshalling
Other
Total
Wind
OSS
Marshalling
Other
Total
- Revenue from contracts with customers
540,593
42,343
2,049
10,466
595,451
384,036
28,360
2,300
12,622
427,318
- Operational lease income
\u2014
\u2014
31
1,557
1,588
\u2014
\u2014
178
1,495
1,673
Total revenue
540,593
42,343
2,080
12,023
597,039
384,036
28,360
2,478
14,117
428,991
- Raw materials
(263,437)
(20,425)
\u2014
8
(283,854)
(216,939)
(8,273)
17
14
(225,181)
- Subcontracted work and other external charges
(102,697)
(1,512)
1
(77)
(104,285)
(30,169)
(2,066)
(2)
5
(32,232)
- Logistic and other project related expenses
(19,059)
(1,143)
(1,127)
(442)
(21,771)
(20,483)
(2,876)
(1,287)
(398)
(25,044)
Segment contribution
155,400
19,263
954
11,512
187,129
116,445
15,145
1,206
13,738
146,534
- Direct personnel expenses
(53,809)
(10,865)
(2)
(6,428)
(71,104)
(32,924)
(10,269)
\u2014
(5,123)
(48,316)
- Production and general manufacturing expenses
(23,771)
(2,527)
\u2014
\u2014
(26,298)
(15,550)
(2,247)
\u2014
\u2014
(17,797)
Gross profit
77,820
5,871
952
5,084
89,727
67,971
2,629
1,206
8,615
80,421
Indirect personnel expenses
(40,447)
(33,578)
Depreciation, amortisation and impairment
(62,623)
(19,827)
Facilities, housing and maintenance
(12,455)
(7,691)
Selling expenses
(777)
(1,243)
General expenses
(14,922)
(14,187)
Finance costs and impairment losses
(10,433)
(1,365)
Other income
6,328
1
Share of profit / (loss) of joint ventures
15
10
Total profit / (loss) before tax
(45,587)
2,541
Geographical information
The Wind, OSS, Marshalling and Other segments are managed centrally. No segment assets or
liabilities are applicable as the manufacturing facilities and sales offices operate solely from the
Netherlands.
The geographic information below analyses the Group\u2019s revenue by the country of domicile of
contract partners, the European Union (EU) and other countries outside the EU. In presenting the
following information, segment revenue has been based on the geographical location of contract
partners.
The Group did adjust the promised amount of consideration for the effects of a significant financing
component for the contracts with some customers, as at contract inception the period between
when the entity transfers a promised (series of) goods or service to a customer and when the
customer pays for that (series of) goods or service will be more than one year. The impact on the
promised amount of consideration is expected to be approximately EUR 8.1 million (2024: EUR 7.1
million). Payment terms within the Group\u2019s contracts are normally in line with project milestones.
Amounts in EUR '000
2025
2024
The Netherlands
270,345
34,255
United States of America
166,656
232,369
Poland
119,663
124,307
United Kingdom
19,659
19,134
Norway
10,705
5,063
Korea
904
4,002
Spain
5,140
2,413
Belgium
3,449
2,352
Germany
76
3,813
France
\u2014
712
Rest of the European Union (EU)
\u2014
6
Rest of the world
442
565
Total revenue
597,039
428,991
Transaction price allocated to the remaining performance obligations
The revenue from contracts with customers expected to be recognised in the future related to
performance obligations that are unsatisfied (or partly unsatisfied) at the reporting date, are
expected to be approximately EUR 1.2 billion (of which approximately EUR 145 million will be
satisfied more than one year after reporting date) (2024: EUR 1.7 billion of which approximately EUR
775 million will be satisfied after more than one year). This is the best estimate at reporting date, the
transaction price could be impacted by variable consideration (such as fluctuations in steel prices,
liquidated damages and other types of variable consideration under existing contracts).
Major customers
Revenues from 4 customers of the Group\u2019s Wind segment represented approximately EUR 499
million (2024: 4 customers representing EUR 382 million) of the Group\u2019s total revenues. In 2025 the
largest customer represented a revenue of approximately EUR 212 million, the second customer
approximately EUR 167 million, the third customer approximately EUR 74 million and the fourth
customer approximately EUR 46 million. In 2024 the largest customer represented a revenue of
approximately EUR 220 million, the second customer approximately EUR 124 million, the third
customer approximately EUR 19 million and the fourth customer approximately EUR 19 million.
20\u00a0 \u00a0 \u00a0 \u00a0 Contract assets and liabilities
Amounts in EUR '000
2025
2024
Contract assets
7,689
26,159
Contract liabilities - current
(144,861)
(119,238)
Contract liabilities - non-current
(6,683)
(35,855)
Net contract assets and liabilities
(143,855)
(128,934)
Expenses incurred including realised profit to date
2,784,117
2,128,176
Invoiced terms
(2,927,972)
(2,257,110)
Net contract assets and liabilities
(143,855)
(128,934)
Management periodically reviews the valuation of contract assets and liabilities based on project
agreements, project results to d ate and estimates of project expenses to be incurred. Each period
end management assesses the status of the projects and takes into consideration all aspects in
order to finalise the projects in line with contractual agreements and relating contingencies, such
as potential upward or downward adjustment in the projected estimates, and accounts for them
accordingly. Due to changes in estimates, fluctuations in the anticipated project result can occur
over the contract term.
The contract assets concern all projects in progress for which the costs to fulfil a contract incurred,
including margin recognised to date, exceed the terms invoiced to customers. The impairment
costs due to expected credit loss (IFRS 9) are not material.
Contract liabilities concern the balances of all projects in progress for which the invoiced terms
exceed the costs to fulfil a contract incurred, including margin recognised to date. The non-current
contract liabilities in 2024 comprised mainly of prepayment received for a construction contract
(EUR 26 million) for which the related performance obligation was expected to be satisfied more
than one year after reporting date. As the satisfaction of the performance obligation is expected to
take place during 2026, the prepayment is reclassified as current liabilities. As per 31\u00a0December
2025, the full amount of the Advance Factory Payments (\u201cAFPs\u201d) received from launching
customers in 2023 as part of the funding package for the manufacturing expansion plans is netted
with progress billings in the respective construction contracts, where the final part of the related
performance obligations will be settled early 2026. There is a significant financing component
included in these contracts, considering the length of time between the customers\u2019 payment and
the satisfaction of the related performance obligation. As such, the transaction prices for the
contracts are discounted, using the interest rate that would be reflected in a separate financing
transaction between the Group and the customer at contract inception. As per 31\u00a0December 2025,
the impact on the current contract liabilities amounts to EUR 2.4 million and EUR 39 thousand on
the non-current contract liabilities (2024: EUR 2.7 million impact on current contract liabilities and
EUR 0.1 million impact on non-current liabilities).
The revenues recognised in the reporting period that was included in the contract liability balance
at the beginning of the period amounts EUR 93.0 million (2024: EUR 37.4 million). Revenue
recognised in the reporting period from performance obligations satisfied (or partially satisfied) in
previous periods amounts to EUR 4.0 million (2024: EUR 4.5 million).
The classification of a project as contract asset or liability can vary over time, depending on the
progress of the project and the use of materials.
Except for the non-current contract liabilities mentioned before, both the contract assets and
liabilities have durations shorter than 12 months and are therefore considered to be current.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "3.2\u00a0 \u00a0 \u00a0 Management estimates and judgementsThe preparation of the Group\u2019s consolidated financial statements requires management to make estimates and assumptions. To make these estimates and assumptions the Group uses factors such as experience and expectations about future events that are reasonably expected to occur given the information that is currently available. Furthermore, climate related matters are taken into account, however the Group concluded that those have no significant impact on the estimates and assumptions. The estimates and assumptions are reviewed on an ongoing basis.Revisions of accounting estimates and assumptions, or differences between accounting estimates and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of assets and liabilities, which would be recognised prospectively.Contract assets and liabilitiesRevenues and cost to fulfil the contracts from contracts with customers are recognised in the statement of profit or loss in proportion to the satisfaction of each performance obligation. In the Wind segment and offshore steel structure projects in the Other segment the satisfaction is assessed based on the actual hours incurred compared with the estimated hours needed to complete the full performance obligation. In addition, management estimates at each reporting date the total expected costs to fulfil the contract, the variable considerations and any claims/litigations for each individual performance obligation and adjustments are made where appropriate. Furthermore, judgement is applied in relation to licensing contracts, which concerns the identification of performance obligations and the relative stand-alone selling prices based on which the transaction price is allocated to the identified performance obligations.Detailed explanations of the degree of judgment and assumptions used are included under the respective section in the material accounting policies related to revenues from contracts with customers.3.3\u00a0 \u00a0 \u00a0 Summary of material accounting policiesRevenue from contracts with customersThe Group is primarily involved in the manufacturing of foundation piles for offshore wind farms (Wind segment) and metal structures, parts of metal structures, pipes, pipe structures, and components for the offshore industry (OSS segment). In addition, the Group is providing Marshalling and logistics services to its clients (Marshalling segment). In addition, with the acquisition of KCI The Engineers B.V. during 2021, the Group is also involved in the engineering of solutions for renewables market, the oil & gas market and other equipment (Other segment). Furthermore, during 2023 the Group started licensing its technology and trademarks to customers (Other segment).Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the (series of) goods or services before transferring them to the customer.The Group applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers:Determine the transaction priceThe transaction price is the price that the company expects to receive for the satisfaction of the performance obligations taking into account among others: discounts, financing components and liquidated damages. Before including any amount of variable consideration in the transaction price, the Group considers whether the amount of variable consideration is constrained. In case the Group determined that the estimates of variable consideration are constrained, the transaction price is adjusted accordingly. The main variable consideration that can be applicable to the contracts of the Group is related to steel prices (of which the impact of changes is passed through to the customers of the Group), liquidated damages (which are performance penalties in the contract in case agreed milestones are not met) and cancellation fees. Based on facts and circumstances in relation to the respective project, the Group assesses to what extend it is highly probable that a significant revenue reversal will not occur in future periods once the uncertainty related to the variable consideration is resolved. Other forms of variable consideration are relatively limited, as the Group provides no volume rebates, no rights of returns, no performance bonuses, no refunds nor credits. Recognise revenue when (or as) the entity satisfies a performance obligationThe Group recognises revenue when (or as) a performance obligation is satisfied, i.e., when control of the (series of) goods or services underlying the particular performance obligation is transferred to the customer. The Group recognises revenue over time, since its performance creates or enhances an asset that the customer controls as the asset is created, its performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. The Group uses the input method to measure progress over time, based on labour hours spent. The actual hours spent in relation to the total expected hours to the satisfaction of that performance obligation is considered a reliable measure to recognise revenue over time.Termination of contractsIn case of a termination of a contract with a customer, based on the specific contractual agreements the financial consequences are determined.Other revenueIn addition to revenue from construction contracts and marshalling contracts, the Group has limited revenue from engineering services, operational lease of the windmill on the Group\u2019s site in Rotterdam and the licensing of the Group\u2019s technology and trademarks.The revenue for engineering services is recognised in line with the accounting policies for construction contracts. The operational lease of the windmill is considered a lease contract within the scope of IFRS 16, the related accounting is performed in accordance with the policies as described in the section \u201cLeases\u201d. The licensing revenue is generated through licensing of the Group\u2019s technology and trademarks to customers, to enable them to produce and sell offshore wind products in line with the Group\u2019s quality standards. The technology license is granted as \u2018right to use\u2019 license while the license of the Group\u2019s trademark is granted as \u2018right to access\u2019. Revenue from \u2018right to access\u2019 licenses is recognised over the (estimated) period during which the Group is obliged to provide access to the customers. License revenue for \u2018right to use\u2019 licenses is recognised at the moment the control passes to the customer, except for the usage-based royalties, which are recognised when the usage has taken place based on royalties the Group is entitled to for the period.Bundled goods and services When products and services are offered as a bundle under one agreement or under a series of agreements that are commercially linked, the (estimated) total transaction price of the agreement is allocated to each of the identified \u2018distinct\u2019 performance obligation based on the relative stand-alone selling price of each element. Depending on their nature, the revenue from each of the \u2018distinct\u2019 performance obligations is recognised based on the applicable revenue recognition policy as described above.The relative stand-alone selling price of each element in a bundled arrangement is based on the available stand-alone selling price or is estimated using methods allowed under IFRS, such as the cost plus reasonable margin method, residual method or a combination thereof. In making such estimates, management makes use of judgment and assumptions to arrive at an outcome that best reflects a transaction\u2019s substance.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
Recoverability of deferred tax assets
The Group has recognised deferred tax assets, related to unused tax losses and deductible
temporary differences. The Group has incurred taxable losses in recent years, which could raise
concerns whether future taxable profits will be available future taxable profits may not be available.
Therefore, deferred tax assets arising from unused tax losses and deductible temporary differences
are recognised only to the extent that sufficient convincing evidence exists that taxable profits will
be generated.
To support the deferred tax assets arising from unused tax losses which can not be supported by
reversing offsetting deferred tax liabilities, management has prepared detailed forecasts of future
taxable profits based on the Board-approved business plan. The return to profitability is primarily
driven by the operational improvements (as already demonstrated during Q4 2025), combined with
the well filled order book for 2026. This will result in a significant improvement in production levels
in 2026, which will, together with lower non-recurring ramp-up costs and the stabilisation of input
costs, result in a profitable situation in 2026 again.
Management believes that, based on the weight of available evidence, including the scheduled
reversal of deferred tax liabilities and approved business plans, it is probable that sufficient taxable
profit will be available to realise the recognised deferred tax assets.
13\u00a0 \u00a0 \u00a0 \u00a0 Income tax expense
Movement in deferred tax balances
Amounts in EUR '000
Net balance
at 1 January
Recognised
in profit or
loss
Recognised
in equity
Reclassified
Net balance at
31 December
2025
Intangible fixed assets
(976)
(254)
\u2014
\u2014
(1,230)
Property, plant and
equipment
(2,992)
(2,595)
\u2014
\u2014
(5,587)
Right of use assets and
lease liabilities
946
(44)
\u2014
\u2014
902
Investment property
(21)
(8)
\u2014
\u2014
(29)
Contract assets
(93)
1,486
\u2014
\u2014
1,393
Accounts receivable
100
(80)
\u2014
\u2014
20
Loans and borrowings
(708)
708
\u2014
\u2014
\u2014
Finance liabilities sale
and leaseback
60
(1,910)
\u2014
\u2014
(1,850)
Other non-current
financial liabilities
166
(72)
\u2014
94
Employee benefits
290
(120)
\u2014
\u2014
170
EBITDA rule
\u2014
2,648
\u2014
\u2014
2,648
Other liabilities
(525)
31
\u2014
\u2014
(494)
Withholding tax
317
\u2014
(142)
175
Losses available for
offsetting against
future taxable income
779
14,041
\u2014
\u2014
14,820
Deferred tax assets
(liabilities) after
netting
(2,657)
13,903
(72)
(142)
11,032
Amounts in EUR '000
Net balance
at 1 January
Recognised
in profit or
loss
Recognised
in equity
Reclassified
Net balance at
31 December
2024
Intangible fixed assets
(495)
(481)
\u2014
\u2014
(976)
Property, plant and
equipment
(7,392)
4,400
\u2014
\u2014
(2,992)
Right of use assets and
lease liabilities
941
5
\u2014
\u2014
946
Investment property
(21)
\u2014
\u2014
\u2014
(21)
Contract assets
120
(213)
\u2014
\u2014
(93)
Accounts receivable
12
88
\u2014
\u2014
100
Loans and borrowings
\u2014
(708)
\u2014
\u2014
(708)
Finance liabilities sale
and leaseback - non-
current
\u2014
60
\u2014
\u2014
60
Other non-current
financial liabilities
\u2014
\u2014
166
\u2014
166
Employee benefits
99
191
\u2014
\u2014
290
Other liabilities
(558)
33
\u2014
\u2014
(525)
Withholding tax
300
\u2014
17
317
Losses available for
offsetting against
future taxable income
5,180
(4,401)
\u2014
\u2014
779
Tax assets (liabilities)
after netting
(1,814)
(1,026)
166
17
(2,657)
The (net) deferred tax liability related to property, plant and equipment is partly related to the
voluntary depreciation facility of the Dutch tax authorities in 2023, which allowed a maximum of
50% fiscal depreciation over the expenditures in 2023 related to certain qualifying equipment under
construction. The Group accounted for a fiscal depreciation amounting to EUR 39.3 million
(deferred tax liability of EUR 10.1 million). In addition, as a result of the limit of fiscal depreciation of
buildings until the tax value (\u2018WOZ waarde\u2019), the tax base of the buildings exceeds the commercial
value by EUR 13.8 million (2024: EUR 14.5 million), which results in a deferred tax asset of EUR 3.6
million (2024: 3.7 million).
The carryforward losses of 2023 are adjusted in 2025, mainly to reflect the adjustment of the impact
of the voluntary depreciation facility (impact EUR 19.4 million). Part of the carryforward losses are
used\u00a0 to offset against the taxable income from 2024 (EUR 4.7 million), for the remaining 2023
losses (EUR 17.5 million) and the 2025 losses (EUR 44.6 million)\u00a0 a deferred tax asset is recognized.
Unrecognised deferred tax assets and liabilities
At 31\u00a0December 2025 and 31\u00a0December 2024, the Group has recognised all deferred tax assets
applicable to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
Recoverability of deferred tax assets
The Group has recognised deferred tax assets, related to unused tax losses and deductible
temporary differences. The Group has incurred taxable losses in recent years, which could raise
concerns whether future taxable profits will be available future taxable profits may not be available.
Therefore, deferred tax assets arising from unused tax losses and deductible temporary differences
are recognised only to the extent that sufficient convincing evidence exists that taxable profits will
be generated.
To support the deferred tax assets arising from unused tax losses which can not be supported by
reversing offsetting deferred tax liabilities, management has prepared detailed forecasts of future
taxable profits based on the Board-approved business plan. The return to profitability is primarily
driven by the operational improvements (as already demonstrated during Q4 2025), combined with
the well filled order book for 2026. This will result in a significant improvement in production levels
in 2026, which will, together with lower non-recurring ramp-up costs and the stabilisation of input
costs, result in a profitable situation in 2026 again.
Management believes that, based on the weight of available evidence, including the scheduled
reversal of deferred tax liabilities and approved business plans, it is probable that sufficient taxable
profit will be available to realise the recognised deferred tax assets.
13\u00a0 \u00a0 \u00a0 \u00a0 Income tax expense
Income tax recognised in profit or loss
Amounts in EUR '000
2025
2024
Current tax expense/(benefit):
Current year
1,902
353
Prior year adjustments
893
(399)
Income tax expense/(benefit)
2,795
(46)
Deferred tax expense/(benefit):
Tax losses
(14,041)
481
Originating from temporary differences and their reversal
468
(166)
Prior year adjustment
(664)
186
Change due to tax rate change
334
525
Deferred tax expense/(benefit)
(13,903)
1,026
Total tax expense/(benefit) recognised in statement of
profit or loss
(11,108)
980
The prior year adjustments in 2025 relate mainly to the application of the EBITDA rule, which limits
the deductibility of interest expenses in the corporate income tax declaration.
The Group believes that its accruals for tax liabilities are adequate for all open tax years based on
its assessment of many factors, including interpretations of tax law and prior experience.
Movement in deferred tax balances
Amounts in EUR '000
Net balance
at 1 January
Recognised
in profit or
loss
Recognised
in equity
Reclassified
Net balance at
31 December
2025
Intangible fixed assets
(976)
(254)
\u2014
\u2014
(1,230)
Property, plant and
equipment
(2,992)
(2,595)
\u2014
\u2014
(5,587)
Right of use assets and
lease liabilities
946
(44)
\u2014
\u2014
902
Investment property
(21)
(8)
\u2014
\u2014
(29)
Contract assets
(93)
1,486
\u2014
\u2014
1,393
Accounts receivable
100
(80)
\u2014
\u2014
20
Loans and borrowings
(708)
708
\u2014
\u2014
\u2014
Finance liabilities sale
and leaseback
60
(1,910)
\u2014
\u2014
(1,850)
Other non-current
financial liabilities
166
(72)
\u2014
94
Employee benefits
290
(120)
\u2014
\u2014
170
EBITDA rule
\u2014
2,648
\u2014
\u2014
2,648
Other liabilities
(525)
31
\u2014
\u2014
(494)
Withholding tax
317
\u2014
(142)
175
Losses available for
offsetting against
future taxable income
779
14,041
\u2014
\u2014
14,820
Deferred tax assets
(liabilities) after
netting
(2,657)
13,903
(72)
(142)
11,032
Amounts in EUR '000
Net balance
at 1 January
Recognised
in profit or
loss
Recognised
in equity
Reclassified
Net balance at
31 December
2024
Intangible fixed assets
(495)
(481)
\u2014
\u2014
(976)
Property, plant and
equipment
(7,392)
4,400
\u2014
\u2014
(2,992)
Right of use assets and
lease liabilities
941
5
\u2014
\u2014
946
Investment property
(21)
\u2014
\u2014
\u2014
(21)
Contract assets
120
(213)
\u2014
\u2014
(93)
Accounts receivable
12
88
\u2014
\u2014
100
Loans and borrowings
\u2014
(708)
\u2014
\u2014
(708)
Finance liabilities sale
and leaseback - non-
current
\u2014
60
\u2014
\u2014
60
Other non-current
financial liabilities
\u2014
\u2014
166
\u2014
166
Employee benefits
99
191
\u2014
\u2014
290
Other liabilities
(558)
33
\u2014
\u2014
(525)
Withholding tax
300
\u2014
17
317
Losses available for
offsetting against
future taxable income
5,180
(4,401)
\u2014
\u2014
779
Tax assets (liabilities)
after netting
(1,814)
(1,026)
166
17
(2,657)
The (net) deferred tax liability related to property, plant and equipment is partly related to the
voluntary depreciation facility of the Dutch tax authorities in 2023, which allowed a maximum of
50% fiscal depreciation over the expenditures in 2023 related to certain qualifying equipment under
construction. The Group accounted for a fiscal depreciation amounting to EUR 39.3 million
(deferred tax liability of EUR 10.1 million). In addition, as a result of the limit of fiscal depreciation of
buildings until the tax value (\u2018WOZ waarde\u2019), the tax base of the buildings exceeds the commercial
value by EUR 13.8 million (2024: EUR 14.5 million), which results in a deferred tax asset of EUR 3.6
million (2024: 3.7 million).
The carryforward losses of 2023 are adjusted in 2025, mainly to reflect the adjustment of the impact
of the voluntary depreciation facility (impact EUR 19.4 million). Part of the carryforward losses are
used\u00a0 to offset against the taxable income from 2024 (EUR 4.7 million), for the remaining 2023
losses (EUR 17.5 million) and the 2025 losses (EUR 44.6 million)\u00a0 a deferred tax asset is recognized.
Unrecognised deferred tax assets and liabilities
At 31\u00a0December 2025 and 31\u00a0December 2024, the Group has recognised all deferred tax assets
applicable to the Group.
Reconciliation of effective tax rate
%
2025
2024
Tax using the Company\u2019s domestic tax rate
25.8
25.8
Prior year adjustments
(0.5)
(8.4)
Reduction in tax rates due to tax incentives
\u2014
\u2014
Revaluation of deferred tax balances
(0.7)
20.7
Participation Exemption
\u2014
(0.1)
Non tax deductible expenses
(0.2)
0.6
Effective tax rate
24.4
38.6
The impact of the prior year adjustments is explained on the previous page. The revaluation of
deferred tax balances in 2025 relates to the adjustment of the tax rate to the nominal tax rate of
25,8%, as future reversals of temporary differences are expected to take place without impact of
the innovation box.
33\u00a0 \u00a0 \u00a0 \u00a0 Off-balance sheet commitments
Fiscal unity
For corporate income tax purposes, the Company is the parent of a fiscal unity that contains the
Dutch wholly-owned group companies. The Company is therefore jointly and severally liable for the
corporate income tax liabilities of the tax unity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
Recoverability of deferred tax assets
The Group has recognised deferred tax assets, related to unused tax losses and deductible
temporary differences. The Group has incurred taxable losses in recent years, which could raise
concerns whether future taxable profits will be available future taxable profits may not be available.
Therefore, deferred tax assets arising from unused tax losses and deductible temporary differences
are recognised only to the extent that sufficient convincing evidence exists that taxable profits will
be generated.
To support the deferred tax assets arising from unused tax losses which can not be supported by
reversing offsetting deferred tax liabilities, management has prepared detailed forecasts of future
taxable profits based on the Board-approved business plan. The return to profitability is primarily
driven by the operational improvements (as already demonstrated during Q4 2025), combined with
the well filled order book for 2026. This will result in a significant improvement in production levels
in 2026, which will, together with lower non-recurring ramp-up costs and the stabilisation of input
costs, result in a profitable situation in 2026 again.
Management believes that, based on the weight of available evidence, including the scheduled
reversal of deferred tax liabilities and approved business plans, it is probable that sufficient taxable
profit will be available to realise the recognised deferred tax assets.
Taxes
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and their tax bases, except for:
\u2022 deferred tax liabilities arising from the initial recognition of goodwill or assets or liabilities in a
transaction that is not a business combination and, at the time of the transaction, affects
neither accounting nor taxable profit or loss and;
\u2022 temporary differences related to investments in subsidiaries, associates and joint
arrangements to the extent that the Group is able to control the timing of the reversal of the
temporary differences and it is probable that they will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible unused tax losses, tax credits and unused
deductible temporary differences to the extent that it is probable that future taxable profits will be
available against which they can be utilised. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related tax benefit will be
realised. Such reductions are reversed when the probability of future taxable profits improves.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the
extent that it has become probable that future taxable profits will be available against which they
can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss.
Deferred tax items are recognised in correlation to the underlying transaction either in other
comprehensive income (OCI) or directly in equity.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax liabilities or assets are expected to be
settled or recovered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
Recoverability of deferred tax assets
The Group has recognised deferred tax assets, related to unused tax losses and deductible
temporary differences. The Group has incurred taxable losses in recent years, which could raise
concerns whether future taxable profits will be available future taxable profits may not be available.
Therefore, deferred tax assets arising from unused tax losses and deductible temporary differences
are recognised only to the extent that sufficient convincing evidence exists that taxable profits will
be generated.
To support the deferred tax assets arising from unused tax losses which can not be supported by
reversing offsetting deferred tax liabilities, management has prepared detailed forecasts of future
taxable profits based on the Board-approved business plan. The return to profitability is primarily
driven by the operational improvements (as already demonstrated during Q4 2025), combined with
the well filled order book for 2026. This will result in a significant improvement in production levels
in 2026, which will, together with lower non-recurring ramp-up costs and the stabilisation of input
costs, result in a profitable situation in 2026 again.
Management believes that, based on the weight of available evidence, including the scheduled
reversal of deferred tax liabilities and approved business plans, it is probable that sufficient taxable
profit will be available to realise the recognised deferred tax assets
Taxes
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the
year and any adjustment to tax payable or receivable in respect of previous years. It is measured
using tax rates enacted or substantively enacted at the reporting date in the countries where the
Group operates and generates taxable income.
