2025 The Annual General Meeting adopted the Annual Report on 28/04/2026
Chairman of the General Meeting
Annual Report
2025
Force BidCo A/S, Lysholt Allé 6, DK-7100 Vejle, Denmark
Contents
Company information ....................................................................................4
Letter From the CEO ........................................................................................5
Statement by Management ....................................................................... 7
Independent Auditor’s Reports ...............................................................8
Overview
Key Financial Figures and Ratios ..........................................................14
About FairWind ................................................................................................. 15
Group ........................................................................................................................16
Market and Outlook for 2026 ..................................................................18
Financial Risks .................................................................................................... 19
FairWind Business Model .......................................................................... 20
Board of Directors ............................................................................................ 21
Code of Conduct – Legislation ............................................................... 22
Quality ..................................................................................................................... 23
Charity and Social Events .......................................................................... 28
Closing Statement .........................................................................................28
Explanation of Data Ethics .......................................................................29
Events After the Balance Sheet Date ................................................29
Management Review
General Information ....................................................................................... 31
Environment ......................................................................................................56
Social ........................................................................................................................78
Business Conduct ..........................................................................................101
Annex 1..................................................................................................................107
Sustainability Statement
Income Statement ..........................................................................................111
Statement of Comprehensive Income .............................................112
Balance...................................................................................................................113
Statement of Changes in Equity ..........................................................115
Cash Flow Statement .................................................................................. 116
Notes ........................................................................................................................117
Consolidated Financial Statements
Income Statement ....................................................................................... 158
Statement of Comprehensive Income ........................................... 158
Assets......................................................................................................................159
Equity and Liabilities....................................................................................159
Statement of Changes in Equity ........................................................160
Cashflow Statement..................................................................................... 161
Notes .......................................................................................................................162
Parent Company Financial Statements
Management Commentary
Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements 2
Company information
The Company
Business registration no.: 4 2 42 4 7 57
Registered office: Vejle
Financial year: 01.01.2025 – 31.12.2025
Board of Directors
Mike Winkel, Chairman
Per Olof Martin Frankling
Nils Henrik Tholander
Executive Board
Stewart Mitchell, CEO
Auditors
Deloitte Statsautoriseret
Revisionspartnerselskab
City Tower, Værkmestergade 2, 8000 Aarhus C
Helene Anna Rasmusson Egebøl
Wolfgang Müller
Sara Elisabeth Damberg
4Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Letter From the CEO
Our activity in 2025 has resulted in the company’s best year
to date, demonstrating what we can deliver. We’ve opened
up further opportunities through the diversification of our
customer base, geographic locations, and products and
services, into new growth markets. I remain committed
to ensuring we foster a safe work environment which is
profitable for the future and we continue to invest in the
resources to support further expansion.
Financial update
The financial report shows we have delivered a good
performance in 2025, with revenues for the full year in
line with expectations. Revenue in service grew by 48%
compared to last year while installation decreased by 8%,
this was in line with expectations due to the phasing of
some larger offshore projects into 2026 and 2027.
Our strategy for the business is ambitious, and we are
constantly working to make changes which will allow us
to achieve those ambitions. From service and customer
diversification, to expanding our footprint and ensuring we
have the right people in place, it is our objective to become
the leading global provider of service offerings throughout
the lifecycle of renewable energy assets. The successful
refinancing of our bonds in a challenging environment set
the company up for further growth through organic and
mergers and acquisitions (M&A) activity.
The main driver for growth in 2025 is enhanced project
execution, delivering projects on time and to budget.
The Southern Europe and South America (SESA) region
successfully executed two large installation projects in
South America and has secured sizeable installation
revenue in France, and major component exchange work
in Chile. The Northern and Central Europe (NCE) region
completed the first installation of new wind turbine
models for Vestas and Enercon and secured a number
of major installation projects commencing in quarter
four in Denmark and Germany. Despite securing major
component exchange work in Germany and Finland,
service growth was impacted by changing customer
requirements in the Nordics. However, despite the
challenges the expectations were still met.
Regionalisation of the business is progressing, as well
as creating a new UK and Ireland (UKIE) region during
2025 we expect to make changes to SESA and North
America (NA) to better position the business for continued
growth in the relevant countries. Further acquisition has
positioned the Asia Pacific (APAC) region for future growth,
and NCE has maintained its position as a major contractor
in offshore pre-assembly with commencement on Thor,
Denmark’s largest offshore wind farm to date.
HSEQ update
In 2025, our efforts for continuous improvement in HSEQ
have continued to show positive results. Our combination
of leadership training, improvements to reporting and
investigations, and driving accountability have initiated
change across the business, where our leading indicators
contributed to the reduction of incidents, injuries, and
quality non-conformances. Ensuring the safety of our
people, customers, and contractors is always a priority and
not negotiable, we cannot be complacent and we continue
to strive to do more.
We also delivered our first report in accordance
with Corporate Sustainability Reporting Directive
(CSRD) requirements, covering FY2024 data and have
strengthened our internal capabilities during the year to
support our reporting going forward. We have committed
to the Science Based Targets Initiative (SBTi) and have a
net zero ambition by 2050 – which we plan to reinforce by
developing a formal climate change mitigation transition
plan aligned with SBTi standards.
Overall, our activities are fostering a stronger HSEQ culture
by improving reporting levels and applying a learning
mindset.