Income tax expense comprises current and deferred tax. Income taxes are recognised in profit or
loss except to the extent that they relate to items recognised directly in equity or in other
comprehensive income. Management periodically evaluates positions taken in the tax returns with
respect to situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and their tax bases, except for:
\u2022 deferred tax liabilities arising from the initial recognition of goodwill or assets or liabilities in a
transaction that is not a business combination and, at the time of the transaction, affects
neither accounting nor taxable profit or loss and;
\u2022 temporary differences related to investments in subsidiaries, associates and joint
arrangements to the extent that the Group is able to control the timing of the reversal of the
temporary differences and it is probable that they will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible unused tax losses, tax credits and unused
deductible temporary differences to the extent that it is probable that future taxable profits will be
available against which they can be utilised. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related tax benefit will be
realised. Such reductions are reversed when the probability of future taxable profits improves.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the
extent that it has become probable that future taxable profits will be available against which they
can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss.
Deferred tax items are recognised in correlation to the underlying transaction either in other
comprehensive income (OCI) or directly in equity.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax liabilities or assets are expected to be
settled or recovered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Trade receivables
A receivable is recognised if an amount of consideration that is unconditional is due from the
customer (i.e., only the passage of time is required before payment of the consideration is due).
Refer to accounting policies of financial assets.
Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022 interest income;
\u2022 interest expense; and
\u2022 the foreign currency gain or loss on financial assets and financial liabilities.
Interest income or expense is recognised using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in
hand, which are subject to an insignificant risk of changes in value.
Because of the short term nature of the instrument, the Group recognises the current account at its
contractual par amount. Similar to trade receivables, the current account involves one single cash
flow which is the repayment of the principal. Therefore, the cash flows resulting from the
receivables meet the SPPI test of payments of principal and interest despite the interest
component being zero.
The Group holds the current account in order to collect contractual cash flows. The current
account is therefore classified as measured at amortised cost.
Financial assets
IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and
some contracts to buy or sell non-financial items.
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient of IFRS 15.63 associated with the determination of whether a
significant financing component exists, the Group initially measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade
receivables that do not contain a significant financing component or for which the Group has applied
the practical expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level. The Group\u2019s business model for managing financial assets refers to how it manages
its financial assets in order to generate cash flows. The business model determines whether cash
flows will result from collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
Financial assets at amortised cost are the most relevant to the Group. The Group measures
financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR)
method and are subject to impairment. Gains and losses are recognised in profit or loss when the
asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost
includes trade receivables, contract assets and a loan to an associate.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is derecognised (i.e., removed from the Group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset have expired;
or
\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
\u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at an approximation of the original effective interest rate.
For trade receivables and contract assets, the Group applies a simplified approach in calculating
ECLs, as these positions do not contain a significant financing component. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors such as macro economic
information and the loss given default, specific to the debtors and the economic environment.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at
fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s material financial liabilities include trade and other payables and loans and borrowings
including bank overdrafts, financial liabilities following from sale and lease back transactions and
derivative financial instruments.
In case a financial liability does not meet the initial recognition criteria, the financial liability is
disclosed as contingent liability.
Subsequent measurement
Financial liabilities at amortised cost (loans and borrowings) is the category most relevant to the
Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of
profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments (interest rate swaps) to hedge its interest rate risks.
Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
For the purpose of hedge accounting, the hedge instruments are classified as cash flow hedges, as
the exposure to variability in interest cash flows is hedged.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and
strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged and how the Group will assess whether the hedging relationship meets the
hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets
all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of
the hedged item that the Group actually hedges and the quantity of the hedging instrument
that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is recognised immediately in the statement of
profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in fair value of the hedged item.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI
must be accounted for depending on the nature of the underlying transaction as described above.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle on a net basis, to realise the assets and
settle the liabilities simultaneously.
Cumulative preference shares and perpetual bond
Cumulative preference shares and the perpetual bond are classified as either a financial liability or
equity components based on the terms of the contract.
A financial liability is any liability that is:
\u2022 a contractual obligation to deliver cash or another financial asset to another entity, or to
exchange financial assets or financial liabilities with another entity under conditions that are
potentially unfavourable to the entity; or
\u2022 a contract that will or may be settled in the entity\u2019s own equity instruments and is a non\u2013
derivative for which the entity is or may be obliged to deliver a variable number of the entity\u2019s
own equity instruments, or a derivative that will or may be settled other than by the exchange
of a fixed amount of cash or another financial asset for a fixed number of the entity\u2019s own
equity instruments.
The cumulative preference shares and perpetual bond have been classified as equity, because
there is no mandatory redemption and distributions to the holders of the respective instrument are
at the discretion of Sif.
The cash received is classified as other capital reserve in equity, the transaction costs (net of tax)
are accounted for as a deduction from equity. The Group has chosen to recognise the charge as a
reduction of share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
Trade receivables
A receivable is recognised if an amount of consideration that is unconditional is due from the
customer (i.e., only the passage of time is required before payment of the consideration is due).
Refer to accounting policies of financial assets.
Financial assets
IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and
some contracts to buy or sell non-financial items.
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient of IFRS 15.63 associated with the determination of whether a
significant financing component exists, the Group initially measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade
receivables that do not contain a significant financing component or for which the Group has applied
the practical expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level. The Group\u2019s business model for managing financial assets refers to how it manages
its financial assets in order to generate cash flows. The business model determines whether cash
flows will result from collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
Financial assets at amortised cost are the most relevant to the Group. The Group measures
financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR)
method and are subject to impairment. Gains and losses are recognised in profit or loss when the
asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost
includes trade receivables, contract assets and a loan to an associate.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is derecognised (i.e., removed from the Group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset have expired;
or
\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
\u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at an approximation of the original effective interest rate.
For trade receivables and contract assets, the Group applies a simplified approach in calculating
ECLs, as these positions do not contain a significant financing component. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors such as macro economic
information and the loss given default, specific to the debtors and the economic environment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Trade receivables
A receivable is recognised if an amount of consideration that is unconditional is due from the
customer (i.e., only the passage of time is required before payment of the consideration is due).
Refer to accounting policies of financial assets.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in
hand, which are subject to an insignificant risk of changes in value.
Because of the short term nature of the instrument, the Group recognises the current account at its
contractual par amount. Similar to trade receivables, the current account involves one single cash
flow which is the repayment of the principal. Therefore, the cash flows resulting from the
receivables meet the SPPI test of payments of principal and interest despite the interest
component being zero.
The Group holds the current account in order to collect contractual cash flows. The current
account is therefore classified as measured at amortised cost.
Financial assets
IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and
some contracts to buy or sell non-financial items.
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient of IFRS 15.63 associated with the determination of whether a
significant financing component exists, the Group initially measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade
receivables that do not contain a significant financing component or for which the Group has applied
the practical expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level. The Group\u2019s business model for managing financial assets refers to how it manages
its financial assets in order to generate cash flows. The business model determines whether cash
flows will result from collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
Financial assets at amortised cost are the most relevant to the Group. The Group measures
financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR)
method and are subject to impairment. Gains and losses are recognised in profit or loss when the
asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost
includes trade receivables, contract assets and a loan to an associate.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is derecognised (i.e., removed from the Group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset have expired;
or
\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
\u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at an approximation of the original effective interest rate.
For trade receivables and contract assets, the Group applies a simplified approach in calculating
ECLs, as these positions do not contain a significant financing component. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors such as macro economic
information and the loss given default, specific to the debtors and the economic environment.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments (interest rate swaps) to hedge its interest rate risks.
Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
For the purpose of hedge accounting, the hedge instruments are classified as cash flow hedges, as
the exposure to variability in interest cash flows is hedged.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and
strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged and how the Group will assess whether the hedging relationship meets the
hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets
all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of
the hedged item that the Group actually hedges and the quantity of the hedging instrument
that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is recognised immediately in the statement of
profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in fair value of the hedged item.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI
must be accounted for depending on the nature of the underlying transaction as described above.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle on a net basis, to realise the assets and
settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be
received and all attached conditions will be complied with. When the grant relates to an expense
item, it is recognised as income on a systematic basis over the periods that the related costs, for
which it is intended to compensate, are expensed. When the grant relates to an asset, it is
recognised as income in equal amounts over the expected useful life of the related asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
Employee benefits
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably. Wage tax deductions (WBSO) are recognised in profit or loss
over the periods in which the Group recognises the related costs which the grants are intended to
compensate.
Post-employment benefit plan
The Group has a defined benefit scheme for which premiums are payable to an industry pension
fund (Bedrijfstakpensioenfonds) that is separately managed: the Pensioenfonds Metaal en
Techniek (PMT). This pension scheme is administered together with those of other legal entities.
The pension obligation is based on the duration of the participation in the plan and their salary
levels. The related obligations are covered by the periodical premiums to the industry pension fund.
The structure of the administration does not allow for providing the required information to the
Group for accounting for the pension scheme as a defined benefit scheme in accordance with IAS
19. As such, this pension scheme has been accounted for as a defined contribution scheme in the
financial statements.
Obligations for contributions to the industry pension fund are expensed as the related service is
provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in future payments is available.
Share-based compensation
Employees of the Group receive remuneration in the form of share-based payments, whereby
employees render services in exchange for equity instruments (equity-settled transactions) and/or
share appreciation rights which are settled in cash (cash-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is
made using an appropriate valuation model (further details are given in note 28).
That cost is recognised in employee benefits expense, together with a corresponding increase in
equity (share premium), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments
that will ultimately vest. The expense or credit in the statement of profit or loss for a period
represents the movement in cumulative expense recognised as at the beginning and end of that
period.
Service and non-market performance conditions are not taken into account when determining the
grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of
the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. Any other conditions attached
to an award, but without an associated service requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an
immediate expensing of an award unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of whether the market or non-vesting
condition is satisfied, provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the
grant date fair value of the unmodified award, provided the original vesting terms of the award are
met. An additional expense, measured as at the date of modification, is recognised for any
modification that increases the total fair value of the share-based payment transaction, or is
otherwise beneficial to the employee. Where an award is cancelled by the entity or by the
counterparty, any remaining element of the fair value of the award is expensed immediately through
profit or loss.
Cash-settled transactions
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured
initially and at each reporting date up to and including the settlement date, with changes in fair
value recognised in employee benefits expense. The fair value is expensed over the period until the
vesting date with recognition of a corresponding liability. The fair value is determined using a
binomial model (further details are given in note 28). The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to cash-settled transactions.
Other long-term employee benefits
The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit
that employees have earned in return for their service in the current and prior periods. That benefit
is discounted to determine its present value. Remeasurements are recognised in profit or loss in
the period in which they arise.
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are
recognised as an intangible asset when the Group can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that the asset will be available
for use or sale
\u2022 Its intention to complete and its ability and intention to use or sell the asset
\u2022 How the asset will generate future economic benefits
\u2022 The availability of resources to complete the asset
\u2022 The ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried at cost
less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset
begins when development is complete, and the asset is available for use. It is amortised over the
period of expected future benefit, which is determined per project (with a standard assumption of 5
years). Amortisation is recorded in depreciation and amortisation costs. During the period of
development, the asset is tested for impairment annually.
Property, plant and equipment
Depreciation
Depreciation is calculated using the cost of items of property, plant and equipment using the straight-
line method over their estimated useful lifes, and is recognised in profit or loss. Land is not depreciated.
Assets which are under construction are capitalised under property, plant or equipment whereby
depreciation will start when the asset is available for use.
The estimated useful lifes of property, plant and equipment for current and comparative periods are
as follows:
>
Buildings:
6 \u2013 20 years
>
Plant and equipment:
5 \u2013 20 years
>
Other fixed assets:
5 \u2013 10 years
Depreciation methods and useful lifes are reviewed at each reporting date and adjusted if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Employee benefits
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably. Wage tax deductions (WBSO) are recognised in profit or loss
over the periods in which the Group recognises the related costs which the grants are intended to
compensate.
Post-employment benefit plan
The Group has a defined benefit scheme for which premiums are payable to an industry pension
fund (Bedrijfstakpensioenfonds) that is separately managed: the Pensioenfonds Metaal en
Techniek (PMT). This pension scheme is administered together with those of other legal entities.
The pension obligation is based on the duration of the participation in the plan and their salary
levels. The related obligations are covered by the periodical premiums to the industry pension fund.
The structure of the administration does not allow for providing the required information to the
Group for accounting for the pension scheme as a defined benefit scheme in accordance with IAS
19. As such, this pension scheme has been accounted for as a defined contribution scheme in the
financial statements.
Obligations for contributions to the industry pension fund are expensed as the related service is
provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in future payments is available.
Share-based compensation
Employees of the Group receive remuneration in the form of share-based payments, whereby
employees render services in exchange for equity instruments (equity-settled transactions) and/or
share appreciation rights which are settled in cash (cash-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is
made using an appropriate valuation model (further details are given in note 28).
That cost is recognised in employee benefits expense, together with a corresponding increase in
equity (share premium), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments
that will ultimately vest. The expense or credit in the statement of profit or loss for a period
represents the movement in cumulative expense recognised as at the beginning and end of that
period.
Service and non-market performance conditions are not taken into account when determining the
grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of
the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. Any other conditions attached
to an award, but without an associated service requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an
immediate expensing of an award unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of whether the market or non-vesting
condition is satisfied, provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the
grant date fair value of the unmodified award, provided the original vesting terms of the award are
met. An additional expense, measured as at the date of modification, is recognised for any
modification that increases the total fair value of the share-based payment transaction, or is
otherwise beneficial to the employee. Where an award is cancelled by the entity or by the
counterparty, any remaining element of the fair value of the award is expensed immediately through
profit or loss.
Cash-settled transactions
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured
initially and at each reporting date up to and including the settlement date, with changes in fair
value recognised in employee benefits expense. The fair value is expensed over the period until the
vesting date with recognition of a corresponding liability. The fair value is determined using a
binomial model (further details are given in note 28). The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to cash-settled transactions.
Other long-term employee benefits
The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit
that employees have earned in return for their service in the current and prior periods. That benefit
is discounted to determine its present value. Remeasurements are recognised in profit or loss in
the period in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Employee benefits
Share-based compensation
Employees of the Group receive remuneration in the form of share-based payments, whereby
employees render services in exchange for equity instruments (equity-settled transactions) and/or
share appreciation rights which are settled in cash (cash-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is
made using an appropriate valuation model (further details are given in note 28).
That cost is recognised in employee benefits expense, together with a corresponding increase in
equity (share premium), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments
that will ultimately vest. The expense or credit in the statement of profit or loss for a period
represents the movement in cumulative expense recognised as at the beginning and end of that
period.
Service and non-market performance conditions are not taken into account when determining the
grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of
the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. Any other conditions attached
to an award, but without an associated service requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an
immediate expensing of an award unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of whether the market or non-vesting
condition is satisfied, provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the
grant date fair value of the unmodified award, provided the original vesting terms of the award are
met. An additional expense, measured as at the date of modification, is recognised for any
modification that increases the total fair value of the share-based payment transaction, or is
otherwise beneficial to the employee. Where an award is cancelled by the entity or by the
counterparty, any remaining element of the fair value of the award is expensed immediately through
profit or loss.
Cash-settled transactions
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured
initially and at each reporting date up to and including the settlement date, with changes in fair
value recognised in employee benefits expense. The fair value is expensed over the period until the
vesting date with recognition of a corresponding liability. The fair value is determined using a
binomial model (further details are given in note 28). The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to cash-settled transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Other long-term employee benefits
The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit
that employees have earned in return for their service in the current and prior periods. That benefit
is discounted to determine its present value. Remeasurements are recognised in profit or loss in
the period in which they arise.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. When the Group expects some or all of a provision to be reimbursed, for example, under
an insurance contract, the reimbursement is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to a provision is presented in the statement
of profit or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax
rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022 interest income;
\u2022 interest expense; and
\u2022 the foreign currency gain or loss on financial assets and financial liabilities.
Interest income or expense is recognised using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022 interest income;
\u2022 interest expense; and
\u2022 the foreign currency gain or loss on financial assets and financial liabilities.
Interest income or expense is recognised using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022 interest income;
\u2022 interest expense; and
\u2022 the foreign currency gain or loss on financial assets and financial liabilities.
Interest income or expense is recognised using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Value added tax
Expenses and assets are recognised net of the amount of value added tax, except when the value
added tax incurred on a purchase of assets or services is not recoverable from the taxation
authority, in which case, the value added tax is recognised as part of the cost of acquisition of the
asset or as part of the expense item, as applicable.
The net amount of value added tax recoverable from, or payable to, the taxation authority is
included as part of receivables or payables in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Intangible assets
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are
recognised as an intangible asset when the Group can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that the asset will be available
for use or sale
\u2022 Its intention to complete and its ability and intention to use or sell the asset
\u2022 How the asset will generate future economic benefits
\u2022 The availability of resources to complete the asset
\u2022 The ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried at cost
less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset
begins when development is complete, and the asset is available for use. It is amortised over the
period of expected future benefit, which is determined per project (with a standard assumption of 5
years). Amortisation is recorded in depreciation and amortisation costs. During the period of
development, the asset is tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Intangible assets
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are
recognised as an intangible asset when the Group can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that the asset will be available
for use or sale
\u2022 Its intention to complete and its ability and intention to use or sell the asset
\u2022 How the asset will generate future economic benefits
\u2022 The availability of resources to complete the asset
\u2022 The ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried at cost
less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset
begins when development is complete, and the asset is available for use. It is amortised over the
period of expected future benefit, which is determined per project (with a standard assumption of 5
years). Amortisation is recorded in depreciation and amortisation costs. During the period of
development, the asset is tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are
recognised as an intangible asset when the Group can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that the asset will be available
for use or sale
\u2022 Its intention to complete and its ability and intention to use or sell the asset
\u2022 How the asset will generate future economic benefits
\u2022 The availability of resources to complete the asset
\u2022 The ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried at cost
less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset
begins when development is complete, and the asset is available for use. It is amortised over the
period of expected future benefit, which is determined per project (with a standard assumption of 5
years). Amortisation is recorded in depreciation and amortisation costs. During the period of
development, the asset is tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Property, plant and equipment
Recognition and measurement
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in
which they occur. Borrowing costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds. Interest expense arising from customer contracts with a
significant financing component are capitalised as borrowing costs if they are directly attributable
to the acquisition, construction or production of a qualifying asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
Property, plant and equipment
Depreciation
Depreciation is calculated using the cost of items of property, plant and equipment using the straight-
line method over their estimated useful lifes, and is recognised in profit or loss. Land is not depreciated.
Assets which are under construction are capitalised under property, plant or equipment whereby
depreciation will start when the asset is available for use.
The estimated useful lifes of property, plant and equipment for current and comparative periods are
as follows:
>
Buildings:
6 \u2013 20 years
>
Plant and equipment:
5 \u2013 20 years
>
Other fixed assets:
5 \u2013 10 years
Depreciation methods and useful lifes are reviewed at each reporting date and adjusted if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant
and equipment and borrowing costs for long-term construction projects if the recognition criteria
are met.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in
which they occur. Borrowing costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds. Interest expense arising from customer contracts with a
significant financing component are capitalised as borrowing costs if they are directly attributable
to the acquisition, construction or production of a qualifying asset.
When significant parts of plant and equipment are required to be replaced at intervals, the Group
depreciates them separately based on their specific useful lifes. Likewise, when a major renovation
or overhaul is performed, its cost is recognised in the carrying amount of the plant and equipment
as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are
recognised in profit or loss as incurred.
If significant parts of an item of property, plant and equipment have different useful lifes, they are
accounted for as separate items (major components) of property, plant and equipment.
Subsequent expenditure
Subsequent expenditure is capitalised only when it is probable that the future economic benefits
associated with the expenditure will flow to the Group.
Depreciation
Depreciation is calculated using the cost of items of property, plant and equipment using the straight-
line method over their estimated useful lifes, and is recognised in profit or loss. Land is not depreciated.
Assets which are under construction are capitalised under property, plant or equipment whereby
depreciation will start when the asset is available for use.
The estimated useful lifes of property, plant and equipment for current and comparative periods are
as follows:
>
Buildings:
6 \u2013 20 years
>
Plant and equipment:
5 \u2013 20 years
>
Other fixed assets:
5 \u2013 10 years
Depreciation methods and useful lifes are reviewed at each reporting date and adjusted if appropriate.
Derecognition
An item of property, plant and equipment and any significant part initially recognised is
derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Investment property
Investment property is initially measured at cost. Subsequent to initial recognition, investment
properties are stated at fair value, which reflects market conditions at the reporting date. Gains or
losses arising from changes in the fair values of investment properties are included in profit or loss
in the period in which they arise, including the corresponding tax effect.
Investment properties are derecognised either when they have been disposed of (i.e., at the date
the recipient obtains control) or when they are permanently withdrawn from use and no future
economic benefit is expected from their disposal. Any gain or loss on disposal of an investment
property (calculated as the difference between the net proceeds from disposal and the carrying
amount of the item) is recognised in profit or loss in the period of derecognition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Investments in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture. Joint control is the contractually
agreed sharing of control of an arrangement, which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing control. The considerations made in
determining significant influence or joint control are similar to those necessary to determine control
over subsidiaries. The Group\u2019s investments in its joint ventures are accounted for using the equity
method. Under the equity method, the investment in a joint venture is initially recognised at cost.
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net
assets of the joint ventures since the acquisition date.
The statement of profit or loss reflects the Group\u2019s share of the results of operations of the
associate or joint venture. In addition, when there has been a change recognised directly in the
equity of the associate or joint venture, the Group recognises its share of any changes, when
applicable, in the statement of changes in equity. Unrealised gains and losses resulting from
transactions between the Group and the associate or joint venture are eliminated to the extent of
the interest in the associate or joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Investments in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture. Joint control is the contractually
agreed sharing of control of an arrangement, which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing control. The considerations made in
determining significant influence or joint control are similar to those necessary to determine control
over subsidiaries. The Group\u2019s investments in its joint ventures are accounted for using the equity
method. Under the equity method, the investment in a joint venture is initially recognised at cost.
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net
assets of the joint ventures since the acquisition date.
The statement of profit or loss reflects the Group\u2019s share of the results of operations of the
associate or joint venture. In addition, when there has been a change recognised directly in the
equity of the associate or joint venture, the Group recognises its share of any changes, when
applicable, in the statement of changes in equity. Unrealised gains and losses resulting from
transactions between the Group and the associate or joint venture are eliminated to the extent of
the interest in the associate or joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Non-controlling interests
Non-controlling interest is defined as the equity in a subsidiary non attributable, directly or
indirectly, to a parent. For each business combination, in which the company holds less than 100%
of the equity interests in the acquiree, the Group values the non-controlling interest using its
proportionate share of the acquiree\u2019s identifiable net assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is
based on the first-in first-out principle. Net realisable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and the estimated costs necessary
to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in
hand, which are subject to an insignificant risk of changes in value.
Because of the short term nature of the instrument, the Group recognises the current account at its
contractual par amount. Similar to trade receivables, the current account involves one single cash
flow which is the repayment of the principal. Therefore, the cash flows resulting from the
receivables meet the SPPI test of payments of principal and interest despite the interest
component being zero.
The Group holds the current account in order to collect contractual cash flows. The current
account is therefore classified as measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Financial assets
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is derecognised (i.e., removed from the Group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset have expired;
or
\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
\u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
Financial liabilities
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Financial assets
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at an approximation of the original effective interest rate.
For trade receivables and contract assets, the Group applies a simplified approach in calculating
ECLs, as these positions do not contain a significant financing component. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors such as macro economic
information and the loss given default, specific to the debtors and the economic environment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Financial assets
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at an approximation of the original effective interest rate.
For trade receivables and contract assets, the Group applies a simplified approach in calculating
ECLs, as these positions do not contain a significant financing component. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors such as macro economic
information and the loss given default, specific to the debtors and the economic environment.
Impairment of non-financial assets
Each reporting date, the Group assesses whether there is any indication that the Group\u2019s assets
have been impaired. If any indication exists, an estimate is made of the recoverable amount of the
asset concerned. An impairment is only recognised when the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Any impairments are recognised in the
statement of profit or loss under depreciation and impairment expenses.
The recoverable amount of an asset or cash-generating unit is the higher of the value in use and the
fair value less costs of disposal. The recoverable amount is calculated for each asset individually,
unless that asset does not generate any cash flows that are largely independent from those of other
assets or groups of assets. The calculation of the value in use is based on a discounting of the
estimated future cash flows, using a discount rate that reflects the current market assessments of
the time value of money and the specific risks associated with the asset. For the calculation of fair
value minus cost of disposal use is made of an appropriate valuation model.
A previously recognised impairment loss is only reversed if the assumptions used to determine the
asset\u2019s recoverable amount have changed since the most recent impairment loss. The reversal is
limited so that the carrying amount of the asset does not exceed its recoverable amount, nor
exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at
fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s material financial liabilities include trade and other payables and loans and borrowings
including bank overdrafts, financial liabilities following from sale and lease back transactions and
derivative financial instruments.
In case a financial liability does not meet the initial recognition criteria, the financial liability is
disclosed as contingent liability.
Subsequent measurement
Financial liabilities at amortised cost (loans and borrowings) is the category most relevant to the
Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of
profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments (interest rate swaps) to hedge its interest rate risks.
Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
For the purpose of hedge accounting, the hedge instruments are classified as cash flow hedges, as
the exposure to variability in interest cash flows is hedged.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and
strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged and how the Group will assess whether the hedging relationship meets the
hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets
all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of
the hedged item that the Group actually hedges and the quantity of the hedging instrument
that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is recognised immediately in the statement of
profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in fair value of the hedged item.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI
must be accounted for depending on the nature of the underlying transaction as described above.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle on a net basis, to realise the assets and
settle the liabilities simultaneously.
Cumulative preference shares and perpetual bond
Cumulative preference shares and the perpetual bond are classified as either a financial liability or
equity components based on the terms of the contract.
A financial liability is any liability that is:
\u2022 a contractual obligation to deliver cash or another financial asset to another entity, or to
exchange financial assets or financial liabilities with another entity under conditions that are
potentially unfavourable to the entity; or
\u2022 a contract that will or may be settled in the entity\u2019s own equity instruments and is a non\u2013
derivative for which the entity is or may be obliged to deliver a variable number of the entity\u2019s
own equity instruments, or a derivative that will or may be settled other than by the exchange
of a fixed amount of cash or another financial asset for a fixed number of the entity\u2019s own
equity instruments.
The cumulative preference shares and perpetual bond have been classified as equity, because
there is no mandatory redemption and distributions to the holders of the respective instrument are
at the discretion of Sif.
The cash received is classified as other capital reserve in equity, the transaction costs (net of tax)
are accounted for as a deduction from equity. The Group has chosen to recognise the charge as a
reduction of share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at
fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s material financial liabilities include trade and other payables and loans and borrowings
including bank overdrafts, financial liabilities following from sale and lease back transactions and
derivative financial instruments.
In case a financial liability does not meet the initial recognition criteria, the financial liability is
disclosed as contingent liability.
Subsequent measurement
Financial liabilities at amortised cost (loans and borrowings) is the category most relevant to the
Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of
profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Financial liabilities
Initial recognition and measurement
In case a financial liability does not meet the initial recognition criteria, the financial liability is
disclosed as contingent liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments (interest rate swaps) to hedge its interest rate risks.
Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
For the purpose of hedge accounting, the hedge instruments are classified as cash flow hedges, as
the exposure to variability in interest cash flows is hedged.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and
strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged and how the Group will assess whether the hedging relationship meets the
hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets
all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of
the hedged item that the Group actually hedges and the quantity of the hedging instrument
that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is recognised immediately in the statement of
profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in fair value of the hedged item.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI
must be accounted for depending on the nature of the underlying transaction as described above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments (interest rate swaps) to hedge its interest rate risks.
Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
For the purpose of hedge accounting, the hedge instruments are classified as cash flow hedges, as
the exposure to variability in interest cash flows is hedged.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and
strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged and how the Group will assess whether the hedging relationship meets the
hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets
all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of
the hedged item that the Group actually hedges and the quantity of the hedging instrument
that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is recognised immediately in the statement of
profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in fair value of the hedged item.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI
must be accounted for depending on the nature of the underlying transaction as described above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments (interest rate swaps) to hedge its interest rate risks.
Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
For the purpose of hedge accounting, the hedge instruments are classified as cash flow hedges, as
the exposure to variability in interest cash flows is hedged.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and
strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged and how the Group will assess whether the hedging relationship meets the
hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets
all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of
the hedged item that the Group actually hedges and the quantity of the hedging instrument
that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is recognised immediately in the statement of
profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in fair value of the hedged item.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI
must be accounted for depending on the nature of the underlying transaction as described above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle on a net basis, to realise the assets and
settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The Group uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input
that is significant to the fair value measurement as a whole:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable
\u2022 Level 3: Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-
assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Share capital
Cash dividend and non-cash distribution to the shareholder
The Company recognises a liability to make cash or non-cash distributions to the shareholders
when the distribution is authorised and the distribution is no longer at the discretion of the
Company. As per the corporate laws in the Netherlands, a distribution is authorised when it is
approved by the shareholders. A corresponding amount is recognised directly in equity.
Non-cash distributions are measured at the fair value of the assets to be distributed with fair value
remeasurement recognised directly in equity. Upon distribution of non-cash assets, any difference
between the carrying amount of the liability and the carrying amount of the assets distributed is
recognised in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Impairment of non-financial assets
Each reporting date, the Group assesses whether there is any indication that the Group\u2019s assets
have been impaired. If any indication exists, an estimate is made of the recoverable amount of the
asset concerned. An impairment is only recognised when the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Any impairments are recognised in the
statement of profit or loss under depreciation and impairment expenses.
The recoverable amount of an asset or cash-generating unit is the higher of the value in use and the
fair value less costs of disposal. The recoverable amount is calculated for each asset individually,
unless that asset does not generate any cash flows that are largely independent from those of other
assets or groups of assets. The calculation of the value in use is based on a discounting of the
estimated future cash flows, using a discount rate that reflects the current market assessments of
the time value of money and the specific risks associated with the asset. For the calculation of fair
value minus cost of disposal use is made of an appropriate valuation model.
A previously recognised impairment loss is only reversed if the assumptions used to determine the
asset\u2019s recoverable amount have changed since the most recent impairment loss. The reversal is
limited so that the carrying amount of the asset does not exceed its recoverable amount, nor
exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
4\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Changes in accounting policies and disclosures
New and amended standards and interpretations
Several amendments apply for the first time in 2025, but do not have an impact on the consolidated
financial statements of the Group. The Group has not early adopted any standards, interpretations
or amendments that have been issued but are not yet effective.
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate: Lack of
Exchangeability, effective 1 January 2025
For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability \u2013
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity
should assess whether a currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking. The amendments also require disclosure of information that
enables users of its financial statements to understand how the currency not being exchangeable
into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial
position and cash flows.
These amendments had no impact on the consolidated financial statements of the Group.
5\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the
date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to
adopt these standards and interpretations, if applicable, when they become effective.
The amendments marked with an (*) have not been endorsed by the EU per the date of these
financial statements.
Amendments to the Classification and Measurement of financial instruments
disclosures- IFRS 9 and IFRS 7, effective 1 January 2026
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification
and Measurement of Financial Instruments (the Amendments). The Amendments include:
\u2022 A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the
introduction of an accounting policy choice (if specific conditions are met) to derecognise
financial liabilities settled using an electronic payment system before the settlement date
\u2022 Additional guidance on how the contractual cash flows for financial assets with
environmental, social and corporate governance (ESG) and similar features should be
assessed
\u2022 Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of
contractually linked instruments
\u2022 The introduction of disclosures for financial instruments with contingent features and
additional disclosure requirements for equity instruments classified at fair value through other
comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early
adoption permitted for classification of financial assets and related disclosures only.
Theses amendments are not expected to have a material impact on the current practice of the
Group.
Annual Improvements Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of
IFRS accounting standards. The amendments include clarifications, simplifications, corrections or
changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting
Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on
implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and
IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning
on or after 1 January 2026. Earlier application is permitted and must be disclosed.
The Group is currently assessing the impact the amendments will have on current practice.
IFRS 18 Presentation and Disclosures in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements.
IFRS 18 introduces new requirements for presentation within the statement of profit or loss,
including specified totals and subtotals. Furthermore, entities are required to classify all income
and expenses within the statement of profit or loss into one of five categories: operating, investing,
financing, income taxes and discontinued operations, whereof the first three are new.The standard
requires disclosure of newly defined management-defined performance measures, subtotals of
income and expenses, and it also includes new requirements for aggregation and disaggregation of
financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and
the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which
include changing the starting point for determining cash flows from operations under the indirect
method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In addition, there are consequential
amendments to several other standards.
IFRS 18 and the amendments to the other standards are effective for reporting periods beginning on
or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will
apply retrospectively.
The Group is currently assessing the impact the amendments will have on current practice.
IFRS 19 Subsidiaries without Public Accountability: Disclosures (*)
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced
disclosure requirements while still applying the recognition, measurement and presentation
requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period,
an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must
have a parent (ultimate or intermediate) that prepares consolidated financial statements, available
for public use, which comply with IFRS accounting standards.
In August 2025, the IASB issued Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures. These amendments reduce (where relevant) the disclosure requirements of
amendments and additions to IFRS accounting standards that were published between February
2021 and May 2024.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early
application permitted.
The standard has currently no impact on the Group, in case the reporting requirements of the
subsidiaries of the Group change the impact of the amendments will be assessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
4\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Changes in accounting policies and disclosures
New and amended standards and interpretations
Several amendments apply for the first time in 2025, but do not have an impact on the consolidated
financial statements of the Group. The Group has not early adopted any standards, interpretations
or amendments that have been issued but are not yet effective.
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate: Lack of
Exchangeability, effective 1 January 2025
For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability \u2013
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity
should assess whether a currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking. The amendments also require disclosure of information that
enables users of its financial statements to understand how the currency not being exchangeable
into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial
position and cash flows.
These amendments had no impact on the consolidated financial statements of the Group.
5\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the
date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to
adopt these standards and interpretations, if applicable, when they become effective.
The amendments marked with an (*) have not been endorsed by the EU per the date of these
financial statements.
Amendments to the Classification and Measurement of financial instruments
disclosures- IFRS 9 and IFRS 7, effective 1 January 2026
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification
and Measurement of Financial Instruments (the Amendments). The Amendments include:
\u2022 A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the
introduction of an accounting policy choice (if specific conditions are met) to derecognise
financial liabilities settled using an electronic payment system before the settlement date
\u2022 Additional guidance on how the contractual cash flows for financial assets with
environmental, social and corporate governance (ESG) and similar features should be
assessed
\u2022 Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of
contractually linked instruments
\u2022 The introduction of disclosures for financial instruments with contingent features and
additional disclosure requirements for equity instruments classified at fair value through other
comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early
adoption permitted for classification of financial assets and related disclosures only.
Theses amendments are not expected to have a material impact on the current practice of the
Group.
Annual Improvements Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of
IFRS accounting standards. The amendments include clarifications, simplifications, corrections or
changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting
Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on
implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and
IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning
on or after 1 January 2026. Earlier application is permitted and must be disclosed.
The Group is currently assessing the impact the amendments will have on current practice.
IFRS 18 Presentation and Disclosures in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements.
IFRS 18 introduces new requirements for presentation within the statement of profit or loss,
including specified totals and subtotals. Furthermore, entities are required to classify all income
and expenses within the statement of profit or loss into one of five categories: operating, investing,
financing, income taxes and discontinued operations, whereof the first three are new.The standard
requires disclosure of newly defined management-defined performance measures, subtotals of
income and expenses, and it also includes new requirements for aggregation and disaggregation of
financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and
the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which
include changing the starting point for determining cash flows from operations under the indirect
method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In addition, there are consequential
amendments to several other standards.
IFRS 18 and the amendments to the other standards are effective for reporting periods beginning on
or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will
apply retrospectively.
The Group is currently assessing the impact the amendments will have on current practice.
IFRS 19 Subsidiaries without Public Accountability: Disclosures (*)
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced
disclosure requirements while still applying the recognition, measurement and presentation
requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period,
an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must
have a parent (ultimate or intermediate) that prepares consolidated financial statements, available
for public use, which comply with IFRS accounting standards.
In August 2025, the IASB issued Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures. These amendments reduce (where relevant) the disclosure requirements of
amendments and additions to IFRS accounting standards that were published between February
2021 and May 2024.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early
application permitted.
The standard has currently no impact on the Group, in case the reporting requirements of the
subsidiaries of the Group change the impact of the amendments will be assessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
6\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating segments
For management purposes, the Group is organised into divisions based on its products and
services and has four operating segments :
\u2022 Wind, which produces and delivers monopiles and transition pieces for the off-shore wind
industry;
\u2022 OSS, which produces offshore steel structures;
\u2022 Marshalling, which includes renting-out of logistical area and facilities and the delivery of
logistical services to customers, mainly in the off-shore wind industry;
\u2022 Other, which includes mainly engineering services, licensing fees and operational lease
income for the windmill on the Group\u2019s site in Rotterdam.
Information related to each operating segment is set out below.
Segment contribution constitutes the difference between revenue from contracts with customers
and cost of sales. Cost of sales includes the costs of raw materials, subcontracted work and other
external charges as well as logistic and other project related expenses. The gross profit is
determined by segment contribution subtracted by costs relating to direct personnel expenses and
production and general manufacturing expenses.
All accounts below gross profit are not allocated to individual segments as these are managed on
an overall group basis. Costs of sales like raw materials, subcontracted work and other charges and
logistic and other project related expenses depend on underlying contracts with customers. Gross
profit is used to measure performance because management believes that this information is the
most relevant in evaluating the results of the respective segments relative to other entities that
operate in the same industries. Total assets, which are located in the Netherlands, are not
allocated to individual segments as these are managed on an overall group basis.
Information about operating segments
Amounts in EUR '000
2025
2024
Wind
OSS
Marshalling
Other
Total
Wind
OSS
Marshalling
Other
Total
- Revenue from contracts with customers
540,593
42,343
2,049
10,466
595,451
384,036
28,360
2,300
12,622
427,318
- Operational lease income
\u2014
\u2014
31
1,557
1,588
\u2014
\u2014
178
1,495
1,673
Total revenue
540,593
42,343
2,080
12,023
597,039
384,036
28,360
2,478
14,117
428,991
- Raw materials
(263,437)
(20,425)
\u2014
8
(283,854)
(216,939)
(8,273)
17
14
(225,181)
- Subcontracted work and other external charges
(102,697)
(1,512)
1
(77)
(104,285)
(30,169)
(2,066)
(2)
5
(32,232)
- Logistic and other project related expenses
(19,059)
(1,143)
(1,127)
(442)
(21,771)
(20,483)
(2,876)
(1,287)
(398)
(25,044)
Segment contribution
155,400
19,263
954
11,512
187,129
116,445
15,145
1,206
13,738
146,534
- Direct personnel expenses
(53,809)
(10,865)
(2)
(6,428)
(71,104)
(32,924)
(10,269)
\u2014
(5,123)
(48,316)
- Production and general manufacturing expenses
(23,771)
(2,527)
\u2014
\u2014
(26,298)
(15,550)
(2,247)
\u2014
\u2014
(17,797)
Gross profit
77,820
5,871
952
5,084
89,727
67,971
2,629
1,206
8,615
80,421
Indirect personnel expenses
(40,447)
(33,578)
Depreciation, amortisation and impairment
(62,623)
(19,827)
Facilities, housing and maintenance
(12,455)
(7,691)
Selling expenses
(777)
(1,243)
General expenses
(14,922)
(14,187)
Finance costs and impairment losses
(10,433)
(1,365)
Other income
6,328
1
Share of profit / (loss) of joint ventures
15
10
Total profit / (loss) before tax
(45,587)
2,541
Geographical information
The Wind, OSS, Marshalling and Other segments are managed centrally. No segment assets or
liabilities are applicable as the manufacturing facilities and sales offices operate solely from the
Netherlands.
The geographic information below analyses the Group\u2019s revenue by the country of domicile of
contract partners, the European Union (EU) and other countries outside the EU. In presenting the
following information, segment revenue has been based on the geographical location of contract
partners.
The Group did adjust the promised amount of consideration for the effects of a significant financing
component for the contracts with some customers, as at contract inception the period between
when the entity transfers a promised (series of) goods or service to a customer and when the
customer pays for that (series of) goods or service will be more than one year. The impact on the
promised amount of consideration is expected to be approximately EUR 8.1 million (2024: EUR 7.1
million). Payment terms within the Group\u2019s contracts are normally in line with project milestones.
Amounts in EUR '000
2025
2024
The Netherlands
270,345
34,255
United States of America
166,656
232,369
Poland
119,663
124,307
United Kingdom
19,659
19,134
Norway
10,705
5,063
Korea
904
4,002
Spain
5,140
2,413
Belgium
3,449
2,352
Germany
76
3,813
France
\u2014
712
Rest of the European Union (EU)
\u2014
6
Rest of the world
442
565
Total revenue
597,039
428,991
Transaction price allocated to the remaining performance obligations
The revenue from contracts with customers expected to be recognised in the future related to
performance obligations that are unsatisfied (or partly unsatisfied) at the reporting date, are
expected to be approximately EUR 1.2 billion (of which approximately EUR 145 million will be
satisfied more than one year after reporting date) (2024: EUR 1.7 billion of which approximately EUR
775 million will be satisfied after more than one year). This is the best estimate at reporting date, the
transaction price could be impacted by variable consideration (such as fluctuations in steel prices,
liquidated damages and other types of variable consideration under existing contracts).
Major customers
Revenues from 4 customers of the Group\u2019s Wind segment represented approximately EUR 499
million (2024: 4 customers representing EUR 382 million) of the Group\u2019s total revenues. In 2025 the
largest customer represented a revenue of approximately EUR 212 million, the second customer
approximately EUR 167 million, the third customer approximately EUR 74 million and the fourth
customer approximately EUR 46 million. In 2024 the largest customer represented a revenue of
approximately EUR 220 million, the second customer approximately EUR 124 million, the third
customer approximately EUR 19 million and the fourth customer approximately EUR 19 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
6\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating segments
For management purposes, the Group is organised into divisions based on its products and
services and has four operating segments :
\u2022 Wind, which produces and delivers monopiles and transition pieces for the off-shore wind
industry;
\u2022 OSS, which produces offshore steel structures;
\u2022 Marshalling, which includes renting-out of logistical area and facilities and the delivery of
logistical services to customers, mainly in the off-shore wind industry;
\u2022 Other, which includes mainly engineering services, licensing fees and operational lease
income for the windmill on the Group\u2019s site in Rotterdam.
Information related to each operating segment is set out below.
Segment contribution constitutes the difference between revenue from contracts with customers
and cost of sales. Cost of sales includes the costs of raw materials, subcontracted work and other
external charges as well as logistic and other project related expenses. The gross profit is
determined by segment contribution subtracted by costs relating to direct personnel expenses and
production and general manufacturing expenses.
All accounts below gross profit are not allocated to individual segments as these are managed on
an overall group basis. Costs of sales like raw materials, subcontracted work and other charges and
logistic and other project related expenses depend on underlying contracts with customers. Gross
profit is used to measure performance because management believes that this information is the
most relevant in evaluating the results of the respective segments relative to other entities that
operate in the same industries. Total assets, which are located in the Netherlands, are not
allocated to individual segments as these are managed on an overall group basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
6\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating segments
Information about operating segments
Amounts in EUR '000
2025
2024
Wind
OSS
Marshalling
Other
Total
Wind
OSS
Marshalling
Other
Total
- Revenue from contracts with customers
540,593
42,343
2,049
10,466
595,451
384,036
28,360
2,300
12,622
427,318
- Operational lease income
\u2014
\u2014
31
1,557
1,588
\u2014
\u2014
178
1,495
1,673
Total revenue
540,593
42,343
2,080
12,023
597,039
384,036
28,360
2,478
14,117
428,991
- Raw materials
(263,437)
(20,425)
\u2014
8
(283,854)
(216,939)
(8,273)
17
14
(225,181)
- Subcontracted work and other external charges
(102,697)
(1,512)
1
(77)
(104,285)
(30,169)
(2,066)
(2)
5
(32,232)
- Logistic and other project related expenses
(19,059)
(1,143)
(1,127)
(442)
(21,771)
(20,483)
(2,876)
(1,287)
(398)
(25,044)
Segment contribution
155,400
19,263
954
11,512
187,129
116,445
15,145
1,206
13,738
146,534
- Direct personnel expenses
(53,809)
(10,865)
(2)
(6,428)
(71,104)
(32,924)
(10,269)
\u2014
(5,123)
(48,316)
- Production and general manufacturing expenses
(23,771)
(2,527)
\u2014
\u2014
(26,298)
(15,550)
(2,247)
\u2014
\u2014
(17,797)
Gross profit
77,820
5,871
952
5,084
89,727
67,971
2,629
1,206
8,615
80,421
Indirect personnel expenses
(40,447)
(33,578)
Depreciation, amortisation and impairment
(62,623)
(19,827)
Facilities, housing and maintenance
(12,455)
(7,691)
Selling expenses
(777)
(1,243)
General expenses
(14,922)
(14,187)
Finance costs and impairment losses
(10,433)
(1,365)
Other income
6,328
1
Share of profit / (loss) of joint ventures
15
10
Total profit / (loss) before tax
(45,587)
2,541
7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Personnel expenses
Amounts in EUR '000
2025
2024
Wages and salaries
37,079
32,636
Hired staff and temporary workers
54,729
34,329
Compensation/grants received
(598)
(663)
Social security contributions
5,934
4,563
Pension expenses
5,201
4,230
Other employee benefit expenses
9,206
6,799
Total personnel expenses
111,551
81,894
The compensation/grants received mainly relate to wage tax grants received in relation to research
and development activities.
Pension expenses
Obligations for contributions to the industry pension fund are expensed as the related service is
provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in future payments is available.
The pension fund coverage ratio of the PMT industry fund at 31\u00a0December 2025 amounted to
122.6% (2024: 108.6%). The 2025 pension premium has remained at a level similar to the 2024
premiums. The Group\u2019s participation in the industry pension fund is less than 0.05 % (2024: less
than 0.05%) based on number of active participants in the plan.
The Group expects to incur costs for pension contributions of approximately EUR 7.0 million in
2026, of which approximately EUR 6.6 million to PMT industry fund.
8\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Selling expenses
Amounts in EUR '000
2025
2024
Travel and representation
396
576
Promotional and advertising costs
276
336
Tender expenses
85
328
Other selling expenses
20
3
Total selling expenses
777
1,243
9\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 General expenses
Amounts in EUR '000
2025
2024
Consultancy fees
5,357
5,959
Insurances
3,336
2,583
ICT expenses
2,916
2,396
Office expenses
1,177
1,050
R&D expenses
634
1,098
Other general expenses
1,502
1,101
Total general expenses
14,922
14,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
6\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating segments
Information about operating segments
Amounts in EUR '000
2025
2024
Wind
OSS
Marshalling
Other
Total
Wind
OSS
Marshalling
Other
Total
- Revenue from contracts with customers
540,593
42,343
2,049
10,466
595,451
384,036
28,360
2,300
12,622
427,318
- Operational lease income
\u2014
\u2014
31
1,557
1,588
\u2014
\u2014
178
1,495
1,673
Total revenue
540,593
42,343
2,080
12,023
597,039
384,036
28,360
2,478
14,117
428,991
- Raw materials
(263,437)
(20,425)
\u2014
8
(283,854)
(216,939)
(8,273)
17
14
(225,181)
- Subcontracted work and other external charges
(102,697)
(1,512)
1
(77)
(104,285)
(30,169)
(2,066)
(2)
5
(32,232)
- Logistic and other project related expenses
(19,059)
(1,143)
(1,127)
(442)
(21,771)
(20,483)
(2,876)
(1,287)
(398)
(25,044)
Segment contribution
155,400
19,263
954
11,512
187,129
116,445
15,145
1,206
13,738
146,534
- Direct personnel expenses
(53,809)
(10,865)
(2)
(6,428)
(71,104)
(32,924)
(10,269)
\u2014
(5,123)
(48,316)
- Production and general manufacturing expenses
(23,771)
(2,527)
\u2014
\u2014
(26,298)
(15,550)
(2,247)
\u2014
\u2014
(17,797)
Gross profit
77,820
5,871
952
5,084
89,727
67,971
2,629
1,206
8,615
80,421
Indirect personnel expenses
(40,447)
(33,578)
Depreciation, amortisation and impairment
(62,623)
(19,827)
Facilities, housing and maintenance
(12,455)
(7,691)
Selling expenses
(777)
(1,243)
General expenses
(14,922)
(14,187)
Finance costs and impairment losses
(10,433)
(1,365)
Other income
6,328
1
Share of profit / (loss) of joint ventures
15
10
Total profit / (loss) before tax
(45,587)
2,541
Geographical information
The Wind, OSS, Marshalling and Other segments are managed centrally. No segment assets or
liabilities are applicable as the manufacturing facilities and sales offices operate solely from the
Netherlands.
The geographic information below analyses the Group\u2019s revenue by the country of domicile of
contract partners, the European Union (EU) and other countries outside the EU. In presenting the
following information, segment revenue has been based on the geographical location of contract
partners.
The Group did adjust the promised amount of consideration for the effects of a significant financing
component for the contracts with some customers, as at contract inception the period between
when the entity transfers a promised (series of) goods or service to a customer and when the
customer pays for that (series of) goods or service will be more than one year. The impact on the
promised amount of consideration is expected to be approximately EUR 8.1 million (2024: EUR 7.1
million). Payment terms within the Group\u2019s contracts are normally in line with project milestones.
Amounts in EUR '000
2025
2024
The Netherlands
270,345
34,255
United States of America
166,656
232,369
Poland
119,663
124,307
United Kingdom
19,659
19,134
Norway
10,705
5,063
Korea
904
4,002
Spain
5,140
2,413
Belgium
3,449
2,352
Germany
76
3,813
France
\u2014
712
Rest of the European Union (EU)
\u2014
6
Rest of the world
442
565
Total revenue
597,039
428,991
Transaction price allocated to the remaining performance obligations
The revenue from contracts with customers expected to be recognised in the future related to
performance obligations that are unsatisfied (or partly unsatisfied) at the reporting date, are
expected to be approximately EUR 1.2 billion (of which approximately EUR 145 million will be
satisfied more than one year after reporting date) (2024: EUR 1.7 billion of which approximately EUR
775 million will be satisfied after more than one year). This is the best estimate at reporting date, the
transaction price could be impacted by variable consideration (such as fluctuations in steel prices,
liquidated damages and other types of variable consideration under existing contracts).
Major customers
Revenues from 4 customers of the Group\u2019s Wind segment represented approximately EUR 499
million (2024: 4 customers representing EUR 382 million) of the Group\u2019s total revenues. In 2025 the
largest customer represented a revenue of approximately EUR 212 million, the second customer
approximately EUR 167 million, the third customer approximately EUR 74 million and the fourth
customer approximately EUR 46 million. In 2024 the largest customer represented a revenue of
approximately EUR 220 million, the second customer approximately EUR 124 million, the third
customer approximately EUR 19 million and the fourth customer approximately EUR 19 million.
20\u00a0 \u00a0 \u00a0 \u00a0 Contract assets and liabilities
Amounts in EUR '000
2025
2024
Contract assets
7,689
26,159
Contract liabilities - current
(144,861)
(119,238)
Contract liabilities - non-current
(6,683)
(35,855)
Net contract assets and liabilities
(143,855)
(128,934)
Expenses incurred including realised profit to date
2,784,117
2,128,176
Invoiced terms
(2,927,972)
(2,257,110)
Net contract assets and liabilities
(143,855)
(128,934)
Management periodically reviews the valuation of contract assets and liabilities based on project
agreements, project results to d ate and estimates of project expenses to be incurred. Each period
end management assesses the status of the projects and takes into consideration all aspects in
order to finalise the projects in line with contractual agreements and relating contingencies, such
as potential upward or downward adjustment in the projected estimates, and accounts for them
accordingly. Due to changes in estimates, fluctuations in the anticipated project result can occur
over the contract term.
The contract assets concern all projects in progress for which the costs to fulfil a contract incurred,
including margin recognised to date, exceed the terms invoiced to customers. The impairment
costs due to expected credit loss (IFRS 9) are not material.
Contract liabilities concern the balances of all projects in progress for which the invoiced terms
exceed the costs to fulfil a contract incurred, including margin recognised to date. The non-current
contract liabilities in 2024 comprised mainly of prepayment received for a construction contract
(EUR 26 million) for which the related performance obligation was expected to be satisfied more
than one year after reporting date. As the satisfaction of the performance obligation is expected to
take place during 2026, the prepayment is reclassified as current liabilities. As per 31\u00a0December
2025, the full amount of the Advance Factory Payments (\u201cAFPs\u201d) received from launching
customers in 2023 as part of the funding package for the manufacturing expansion plans is netted
with progress billings in the respective construction contracts, where the final part of the related
performance obligations will be settled early 2026. There is a significant financing component
included in these contracts, considering the length of time between the customers\u2019 payment and
the satisfaction of the related performance obligation. As such, the transaction prices for the
contracts are discounted, using the interest rate that would be reflected in a separate financing
transaction between the Group and the customer at contract inception. As per 31\u00a0December 2025,
the impact on the current contract liabilities amounts to EUR 2.4 million and EUR 39 thousand on
the non-current contract liabilities (2024: EUR 2.7 million impact on current contract liabilities and
EUR 0.1 million impact on non-current liabilities).
The revenues recognised in the reporting period that was included in the contract liability balance
at the beginning of the period amounts EUR 93.0 million (2024: EUR 37.4 million). Revenue
recognised in the reporting period from performance obligations satisfied (or partially satisfied) in
previous periods amounts to EUR 4.0 million (2024: EUR 4.5 million).
The classification of a project as contract asset or liability can vary over time, depending on the
progress of the project and the use of materials.