Furthering the growth strategy
Organic growth continues to be a key factor in our success,
supplemented with our M&A activity. In Q4 of 2025 we
achieved a significant step in our global growth strategy
through the acquisition of Cosmic Group in Australia. This
allows us to set a delivery platform for our APAC region in
order to seize the opportunities that have been identified
in the region for 2026 and beyond. During 2025, installation
projects in Australia and Taiwan contributed to the topline
growth. We have also progressed with expanding our
service provision in APAC and appointed our first training
manager to develop our training capability for the region.
4%
Revenue growth in 2025 (2024: 48%)
25%
EBITDA before special items growth
in 2025 (2024: 75%)
26%
Normalised EBITDA growth in 2025
(2024: 61%)
46%
EBITDA after special items growth
in 2025 (2024: 101%)
5Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Our acquisition in the SESA region in 2024 has gained
traction with completion on the installation of two large
projects – Cimarron wind farm in Mexico and Caravelí in
Peru. This also marks a new market for the business with
expansion into Peru.
The NA region has continued with a solid growth trajectory,
with close to 80% on the topline compared to 2024.
Customer diversification has seen an expansion of work
with utility operators and wind park owners, in addition
to our core original equipment manufacturer (OEM)
customers. As well as this, service delivery diversification
has been strong with projects executed for preventive
maintenance and main component exchange. In 2026,
we expect to combine North and South America into one
region of over 500 employees.
Growth in service delivery has been challenging outside
of NA, partly due to project delays and changes from
customers to their requirements. The split of UKIE into
a new region has enabled the development of a local
strategy and additional capability for sales and business
development in service is beginning to show traction.
Our growth in 2025 has been achieved without the
backdrop of large offshore projects, although 2026 and
2027 will see some large-scale offshore pre-assembly
projects in Europe and APAC commence – providing us
with a healthy order backlog.
Record-breaking year
The overall business performance in 2025 has been
incredibly good, despite challenging conditions in the
industry. We have delivered a record-breaking year for the
company with year-on-year improvements for revenue,
growth, EBITDA, and HSEQ.
Our long-term growth strategy and combination of
organic and M&A activity is paying off. We expect to see an
additional 10,500 new wind turbine generators to be added
to the global fleet in 2026 and we are well positioned to
take advantage of the opportunities this growing market
provides.
We continue to focus on growing our geographic footprint
and expanding our service capability, with blade repair,
main component exchange (MCE), and lift servicing all
showing demand from customers in the regions. Further
resources are expected to be added to our teams in 2026 to
support growth in these areas.
What we’ve achieved this year in our financial results and
other performance areas wouldn’t be possible without
our people, and I would like to thank everyone for their
hard work and commitment which has delivered this. This
highlights the potential in the business and I am confident
that we will continue to build our 2025 success with further
growth in 2026.
Stewart Mitchell, CEO
6Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Statement by Management
Executive Board
Board of Directors
7Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Independent Auditor’s Report
Report on the consolidated financial statements and
the parent financial statements
8Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
9Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
CVR No. 33963556
Identification No (MNE) mne40049
Identification No (MNE) mne4 7764
10Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Independent Auditor’s Limited Assurance Report on Sustainability Statement
To the Stakeholders of Force BidCo A/S
Limited assurance conclusion
We have conducted a limited assurance engagement
on the Sustainability Statement of Force BidCo A/S (the
“Group”) included in the Management’s Review (the
“Sustainability Statement”), for the financial year January
1 – December 31, 2025.
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the Sustainability
Statement is not prepared, in all material respects, in
accordance with the Danish Financial Statements Act
section 99a, including:
• Compliance with the European Sustainability Reporting
Standards (ESRS), including that the process carried out
by the management to identify the information reported
in the Sustainability Statement (the “Process”) is in
accordance with the description set out in the section
Double Materiality Assessment (DMA); and
• Compliance of the disclosures in the sub-section EU
Taxonomy within the environmental section of the
Sustainability Statement with Article 8 of EU Regulation
2020/852 (the “Taxonomy Regulation”).
Basis for conclusion
We conducted our limited assurance engagement
in accordance with ISAE 3000 (Revised), Assurance
engagements other than audits or reviews of historical
financial information, and additional requirements
applicable in Denmark.
The procedures in a limited assurance engagement vary in
nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level
of assurance obtained in a limited assurance engagement
is substantially lower than the assurance that would have
been obtained had a reasonable assurance engagement
been performed.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our conclusion. Our
responsibilities under this standard are further described
in the “Auditor’s responsibilities for the assurance
engagement” section of our report.
Our independence and quality management
We are independent of the Group in accordance with the
International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants
(IESBA Code) and the additional ethical requirements
applicable in Denmark. We have also fulfilled our
other ethical responsibilities in accordance with these
requirements and the IESBA Code.
Deloitte Statsautoriseret Revisionspartnerselskab
applies International Standard on Quality Management
1, ISQM1, which requires the firm to design, implement
and operate a system of quality management including
policies or procedures regarding compliance with ethical
requirements, professional standards and applicable legal
and regulatory requirements.
Inherent limitations in preparing the Sustainability
Statement
In reporting forward-looking information in accordance
with ESRS, management is required to prepare the
forward-looking information on the basis of disclosed
assumptions about events that may occur in the future
and possible future actions by the Group. Actual outcomes
are likely to be different since anticipated events frequently
do not