Except for the non-current contract liabilities mentioned before, both the contract assets and
liabilities have durations shorter than 12 months and are therefore considered to be current.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
6\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating segments
Information about operating segments
Amounts in EUR '000
2025
2024
Wind
OSS
Marshalling
Other
Total
Wind
OSS
Marshalling
Other
Total
- Revenue from contracts with customers
540,593
42,343
2,049
10,466
595,451
384,036
28,360
2,300
12,622
427,318
- Operational lease income
\u2014
\u2014
31
1,557
1,588
\u2014
\u2014
178
1,495
1,673
Total revenue
540,593
42,343
2,080
12,023
597,039
384,036
28,360
2,478
14,117
428,991
- Raw materials
(263,437)
(20,425)
\u2014
8
(283,854)
(216,939)
(8,273)
17
14
(225,181)
- Subcontracted work and other external charges
(102,697)
(1,512)
1
(77)
(104,285)
(30,169)
(2,066)
(2)
5
(32,232)
- Logistic and other project related expenses
(19,059)
(1,143)
(1,127)
(442)
(21,771)
(20,483)
(2,876)
(1,287)
(398)
(25,044)
Segment contribution
155,400
19,263
954
11,512
187,129
116,445
15,145
1,206
13,738
146,534
- Direct personnel expenses
(53,809)
(10,865)
(2)
(6,428)
(71,104)
(32,924)
(10,269)
\u2014
(5,123)
(48,316)
- Production and general manufacturing expenses
(23,771)
(2,527)
\u2014
\u2014
(26,298)
(15,550)
(2,247)
\u2014
\u2014
(17,797)
Gross profit
77,820
5,871
952
5,084
89,727
67,971
2,629
1,206
8,615
80,421
Indirect personnel expenses
(40,447)
(33,578)
Depreciation, amortisation and impairment
(62,623)
(19,827)
Facilities, housing and maintenance
(12,455)
(7,691)
Selling expenses
(777)
(1,243)
General expenses
(14,922)
(14,187)
Finance costs and impairment losses
(10,433)
(1,365)
Other income
6,328
1
Share of profit / (loss) of joint ventures
15
10
Total profit / (loss) before tax
(45,587)
2,541
7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Personnel expenses
Amounts in EUR '000
2025
2024
Wages and salaries
37,079
32,636
Hired staff and temporary workers
54,729
34,329
Compensation/grants received
(598)
(663)
Social security contributions
5,934
4,563
Pension expenses
5,201
4,230
Other employee benefit expenses
9,206
6,799
Total personnel expenses
111,551
81,894
The compensation/grants received mainly relate to wage tax grants received in relation to research
and development activities.
Pension expenses
Obligations for contributions to the industry pension fund are expensed as the related service is
provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in future payments is available.
The pension fund coverage ratio of the PMT industry fund at 31\u00a0December 2025 amounted to
122.6% (2024: 108.6%). The 2025 pension premium has remained at a level similar to the 2024
premiums. The Group\u2019s participation in the industry pension fund is less than 0.05 % (2024: less
than 0.05%) based on number of active participants in the plan.
The Group expects to incur costs for pension contributions of approximately EUR 7.0 million in
2026, of which approximately EUR 6.6 million to PMT industry fund.
8\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Selling expenses
Amounts in EUR '000
2025
2024
Travel and representation
396
576
Promotional and advertising costs
276
336
Tender expenses
85
328
Other selling expenses
20
3
Total selling expenses
777
1,243
9\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 General expenses
Amounts in EUR '000
2025
2024
Consultancy fees
5,357
5,959
Insurances
3,336
2,583
ICT expenses
2,916
2,396
Office expenses
1,177
1,050
R&D expenses
634
1,098
Other general expenses
1,502
1,101
Total general expenses
14,922
14,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Personnel expenses
Amounts in EUR '000
2025
2024
Wages and salaries
37,079
32,636
Hired staff and temporary workers
54,729
34,329
Compensation/grants received
(598)
(663)
Social security contributions
5,934
4,563
Pension expenses
5,201
4,230
Other employee benefit expenses
9,206
6,799
Total personnel expenses
111,551
81,894
The compensation/grants received mainly relate to wage tax grants received in relation to research
and development activities.
Pension expenses
Obligations for contributions to the industry pension fund are expensed as the related service is
provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in future payments is available.
The pension fund coverage ratio of the PMT industry fund at 31\u00a0December 2025 amounted to
122.6% (2024: 108.6%). The 2025 pension premium has remained at a level similar to the 2024
premiums. The Group\u2019s participation in the industry pension fund is less than 0.05 % (2024: less
than 0.05%) based on number of active participants in the plan.
The Group expects to incur costs for pension contributions of approximately EUR 7.0 million in
2026, of which approximately EUR 6.6 million to PMT industry fund.
Number of employees
The average number of employees employed by the Group in 2025 amounts to 484 FTE (2024: 415
FTE), which includes 42 FTE for KCI (2024: 37 FTE). The table below provides an overview of the
average number of FTE split per functional area. All employees are based in the Netherlands.
2025
2024
Production and distribution
213
192
Innovation and maintenance
44
37
Logistic services
44
31
Planning and engineering
54
51
Quality and safety
15
14
Sales
23
17
Management
4
4
Purchasing and warehousing
19
16
Administrative
11
11
Other
57
42
Total number of employees
484
415
27\u00a0 \u00a0 \u00a0 \u00a0 Employee benefits
Amounts in EUR '000
2025
2024
Jubilee provision
588
501
Accrual for employee bonuses
1,399
2,948
Accrual for employee vacation days outstanding
2,012
1,596
Personnel expenses payable
2,238
1,887
Total employee benefits liabilities
6,237
6,932
Non-current
932
1,716
Current
5,305
5,216
Total employee benefits liabilities
6,237
6,932
The movement in the jubilee provision can be specified as follows:
Amounts in EUR '000
2025
2024
Balance at 1 January
501
393
Additions
152
138
Used
(65)
(30)
Released
\u2014
\u2014
Balance at 31 December
588
501
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Personnel expenses
Number of employees
The average number of employees employed by the Group in 2025 amounts to 484 FTE (2024: 415
FTE), which includes 42 FTE for KCI (2024: 37 FTE). The table below provides an overview of the
average number of FTE split per functional area. All employees are based in the Netherlands.
2025
2024
Production and distribution
213
192
Innovation and maintenance
44
37
Logistic services
44
31
Planning and engineering
54
51
Quality and safety
15
14
Sales
23
17
Management
4
4
Purchasing and warehousing
19
16
Administrative
11
11
Other
57
42
Total number of employees
484
415
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
9\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 General expenses
Amounts in EUR '000
2025
2024
Consultancy fees
5,357
5,959
Insurances
3,336
2,583
ICT expenses
2,916
2,396
Office expenses
1,177
1,050
R&D expenses
634
1,098
Other general expenses
1,502
1,101
Total general expenses
14,922
14,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
10\u00a0 \u00a0 \u00a0 \u00a0 Other income
The other income in 2025 relates to the result of the settlement agreement with respect to the wind
turbine generator (WTG) at Maasvlakte 2. The past years the WTG has been developed and tested by
the current lessee of the WTG and during 2025 parties concluded that the activities will cease as
per 30 June 2026 and the WTG will be decommissioned in the second half of 2026. This resulted in
the derecognition of the existing liability to pay for the WTG (EUR 6.3 million, settled on the
remaining book value of the WTG (EUR 5.2 million) and other income (EUR 1.1 million)) and a total
settlement fee amount to EUR 6.6 million (of which EUR 1.5 million is contingent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
10\u00a0 \u00a0 \u00a0 \u00a0 Other income
The other income in 2025 relates to the result of the settlement agreement with respect to the wind
turbine generator (WTG) at Maasvlakte 2. The past years the WTG has been developed and tested by
the current lessee of the WTG and during 2025 parties concluded that the activities will cease as
per 30 June 2026 and the WTG will be decommissioned in the second half of 2026. This resulted in
the derecognition of the existing liability to pay for the WTG (EUR 6.3 million, settled on the
remaining book value of the WTG (EUR 5.2 million) and other income (EUR 1.1 million)) and a total
settlement fee amount to EUR 6.6 million (of which EUR 1.5 million is contingent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
11\u00a0 \u00a0 \u00a0 \u00a0 Net finance costs
Amounts in EUR '000
2025
2024
Interest on bank balances and on current account
(1,546)
(2,860)
Finance income
(1,546)
(2,860)
Interest on loans and borrowings
8,782
1,002
Borrowing cost finance facility
1,700
1,675
Interest expense on lease liabilities
1,476
1,035
Other finance costs
332
173
Finance costs
12,290
3,885
Net finance result recognised in profit or loss
10,744
1,025
The increase in the interest on loans and borrowings is due to the fact that during 2024 the term
loans were gradually drawn to fully drawn before the end of 2024. Furthermore, no capitalisation of
interest expenses was applicable in 2025 (2024: EUR 4.6 million).
21\u00a0 \u00a0 \u00a0 \u00a0 Trade receivables
All trade and other receivables are expected to mature within 12 months. Trade receivables are
non-interest bearing and are generally based on payment terms of 30 to 60 days. Based on an
individual impairment analysis of trade receivables, at 31\u00a0December 2025 no impairment deemed
necessary for unrecoverable receivables (2024: nil). In addition, an amount of EUR 92 thousand for
impairment costs due to expected credit loss (IFRS 9) has been reported (2024: EUR 387 thousand).
The movements related to expected credit loss over the period are considered to be immaterial.
At year end EUR nil of the total open balance refers to related parties (2024: EUR nil).
Credit and market risks, and impairment losses
Information about the Group\u2019s exposure to credit and market risks, and impairment losses for trade
and other receivables, excluding contract assets in progress, is included in note 26.
As at 31 December, the ageing (without the impaired trade receivables) analysis and provision
matrix of trade receivables is as follows:
Amounts in EUR '000
Total
Not
past due
<30 days
past due
30 \u2013 60 days
past due
61 \u2013 90 days
past due
91 \u2013 120 days
past due
> 120 days
past due
31 December 2025
Expected credit loss rate
0.33%
0.21%
1.56%
0.27%
9.58%
24.07%
Estimated total gross carrying amount at default
28,215
27,369
257
368
\u2014
167
54
Expected credit loss
(92)
(58)
(4)
(1)
\u2014
(16)
(13)
31 December 2024
Expected credit loss rate
1.45%
1.49%
0.00%
0.00%
0.00%
0.00%
0.55%
Estimated total gross carrying amount at default
26,650
25,882
281
12
259
35
181
Expected credit loss
(387)
(386)
\u2014
\u2014
\u2014
\u2014
(1)
22\u00a0 \u00a0 \u00a0 \u00a0 Cash and cash equivalents
Amounts in EUR '000
2025
2024
Bank balances
95,568
113,764
Cash and cash equivalents
95,568
113,764
The balance of the cash and cash equivalents are freely accessible and available to the Group and
no restrictions apply.
23\u00a0 \u00a0 \u00a0 \u00a0 Capital and reserves
Other capital reserves
Cumulative preference shares
As part of the funding package for the financing of the expansion plans, during 2023 the Group
entered into a placement agreement with Equinor Renewables B.V. and Equinor New Energy AS for
the issue of 50,000 Preference Shares to Equinor Renewables B.V. against payment of a
subscription price of EUR 1 thousand per Preference Share (EUR 50 million in gross proceeds).
The holder of Preference Shares will be entitled to receive, out of funds legally available for
distribution, with first priority over Ordinary Shares, cumulative dividends at a fixed annual coupon
rate of 5% until 30 June 2025, which rate will be annually increased as of 1 July 2025 as follows:
\u2022 an increase of 0.5% per annum as of 1 July 2025;
\u2022 an increase of 0.75% per annum as of 1 July 2026;
\u2022 an increase of 0.75% per annum as of 1 July 2027; and
\u2022 an increase of 1.0% per annum as of 1 July 2028.
The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.
The Executive Board has the discretion any given year to pay out the coupon amount. As per
31\u00a0December 2025, the cumulative undeclared amount of dividends amount to EUR 7.0 million
(2024: EUR 4.4 million). The Preference Shares will rank ahead of the Ordinary Shares on the
liquidation of the Company.
Furthermore, at the option of the Group, the Preference Shares may be redeemed, in whole or in part,
at a price equal to the initial stated amount, plus any accrued but unpaid dividends as of the date of
such redemption. This option shall only be exercisable by the Company from 1 January 2025.
From 1 July 2028, the holder of the Preference Shares has the right to convert the Preference Shares
to Ordinary Shares by resolution of the Executive Board that has been approved by the Supervisory
Board. The conversion will be in respect of the initial stated amount and any accrued but unpaid
dividends, at a fixed conversion ratio calculated as the subscription price paid for the Preference
Share, plus any dividend which accrued thereon but remains unpaid, divided by a conversion price
of EUR 12 per Ordinary Share.
Perpetual bond
The perpetual bond is a result of the conversion of the AFP related to the terminated Empire Wind 2
contract in 2023. The initial amount was EUR 30.5 million, during 2024 EUR 9.8 million is redeemed
as part of the settlement of the cancellation fee (non-cash transaction). The bond has the following
terms:
\u2022 There is no fixed redemption date;
\u2022 The bond will bear interest on its principle amount of EURIBOR + 5% margin, as from 1 January
2026, subject to an annual increase by 0.75% beginning on 1 July 2027 and each anniversary
thereof;
\u2022 The Group may, at its discretion, elect to defer all or part of any payment of all or part of any
interest. Any deferred interest shall itself bear interest at a rate equal to 2% plus the applicable
margin;
\u2022 The Group will have an obligation to pay interest in certain specifically agreed events, the
occurrence of the events is always controlled by the Group.
The Group has an unconditional right to avoid delivering cash or another financial instrument in
relation to the perpetual bond, resulting in the classification as an equity instrument.
25\u00a0 \u00a0 \u00a0 \u00a0 Loans and borrowings
The company has the following loans and borrowings:
Amounts in EUR '000
2025
2024
Loans and borrowings - non-current
60,444
80,330
Finance liabilities sale and leaseback - non-current
25,694
29,588
Loans and borrowings - current
20,148
\u2014
Finance liabilities sale and leaseback - current
8,155
7,403
Total Loan and borrowings
114,441
117,321
As part of the financing plan of the factory expansion, during 2023 the Group has refinanced its
existing financing facility into a term-loan facility amounting to EUR 81 million and a revolving credit
facility amounting to EUR 50 million. As per 31\u00a0December 2025 the full EUR 81 million has been
drawn from the term-loan facility ( 31\u00a0December 2024: EUR 81 million) and the revolving credit
facility has been unused in 2025 (31\u00a0December 2024: unused). The refinancing is treated as the
derecognition of the original facility and recognition of the new facility, as new lenders are added
and the terms of the facility are substantially modified.
An additional financing instrument of the factory expansion is a leasing facility (EUR 47 million,
2024: EUR 40 million), whereby specific invested equipment is financed in individual sale-and-
leaseback constructions. As the control of the equipment remains at the Group, the transactions
result in a financial liability in line with IFRS 9. The contractual term of the individual contracts vary
between 57 and 60 months, the interest percentage implicit in the contracts vary between 5.1% and
5.8%. After the contractual term the Group has repurchase options for 22% of the contract value.
The Group intends to exercise these options.
The prepaid transaction costs of the term-loan facility and the revolving credit facility are
respectively included in the amortised cost of the term-loans and presented as part of
prepayments. In case of a drawdown from the revolving credit facility the prepaid transaction costs
are included in the amortised cost of the outstanding balance. Both are recognised as expense over
the duration of the facilities.
The movement in loans and borrowings can be specified as follows:
Amounts in EUR '000
2025
2024
Nominal value at 1 January
117,760
20,250
Financing costs
(439)
(324)
Net value of loans and borrowings at 1 January
117,321
19,926
Drawdown of term loans
\u2014
60,750
Drawdown of sale and leaseback facility
3,317
38,340
Repayments of sale and leaseback facility
(8,407)
(1,580)
Interest expenses lease facility
1,948
231
Additions prepaid transaction costs
\u2014
(618)
Amortisation prepaid transaction costs
262
272
Nominal value at 31 December
112,670
117,760
Financing costs
1,771
(439)
Net value of loans and borrowings at 31 December
114,441
117,321
Information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk is
included in note 26. From the above movements the amortisation financing costs are non-cash.
Loan covenants
The term-loan facilities, revolving facilities and sale and leaseback facility are subject to covenant
requirements. The delayed and slower than expected ramp-up of production levels after the
expansion of the manufacturing facilities at Maasvlakte 2 has had a negative impact on the financial
results and cash position of the Group, and therefore on the covenant ratios in the second half of
2025. This resulted in non-compliance with the net leverage ratio as per Q3 2025, for which a waiver
was received from the consortium of banks. In addition, the covenant levels are reset for Q4 2025
and Q1 2026, to match current level of profitability and cash. A new temporary covenant is
introduced (Minimum EBITDA), which is defined as Adjusted EBITDA (as defined in section
\u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of the annual report) for the
quarter as referred to.
In case of a future breach of the bank covenants, the Group has a contractually agreed equity cure
right (a shareholder injection in cash) to remediate the breach. When this right can not be exercised
anymore (in case of a breach in more than one successive period or more than two periods during
the lifetime of the facilities), the respective facilities will become immediately due (and classified as
current liabilities in the statement of financial position). However, prior to the equity cure solution, a
new waiver and, if necessary, covenant reset will be negotiated with the consortium of banks.
The following financial ratios have to be met:
Solvency
Net leverage
Minimum
EBITDA (\u2018000)
Quarter ended:
31 March 2025
30%
3.50
30 June 2025
35%
3.50
30 September 2025
35%
3.00
31 December 2025
25%
6.00
\u20ac10,000
31 March 2026
30%
3.50
\u20ac25,000
30 June 2026 and further
35%
2.50
At year-end 2025 the Group met the applicable covenants (Solvency 32.7%, Net leverage 0.00,
Minimum EBITDA EUR 21.2 million), and the Group expects to meet the covenants during 2026.
Reference is made to section \u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of
the annual report for the definition of the ratios.
Terms and repayment schedule
The terms and conditions of outstanding loans are as follows:
Amounts in EUR
'000
Currency
Nominal
interest
rate (%)
Year of
maturity
Fair
value
2025
Carrying
amount
2025
Fair
value
2024
Carrying
amount
2024
Term loans
EUR
3M Euribor +
2%
2029
80,592
80,592
80,330
80,330
Finance liabilities
sale and
leaseback
EUR
Implicit in
lease
contracts
(5.1%-5.8%)
2029
34,216
33,849
36,991
36,991
Total interest-
bearing loans
and borrowings
114,808
114,441
117,321
117,321
The supplement to the Euribor interest rate of the revolving credit facility depends on the leverage
ratio as defined in the loan agreement and ranges between 185 and 335 bps. The revolving facilities
and term loans are collateralised by the following items:
\u2022 Current assets (inventory and contract assets net position);
\u2022 Trade receivables;
\u2022 Intercompany receivables;
\u2022 Cash and cash equivalent balances;
\u2022 Receivables from hedging activities;
\u2022 Receivables from insurance contracts;
\u2022 Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;
\u2022 Non-current assets.
26\u00a0 \u00a0 \u00a0 \u00a0 Financial instruments
Derivatives
The derivatives designated as hedging instruments reflect a change in fair value of interest rate
swaps, designated as cash flow hedge to hedge the floating interest rate of covered facility loan
payables. The fair value of the interest rate swap is measured using significant observable inputs
(fair value level 2), based on forward pricing and swap models of the respective banks.
Hedging activities and derivatives
The Group is exposed to certain risks relating to its ongoing business operations. The primary risk
managed using derivative instruments is interest rate risk. The Group\u2019s risk management strategy
and how it is applied to manage risk are explained in the financial risk management paragraph
below.
At 31\u00a0December 2025, the Group had two interest rate swap agreement in place with a total
notional amount of EUR 40.5 million (2024: EUR 40.5 million) whereby the Group receives a variable
interest rate equal to 3M Euribor and pays interest at a fixed interest rate of 2.86% on the notional
amount. The termination date of these swaps is 31 March 2027. The swap is being used to hedge
the exposure to changes in the 3M Euribor variable interest rate on the covered facility loan
payables, with a similar notional amount at inception of the interest rate swap agreement.
The maturity of the hedging instrument and the hedged item differs, but for the period of the interest
rate swap there is a strong economic relationship with similar transaction volumes with the same
reference rate (3M Euribor). The Group has established a hedge ratio of 1:1 for the hedging
relationships as the underlying risk of the interest rate swap is identical to the hedged risk
component.
To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares
the changes in the fair value of the hedging instruments against the changes in fair value of the
hedged items attributable to the hedged risks.
The impact of the hedging instruments on the statement of financial position as at 31\u00a0December
2025 is, as follows:
Amounts in EUR '000
Line item in the statement
of financial position
Notional
amount
Carrying
amount
Change in fair
value for the period
31 December 2025
Interest rate swaps
Other non-current financial
liabilities
40,500
366
(277)
Total
40,500
366
(277)
Set out below is the reconciliation of the impact of hedging on the related component of equity and
the analysis of other comprehensive income:
Amounts in EUR '000
2025
2024
Balance at 1 January
477
\u2014
Effective portion of hedging instruments
(277)
643
Tax effect
71
(166)
Balance at 31 December
271
477
Financial risk management
The Group has exposure to the following risks arising from financial instruments:
\u2022 credit risk;
\u2022 liquidity risk;
\u2022 market risk.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities, including deposits with
banks and financial institutions, foreign exchange transactions and other financial instruments.
The carrying amount of financial assets represents the maximum credit exposure.
Contract assets and Trade and other receivables
The Group\u2019s exposure to credit risk is mainly influenced by the individual customer characteristics.
Given the fact that the Group has a limited number of customers, the Group assesses that the main
concentration of credit risk is on individual counter party. In addition, management considers
general factors that may influence the credit risk of its customer base, including the default risk of
the industry and the countries in which customers operate.
The Group has established a credit policy under which each new customer is analysed individually
for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are
offered. Management believes that the unimpaired amounts that are past due by more than 30 days
are still collectible in full, based on historic payment behaviour and extensive analysis of customer
credit risk, including underlying customers\u2019 credit ratings if they are available. Only an impairment
for contract assets and trade and other receivables based on expected credit loss has been
accounted for in accordance with IFRS 9.
For further information related to the collectability of trade receivables, reference is made to note 21.
Cash and cash equivalents
The Group held cash and cash equivalents of EUR 95.6 million at 31\u00a0December 2025 (2024:
EUR 113.8 million). The cash and cash equivalents are held with bank and financial institution
counterparties, which are at least rated A- based on rating agency ratings.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s
approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to
meet its liabilities when they are due, under the normal course of business, and within the
covenants as agreed with the banks and financial institutions.
The Group aims to maintain the minimal level of its cash and cash equivalents at an amount in
excess of expected cash outflows on financial liabilities (other than trade payables) over the next
60 days. The Group also monitors the level of expected cash inflows on trade and other receivables
together with expected cash outflows on trade and other payables.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date.
The amounts are gross and undiscounted:
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2025
Term loans
80,592
86,736
800
22,385
28,912
34,639
\u2014
Interest rate swaps (net cash flows)
366
456
91
274
91
\u2014
\u2014
Finance liabilities sale and leaseback
33,849
38,309
1,396
6,100
8,133
22,680
\u2014
Lease liabilities
124,047
132,112
4,969
17,333
9,192
23,150
77,468
Trade payables
90,065
90,065
90,065
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
34,361
34,361
34,361
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
363,280
382,039
131,682
46,092
46,328
80,469
77,468
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2024
Term loans
80,330
91,709
959
2,877
23,766
64,107
\u2014
Interest rate swaps (net cash flows)
643
108
12
36
48
12
\u2014
Finance liabilities sale and leaseback
36,991
42,951
1,878
5,633
7,510
27,930
\u2014
Lease liabilities
120,688
129,380
3,163
8,460
10,967
30,931
75,859
Trade payables
81,390
81,390
81,390
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
20,395
20,395
20,395
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
340,437
365,933
107,797
17,006
42,291
122,980
75,859
As disclosed in note 25, within the finance facility the Group, the revolving credit facility, term loans
and sale and leaseback facility are subject to loan covenants.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: interest rate risk,
currency risk and other price risk, such as commodity risk. Financial instruments affected by
market risk include loans and borrowings, deposits, debt and equity investments and derivative
financial instruments. The objective of market risk management is to manage and control market
risk exposures within acceptable parameters, while optimising the return.
As per year-end 2025, the Group uses interest rate swaps to manage the interest rate risk (2024:
none). All such, potential transactions would be carried out within treasury policy guidelines.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes
in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating
interest rates. The interest rate profile of the Group\u2019s interest-bearing financial instruments with
floating interest rates as reported to management of the Group is as follows:
Amounts in EUR '000
2025
2024
Variable rate instruments
Term loans
80,592
80,330
80,592
80,330
The risk management strategy of the Group regarding financing structures is to accept a certain
level of financial risk, which can be covered by operational profits and cash flows. However, the
Group will not accept such financial risks if they could jeopardise the continuity of the Group or its
operations. Given the magnitude of the Term loans (total EUR 81 million) and associated interest
rate risk, in combination with the start-up of the new production facilities being surrounded with
more uncertainty, the strategy is to mitigate part of this interest rate risk. Consequently, the
company is willing to accept half of the interest rate risk and aims to mitigate the remaining half of
the interest rate risk for the first three years.
To mitigate part of the interest rate risk, the Group entered into interest rate swaps. Through these
interest rate swaps, the interest rate risk for the notional amount of EUR 40.5 million of the term
loans is covered. Details of the interest rate swaps are disclosed in the section \u2018Derivatives\u2019 of this
note.
The Group has performed a cash flow sensitivity analysis for variable rate instruments on profit or
loss, after the impact of hedge accounting. A reasonable possible change of 50 basis points in
interest rates at the reporting date would have increased (decreased) profit or loss before tax by the
amounts shown below. This analysis assumes that all other variables remain constant.
Amounts in EUR '000
50 basis points increase
50 basis points decrease
31 December 2025
Variable rate instruments
(405)
405
Interest rate swaps
203
(203)
Net impact
(202)
202
31 December 2024
Variable rate instruments
(288)
288
Interest rate swaps
150
(150)
Net impact
(138)
138
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Group is exposed to currency risk to the extent
that there is a mismatch between the currencies in which sales, purchases and borrowings are
denominated and the respective functional currencies of Group companies. The functional
currency of Group companies is the Euro. The currency in which transactions are primarily
denominated is also the Euro. The currency risk is limited since the Group almost fully conducts its
sales, purchases and borrowings in its functional currency and if applicable, closes hedge
contracts at the time of entering into contracts in foreign currencies.
Commodity price risk
The Group is affected by the price volatility of mainly steel and utilities. The risk related to steel is
fully transferred to the customers of the Group, no risk remains for the Group. With respect to
utilities the Group fixes the purchase price for part of the future usage of gas and electricity to partly
cover future volatility.
Guarantee facilities
At 31 December guarantee facilities of the Group can be specified as follows:
Type
31 December 2025
31 December 2024
Amounts in EUR '000
Total facility
Used
Total facility
Used
Euler Hermes S.A. / Tokio Marine
Europe S.A.
General
150,000
129,799
150,000
142,018
Co\u00f6peratieve Rabobank U.A.
General
50,000
34,366
50,000
32,964
ING Bank N.V.
General
50,000
48,486
50,000
46,973
ABN AMRO Bank N.V.
General
50,000
32,881
50,000
28,865
DNB
General
50,000
28,487
50,000
27,299
Total
350,000
274,019
350,000
278,119
With an effective date of 5 June 2023, the existing finance facility of the Group has been refinanced
(and expanded) for the purpose of the financing of the expansion of the manufacturing facility. The
guarantee facility included in the revolving facility commitment amounts to EUR 350 million.
The Group is jointly and severally liable for all amounts to which Euler Hermes S.A., Tokio Marine
Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieve Rabobank U.A. and DNB (UK)
Limited have a right to claim the collateralised assets as included in note 25 in relation to the above
mentioned guarantees.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
11\u00a0 \u00a0 \u00a0 \u00a0 Net finance costs
Amounts in EUR '000
2025
2024
Interest on bank balances and on current account
(1,546)
(2,860)
Finance income
(1,546)
(2,860)
Interest on loans and borrowings
8,782
1,002
Borrowing cost finance facility
1,700
1,675
Interest expense on lease liabilities
1,476
1,035
Other finance costs
332
173
Finance costs
12,290
3,885
Net finance result recognised in profit or loss
10,744
1,025
The increase in the interest on loans and borrowings is due to the fact that during 2024 the term
loans were gradually drawn to fully drawn before the end of 2024. Furthermore, no capitalisation of
interest expenses was applicable in 2025 (2024: EUR 4.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
11\u00a0 \u00a0 \u00a0 \u00a0 Net finance costs
Amounts in EUR '000
2025
2024
Interest on bank balances and on current account
(1,546)
(2,860)
Finance income
(1,546)
(2,860)
Interest on loans and borrowings
8,782
1,002
Borrowing cost finance facility
1,700
1,675
Interest expense on lease liabilities
1,476
1,035
Other finance costs
332
173
Finance costs
12,290
3,885
Net finance result recognised in profit or loss
10,744
1,025
The increase in the interest on loans and borrowings is due to the fact that during 2024 the term
loans were gradually drawn to fully drawn before the end of 2024. Furthermore, no capitalisation of
interest expenses was applicable in 2025 (2024: EUR 4.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
11\u00a0 \u00a0 \u00a0 \u00a0 Net finance costs
Amounts in EUR '000
2025
2024
Interest on bank balances and on current account
(1,546)
(2,860)
Finance income
(1,546)
(2,860)
Interest on loans and borrowings
8,782
1,002
Borrowing cost finance facility
1,700
1,675
Interest expense on lease liabilities
1,476
1,035
Other finance costs
332
173
Finance costs
12,290
3,885
Net finance result recognised in profit or loss
10,744
1,025
The increase in the interest on loans and borrowings is due to the fact that during 2024 the term
loans were gradually drawn to fully drawn before the end of 2024. Furthermore, no capitalisation of
interest expenses was applicable in 2025 (2024: EUR 4.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
11\u00a0 \u00a0 \u00a0 \u00a0 Net finance costs
Amounts in EUR '000
2025
2024
Interest on bank balances and on current account
(1,546)
(2,860)
Finance income
(1,546)
(2,860)
Interest on loans and borrowings
8,782
1,002
Borrowing cost finance facility
1,700
1,675
Interest expense on lease liabilities
1,476
1,035
Other finance costs
332
173
Finance costs
12,290
3,885
Net finance result recognised in profit or loss
10,744
1,025
The increase in the interest on loans and borrowings is due to the fact that during 2024 the term
loans were gradually drawn to fully drawn before the end of 2024. Furthermore, no capitalisation of
interest expenses was applicable in 2025 (2024: EUR 4.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
11\u00a0 \u00a0 \u00a0 \u00a0 Net finance costs
Amounts in EUR '000
2025
2024
Interest on bank balances and on current account
(1,546)
(2,860)
Finance income
(1,546)
(2,860)
Interest on loans and borrowings
8,782
1,002
Borrowing cost finance facility
1,700
1,675
Interest expense on lease liabilities
1,476
1,035
Other finance costs
332
173
Finance costs
12,290
3,885
Net finance result recognised in profit or loss
10,744
1,025
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
11\u00a0 \u00a0 \u00a0 \u00a0 Net finance costs
Amounts in EUR '000
2025
2024
Interest on bank balances and on current account
(1,546)
(2,860)
Finance income
(1,546)
(2,860)
Interest on loans and borrowings
8,782
1,002
Borrowing cost finance facility
1,700
1,675
Interest expense on lease liabilities
1,476
1,035
Other finance costs
332
173
Finance costs
12,290
3,885
Net finance result recognised in profit or loss
10,744
1,025
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
12\u00a0 \u00a0 \u00a0 \u00a0 Share of profit of joint ventures
For the year 2025 the result of the Group from joint ventures was EUR 15 thousand positive (2024:
EUR 10 thousand). The amount consists of EUR 15 thousand positive related to SBR Engineering
GmbH (2024 : EUR 10 thousand positive) and EUR nil from Smulders Sif Steel Foundations B.V.
(2024: EUR nil) (see note 18).
18\u00a0 \u00a0 \u00a0 \u00a0 Investment in joint ventures
The Group has a 50% interest in SBR Engineering GmbH, a joint venture consisting of engineering
capacity of experienced workforce. The Group\u2019s interest in SBR Engineering GmbH is accounted for
using the equity method in the consolidated financial statements. As per year-end 2025 the Group\u2019s
interest in the joint venture amounts EUR 104 thousand (2024: EUR 89\u00a0 thousand).
The Group has a 50% interest in Smulders Sif Steel Foundations B.V., a joint venture focused on
project management in the offshore wind industry. The Group\u2019s interest in Smulders Sif Steel
Foundations B.V. is accounted for using the equity method in the consolidated financial
statements. As per year-end 2025 the Group\u2019s interest in the joint venture amounts EUR 10
thousand (2024: EUR 10 thousand).
Amounts in EUR '000
2025
2024
Balance at 1 January
99
89
Result for the year
15
10
Balance at 31 December
114
99
34\u00a0 \u00a0 \u00a0 \u00a0 Related parties
Transactions with joint ventures
During the year, the Group received invoices for work performed by SBR Engineering GmbH for a
total amount of EUR 187 thousand (2024: EUR 239 thousand). No invoices are sent to Smulders Sif
Steel Foundations B.V. for project related work performed (2024 : EUR nihil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
12\u00a0 \u00a0 \u00a0 \u00a0 Share of profit of joint ventures
For the year 2025 the result of the Group from joint ventures was EUR 15 thousand positive (2024:
EUR 10 thousand). The amount consists of EUR 15 thousand positive related to SBR Engineering
GmbH (2024 : EUR 10 thousand positive) and EUR nil from Smulders Sif Steel Foundations B.V.
(2024: EUR nil) (see note 18).
18\u00a0 \u00a0 \u00a0 \u00a0 Investment in joint ventures
The Group has a 50% interest in SBR Engineering GmbH, a joint venture consisting of engineering
capacity of experienced workforce. The Group\u2019s interest in SBR Engineering GmbH is accounted for
using the equity method in the consolidated financial statements. As per year-end 2025 the Group\u2019s
interest in the joint venture amounts EUR 104 thousand (2024: EUR 89\u00a0 thousand).
The Group has a 50% interest in Smulders Sif Steel Foundations B.V., a joint venture focused on
project management in the offshore wind industry. The Group\u2019s interest in Smulders Sif Steel
Foundations B.V. is accounted for using the equity method in the consolidated financial
statements. As per year-end 2025 the Group\u2019s interest in the joint venture amounts EUR 10
thousand (2024: EUR 10 thousand).
Amounts in EUR '000
2025
2024
Balance at 1 January
99
89
Result for the year
15
10
Balance at 31 December
114
99
34\u00a0 \u00a0 \u00a0 \u00a0 Related parties
Transactions with joint ventures
During the year, the Group received invoices for work performed by SBR Engineering GmbH for a
total amount of EUR 187 thousand (2024: EUR 239 thousand). No invoices are sent to Smulders Sif
Steel Foundations B.V. for project related work performed (2024 : EUR nihil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
12\u00a0 \u00a0 \u00a0 \u00a0 Share of profit of joint ventures
For the year 2025 the result of the Group from joint ventures was EUR 15 thousand positive (2024:
EUR 10 thousand). The amount consists of EUR 15 thousand positive related to SBR Engineering
GmbH (2024 : EUR 10 thousand positive) and EUR nil from Smulders Sif Steel Foundations B.V.
(2024: EUR nil) (see note 18).
18\u00a0 \u00a0 \u00a0 \u00a0 Investment in joint ventures
The Group has a 50% interest in SBR Engineering GmbH, a joint venture consisting of engineering
capacity of experienced workforce. The Group\u2019s interest in SBR Engineering GmbH is accounted for
using the equity method in the consolidated financial statements. As per year-end 2025 the Group\u2019s
interest in the joint venture amounts EUR 104 thousand (2024: EUR 89\u00a0 thousand).
The Group has a 50% interest in Smulders Sif Steel Foundations B.V., a joint venture focused on
project management in the offshore wind industry. The Group\u2019s interest in Smulders Sif Steel
Foundations B.V. is accounted for using the equity method in the consolidated financial
statements. As per year-end 2025 the Group\u2019s interest in the joint venture amounts EUR 10
thousand (2024: EUR 10 thousand).
Amounts in EUR '000
2025
2024
Balance at 1 January
99
89
Result for the year
15
10
Balance at 31 December
114
99
24\u00a0 \u00a0 \u00a0 \u00a0 Partly-owned subsidiaries
The Group holds 60% interest in Twinpark Sif B.V. and Twinpark Sif II B.V., entities involved in the
exploitation of windmills . The summarised financial information of these subsidiaries is provided
below. This information is based on amounts before intercompany eliminations.
Summarised statement of profit or loss:
Amounts in EUR '000
2025
2024
Operating lease income
1,480
1,480
Depreciation, amortisation and impairment
(304)
(359)
Other operating expenses
(132)
(136)
Other income
6,248
\u2014
Finance costs
133
212
Profit before tax
7,425
1,197
Income tax
(1,902)
(295)
Profit after tax
5,523
902
Attributable to non-controlling interests
2,209
361
Dividends paid to non-controlling interests
\u2014
\u2014
Reference is made to note 10 for more information related to the other income.
Summarised statement of financial position as at 31 December:
Amounts in EUR '000
2025
2024
Property, plant and equipment
\u2014
5,389
Trade receivables
5,760
51
Cash and cash equivalents
8,191
7,270
Trade and other payables
(3,440)
(7,786)
Interest-bearing loans and borrowings
(325)
(325)
Total equity
10,186
4,599
Attributable to:
Equity holders of parent
6,137
2,759
Non-controlling interest
4,049
1,840
Summarised cash flow information for year ended 31 December:
Amounts in EUR '000
2025
2024
Operating
788
754
Investing
\u2014
\u2014
Financing
133
212
Net increase in cash and cash equivalents
921
966
31\u00a0 \u00a0 \u00a0 \u00a0 List of subsidiaries
Included in the consolidated financial statements are the following subsidiaries:
Name
Location
Share in issued capital %
Sif Property B.V.
Roermond
100
Sif Netherlands B.V.
Roermond
100
Twinpark Sif B.V.\u00a0 1
Roermond
59,4
Twinpark Sif II B.V.
Rotterdam
60
KCI The Engineers B.V.
Schiedam
100
Sif Decom B.V.
Roermond
100
Sif B.V.
Roermond
100
Sif Ventures B.V.
Rotterdam
100
Skybox Offshore B.V.
Rotterdam
100
Sif Infra B.V.\u00a0 2
Rotterdam
100
1 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.
2 \u2013 Incorporated on 14 May 2025
No further changes are applicable in investments in subsidiaries.
34\u00a0 \u00a0 \u00a0 \u00a0 Related parties
Transactions with joint ventures
During the year, the Group received invoices for work performed by SBR Engineering GmbH for a
total amount of EUR 187 thousand (2024: EUR 239 thousand). No invoices are sent to Smulders Sif
Steel Foundations B.V. for project related work performed (2024 : EUR nihil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
14\u00a0 \u00a0 \u00a0 \u00a0 Earnings per share
Basic and diluted earnings per share
The calculation of basic and diluted earnings per share has been based on the profit or loss
attributable to the ordinary shareholders of the Group (adjusted for the undeclared dividend on the
cumulative preference shares) and the weighted-average number of ordinary shares outstanding.
q
Amounts in EUR '000
2025
2024
Profit / (loss) attributable to equity holders of Sif Holding
N.V.
(36,688)
1,200
Undeclared returns to preference shareholders
(2,625)
(2,500)
Profit / (loss) attributable to ordinary equity holders of
Sif Holding N.V.
(39,313)
(1,300)
Issued ordinary shares at 1 January
29,888,612
29,888,612
Changes during the year
\u2014
\u2014
Issued ordinary shares at 31 December
29,888,612
29,888,612
Effects of issued ordinary shares (including the
retrospective adjustments)
\u2014
\u2014
Weighted average number of ordinary shares at 31
December (numerator for earnings per share calculation)
29,888,612
29,888,612
Earnings per share
(1.32)
(0.04)
The issuance of the convertible cumulative preference shares in 2023 could have had an impact on
the weighted average number of (diluted) ordinary shares. However, their conversion to ordinary
shares would not decrease earnings per share or increase loss per share and as such they have not
been treated as dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
14\u00a0 \u00a0 \u00a0 \u00a0 Earnings per share
Basic and diluted earnings per share
The calculation of basic and diluted earnings per share has been based on the profit or loss
attributable to the ordinary shareholders of the Group (adjusted for the undeclared dividend on the
cumulative preference shares) and the weighted-average number of ordinary shares outstanding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
14\u00a0 \u00a0 \u00a0 \u00a0 Earnings per share
q
Amounts in EUR '000
2025
2024
Profit / (loss) attributable to equity holders of Sif Holding
N.V.
(36,688)
1,200
Undeclared returns to preference shareholders
(2,625)
(2,500)
Profit / (loss) attributable to ordinary equity holders of
Sif Holding N.V.
(39,313)
(1,300)
Issued ordinary shares at 1 January
29,888,612
29,888,612
Changes during the year
\u2014
\u2014
Issued ordinary shares at 31 December
29,888,612
29,888,612
Effects of issued ordinary shares (including the
retrospective adjustments)
\u2014
\u2014
Weighted average number of ordinary shares at 31
December (numerator for earnings per share calculation)
29,888,612
29,888,612
Earnings per share
(1.32)
(0.04)
23\u00a0 \u00a0 \u00a0 \u00a0 Capital and reserves
Share capital
On 14 January 2016, the authorised capital of the Group was increased to EUR 25 million,
consisting of 125,000,000 shares with a nominal value of EUR 0.20 (20 eurocents) per share. The
issued shares were converted into 25,501,356 shares, each having a nominal value of EUR 0.20 (20
eurocents per share). On 7 July 2023, the issued share capital was increased by EUR 0.9 million.
This was done by the issue of 4,387,256 ordinary shares with a nominal value of EUR 0.20, of which
33,366 to the Management Team of the Group. Reference is made to note 14 for the reconciliation
o f the number of shares outstanding. All ordinary shares rank equally with regard to the Company\u2019s
residual assets.
Share premium
The during 2023 newly issued 4,387,256 ordinary shares were issued at a share price of EUR 11,50,
which resulted in an addition in share premium amounting to EUR 49.6 million. Furthermore, 33,366
ordinary shares were granted to management, resulting in an accounting fair value of EUR 87
thousand.
Furthermore, the (net of tax) incremental transaction cost related to the issued ordinary shares
(EUR 960 thousand) and cumulative preference shares (EUR 51 thousand) were accounted for as a
deduction from share premium. The total tax effect of these transaction costs amounted to EUR
351 thousand.
Other capital reserves
Cumulative preference shares
As part of the funding package for the financing of the expansion plans, during 2023 the Group
entered into a placement agreement with Equinor Renewables B.V. and Equinor New Energy AS for
the issue of 50,000 Preference Shares to Equinor Renewables B.V. against payment of a
subscription price of EUR 1 thousand per Preference Share (EUR 50 million in gross proceeds).
The holder of Preference Shares will be entitled to receive, out of funds legally available for
distribution, with first priority over Ordinary Shares, cumulative dividends at a fixed annual coupon
rate of 5% until 30 June 2025, which rate will be annually increased as of 1 July 2025 as follows:
\u2022 an increase of 0.5% per annum as of 1 July 2025;
\u2022 an increase of 0.75% per annum as of 1 July 2026;
\u2022 an increase of 0.75% per annum as of 1 July 2027; and
\u2022 an increase of 1.0% per annum as of 1 July 2028.
The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.
The Executive Board has the discretion any given year to pay out the coupon amount. As per
31\u00a0December 2025, the cumulative undeclared amount of dividends amount to EUR 7.0 million
(2024: EUR 4.4 million). The Preference Shares will rank ahead of the Ordinary Shares on the
liquidation of the Company.
Furthermore, at the option of the Group, the Preference Shares may be redeemed, in whole or in part,
at a price equal to the initial stated amount, plus any accrued but unpaid dividends as of the date of
such redemption. This option shall only be exercisable by the Company from 1 January 2025.
From 1 July 2028, the holder of the Preference Shares has the right to convert the Preference Shares
to Ordinary Shares by resolution of the Executive Board that has been approved by the Supervisory
Board. The conversion will be in respect of the initial stated amount and any accrued but unpaid
dividends, at a fixed conversion ratio calculated as the subscription price paid for the Preference
Share, plus any dividend which accrued thereon but remains unpaid, divided by a conversion price
of EUR 12 per Ordinary Share.
Perpetual bond
The perpetual bond is a result of the conversion of the AFP related to the terminated Empire Wind 2
contract in 2023. The initial amount was EUR 30.5 million, during 2024 EUR 9.8 million is redeemed
as part of the settlement of the cancellation fee (non-cash transaction). The bond has the following
terms:
\u2022 There is no fixed redemption date;
\u2022 The bond will bear interest on its principle amount of EURIBOR + 5% margin, as from 1 January
2026, subject to an annual increase by 0.75% beginning on 1 July 2027 and each anniversary
thereof;
\u2022 The Group may, at its discretion, elect to defer all or part of any payment of all or part of any
interest. Any deferred interest shall itself bear interest at a rate equal to 2% plus the applicable
margin;
\u2022 The Group will have an obligation to pay interest in certain specifically agreed events, the
occurrence of the events is always controlled by the Group.
The Group has an unconditional right to avoid delivering cash or another financial instrument in
relation to the perpetual bond, resulting in the classification as an equity instrument.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
14\u00a0 \u00a0 \u00a0 \u00a0 Earnings per share
q
Amounts in EUR '000
2025
2024
Profit / (loss) attributable to equity holders of Sif Holding
N.V.
(36,688)
1,200
Undeclared returns to preference shareholders
(2,625)
(2,500)
Profit / (loss) attributable to ordinary equity holders of
Sif Holding N.V.
(39,313)
(1,300)
Issued ordinary shares at 1 January
29,888,612
29,888,612
Changes during the year
\u2014
\u2014
Issued ordinary shares at 31 December
29,888,612
29,888,612
Effects of issued ordinary shares (including the
retrospective adjustments)
\u2014
\u2014
Weighted average number of ordinary shares at 31
December (numerator for earnings per share calculation)
29,888,612
29,888,612
Earnings per share
(1.32)
(0.04)
23\u00a0 \u00a0 \u00a0 \u00a0 Capital and reserves
Share capital
On 14 January 2016, the authorised capital of the Group was increased to EUR 25 million,
consisting of 125,000,000 shares with a nominal value of EUR 0.20 (20 eurocents) per share. The
issued shares were converted into 25,501,356 shares, each having a nominal value of EUR 0.20 (20
eurocents per share). On 7 July 2023, the issued share capital was increased by EUR 0.9 million.
This was done by the issue of 4,387,256 ordinary shares with a nominal value of EUR 0.20, of which
33,366 to the Management Team of the Group. Reference is made to note 14 for the reconciliation
o f the number of shares outstanding. All ordinary shares rank equally with regard to the Company\u2019s
residual assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
15\u00a0 \u00a0 \u00a0 \u00a0 Intangible assets
Reconciliation of the carrying amount
Amounts in EUR '000
Software
Capitalised R&D
Total
Cost
Balance at 1 January 2025
2,100
3,779
5,879
Additions
1,807
1,068
2,875
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2025
3,907
4,847
8,754
Balance at 1 January 2024
2,042
1,915
3,957
Additions
58
1,864
1,922
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2024
2,100
3,779
5,879
Accumulated depreciation
Balance at 1 January 2025
(2,048)
\u2014
(2,048)
Depreciation
(613)
(83)
(696)
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2025
(2,661)
(83)
(2,744)
Balance at 1 January 2024
(2,042)
\u2014
(2,042)
Depreciation
(6)
\u2014
(6)
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2024
(2,048)
\u2014
(2,048)
Carrying amounts
At 31 December 2025
1,246
4,764
6,010
At 31 December 2024
52
3,779
3,831
The additions in 2025 comprise of the capitalised development expenses related to the Skybox
development project, which is still under construction at 31\u00a0December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
15\u00a0 \u00a0 \u00a0 \u00a0 Intangible assets
Reconciliation of the carrying amount
Amounts in EUR '000
Software
Capitalised R&D
Total
Cost
Balance at 1 January 2025
2,100
3,779
5,879
Additions
1,807
1,068
2,875
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2025
3,907
4,847
8,754
Balance at 1 January 2024
2,042
1,915
3,957
Additions
58
1,864
1,922
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2024
2,100
3,779
5,879
Accumulated depreciation
Balance at 1 January 2025
(2,048)
\u2014
(2,048)
Depreciation
(613)
(83)
(696)
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2025
(2,661)
(83)
(2,744)
Balance at 1 January 2024
(2,042)
\u2014
(2,042)
Depreciation
(6)
\u2014
(6)
Disposals
\u2014
\u2014
\u2014
Balance at 31 December 2024
(2,048)
\u2014
(2,048)
Carrying amounts
At 31 December 2025
1,246
4,764
6,010
At 31 December 2024
52
3,779
3,831
The additions in 2025 comprise of the capitalised development expenses related to the Skybox
development project, which is still under construction at 31\u00a0December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
16\u00a0 \u00a0 \u00a0 \u00a0 Property, plant and equipment
Reconciliation of the carrying amount
Amounts in EUR '000
Land and
buildings
Plant and
equipment
Other fixed
assets
Assets under
construction
Total
Cost
Balance at 1 January 2025
136,761
123,785
5,086
351,924
617,556
Additions
\u2014
\u2014
\u2014
24,442
24,442
Transfers
137,521
230,778
4,081
(372,380)
\u2014
Disposals
\u2014
(174)
\u2014
\u2014
(174)
Other
\u2014
(5,172)
\u2014
\u2014
(5,172)
Balance at 31 December 2025
274,282
349,217
9,167
3,986
636,652
Balance at 1 January 2024
136,761
121,425
4,471
187,719
450,376
Additions
\u2014
\u2014
\u2014
167,231
167,231
Transfers
\u2014
2,360
666
(3,026)
\u2014
Disposals
\u2014
\u2014
(51)
\u2014
(51)
Balance at 31 December 2024
136,761
123,785
5,086
351,924
617,556
Accumulated depreciation
Balance at 1 January 2025
(74,474)
(97,237)
(3,697)
\u2014
(175,408)
Depreciation
(11,958)
(25,216)
(963)
\u2014
(38,137)
Disposals
\u2014
121
\u2014
\u2014
121
Balance at 31 December 2025
(86,432)
(122,332)
(4,660)
\u2014
(213,424)
Balance at 1 January 2024
(70,342)
(93,080)
(3,350)
\u2014
(166,772)
Depreciation
(4,132)
(4,157)
(367)
\u2014
(8,656)
Disposals
\u2014
\u2014
20
\u2014
20
Balance at 31 December 2024
(74,474)
(97,237)
(3,697)
\u2014
(175,408)
Carrying amounts
At 31 December 2025
187,850
226,885
4,507
3,986
423,228
At 31 December 2024
62,287
26,548
1,389
351,924
442,148
At 31\u00a0December 2025 and 2024 all directly owned property, plant and equipment was collateralised
as part of the financing agreements in place (see note 25 ).
The other transaction in Plant and equipment relates to the adjustment of the acquisition price in
relation to the derecognition of the financial liability related to the wind turbine generator (WTG) on
the Maasvlakte 2. Reference is made to note 10 for more information.
Investments in manufacturing facility expansion
The Group started the construction of the manufacturing facility expansion during 2023, which has
been completed early 2025. All assets under construction are transferred to the respective asset
category and started depreciating as from 1 January 2025. The total amount of borrowing costs
capitalised amounts to EUR 5.7 million
25\u00a0 \u00a0 \u00a0 \u00a0 Loans and borrowings
The supplement to the Euribor interest rate of the revolving credit facility depends on the leverage
ratio as defined in the loan agreement and ranges between 185 and 335 bps. The revolving facilities
and term loans are collateralised by the following items:
\u2022 Current assets (inventory and contract assets net position);
\u2022 Trade receivables;
\u2022 Intercompany receivables;
\u2022 Cash and cash equivalent balances;
\u2022 Receivables from hedging activities;
\u2022 Receivables from insurance contracts;
\u2022 Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;
\u2022 Non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
16\u00a0 \u00a0 \u00a0 \u00a0 Property, plant and equipment
At 31\u00a0December 2025 and 2024 all directly owned property, plant and equipment was collateralised
as part of the financing agreements in place (see note 25 ).
25\u00a0 \u00a0 \u00a0 \u00a0 Loans and borrowings
The supplement to the Euribor interest rate of the revolving credit facility depends on the leverage
ratio as defined in the loan agreement and ranges between 185 and 335 bps. The revolving facilities
and term loans are collateralised by the following items:
\u2022 Current assets (inventory and contract assets net position);
\u2022 Trade receivables;
\u2022 Intercompany receivables;
\u2022 Cash and cash equivalent balances;
\u2022 Receivables from hedging activities;
\u2022 Receivables from insurance contracts;
\u2022 Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;
\u2022 Non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
Investments in manufacturing facility expansion
The Group started the construction of the manufacturing facility expansion during 2023, which has
been completed early 2025. All assets under construction are transferred to the respective asset
category and started depreciating as from 1 January 2025. The total amount of borrowing costs
capitalised amounts to EUR 5.7 million", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
17\u00a0 \u00a0 \u00a0 \u00a0 Investment property
Reconciliation of the carrying amount
Amounts in EUR '000
2025
2024
Balance at 1 January
520
520
Revaluation
30
\u2014
Balance at 31 December
550
520
Investment property comprises a commercial property that is leased to a third party. The lease
contains annual rents indexed to consumer prices. Subsequent renewals are negotiated with the
lessee. No contingent rents are charged. Further information about this lease is included in note 32.
Fair value as of 31\u00a0December 2025 is estimated at EUR 550 thousand (2024: EUR 520 thousand),
based on the estimated increase in property value, combined with the initial valuation made by an
external independent property valuator in 2020, having appropriate recognised professional
qualifications and recent experience in the location and category of the property. The fair value
measurement has been categorised as a Level 3 fair value based on the inputs to the valuation
technique used.
32\u00a0 \u00a0 \u00a0 \u00a0 Leases
Group as a lessor
The Group leases out its investment property (see note 17), a Wind Turbine Generator located at
Maasvlakte 2 and some antenna locations for telecom providers. The lease income from
operational leases amounts for the year 2025 EUR 1.5 million (2024: EUR 1.5 million) and does not
include variable payments.
Furthermore, as part of its contracts with customers in the Marshalling segment, the Group leases
out part of the leased plots in the Rotterdam harbour and some other minor assets. These leases
classify as operational sub-leases, and have terms of less than one year. The lease income from
these operational lease contracts amounts for the year 2025 EUR 31 thousand (2024: EUR 0.2
million).
Future minimum rental receivable
At 31 December, the future minimum rental receivables under non-cancellable leases are as follows:
Amounts in EUR '000
2025
2024
Less than 1 year
747
747
Between 1 and 2 years
\u2014
\u2014
More than 2 years
\u2014
\u2014
Total future minimum rental receivable
747
747
The future rental receivable relates mainly to operating lease agreement of the wind turbine
generator on the Maasvlakte 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
17\u00a0 \u00a0 \u00a0 \u00a0 Investment property
Fair value as of 31\u00a0December 2025 is estimated at EUR 550 thousand (2024: EUR 520 thousand),
based on the estimated increase in property value, combined with the initial valuation made by an
external independent property valuator in 2020, having appropriate recognised professional
qualifications and recent experience in the location and category of the property. The fair value
measurement has been categorised as a Level 3 fair value based on the inputs to the valuation
technique used.
Derivatives
The derivatives designated as hedging instruments reflect a change in fair value of interest rate
swaps, designated as cash flow hedge to hedge the floating interest rate of covered facility loan
payables. The fair value of the interest rate swap is measured using significant observable inputs
(fair value level 2), based on forward pricing and swap models of the respective banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
19\u00a0 \u00a0 \u00a0 \u00a0 Inventories
Amounts in EUR '000
2025
2024
Raw materials and consumables
660
400
(Semi-)finished goods
14,697
\u2014
Total inventories
15,357
400
The (semi-)finished goods relate to equipment purchased for the purpose of selling in combination
with a licensing contract to a customer.
During 2025 and 2024 no inventories were written down to the lower of net realisable value.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
20\u00a0 \u00a0 \u00a0 \u00a0 Contract assets and liabilities
Amounts in EUR '000
2025
2024
Contract assets
7,689
26,159
Contract liabilities - current
(144,861)
(119,238)
Contract liabilities - non-current
(6,683)
(35,855)
Net contract assets and liabilities
(143,855)
(128,934)
Expenses incurred including realised profit to date
2,784,117
2,128,176
Invoiced terms
(2,927,972)
(2,257,110)
Net contract assets and liabilities
(143,855)
(128,934)
Management periodically reviews the valuation of contract assets and liabilities based on project
agreements, project results to d ate and estimates of project expenses to be incurred. Each period
end management assesses the status of the projects and takes into consideration all aspects in
order to finalise the projects in line with contractual agreements and relating contingencies, such
as potential upward or downward adjustment in the projected estimates, and accounts for them
accordingly. Due to changes in estimates, fluctuations in the anticipated project result can occur
over the contract term.
Contract liabilities concern the balances of all projects in progress for which the invoiced terms
exceed the costs to fulfil a contract incurred, including margin recognised to date. The non-current
contract liabilities in 2024 comprised mainly of prepayment received for a construction contract
(EUR 26 million) for which the related performance obligation was expected to be satisfied more
than one year after reporting date. As the satisfaction of the performance obligation is expected to
take place during 2026, the prepayment is reclassified as current liabilities. As per 31\u00a0December
2025, the full amount of the Advance Factory Payments (\u201cAFPs\u201d) received from launching
customers in 2023 as part of the funding package for the manufacturing expansion plans is netted
with progress billings in the respective construction contracts, where the final part of the related
performance obligations will be settled early 2026. There is a significant financing component
included in these contracts, considering the length of time between the customers\u2019 payment and
the satisfaction of the related performance obligation. As such, the transaction prices for the
contracts are discounted, using the interest rate that would be reflected in a separate financing
transaction between the Group and the customer at contract inception. As per 31\u00a0December 2025,
the impact on the current contract liabilities amounts to EUR 2.4 million and EUR 39 thousand on
the non-current contract liabilities (2024: EUR 2.7 million impact on current contract liabilities and
EUR 0.1 million impact on non-current liabilities).
The revenues recognised in the reporting period that was included in the contract liability balance
at the beginning of the period amounts EUR 93.0 million (2024: EUR 37.4 million). Revenue
recognised in the reporting period from performance obligations satisfied (or partially satisfied) in
previous periods amounts to EUR 4.0 million (2024: EUR 4.5 million).
The classification of a project as contract asset or liability can vary over time, depending on the
progress of the project and the use of materials.
Except for the non-current contract liabilities mentioned before, both the contract assets and
liabilities have durations shorter than 12 months and are therefore considered to be current.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
21\u00a0 \u00a0 \u00a0 \u00a0 Trade receivables
All trade and other receivables are expected to mature within 12 months. Trade receivables are
non-interest bearing and are generally based on payment terms of 30 to 60 days. Based on an
individual impairment analysis of trade receivables, at 31\u00a0December 2025 no impairment deemed
necessary for unrecoverable receivables (2024: nil). In addition, an amount of EUR 92 thousand for
impairment costs due to expected credit loss (IFRS 9) has been reported (2024: EUR 387 thousand).
The movements related to expected credit loss over the period are considered to be immaterial.
At year end EUR nil of the total open balance refers to related parties (2024: EUR nil).
Credit and market risks, and impairment losses
Information about the Group\u2019s exposure to credit and market risks, and impairment losses for trade
and other receivables, excluding contract assets in progress, is included in note 26.
As at 31 December, the ageing (without the impaired trade receivables) analysis and provision
matrix of trade receivables is as follows:
Amounts in EUR '000
Total
Not
past due
<30 days
past due
30 \u2013 60 days
past due
61 \u2013 90 days
past due
91 \u2013 120 days
past due
> 120 days
past due
31 December 2025
Expected credit loss rate
0.33%
0.21%
1.56%
0.27%
9.58%
24.07%
Estimated total gross carrying amount at default
28,215
27,369
257
368
\u2014
167
54
Expected credit loss
(92)
(58)
(4)
(1)
\u2014
(16)
(13)
31 December 2024
Expected credit loss rate
1.45%
1.49%
0.00%
0.00%
0.00%
0.00%
0.55%
Estimated total gross carrying amount at default
26,650
25,882
281
12
259
35
181
Expected credit loss
(387)
(386)
\u2014
\u2014
\u2014
\u2014
(1)
26\u00a0 \u00a0 \u00a0 \u00a0 Financial instruments
Credit risk
Contract assets and Trade and other receivables
The Group\u2019s exposure to credit risk is mainly influenced by the individual customer characteristics.
Given the fact that the Group has a limited number of customers, the Group assesses that the main
concentration of credit risk is on individual counter party. In addition, management considers
general factors that may influence the credit risk of its customer base, including the default risk of
the industry and the countries in which customers operate.
The Group has established a credit policy under which each new customer is analysed individually
for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are
offered. Management believes that the unimpaired amounts that are past due by more than 30 days
are still collectible in full, based on historic payment behaviour and extensive analysis of customer
credit risk, including underlying customers\u2019 credit ratings if they are available. Only an impairment
for contract assets and trade and other receivables based on expected credit loss has been
accounted for in accordance with IFRS 9.
For further information related to the collectability of trade receivables, reference is made to note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
21\u00a0 \u00a0 \u00a0 \u00a0 Trade receivables
Based on an
individual impairment analysis of trade receivables, at 31\u00a0December 2025 no impairment deemed
necessary for unrecoverable receivables (2024: nil). In addition, an amount of EUR 92 thousand for
impairment costs due to expected credit loss (IFRS 9) has been reported (2024: EUR 387 thousand).
The movements related to expected credit loss over the period are considered to be immaterial.
At year end EUR nil of the total open balance refers to related parties (2024: EUR nil).
Credit and market risks, and impairment losses
Information about the Group\u2019s exposure to credit and market risks, and impairment losses for trade
and other receivables, excluding contract assets in progress, is included in note 26.
As at 31 December, the ageing (without the impaired trade receivables) analysis and provision
matrix of trade receivables is as follows:
Amounts in EUR '000
Total
Not
past due
<30 days
past due
30 \u2013 60 days
past due
61 \u2013 90 days
past due
91 \u2013 120 days
past due
> 120 days
past due
31 December 2025
Expected credit loss rate
0.33%
0.21%
1.56%
0.27%
9.58%
24.07%
Estimated total gross carrying amount at default
28,215
27,369
257
368
\u2014
167
54
Expected credit loss
(92)
(58)
(4)
(1)
\u2014
(16)
(13)
31 December 2024
Expected credit loss rate
1.45%
1.49%
0.00%
0.00%
0.00%
0.00%
0.55%
Estimated total gross carrying amount at default
26,650
25,882
281
12
259
35
181
Expected credit loss
(387)
(386)
\u2014
\u2014
\u2014
\u2014
(1)
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities, including deposits with
banks and financial institutions, foreign exchange transactions and other financial instruments.
The carrying amount of financial assets represents the maximum credit exposure.
Contract assets and Trade and other receivables
The Group\u2019s exposure to credit risk is mainly influenced by the individual customer characteristics.
Given the fact that the Group has a limited number of customers, the Group assesses that the main
concentration of credit risk is on individual counter party. In addition, management considers
general factors that may influence the credit risk of its customer base, including the default risk of
the industry and the countries in which customers operate.
The Group has established a credit policy under which each new customer is analysed individually
for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are
offered. Management believes that the unimpaired amounts that are past due by more than 30 days
are still collectible in full, based on historic payment behaviour and extensive analysis of customer
credit risk, including underlying customers\u2019 credit ratings if they are available. Only an impairment
for contract assets and trade and other receivables based on expected credit loss has been
accounted for in accordance with IFRS 9.
For further information related to the collectability of trade receivables, reference is made to note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
21\u00a0 \u00a0 \u00a0 \u00a0 Trade receivables
Based on an
individual impairment analysis of trade receivables, at 31\u00a0December 2025 no impairment deemed
necessary for unrecoverable receivables (2024: nil). In addition, an amount of EUR 92 thousand for
impairment costs due to expected credit loss (IFRS 9) has been reported (2024: EUR 387 thousand).
The movements related to expected credit loss over the period are considered to be immaterial.
At year end EUR nil of the total open balance refers to related parties (2024: EUR nil).
Credit and market risks, and impairment losses
Information about the Group\u2019s exposure to credit and market risks, and impairment losses for trade
and other receivables, excluding contract assets in progress, is included in note 26.
As at 31 December, the ageing (without the impaired trade receivables) analysis and provision
matrix of trade receivables is as follows:
Amounts in EUR '000
Total
Not
past due
<30 days
past due
30 \u2013 60 days
past due
61 \u2013 90 days
past due
91 \u2013 120 days
past due
> 120 days
past due
31 December 2025
Expected credit loss rate
0.33%
0.21%
1.56%
0.27%
9.58%
24.07%
Estimated total gross carrying amount at default
28,215
27,369
257
368
\u2014
167
54
Expected credit loss
(92)
(58)
(4)
(1)
\u2014
(16)
(13)
31 December 2024
Expected credit loss rate
1.45%
1.49%
0.00%
0.00%
0.00%
0.00%
0.55%
Estimated total gross carrying amount at default
26,650
25,882
281
12
259
35
181
Expected credit loss
(387)
(386)
\u2014
\u2014
\u2014
\u2014
(1)
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities, including deposits with
banks and financial institutions, foreign exchange transactions and other financial instruments.
The carrying amount of financial assets represents the maximum credit exposure.
Contract assets and Trade and other receivables
The Group\u2019s exposure to credit risk is mainly influenced by the individual customer characteristics.
Given the fact that the Group has a limited number of customers, the Group assesses that the main
concentration of credit risk is on individual counter party. In addition, management considers
general factors that may influence the credit risk of its customer base, including the default risk of
the industry and the countries in which customers operate.
The Group has established a credit policy under which each new customer is analysed individually
for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are
offered. Management believes that the unimpaired amounts that are past due by more than 30 days
are still collectible in full, based on historic payment behaviour and extensive analysis of customer
credit risk, including underlying customers\u2019 credit ratings if they are available. Only an impairment
for contract assets and trade and other receivables based on expected credit loss has been
accounted for in accordance with IFRS 9.
For further information related to the collectability of trade receivables, reference is made to note 21.
Cash and cash equivalents
The Group held cash and cash equivalents of EUR 95.6 million at 31\u00a0December 2025 (2024:
EUR 113.8 million). The cash and cash equivalents are held with bank and financial institution
counterparties, which are at least rated A- based on rating agency ratings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
21\u00a0 \u00a0 \u00a0 \u00a0 Trade receivables
Based on an
individual impairment analysis of trade receivables, at 31\u00a0December 2025 no impairment deemed
necessary for unrecoverable receivables (2024: nil). In addition, an amount of EUR 92 thousand for
impairment costs due to expected credit loss (IFRS 9) has been reported (2024: EUR 387 thousand).
The movements related to expected credit loss over the period are considered to be immaterial.
At year end EUR nil of the total open balance refers to related parties (2024: EUR nil).
Credit and market risks, and impairment losses
Information about the Group\u2019s exposure to credit and market risks, and impairment losses for trade
and other receivables, excluding contract assets in progress, is included in note 26.
As at 31 December, the ageing (without the impaired trade receivables) analysis and provision
matrix of trade receivables is as follows:
Amounts in EUR '000
Total
Not
past due
<30 days
past due
30 \u2013 60 days
past due
61 \u2013 90 days
past due
91 \u2013 120 days
past due
> 120 days
past due
31 December 2025
Expected credit loss rate
0.33%
0.21%
1.56%
0.27%
9.58%
24.07%
Estimated total gross carrying amount at default
28,215
27,369
257
368
\u2014
167
54
Expected credit loss
(92)
(58)
(4)
(1)
\u2014
(16)
(13)
31 December 2024
Expected credit loss rate
1.45%
1.49%
0.00%
0.00%
0.00%
0.00%
0.55%
Estimated total gross carrying amount at default
26,650
25,882
281
12
259
35
181
Expected credit loss
(387)
(386)
\u2014
\u2014
\u2014
\u2014
(1)
25\u00a0 \u00a0 \u00a0 \u00a0 Loans and borrowings
The company has the following loans and borrowings:
Amounts in EUR '000
2025
2024
Loans and borrowings - non-current
60,444
80,330
Finance liabilities sale and leaseback - non-current
25,694
29,588
Loans and borrowings - current
20,148
\u2014
Finance liabilities sale and leaseback - current
8,155
7,403
Total Loan and borrowings
114,441
117,321
The movement in loans and borrowings can be specified as follows:
Amounts in EUR '000
2025
2024
Nominal value at 1 January
117,760
20,250
Financing costs
(439)
(324)
Net value of loans and borrowings at 1 January
117,321
19,926
Drawdown of term loans
\u2014
60,750
Drawdown of sale and leaseback facility
3,317
38,340
Repayments of sale and leaseback facility
(8,407)
(1,580)
Interest expenses lease facility
1,948
231
Additions prepaid transaction costs
\u2014
(618)
Amortisation prepaid transaction costs
262
272
Nominal value at 31 December
112,670
117,760
Financing costs
1,771
(439)
Net value of loans and borrowings at 31 December
114,441
117,321
Loan covenants
The term-loan facilities, revolving facilities and sale and leaseback facility are subject to covenant
requirements. The delayed and slower than expected ramp-up of production levels after the
expansion of the manufacturing facilities at Maasvlakte 2 has had a negative impact on the financial
results and cash position of the Group, and therefore on the covenant ratios in the second half of
2025. This resulted in non-compliance with the net leverage ratio as per Q3 2025, for which a waiver
was received from the consortium of banks. In addition, the covenant levels are reset for Q4 2025
and Q1 2026, to match current level of profitability and cash. A new temporary covenant is
introduced (Minimum EBITDA), which is defined as Adjusted EBITDA (as defined in section
\u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of the annual report) for the
quarter as referred to.
In case of a future breach of the bank covenants, the Group has a contractually agreed equity cure
right (a shareholder injection in cash) to remediate the breach. When this right can not be exercised
anymore (in case of a breach in more than one successive period or more than two periods during
the lifetime of the facilities), the respective facilities will become immediately due (and classified as
current liabilities in the statement of financial position). However, prior to the equity cure solution, a
new waiver and, if necessary, covenant reset will be negotiated with the consortium of banks.
The following financial ratios have to be met:
Solvency
Net leverage
Minimum
EBITDA (\u2018000)
Quarter ended:
31 March 2025
30%
3.50
30 June 2025
35%
3.50
30 September 2025
35%
3.00
31 December 2025
25%
6.00
\u20ac10,000
31 March 2026
30%
3.50
\u20ac25,000
30 June 2026 and further
35%
2.50
At year-end 2025 the Group met the applicable covenants (Solvency 32.7%, Net leverage 0.00,
Minimum EBITDA EUR 21.2 million), and the Group expects to meet the covenants during 2026.
Reference is made to section \u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of
the annual report for the definition of the ratios.
Terms and repayment schedule
The terms and conditions of outstanding loans are as follows:
Amounts in EUR
'000
Currency
Nominal
interest
rate (%)
Year of
maturity
Fair
value
2025
Carrying
amount
2025
Fair
value
2024
Carrying
amount
2024
Term loans
EUR
3M Euribor +
2%
2029
80,592
80,592
80,330
80,330
Finance liabilities
sale and
leaseback
EUR
Implicit in
lease
contracts
(5.1%-5.8%)
2029
34,216
33,849
36,991
36,991
Total interest-
bearing loans
and borrowings
114,808
114,441
117,321
117,321
The supplement to the Euribor interest rate of the revolving credit facility depends on the leverage
ratio as defined in the loan agreement and ranges between 185 and 335 bps. The revolving facilities
and term loans are collateralised by the following items:
\u2022 Current assets (inventory and contract assets net position);
\u2022 Trade receivables;
\u2022 Intercompany receivables;
\u2022 Cash and cash equivalent balances;
\u2022 Receivables from hedging activities;
\u2022 Receivables from insurance contracts;
\u2022 Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;
\u2022 Non-current assets.
26\u00a0 \u00a0 \u00a0 \u00a0 Financial instruments
Derivatives
The derivatives designated as hedging instruments reflect a change in fair value of interest rate
swaps, designated as cash flow hedge to hedge the floating interest rate of covered facility loan
payables. The fair value of the interest rate swap is measured using significant observable inputs
(fair value level 2), based on forward pricing and swap models of the respective banks.
Hedging activities and derivatives
The Group is exposed to certain risks relating to its ongoing business operations. The primary risk
managed using derivative instruments is interest rate risk. The Group\u2019s risk management strategy
and how it is applied to manage risk are explained in the financial risk management paragraph
below.
At 31\u00a0December 2025, the Group had two interest rate swap agreement in place with a total
notional amount of EUR 40.5 million (2024: EUR 40.5 million) whereby the Group receives a variable
interest rate equal to 3M Euribor and pays interest at a fixed interest rate of 2.86% on the notional
amount. The termination date of these swaps is 31 March 2027. The swap is being used to hedge
the exposure to changes in the 3M Euribor variable interest rate on the covered facility loan
payables, with a similar notional amount at inception of the interest rate swap agreement.
The maturity of the hedging instrument and the hedged item differs, but for the period of the interest
rate swap there is a strong economic relationship with similar transaction volumes with the same
reference rate (3M Euribor). The Group has established a hedge ratio of 1:1 for the hedging
relationships as the underlying risk of the interest rate swap is identical to the hedged risk
component.
To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares
the changes in the fair value of the hedging instruments against the changes in fair value of the
hedged items attributable to the hedged risks.
The impact of the hedging instruments on the statement of financial position as at 31\u00a0December
2025 is, as follows:
Amounts in EUR '000
Line item in the statement
of financial position
Notional
amount
Carrying
amount
Change in fair
value for the period
31 December 2025
Interest rate swaps
Other non-current financial
liabilities
40,500
366
(277)
Total
40,500
366
(277)
Set out below is the reconciliation of the impact of hedging on the related component of equity and
the analysis of other comprehensive income:
Amounts in EUR '000
2025
2024
Balance at 1 January
477
\u2014
Effective portion of hedging instruments
(277)
643
Tax effect
71
(166)
Balance at 31 December
271
477
Financial risk management
The Group has exposure to the following risks arising from financial instruments:
\u2022 credit risk;
\u2022 liquidity risk;
\u2022 market risk.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities, including deposits with
banks and financial institutions, foreign exchange transactions and other financial instruments.
The carrying amount of financial assets represents the maximum credit exposure.
Contract assets and Trade and other receivables
The Group\u2019s exposure to credit risk is mainly influenced by the individual customer characteristics.
Given the fact that the Group has a limited number of customers, the Group assesses that the main
concentration of credit risk is on individual counter party. In addition, management considers
general factors that may influence the credit risk of its customer base, including the default risk of
the industry and the countries in which customers operate.
The Group has established a credit policy under which each new customer is analysed individually
for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are
offered. Management believes that the unimpaired amounts that are past due by more than 30 days
are still collectible in full, based on historic payment behaviour and extensive analysis of customer
credit risk, including underlying customers\u2019 credit ratings if they are available. Only an impairment
for contract assets and trade and other receivables based on expected credit loss has been
accounted for in accordance with IFRS 9.
For further information related to the collectability of trade receivables, reference is made to note 21.
Cash and cash equivalents
The Group held cash and cash equivalents of EUR 95.6 million at 31\u00a0December 2025 (2024:
EUR 113.8 million). The cash and cash equivalents are held with bank and financial institution
counterparties, which are at least rated A- based on rating agency ratings.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s
approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to
meet its liabilities when they are due, under the normal course of business, and within the
covenants as agreed with the banks and financial institutions.
The Group aims to maintain the minimal level of its cash and cash equivalents at an amount in
excess of expected cash outflows on financial liabilities (other than trade payables) over the next
60 days. The Group also monitors the level of expected cash inflows on trade and other receivables
together with expected cash outflows on trade and other payables.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date.
The amounts are gross and undiscounted:
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2025
Term loans
80,592
86,736
800
22,385
28,912
34,639
\u2014
Interest rate swaps (net cash flows)
366
456
91
274
91
\u2014
\u2014
Finance liabilities sale and leaseback
33,849
38,309
1,396
6,100
8,133
22,680
\u2014
Lease liabilities
124,047
132,112
4,969
17,333
9,192
23,150
77,468
Trade payables
90,065
90,065
90,065
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
34,361
34,361
34,361
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
363,280
382,039
131,682
46,092
46,328
80,469
77,468
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2024
Term loans
80,330
91,709
959
2,877
23,766
64,107
\u2014
Interest rate swaps (net cash flows)
643
108
12
36
48
12
\u2014
Finance liabilities sale and leaseback
36,991
42,951
1,878
5,633
7,510
27,930
\u2014
Lease liabilities
120,688
129,380
3,163
8,460
10,967
30,931
75,859
Trade payables
81,390
81,390
81,390
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
20,395
20,395
20,395
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
340,437
365,933
107,797
17,006
42,291
122,980
75,859
As disclosed in note 25, within the finance facility the Group, the revolving credit facility, term loans
and sale and leaseback facility are subject to loan covenants.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: interest rate risk,
currency risk and other price risk, such as commodity risk. Financial instruments affected by
market risk include loans and borrowings, deposits, debt and equity investments and derivative
financial instruments. The objective of market risk management is to manage and control market
risk exposures within acceptable parameters, while optimising the return.
As per year-end 2025, the Group uses interest rate swaps to manage the interest rate risk (2024:
none). All such, potential transactions would be carried out within treasury policy guidelines.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes
in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating
interest rates. The interest rate profile of the Group\u2019s interest-bearing financial instruments with
floating interest rates as reported to management of the Group is as follows:
Amounts in EUR '000
2025
2024
Variable rate instruments
Term loans
80,592
80,330
80,592
80,330
The risk management strategy of the Group regarding financing structures is to accept a certain
level of financial risk, which can be covered by operational profits and cash flows. However, the
Group will not accept such financial risks if they could jeopardise the continuity of the Group or its
operations. Given the magnitude of the Term loans (total EUR 81 million) and associated interest
rate risk, in combination with the start-up of the new production facilities being surrounded with
more uncertainty, the strategy is to mitigate part of this interest rate risk. Consequently, the
company is willing to accept half of the interest rate risk and aims to mitigate the remaining half of
the interest rate risk for the first three years.
To mitigate part of the interest rate risk, the Group entered into interest rate swaps. Through these
interest rate swaps, the interest rate risk for the notional amount of EUR 40.5 million of the term
loans is covered. Details of the interest rate swaps are disclosed in the section \u2018Derivatives\u2019 of this
note.
The Group has performed a cash flow sensitivity analysis for variable rate instruments on profit or
loss, after the impact of hedge accounting. A reasonable possible change of 50 basis points in
interest rates at the reporting date would have increased (decreased) profit or loss before tax by the
amounts shown below. This analysis assumes that all other variables remain constant.
Amounts in EUR '000
50 basis points increase
50 basis points decrease
31 December 2025
Variable rate instruments
(405)
405
Interest rate swaps
203
(203)
Net impact
(202)
202
31 December 2024
Variable rate instruments
(288)
288
Interest rate swaps
150
(150)
Net impact
(138)
138
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Group is exposed to currency risk to the extent
that there is a mismatch between the currencies in which sales, purchases and borrowings are
denominated and the respective functional currencies of Group companies. The functional
currency of Group companies is the Euro. The currency in which transactions are primarily
denominated is also the Euro. The currency risk is limited since the Group almost fully conducts its
sales, purchases and borrowings in its functional currency and if applicable, closes hedge
contracts at the time of entering into contracts in foreign currencies.
Commodity price risk
The Group is affected by the price volatility of mainly steel and utilities. The risk related to steel is
fully transferred to the customers of the Group, no risk remains for the Group. With respect to
utilities the Group fixes the purchase price for part of the future usage of gas and electricity to partly
cover future volatility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
22\u00a0 \u00a0 \u00a0 \u00a0 Cash and cash equivalents
Amounts in EUR '000
2025
2024
Bank balances
95,568
113,764
Cash and cash equivalents
95,568
113,764
The balance of the cash and cash equivalents are freely accessible and available to the Group and
no restrictions apply.
Cash and cash equivalents
The Group held cash and cash equivalents of EUR 95.6 million at 31\u00a0December 2025 (2024:
EUR 113.8 million). The cash and cash equivalents are held with bank and financial institution
counterparties, which are at least rated A- based on rating agency ratings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
22\u00a0 \u00a0 \u00a0 \u00a0 Cash and cash equivalents
The balance of the cash and cash equivalents are freely accessible and available to the Group and
no restrictions apply.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
Other capital reserves
Cumulative preference shares
As part of the funding package for the financing of the expansion plans, during 2023 the Group
entered into a placement agreement with Equinor Renewables B.V. and Equinor New Energy AS for
the issue of 50,000 Preference Shares to Equinor Renewables B.V. against payment of a
subscription price of EUR 1 thousand per Preference Share (EUR 50 million in gross proceeds).
The holder of Preference Shares will be entitled to receive, out of funds legally available for
distribution, with first priority over Ordinary Shares, cumulative dividends at a fixed annual coupon
rate of 5% until 30 June 2025, which rate will be annually increased as of 1 July 2025 as follows:
\u2022 an increase of 0.5% per annum as of 1 July 2025;
\u2022 an increase of 0.75% per annum as of 1 July 2026;
\u2022 an increase of 0.75% per annum as of 1 July 2027; and
\u2022 an increase of 1.0% per annum as of 1 July 2028.
The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.
The Executive Board has the discretion any given year to pay out the coupon amount. As per
31\u00a0December 2025, the cumulative undeclared amount of dividends amount to EUR 7.0 million
(2024: EUR 4.4 million). The Preference Shares will rank ahead of the Ordinary Shares on the
liquidation of the Company.
Furthermore, at the option of the Group, the Preference Shares may be redeemed, in whole or in part,
at a price equal to the initial stated amount, plus any accrued but unpaid dividends as of the date of
such redemption. This option shall only be exercisable by the Company from 1 January 2025.
From 1 July 2028, the holder of the Preference Shares has the right to convert the Preference Shares
to Ordinary Shares by resolution of the Executive Board that has been approved by the Supervisory
Board. The conversion will be in respect of the initial stated amount and any accrued but unpaid
dividends, at a fixed conversion ratio calculated as the subscription price paid for the Preference
Share, plus any dividend which accrued thereon but remains unpaid, divided by a conversion price
of EUR 12 per Ordinary Share.
Perpetual bond
The perpetual bond is a result of the conversion of the AFP related to the terminated Empire Wind 2
contract in 2023. The initial amount was EUR 30.5 million, during 2024 EUR 9.8 million is redeemed
as part of the settlement of the cancellation fee (non-cash transaction). The bond has the following
terms:
\u2022 There is no fixed redemption date;
\u2022 The bond will bear interest on its principle amount of EURIBOR + 5% margin, as from 1 January
2026, subject to an annual increase by 0.75% beginning on 1 July 2027 and each anniversary
thereof;
\u2022 The Group may, at its discretion, elect to defer all or part of any payment of all or part of any
interest. Any deferred interest shall itself bear interest at a rate equal to 2% plus the applicable
margin;
\u2022 The Group will have an obligation to pay interest in certain specifically agreed events, the
occurrence of the events is always controlled by the Group.
The Group has an unconditional right to avoid delivering cash or another financial instrument in
relation to the perpetual bond, resulting in the classification as an equity instrument.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
Other capital reserves
Cumulative preference shares
As part of the funding package for the financing of the expansion plans, during 2023 the Group
entered into a placement agreement with Equinor Renewables B.V. and Equinor New Energy AS for
the issue of 50,000 Preference Shares to Equinor Renewables B.V. against payment of a
subscription price of EUR 1 thousand per Preference Share (EUR 50 million in gross proceeds).
The holder of Preference Shares will be entitled to receive, out of funds legally available for
distribution, with first priority over Ordinary Shares, cumulative dividends at a fixed annual coupon
rate of 5% until 30 June 2025, which rate will be annually increased as of 1 July 2025 as follows:
\u2022 an increase of 0.5% per annum as of 1 July 2025;
\u2022 an increase of 0.75% per annum as of 1 July 2026;
\u2022 an increase of 0.75% per annum as of 1 July 2027; and
\u2022 an increase of 1.0% per annum as of 1 July 2028.
The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.
The Executive Board has the discretion any given year to pay out the coupon amount. As per
31\u00a0December 2025, the cumulative undeclared amount of dividends amount to EUR 7.0 million
(2024: EUR 4.4 million). The Preference Shares will rank ahead of the Ordinary Shares on the
liquidation of the Company.
Furthermore, at the option of the Group, the Preference Shares may be redeemed, in whole or in part,
at a price equal to the initial stated amount, plus any accrued but unpaid dividends as of the date of
such redemption. This option shall only be exercisable by the Company from 1 January 2025.
From 1 July 2028, the holder of the Preference Shares has the right to convert the Preference Shares
to Ordinary Shares by resolution of the Executive Board that has been approved by the Supervisory
Board. The conversion will be in respect of the initial stated amount and any accrued but unpaid
dividends, at a fixed conversion ratio calculated as the subscription price paid for the Preference
Share, plus any dividend which accrued thereon but remains unpaid, divided by a conversion price
of EUR 12 per Ordinary Share.
Dividends
The following dividends were declared and settled by the Company during the year:
2025
2024
Number of ordinary shares dividend eligible
29,888,612
29,888,612
Rounded dividend per ordinary share (\u20ac)
\u2014
\u2014
Dividends declared and settled during the year (\u20ac '000)
\u2014
\u2014
The Group\u2019s dividend policy is a payout of dividend in line with Sif\u2019s medium to long-term financial
performance and targets, with the aim of increasing dividends-per-share over time. However,
currently, the Group does not pay any dividend in respect of its share capital due to a contractual
obligation under the financing facility agreement. Pursuant to the financing facility agreement, the
Group shall not declare, make or pay any dividend or other distributions in respect of its share
capital if (i) a default under the Facility Agreement is continuing or would occur as a result of the
making of such payment; (ii) the Manufacturing Expansion is not yet completed; and (iii) certain
criteria in relation to the leverage financial covenant in the financing facility agreement are not yet
satisfied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "0.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-466": { "value": "0.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-468": { "value": "
24\u00a0 \u00a0 \u00a0 \u00a0 Partly-owned subsidiaries
The Group holds 60% interest in Twinpark Sif B.V. and Twinpark Sif II B.V., entities involved in the
exploitation of windmills . The summarised financial information of these subsidiaries is provided
below. This information is based on amounts before intercompany eliminations.
Summarised statement of profit or loss:
Amounts in EUR '000
2025
2024
Operating lease income
1,480
1,480
Depreciation, amortisation and impairment
(304)
(359)
Other operating expenses
(132)
(136)
Other income
6,248
\u2014
Finance costs
133
212
Profit before tax
7,425
1,197
Income tax
(1,902)
(295)
Profit after tax
5,523
902
Attributable to non-controlling interests
2,209
361
Dividends paid to non-controlling interests
\u2014
\u2014
Reference is made to note 10 for more information related to the other income.
Summarised statement of financial position as at 31 December:
Amounts in EUR '000
2025
2024
Property, plant and equipment
\u2014
5,389
Trade receivables
5,760
51
Cash and cash equivalents
8,191
7,270
Trade and other payables
(3,440)
(7,786)
Interest-bearing loans and borrowings
(325)
(325)
Total equity
10,186
4,599
Attributable to:
Equity holders of parent
6,137
2,759
Non-controlling interest
4,049
1,840
Summarised cash flow information for year ended 31 December:
Amounts in EUR '000
2025
2024
Operating
788
754
Investing
\u2014
\u2014
Financing
133
212
Net increase in cash and cash equivalents
921
966
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
24\u00a0 \u00a0 \u00a0 \u00a0 Partly-owned subsidiaries
The Group holds 60% interest in Twinpark Sif B.V. and Twinpark Sif II B.V., entities involved in the
exploitation of windmills . The summarised financial information of these subsidiaries is provided
below. This information is based on amounts before intercompany eliminations.
Summarised statement of profit or loss:
Amounts in EUR '000
2025
2024
Operating lease income
1,480
1,480
Depreciation, amortisation and impairment
(304)
(359)
Other operating expenses
(132)
(136)
Other income
6,248
\u2014
Finance costs
133
212
Profit before tax
7,425
1,197
Income tax
(1,902)
(295)
Profit after tax
5,523
902
Attributable to non-controlling interests
2,209
361
Dividends paid to non-controlling interests
\u2014
\u2014
Reference is made to note 10 for more information related to the other income.
Summarised statement of financial position as at 31 December:
Amounts in EUR '000
2025
2024
Property, plant and equipment
\u2014
5,389
Trade receivables
5,760
51
Cash and cash equivalents
8,191
7,270
Trade and other payables
(3,440)
(7,786)
Interest-bearing loans and borrowings
(325)
(325)
Total equity
10,186
4,599
Attributable to:
Equity holders of parent
6,137
2,759
Non-controlling interest
4,049
1,840
Summarised cash flow information for year ended 31 December:
Amounts in EUR '000
2025
2024
Operating
788
754
Investing
\u2014
\u2014
Financing
133
212
Net increase in cash and cash equivalents
921
966
31\u00a0 \u00a0 \u00a0 \u00a0 List of subsidiaries
Included in the consolidated financial statements are the following subsidiaries:
Name
Location
Share in issued capital %
Sif Property B.V.
Roermond
100
Sif Netherlands B.V.
Roermond
100
Twinpark Sif B.V.\u00a0 1
Roermond
59,4
Twinpark Sif II B.V.
Rotterdam
60
KCI The Engineers B.V.
Schiedam
100
Sif Decom B.V.
Roermond
100
Sif B.V.
Roermond
100
Sif Ventures B.V.
Rotterdam
100
Skybox Offshore B.V.
Rotterdam
100
Sif Infra B.V.\u00a0 2
Rotterdam
100
1 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.
2 \u2013 Incorporated on 14 May 2025
No further changes are applicable in investments in subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
25\u00a0 \u00a0 \u00a0 \u00a0 Loans and borrowings
The company has the following loans and borrowings:
Amounts in EUR '000
2025
2024
Loans and borrowings - non-current
60,444
80,330
Finance liabilities sale and leaseback - non-current
25,694
29,588
Loans and borrowings - current
20,148
\u2014
Finance liabilities sale and leaseback - current
8,155
7,403
Total Loan and borrowings
114,441
117,321
As part of the financing plan of the factory expansion, during 2023 the Group has refinanced its
existing financing facility into a term-loan facility amounting to EUR 81 million and a revolving credit
facility amounting to EUR 50 million. As per 31\u00a0December 2025 the full EUR 81 million has been
drawn from the term-loan facility ( 31\u00a0December 2024: EUR 81 million) and the revolving credit
facility has been unused in 2025 (31\u00a0December 2024: unused). The refinancing is treated as the
derecognition of the original facility and recognition of the new facility, as new lenders are added
and the terms of the facility are substantially modified.
An additional financing instrument of the factory expansion is a leasing facility (EUR 47 million,
2024: EUR 40 million), whereby specific invested equipment is financed in individual sale-and-
leaseback constructions. As the control of the equipment remains at the Group, the transactions
result in a financial liability in line with IFRS 9. The contractual term of the individual contracts vary
between 57 and 60 months, the interest percentage implicit in the contracts vary between 5.1% and
5.8%. After the contractual term the Group has repurchase options for 22% of the contract value.
The Group intends to exercise these options.
The prepaid transaction costs of the term-loan facility and the revolving credit facility are
respectively included in the amortised cost of the term-loans and presented as part of
prepayments. In case of a drawdown from the revolving credit facility the prepaid transaction costs
are included in the amortised cost of the outstanding balance. Both are recognised as expense over
the duration of the facilities.
The movement in loans and borrowings can be specified as follows:
Amounts in EUR '000
2025
2024
Nominal value at 1 January
117,760
20,250
Financing costs
(439)
(324)
Net value of loans and borrowings at 1 January
117,321
19,926
Drawdown of term loans
\u2014
60,750
Drawdown of sale and leaseback facility
3,317
38,340
Repayments of sale and leaseback facility
(8,407)
(1,580)
Interest expenses lease facility
1,948
231
Additions prepaid transaction costs
\u2014
(618)
Amortisation prepaid transaction costs
262
272
Nominal value at 31 December
112,670
117,760
Financing costs
1,771
(439)
Net value of loans and borrowings at 31 December
114,441
117,321
Information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk is
included in note 26. From the above movements the amortisation financing costs are non-cash.
Loan covenants
The term-loan facilities, revolving facilities and sale and leaseback facility are subject to covenant
requirements. The delayed and slower than expected ramp-up of production levels after the
expansion of the manufacturing facilities at Maasvlakte 2 has had a negative impact on the financial
results and cash position of the Group, and therefore on the covenant ratios in the second half of
2025. This resulted in non-compliance with the net leverage ratio as per Q3 2025, for which a waiver
was received from the consortium of banks. In addition, the covenant levels are reset for Q4 2025
and Q1 2026, to match current level of profitability and cash. A new temporary covenant is
introduced (Minimum EBITDA), which is defined as Adjusted EBITDA (as defined in section
\u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of the annual report) for the
quarter as referred to.
In case of a future breach of the bank covenants, the Group has a contractually agreed equity cure
right (a shareholder injection in cash) to remediate the breach. When this right can not be exercised
anymore (in case of a breach in more than one successive period or more than two periods during
the lifetime of the facilities), the respective facilities will become immediately due (and classified as
current liabilities in the statement of financial position). However, prior to the equity cure solution, a
new waiver and, if necessary, covenant reset will be negotiated with the consortium of banks.
The following financial ratios have to be met:
Solvency
Net leverage
Minimum
EBITDA (\u2018000)
Quarter ended:
31 March 2025
30%
3.50
30 June 2025
35%
3.50
30 September 2025
35%
3.00
31 December 2025
25%
6.00
\u20ac10,000
31 March 2026
30%
3.50
\u20ac25,000
30 June 2026 and further
35%
2.50
At year-end 2025 the Group met the applicable covenants (Solvency 32.7%, Net leverage 0.00,
Minimum EBITDA EUR 21.2 million), and the Group expects to meet the covenants during 2026.
Reference is made to section \u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of
the annual report for the definition of the ratios.
Terms and repayment schedule
The terms and conditions of outstanding loans are as follows:
Amounts in EUR
'000
Currency
Nominal
interest
rate (%)
Year of
maturity
Fair
value
2025
Carrying
amount
2025
Fair
value
2024
Carrying
amount
2024
Term loans
EUR
3M Euribor +
2%
2029
80,592
80,592
80,330
80,330
Finance liabilities
sale and
leaseback
EUR
Implicit in
lease
contracts
(5.1%-5.8%)
2029
34,216
33,849
36,991
36,991
Total interest-
bearing loans
and borrowings
114,808
114,441
117,321
117,321
The supplement to the Euribor interest rate of the revolving credit facility depends on the leverage
ratio as defined in the loan agreement and ranges between 185 and 335 bps. The revolving facilities
and term loans are collateralised by the following items:
\u2022 Current assets (inventory and contract assets net position);
\u2022 Trade receivables;
\u2022 Intercompany receivables;
\u2022 Cash and cash equivalent balances;
\u2022 Receivables from hedging activities;
\u2022 Receivables from insurance contracts;
\u2022 Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;
\u2022 Non-current assets.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s
approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to
meet its liabilities when they are due, under the normal course of business, and within the
covenants as agreed with the banks and financial institutions.
The Group aims to maintain the minimal level of its cash and cash equivalents at an amount in
excess of expected cash outflows on financial liabilities (other than trade payables) over the next
60 days. The Group also monitors the level of expected cash inflows on trade and other receivables
together with expected cash outflows on trade and other payables.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date.
The amounts are gross and undiscounted:
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2025
Term loans
80,592
86,736
800
22,385
28,912
34,639
\u2014
Interest rate swaps (net cash flows)
366
456
91
274
91
\u2014
\u2014
Finance liabilities sale and leaseback
33,849
38,309
1,396
6,100
8,133
22,680
\u2014
Lease liabilities
124,047
132,112
4,969
17,333
9,192
23,150
77,468
Trade payables
90,065
90,065
90,065
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
34,361
34,361
34,361
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
363,280
382,039
131,682
46,092
46,328
80,469
77,468
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2024
Term loans
80,330
91,709
959
2,877
23,766
64,107
\u2014
Interest rate swaps (net cash flows)
643
108
12
36
48
12
\u2014
Finance liabilities sale and leaseback
36,991
42,951
1,878
5,633
7,510
27,930
\u2014
Lease liabilities
120,688
129,380
3,163
8,460
10,967
30,931
75,859
Trade payables
81,390
81,390
81,390
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
20,395
20,395
20,395
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
340,437
365,933
107,797
17,006
42,291
122,980
75,859
As disclosed in note 25, within the finance facility the Group, the revolving credit facility, term loans
and sale and leaseback facility are subject to loan covenants.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: interest rate risk,
currency risk and other price risk, such as commodity risk. Financial instruments affected by
market risk include loans and borrowings, deposits, debt and equity investments and derivative
financial instruments. The objective of market risk management is to manage and control market
risk exposures within acceptable parameters, while optimising the return.
As per year-end 2025, the Group uses interest rate swaps to manage the interest rate risk (2024:
none). All such, potential transactions would be carried out within treasury policy guidelines.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes
in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating
interest rates. The interest rate profile of the Group\u2019s interest-bearing financial instruments with
floating interest rates as reported to management of the Group is as follows:
Amounts in EUR '000
2025
2024
Variable rate instruments
Term loans
80,592
80,330
80,592
80,330
The risk management strategy of the Group regarding financing structures is to accept a certain
level of financial risk, which can be covered by operational profits and cash flows. However, the
Group will not accept such financial risks if they could jeopardise the continuity of the Group or its
operations. Given the magnitude of the Term loans (total EUR 81 million) and associated interest
rate risk, in combination with the start-up of the new production facilities being surrounded with
more uncertainty, the strategy is to mitigate part of this interest rate risk. Consequently, the
company is willing to accept half of the interest rate risk and aims to mitigate the remaining half of
the interest rate risk for the first three years.
To mitigate part of the interest rate risk, the Group entered into interest rate swaps. Through these
interest rate swaps, the interest rate risk for the notional amount of EUR 40.5 million of the term
loans is covered. Details of the interest rate swaps are disclosed in the section \u2018Derivatives\u2019 of this
note.
The Group has performed a cash flow sensitivity analysis for variable rate instruments on profit or
loss, after the impact of hedge accounting. A reasonable possible change of 50 basis points in
interest rates at the reporting date would have increased (decreased) profit or loss before tax by the
amounts shown below. This analysis assumes that all other variables remain constant.
Amounts in EUR '000
50 basis points increase
50 basis points decrease
31 December 2025
Variable rate instruments
(405)
405
Interest rate swaps
203
(203)
Net impact
(202)
202
31 December 2024
Variable rate instruments
(288)
288
Interest rate swaps
150
(150)
Net impact
(138)
138
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Group is exposed to currency risk to the extent
that there is a mismatch between the currencies in which sales, purchases and borrowings are
denominated and the respective functional currencies of Group companies. The functional
currency of Group companies is the Euro. The currency in which transactions are primarily
denominated is also the Euro. The currency risk is limited since the Group almost fully conducts its
sales, purchases and borrowings in its functional currency and if applicable, closes hedge
contracts at the time of entering into contracts in foreign currencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
25\u00a0 \u00a0 \u00a0 \u00a0 Loans and borrowings
The company has the following loans and borrowings:
Amounts in EUR '000
2025
2024
Loans and borrowings - non-current
60,444
80,330
Finance liabilities sale and leaseback - non-current
25,694
29,588
Loans and borrowings - current
20,148
\u2014
Finance liabilities sale and leaseback - current
8,155
7,403
Total Loan and borrowings
114,441
117,321
The movement in loans and borrowings can be specified as follows:
Amounts in EUR '000
2025
2024
Nominal value at 1 January
117,760
20,250
Financing costs
(439)
(324)
Net value of loans and borrowings at 1 January
117,321
19,926
Drawdown of term loans
\u2014
60,750
Drawdown of sale and leaseback facility
3,317
38,340
Repayments of sale and leaseback facility
(8,407)
(1,580)
Interest expenses lease facility
1,948
231
Additions prepaid transaction costs
\u2014
(618)
Amortisation prepaid transaction costs
262
272
Nominal value at 31 December
112,670
117,760
Financing costs
1,771
(439)
Net value of loans and borrowings at 31 December
114,441
117,321
Loan covenants
The term-loan facilities, revolving facilities and sale and leaseback facility are subject to covenant
requirements. The delayed and slower than expected ramp-up of production levels after the
expansion of the manufacturing facilities at Maasvlakte 2 has had a negative impact on the financial
results and cash position of the Group, and therefore on the covenant ratios in the second half of
2025. This resulted in non-compliance with the net leverage ratio as per Q3 2025, for which a waiver
was received from the consortium of banks. In addition, the covenant levels are reset for Q4 2025
and Q1 2026, to match current level of profitability and cash. A new temporary covenant is
introduced (Minimum EBITDA), which is defined as Adjusted EBITDA (as defined in section
\u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of the annual report) for the
quarter as referred to.
In case of a future breach of the bank covenants, the Group has a contractually agreed equity cure
right (a shareholder injection in cash) to remediate the breach. When this right can not be exercised
anymore (in case of a breach in more than one successive period or more than two periods during
the lifetime of the facilities), the respective facilities will become immediately due (and classified as
current liabilities in the statement of financial position). However, prior to the equity cure solution, a
new waiver and, if necessary, covenant reset will be negotiated with the consortium of banks.
The following financial ratios have to be met:
Solvency
Net leverage
Minimum
EBITDA (\u2018000)
Quarter ended:
31 March 2025
30%
3.50
30 June 2025
35%
3.50
30 September 2025
35%
3.00
31 December 2025
25%
6.00
\u20ac10,000
31 March 2026
30%
3.50
\u20ac25,000
30 June 2026 and further
35%
2.50
At year-end 2025 the Group met the applicable covenants (Solvency 32.7%, Net leverage 0.00,
Minimum EBITDA EUR 21.2 million), and the Group expects to meet the covenants during 2026.
Reference is made to section \u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of
the annual report for the definition of the ratios.
Terms and repayment schedule
The terms and conditions of outstanding loans are as follows:
Amounts in EUR
'000
Currency
Nominal
interest
rate (%)
Year of
maturity
Fair
value
2025
Carrying
amount
2025
Fair
value
2024
Carrying
amount
2024
Term loans
EUR
3M Euribor +
2%
2029
80,592
80,592
80,330
80,330
Finance liabilities
sale and
leaseback
EUR
Implicit in
lease
contracts
(5.1%-5.8%)
2029
34,216
33,849
36,991
36,991
Total interest-
bearing loans
and borrowings
114,808
114,441
117,321
117,321
The supplement to the Euribor interest rate of the revolving credit facility depends on the leverage
ratio as defined in the loan agreement and ranges between 185 and 335 bps. The revolving facilities
and term loans are collateralised by the following items:
\u2022 Current assets (inventory and contract assets net position);
\u2022 Trade receivables;
\u2022 Intercompany receivables;
\u2022 Cash and cash equivalent balances;
\u2022 Receivables from hedging activities;
\u2022 Receivables from insurance contracts;
\u2022 Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;
\u2022 Non-current assets.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s
approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to
meet its liabilities when they are due, under the normal course of business, and within the
covenants as agreed with the banks and financial institutions.
The Group aims to maintain the minimal level of its cash and cash equivalents at an amount in
excess of expected cash outflows on financial liabilities (other than trade payables) over the next
60 days. The Group also monitors the level of expected cash inflows on trade and other receivables
together with expected cash outflows on trade and other payables.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date.
The amounts are gross and undiscounted:
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2025
Term loans
80,592
86,736
800
22,385
28,912
34,639
\u2014
Interest rate swaps (net cash flows)
366
456
91
274
91
\u2014
\u2014
Finance liabilities sale and leaseback
33,849
38,309
1,396
6,100
8,133
22,680
\u2014
Lease liabilities
124,047
132,112
4,969
17,333
9,192
23,150
77,468
Trade payables
90,065
90,065
90,065
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
34,361
34,361
34,361
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
363,280
382,039
131,682
46,092
46,328
80,469
77,468
Contractual cash flows
Amounts in EUR '000
Carrying amount
Total nominal
amount
3 months
or less
3-12
months
1 - 2 years
2 - 5 years
More than
5 years
31 December 2024
Term loans
80,330
91,709
959
2,877
23,766
64,107
\u2014
Interest rate swaps (net cash flows)
643
108
12
36
48
12
\u2014
Finance liabilities sale and leaseback
36,991
42,951
1,878
5,633
7,510
27,930
\u2014
Lease liabilities
120,688
129,380
3,163
8,460
10,967
30,931
75,859
Trade payables
81,390
81,390
81,390
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
20,395
20,395
20,395
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
340,437
365,933
107,797
17,006
42,291
122,980
75,859
As disclosed in note 25, within the finance facility the Group, the revolving credit facility, term loans
and sale and leaseback facility are subject to loan covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
25\u00a0 \u00a0 \u00a0 \u00a0 Loans and borrowings
The company has the following loans and borrowings:
Amounts in EUR '000
2025
2024
Loans and borrowings - non-current
60,444
80,330
Finance liabilities sale and leaseback - non-current
25,694
29,588
Loans and borrowings - current
20,148
\u2014
Finance liabilities sale and leaseback - current
8,155
7,403
Total Loan and borrowings
114,441
117,321
The movement in loans and borrowings can be specified as follows:
Amounts in EUR '000
2025
2024
Nominal value at 1 January
117,760
20,250
Financing costs
(439)
(324)
Net value of loans and borrowings at 1 January
117,321
19,926
Drawdown of term loans
\u2014
60,750
Drawdown of sale and leaseback facility
3,317
38,340
Repayments of sale and leaseback facility
(8,407)
(1,580)
Interest expenses lease facility
1,948
231
Additions prepaid transaction costs
\u2014
(618)
Amortisation prepaid transaction costs
262
272
Nominal value at 31 December
112,670
117,760
Financing costs
1,771
(439)
Net value of loans and borrowings at 31 December
114,441
117,321
Loan covenants
The term-loan facilities, revolving facilities and sale and leaseback facility are subject to covenant
requirements. The delayed and slower than expected ramp-up of production levels after the
expansion of the manufacturing facilities at Maasvlakte 2 has had a negative impact on the financial
results and cash position of the Group, and therefore on the covenant ratios in the second half of
2025. This resulted in non-compliance with the net leverage ratio as per Q3 2025, for which a waiver
was received from the consortium of banks. In addition, the covenant levels are reset for Q4 2025
and Q1 2026, to match current level of profitability and cash. A new temporary covenant is
introduced (Minimum EBITDA), which is defined as Adjusted EBITDA (as defined in section
\u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of the annual report) for the
quarter as referred to.
In case of a future breach of the bank covenants, the Group has a contractually agreed equity cure
right (a shareholder injection in cash) to remediate the breach. When this right can not be exercised
anymore (in case of a breach in more than one successive period or more than two periods during
the lifetime of the facilities), the respective facilities will become immediately due (and classified as
current liabilities in the statement of financial position). However, prior to the equity cure solution, a
new waiver and, if necessary, covenant reset will be negotiated with the consortium of banks.
The following financial ratios have to be met:
Solvency
Net leverage
Minimum
EBITDA (\u2018000)
Quarter ended:
31 March 2025
30%
3.50
30 June 2025
35%
3.50
30 September 2025
35%
3.00
31 December 2025
25%
6.00
\u20ac10,000
31 March 2026
30%
3.50
\u20ac25,000
30 June 2026 and further
35%
2.50
At year-end 2025 the Group met the applicable covenants (Solvency 32.7%, Net leverage 0.00,
Minimum EBITDA EUR 21.2 million), and the Group expects to meet the covenants during 2026.
Reference is made to section \u201cDefinition and Explanation of use of non-IFRS financial measures\u201d of
the annual report for the definition of the ratios.
Terms and repayment schedule
The terms and conditions of outstanding loans are as follows:
Amounts in EUR
'000
Currency
Nominal
interest
rate (%)
Year of
maturity
Fair
value
2025
Carrying
amount
2025
Fair
value
2024
Carrying
amount
2024
Term loans
EUR
3M Euribor +
2%
2029
80,592
80,592
80,330
80,330
Finance liabilities
sale and
leaseback
EUR
Implicit in
lease
contracts
(5.1%-5.8%)
2029
34,216
33,849
36,991
36,991
Total interest-
bearing loans
and borrowings
114,808
114,441
117,321
117,321
The supplement to the Euribor interest rate of the revolving credit facility depends on the leverage
ratio as defined in the loan agreement and ranges between 185 and 335 bps. The revolving facilities
and term loans are collateralised by the following items:
\u2022 Current assets (inventory and contract assets net position);
\u2022 Trade receivables;
\u2022 Intercompany receivables;
\u2022 Cash and cash equivalent balances;
\u2022 Receivables from hedging activities;
\u2022 Receivables from insurance contracts;
\u2022 Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;
\u2022 Non-current assets.
30\u00a0 \u00a0 \u00a0 \u00a0 Capital management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern in order to provide returns for shareholders and benefits for other stakeholders as
well as to maintain an optimal capital structure to continue to be able to qualify for large
commercial tenders while optimising the overall cost of capital. In order to maintain or adjust the
capital structure, the Group may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt.
The Group aims for a financing structure that ensures continuing operations and minimises cost of
capital. For this, flexibility and access to the financial markets are important conditions. The Group
monitors its financing structure using a solvency ratio. At year-end 2025, the solvency ratio was
32.7% (2024: 37.8%).
In addition, the loan covenants are closely monitored to ensure that these remain within agreed
thresholds. The current loan covenants include the solvency and leverage ratio for which reference
is made to note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
26\u00a0 \u00a0 \u00a0 \u00a0 Financial instruments
Derivatives
The derivatives designated as hedging instruments reflect a change in fair value of interest rate
swaps, designated as cash flow hedge to hedge the floating interest rate of covered facility loan
payables. The fair value of the interest rate swap is measured using significant observable inputs
(fair value level 2), based on forward pricing and swap models of the respective banks.
Hedging activities and derivatives
The Group is exposed to certain risks relating to its ongoing business operations. The primary risk
managed using derivative instruments is interest rate risk. The Group\u2019s risk management strategy
and how it is applied to manage risk are explained in the financial risk management paragraph
below.
At 31\u00a0December 2025, the Group had two interest rate swap agreement in place with a total
notional amount of EUR 40.5 million (2024: EUR 40.5 million) whereby the Group receives a variable
interest rate equal to 3M Euribor and pays interest at a fixed interest rate of 2.86% on the notional
amount. The termination date of these swaps is 31 March 2027. The swap is being used to hedge
the exposure to changes in the 3M Euribor variable interest rate on the covered facility loan
payables, with a similar notional amount at inception of the interest rate swap agreement.
The maturity of the hedging instrument and the hedged item differs, but for the period of the interest
rate swap there is a strong economic relationship with similar transaction volumes with the same
reference rate (3M Euribor). The Group has established a hedge ratio of 1:1 for the hedging
relationships as the underlying risk of the interest rate swap is identical to the hedged risk
component.
To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares
the changes in the fair value of the hedging instruments against the changes in fair value of the
hedged items attributable to the hedged risks.
The impact of the hedging instruments on the statement of financial position as at 31\u00a0December
2025 is, as follows:
Amounts in EUR '000
Line item in the statement
of financial position
Notional
amount
Carrying
amount
Change in fair
value for the period
31 December 2025
Interest rate swaps
Other non-current financial
liabilities
40,500
366
(277)
Total
40,500
366
(277)
Set out below is the reconciliation of the impact of hedging on the related component of equity and
the analysis of other comprehensive income:
Amounts in EUR '000
2025
2024
Balance at 1 January
477
\u2014
Effective portion of hedging instruments
(277)
643
Tax effect
71
(166)
Balance at 31 December
271
477
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes
in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating
interest rates. The interest rate profile of the Group\u2019s interest-bearing financial instruments with
floating interest rates as reported to management of the Group is as follows:
Amounts in EUR '000
2025
2024
Variable rate instruments
Term loans
80,592
80,330
80,592
80,330
The risk management strategy of the Group regarding financing structures is to accept a certain
level of financial risk, which can be covered by operational profits and cash flows. However, the
Group will not accept such financial risks if they could jeopardise the continuity of the Group or its
operations. Given the magnitude of the Term loans (total EUR 81 million) and associated interest
rate risk, in combination with the start-up of the new production facilities being surrounded with
more uncertainty, the strategy is to mitigate part of this interest rate risk. Consequently, the
company is willing to accept half of the interest rate risk and aims to mitigate the remaining half of
the interest rate risk for the first three years.
To mitigate part of the interest rate risk, the Group entered into interest rate swaps. Through these
interest rate swaps, the interest rate risk for the notional amount of EUR 40.5 million of the term
loans is covered. Details of the interest rate swaps are disclosed in the section \u2018Derivatives\u2019 of this
note.
The Group has performed a cash flow sensitivity analysis for variable rate instruments on profit or
loss, after the impact of hedge accounting. A reasonable possible change of 50 basis points in
interest rates at the reporting date would have increased (decreased) profit or loss before tax by the
amounts shown below. This analysis assumes that all other variables remain constant.
Amounts in EUR '000
50 basis points increase
50 basis points decrease
31 December 2025
Variable rate instruments
(405)
405
Interest rate swaps
203
(203)
Net impact
(202)
202
31 December 2024
Variable rate instruments
(288)
288
Interest rate swaps
150
(150)
Net impact
(138)
138
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Derivatives
The derivatives designated as hedging instruments reflect a change in fair value of interest rate
swaps, designated as cash flow hedge to hedge the floating interest rate of covered facility loan
payables. The fair value of the interest rate swap is measured using significant observable inputs
(fair value level 2), based on forward pricing and swap models of the respective banks.
Hedging activities and derivatives
The Group is exposed to certain risks relating to its ongoing business operations. The primary risk
managed using derivative instruments is interest rate risk. The Group\u2019s risk management strategy
and how it is applied to manage risk are explained in the financial risk management paragraph
below.
At 31\u00a0December 2025, the Group had two interest rate swap agreement in place with a total
notional amount of EUR 40.5 million (2024: EUR 40.5 million) whereby the Group receives a variable
interest rate equal to 3M Euribor and pays interest at a fixed interest rate of 2.86% on the notional
amount. The termination date of these swaps is 31 March 2027. The swap is being used to hedge
the exposure to changes in the 3M Euribor variable interest rate on the covered facility loan
payables, with a similar notional amount at inception of the interest rate swap agreement.
The maturity of the hedging instrument and the hedged item differs, but for the period of the interest
rate swap there is a strong economic relationship with similar transaction volumes with the same
reference rate (3M Euribor). The Group has established a hedge ratio of 1:1 for the hedging
relationships as the underlying risk of the interest rate swap is identical to the hedged risk
component.
To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares
the changes in the fair value of the hedging instruments against the changes in fair value of the
hedged items attributable to the hedged risks.
The impact of the hedging instruments on the statement of financial position as at 31\u00a0December
2025 is, as follows:
Amounts in EUR '000
Line item in the statement
of financial position
Notional
amount
Carrying
amount
Change in fair
value for the period
31 December 2025
Interest rate swaps
Other non-current financial
liabilities
40,500
366
(277)
Total
40,500
366
(277)
Set out below is the reconciliation of the impact of hedging on the related component of equity and
the analysis of other comprehensive income:
Amounts in EUR '000
2025
2024
Balance at 1 January
477
\u2014
Effective portion of hedging instruments
(277)
643
Tax effect
71
(166)
Balance at 31 December
271
477
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: interest rate risk,
currency risk and other price risk, such as commodity risk. Financial instruments affected by
market risk include loans and borrowings, deposits, debt and equity investments and derivative
financial instruments. The objective of market risk management is to manage and control market
risk exposures within acceptable parameters, while optimising the return.
As per year-end 2025, the Group uses interest rate swaps to manage the interest rate risk (2024:
none). All such, potential transactions would be carried out within treasury policy guidelines.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes
in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating
interest rates. The interest rate profile of the Group\u2019s interest-bearing financial instruments with
floating interest rates as reported to management of the Group is as follows:
Amounts in EUR '000
2025
2024
Variable rate instruments
Term loans
80,592
80,330
80,592
80,330
The risk management strategy of the Group regarding financing structures is to accept a certain
level of financial risk, which can be covered by operational profits and cash flows. However, the
Group will not accept such financial risks if they could jeopardise the continuity of the Group or its
operations. Given the magnitude of the Term loans (total EUR 81 million) and associated interest
rate risk, in combination with the start-up of the new production facilities being surrounded with
more uncertainty, the strategy is to mitigate part of this interest rate risk. Consequently, the
company is willing to accept half of the interest rate risk and aims to mitigate the remaining half of
the interest rate risk for the first three years.
To mitigate part of the interest rate risk, the Group entered into interest rate swaps. Through these
interest rate swaps, the interest rate risk for the notional amount of EUR 40.5 million of the term
loans is covered. Details of the interest rate swaps are disclosed in the section \u2018Derivatives\u2019 of this
note.
The Group has performed a cash flow sensitivity analysis for variable rate instruments on profit or
loss, after the impact of hedge accounting. A reasonable possible change of 50 basis points in
interest rates at the reporting date would have increased (decreased) profit or loss before tax by the
amounts shown below. This analysis assumes that all other variables remain constant.
Amounts in EUR '000
50 basis points increase
50 basis points decrease
31 December 2025
Variable rate instruments
(405)
405
Interest rate swaps
203
(203)
Net impact
(202)
202
31 December 2024
Variable rate instruments
(288)
288
Interest rate swaps
150
(150)
Net impact
(138)
138
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Group is exposed to currency risk to the extent
that there is a mismatch between the currencies in which sales, purchases and borrowings are
denominated and the respective functional currencies of Group companies. The functional
currency of Group companies is the Euro. The currency in which transactions are primarily
denominated is also the Euro. The currency risk is limited since the Group almost fully conducts its
sales, purchases and borrowings in its functional currency and if applicable, closes hedge
contracts at the time of entering into contracts in foreign currencies.
Commodity price risk
The Group is affected by the price volatility of mainly steel and utilities. The risk related to steel is
fully transferred to the customers of the Group, no risk remains for the Group. With respect to
utilities the Group fixes the purchase price for part of the future usage of gas and electricity to partly
cover future volatility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
27\u00a0 \u00a0 \u00a0 \u00a0 Employee benefits
Amounts in EUR '000
2025
2024
Jubilee provision
588
501
Accrual for employee bonuses
1,399
2,948
Accrual for employee vacation days outstanding
2,012
1,596
Personnel expenses payable
2,238
1,887
Total employee benefits liabilities
6,237
6,932
Non-current
932
1,716
Current
5,305
5,216
Total employee benefits liabilities
6,237
6,932
The movement in the jubilee provision can be specified as follows:
Amounts in EUR '000
2025
2024
Balance at 1 January
501
393
Additions
152
138
Used
(65)
(30)
Released
\u2014
\u2014
Balance at 31 December
588
501
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
28\u00a0 \u00a0 \u00a0 \u00a0 Share based payments
The Company has a share based compensation plan (Performance Share Unit (PSU)) for members
of the Executive Board as part of their remuneration. Under this plan the members of the
Management Team are entitled to receive a cash payment equal to the value of the number of PSUs
that have vested. The PSUs are paid out after the completion of a three-year vesting period,
contingent on the approval from the Supervisory Board.
At 31\u00a0December 2025 the outstanding liability with regard to the PSU plan was EUR 0.3 million
(2024 : EUR 0.4 million). During 2025 a number of 29 PSUs are vested and exercised (2024: 10), 10
PSUs are forfeited (2024: none) and 60 PSUs are awarded (2024: 31). At 31\u00a0December 2025 a
number of 93 PSUs are outstanding ( 2024: 72 PSUs), which vest on average 21 months after
reporting date (2024: 17 months).
Spot Bonus Awards
In 2023, the Company has granted conditional Spot-Bonus Awards to the members of the Executive
Board, the members of the Management Team and other key employees of the Group, related to the
manufacturing facility expansion. A Spot-Bonus Award consists of two separate conditional cash
bonus amounts, which are subject to service conditions that have to be met for the Award to vest.
If a value cap is included in the award agreement, each actual Spot-Bonus payment at the vesting
date is subject to a value cap of two times the respective Spot-Bonus value at the award date.
The grant date for the first tranche is the award date (16 June 2023), as the grant is unconditional.
The grant of the second tranche was subject to the finalisation and approval of the vesting
performance conditions (which are related to the finalisation of the investment project and the
start-up of the production process of the manufacturing expansion) , which was 15 May 2024. The
vesting date of the first tranche is the third anniversary of the grant date, subject to continued
employment and holding shares in the Company for at least the investment amount at the vesting
date. The vesting date of the second tranche is three years after the date that the manufacturing
facility is fully operational.
The total Spot-Bonus Award values granted in 2023 amount to EUR 0.7 million for the members of
the Executive Board and EUR 0.9 million for other participants (EUR 1.6 million in total). The Award
value for the second tranche amounted to EUR 0.7 million for the members of the Executive Board
and EUR 0.9 million for other participants (EUR 1.6 million in total).
An adjustment factor will be applied to the actual Spot-Bonus Award value at the relevant vesting
date based on the Total Shareholder Return performance of the Company Share during the period
between the relevant vesting commencement date and the relevant vesting date (the \u201cTSR
modifier\u201d). Total Shareholder Return means the development of the share price during the relevant
period whereby dividends are considered reinvested at the relevant dividend payment date. If
dividend would be paid during this period, this would also be included in this adjustment factor.
Due to the TSR modifier, the value development for a Spot-Bonus Award is equal to the return a
shareholder would realise on a Share of the Group during the relevant period. As a result, the Spot-
Bonus Awards are accounted for as cash-settled share-based payment awards.
As of each reporting date, the fair value of a Spot-Bonus Award is determined based on the share
price development between the vesting commencement date and the (estimated) vesting date and
the estimated outcome of the performance conditions. The share price at the (estimated) vesting
date is estimated based on a binomial option model, taking into account the the volatility of the
share and the applicable risk free rate. At 31\u00a0December 2025, the total estimated fair value of the
Spot-Bonus Awards amounts to EUR 1.1 million (2024: EUR 2.8 million). Of the recognised fair
value, EUR 0.3 million has been recognised as an income in 2025 (2024: expense of EUR 0.8
million), in accordance with the relevant vesting periods for both tranches.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
29\u00a0 \u00a0 \u00a0 \u00a0 Other current and non-current liabilities
The Group\u2019s current liabilities mainly consist of operational expenses to be paid.
The non-current part mainly consist of the premiums to be paid for bank guarantees after 12
months (EUR 16 thousand, 2024: EUR 0.2 million ).
The other current liabilities include mainly liabilities for invoices to be received (EUR 15.7 million,
2024 : EUR 8.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
29\u00a0 \u00a0 \u00a0 \u00a0 Other current and non-current liabilities
The Group\u2019s current liabilities mainly consist of operational expenses to be paid.
The non-current part mainly consist of the premiums to be paid for bank guarantees after 12
months (EUR 16 thousand, 2024: EUR 0.2 million ).
The other current liabilities include mainly liabilities for invoices to be received (EUR 15.7 million,
2024 : EUR 8.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
29\u00a0 \u00a0 \u00a0 \u00a0 Other current and non-current liabilities
The Group\u2019s current liabilities mainly consist of operational expenses to be paid.
The other current liabilities include mainly liabilities for invoices to be received (EUR 15.7 million,
2024 : EUR 8.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
29\u00a0 \u00a0 \u00a0 \u00a0 Other current and non-current liabilities
The non-current part mainly consist of the premiums to be paid for bank guarantees after 12
months (EUR 16 thousand, 2024: EUR 0.2 million ).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
31\u00a0 \u00a0 \u00a0 \u00a0 List of subsidiaries
Included in the consolidated financial statements are the following subsidiaries:
Name
Location
Share in issued capital %
Sif Property B.V.
Roermond
100
Sif Netherlands B.V.
Roermond
100
Twinpark Sif B.V.\u00a0 1
Roermond
59,4
Twinpark Sif II B.V.
Rotterdam
60
KCI The Engineers B.V.
Schiedam
100
Sif Decom B.V.
Roermond
100
Sif B.V.
Roermond
100
Sif Ventures B.V.
Rotterdam
100
Skybox Offshore B.V.
Rotterdam
100
Sif Infra B.V.\u00a0 2
Rotterdam
100
1 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.
2 \u2013 Incorporated on 14 May 2025
No further changes are applicable in investments in subsidiaries.
34\u00a0 \u00a0 \u00a0 \u00a0 Related parties
Transactions with joint ventures
During the year, the Group received invoices for work performed by SBR Engineering GmbH for a
total amount of EUR 187 thousand (2024: EUR 239 thousand). No invoices are sent to Smulders Sif
Steel Foundations B.V. for project related work performed (2024 : EUR nihil).
Transactions with companies with which Supervisory Board
members are involved as a shareholder
During the year there are no transactions with companies with which Supervisory Board members
are involved as a shareholder.
Transactions with key management personnel
The members of the Supervisory Board and the Executive Board are considered key management
personnel.
The number of shares purchased by directors as per year-end can be specified as follows:
Amounts in EUR '000
2025
2024
Fred van Beers
38,999
38,999
Boudewijn van Scha\u00efk
\u2014
\u2014
Ben Meijer
\u2014
11,814
Balance at 31 December
38,999
50,813
The remuneration (including expenses) of the Supervisory Board members can be specified as follows:
Amounts in EUR
2025
2024
Neil McArthur1
49,169
\u2014
Peter Wit 2
60,077
50,045
Angelique Heckman3
48,000
49,060
Mathijs Koster4
37,128
\u2014
Annabelle Vos5
46,000
62,750
Peter Gerretse6
24,331
69,066
Peter Visser 6
16,872
46,557
Total
281,577
277,478
1. Member of the supervisory board as of May 2025.
2. Member of the supervisory board as of May 2018.
3. Member of the supervisory board as of May 2023.
4. Member of the supervisory board as of May 2025.
5. Member of the supervisory board as of September 2023.
6. Member of the supervisory board until May 2025.
Compensation of the current executive board members:
Fred van Beers
Boudewijn van Scha\u00efk1
Pepijn Timmermans2
Ben Meijer3
Amounts in EUR
2025
2024
2025
2024
2025
2024
2025
2024
Base salary
467,808
445,532
208,049
\u2014
21,605
\u2014
100,758
280,000
Employer\u00b4s pension contributions
29,335
29,991
16,080
\u2014
2,204
\u2014
9,001
25,195
Pension compensation
33,821
33,821
\u2014
\u2014
\u2014
\u2014
6,955
19,328
Annual bonus (expenses)
46,781
197,826
29,127
\u2014
\u2014
\u2014
\u2014
88,205
Non-recurring bonus (expenses)
(4,443)
243,603
\u2014
\u2014
\u2014
\u2014
(21,581)
148,834
LTIP (expenses)
24,751
88,912
\u2014
\u2014
\u2014
\u2014
(2,607)
54,234
Termination fee
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
174,636
\u2014
Other benefits (car lease, travel expenses and relocation expenses)
69,016
62,326
67,289
\u2014
1,500
\u2014
18,859
46,848
Social security and other payments
12,927
12,005
10,718
\u2014
\u2014
\u2014
5,386
12,005
Total remuneration
679,996
1,114,016
331,263
\u2014
25,309
\u2014
291,407
674,649
Paid annual bonus in the year, earned over the previous year
197,938
163,932
\u2014
\u2014
\u2014
\u2014
86,725
94,922
Paid vested LTIP
67,601
40,435
\u2014
\u2014
\u2014
\u2014
86,078
24,315
Paid non-recurring bonus
\u2014
46,758
\u2014
\u2014
\u2014
\u2014
161,231
28,073
Total actual paid variable remuneration
265,539
251,125
\u2014
\u2014
\u2014
\u2014
334,034
147,310
1. Chief Financial Officer as of 12 May 2025.
2. Chief Operational Officer as of 1 December 2025.
3. Chief Financial Officer until 12 May 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
33\u00a0 \u00a0 \u00a0 \u00a0 Off-balance sheet commitments
Commitments for the purchase of property, plant and equipment and raw materials
At 31\u00a0December 2025, the Group\u2019s commitments for the purchase of property, plant and
equipment amounts to EUR 6.3 million (2024: EUR 4.2 million). The commitments for raw materials
amounts to EUR 192.1 million million (2024: EUR 139.9 million) and commitments for
subcontracting amounts to EUR 49.0 million ( 2024: EUR 39.4 million).
Guarantee facilities
At 31 December guarantee facilities of the Group can be specified as follows:
Type
31 December 2025
31 December 2024
Amounts in EUR '000
Total facility
Used
Total facility
Used
Euler Hermes S.A. / Tokio Marine
Europe S.A.
General
150,000
129,799
150,000
142,018
Co\u00f6peratieve Rabobank U.A.
General
50,000
34,366
50,000
32,964
ING Bank N.V.
General
50,000
48,486
50,000
46,973
ABN AMRO Bank N.V.
General
50,000
32,881
50,000
28,865
DNB
General
50,000
28,487
50,000
27,299
Total
350,000
274,019
350,000
278,119
With an effective date of 5 June 2023, the existing finance facility of the Group has been refinanced
(and expanded) for the purpose of the financing of the expansion of the manufacturing facility. The
guarantee facility included in the revolving facility commitment amounts to EUR 350 million.
The Group is jointly and severally liable for all amounts to which Euler Hermes S.A., Tokio Marine
Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieve Rabobank U.A. and DNB (UK)
Limited have a right to claim the collateralised assets as included in note 25 in relation to the above
mentioned guarantees.
Fiscal unity
For corporate income tax purposes, the Company is the parent of a fiscal unity that contains the
Dutch wholly-owned group companies. The Company is therefore jointly and severally liable for the
corporate income tax liabilities of the tax unity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
33\u00a0 \u00a0 \u00a0 \u00a0 Off-balance sheet commitments
Commitments for the purchase of property, plant and equipment and raw materials
At 31\u00a0December 2025, the Group\u2019s commitments for the purchase of property, plant and
equipment amounts to EUR 6.3 million (2024: EUR 4.2 million). The commitments for raw materials
amounts to EUR 192.1 million million (2024: EUR 139.9 million) and commitments for
subcontracting amounts to EUR 49.0 million ( 2024: EUR 39.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
33\u00a0 \u00a0 \u00a0 \u00a0 Off-balance sheet commitments
Guarantee facilities
At 31 December guarantee facilities of the Group can be specified as follows:
Type
31 December 2025
31 December 2024
Amounts in EUR '000
Total facility
Used
Total facility
Used
Euler Hermes S.A. / Tokio Marine
Europe S.A.
General
150,000
129,799
150,000
142,018
Co\u00f6peratieve Rabobank U.A.
General
50,000
34,366
50,000
32,964
ING Bank N.V.
General
50,000
48,486
50,000
46,973
ABN AMRO Bank N.V.
General
50,000
32,881
50,000
28,865
DNB
General
50,000
28,487
50,000
27,299
Total
350,000
274,019
350,000
278,119
With an effective date of 5 June 2023, the existing finance facility of the Group has been refinanced
(and expanded) for the purpose of the financing of the expansion of the manufacturing facility. The
guarantee facility included in the revolving facility commitment amounts to EUR 350 million.
The Group is jointly and severally liable for all amounts to which Euler Hermes S.A., Tokio Marine
Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieve Rabobank U.A. and DNB (UK)
Limited have a right to claim the collateralised assets as included in note 25 in relation to the above
mentioned guarantees.
Fiscal unity
For corporate income tax purposes, the Company is the parent of a fiscal unity that contains the
Dutch wholly-owned group companies. The Company is therefore jointly and severally liable for the
corporate income tax liabilities of the tax unity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
33\u00a0 \u00a0 \u00a0 \u00a0 Off-balance sheet commitments
Guarantee facilities
At 31 December guarantee facilities of the Group can be specified as follows:
Type
31 December 2025
31 December 2024
Amounts in EUR '000
Total facility
Used
Total facility
Used
Euler Hermes S.A. / Tokio Marine
Europe S.A.
General
150,000
129,799
150,000
142,018
Co\u00f6peratieve Rabobank U.A.
General
50,000
34,366
50,000
32,964
ING Bank N.V.
General
50,000
48,486
50,000
46,973
ABN AMRO Bank N.V.
General
50,000
32,881
50,000
28,865
DNB
General
50,000
28,487
50,000
27,299
Total
350,000
274,019
350,000
278,119
With an effective date of 5 June 2023, the existing finance facility of the Group has been refinanced
(and expanded) for the purpose of the financing of the expansion of the manufacturing facility. The
guarantee facility included in the revolving facility commitment amounts to EUR 350 million.
The Group is jointly and severally liable for all amounts to which Euler Hermes S.A., Tokio Marine
Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieve Rabobank U.A. and DNB (UK)
Limited have a right to claim the collateralised assets as included in note 25 in relation to the above
mentioned guarantees.
Fiscal unity
For corporate income tax purposes, the Company is the parent of a fiscal unity that contains the
Dutch wholly-owned group companies. The Company is therefore jointly and severally liable for the
corporate income tax liabilities of the tax unity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "34\u00a0 \u00a0 \u00a0 \u00a0 Related parties
Transactions with companies with which Supervisory Board
members are involved as a shareholder
During the year there are no transactions with companies with which Supervisory Board members
are involved as a shareholder.
Transactions with key management personnel
The members of the Supervisory Board and the Executive Board are considered key management
personnel.
The number of shares purchased by directors as per year-end can be specified as follows:
Amounts in EUR '000
2025
2024
Fred van Beers
38,999
38,999
Boudewijn van Scha\u00efk
\u2014
\u2014
Ben Meijer
\u2014
11,814
Balance at 31 December
38,999
50,813
The remuneration (including expenses) of the Supervisory Board members can be specified as follows:
Amounts in EUR
2025
2024
Neil McArthur1
49,169
\u2014
Peter Wit 2
60,077
50,045
Angelique Heckman3
48,000
49,060
Mathijs Koster4
37,128
\u2014
Annabelle Vos5
46,000
62,750
Peter Gerretse6
24,331
69,066
Peter Visser 6
16,872
46,557
Total
281,577
277,478
1. Member of the supervisory board as of May 2025.
2. Member of the supervisory board as of May 2018.
3. Member of the supervisory board as of May 2023.
4. Member of the supervisory board as of May 2025.
5. Member of the supervisory board as of September 2023.
6. Member of the supervisory board until May 2025.
Compensation of the current executive board members:
Fred van Beers
Boudewijn van Scha\u00efk1
Pepijn Timmermans2
Ben Meijer3
Amounts in EUR
2025
2024
2025
2024
2025
2024
2025
2024
Base salary
467,808
445,532
208,049
\u2014
21,605
\u2014
100,758
280,000
Employer\u00b4s pension contributions
29,335
29,991
16,080
\u2014
2,204
\u2014
9,001
25,195
Pension compensation
33,821
33,821
\u2014
\u2014
\u2014
\u2014
6,955
19,328
Annual bonus (expenses)
46,781
197,826
29,127
\u2014
\u2014
\u2014
\u2014
88,205
Non-recurring bonus (expenses)
(4,443)
243,603
\u2014
\u2014
\u2014
\u2014
(21,581)
148,834
LTIP (expenses)
24,751
88,912
\u2014
\u2014
\u2014
\u2014
(2,607)
54,234
Termination fee
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
174,636
\u2014
Other benefits (car lease, travel expenses and relocation expenses)
69,016
62,326
67,289
\u2014
1,500
\u2014
18,859
46,848
Social security and other payments
12,927
12,005
10,718
\u2014
\u2014
\u2014
5,386
12,005
Total remuneration
679,996
1,114,016
331,263
\u2014
25,309
\u2014
291,407
674,649
Paid annual bonus in the year, earned over the previous year
197,938
163,932
\u2014
\u2014
\u2014
\u2014
86,725
94,922
Paid vested LTIP
67,601
40,435
\u2014
\u2014
\u2014
\u2014
86,078
24,315
Paid non-recurring bonus
\u2014
46,758
\u2014
\u2014
\u2014
\u2014
161,231
28,073
Total actual paid variable remuneration
265,539
251,125
\u2014
\u2014
\u2014
\u2014
334,034
147,310
1. Chief Financial Officer as of 12 May 2025.
2. Chief Operational Officer as of 1 December 2025.
3. Chief Financial Officer until 12 May 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
35\u00a0 \u00a0 \u00a0 \u00a0 Service fees paid to external auditors
The total service fees of external auditors for financial years 2025 and 2024, which consist of
services related to the respective reporting periods, can be specified as follows:
EY Accountants B.V.
BDO Audit &
Assurance B.V.
Other
Amounts in EUR '000
2025
2024
2025
2024
2025
2024
Audit of financial statements
432
419
\u2014
\u2014
Limited assurance on
sustainability information
\u2014
\u2014
165
145
\u2014
\u2014
Other assurance services
10
\u2014
\u2014
\u2014
\u2014
1
Total
442
419
165
145
\u2014
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
36\u00a0 \u00a0 \u00a0 \u00a0 Events after the reporting period
No material events after 31\u00a0December 2025 to be reported.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500J0BPD5CLHCK040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }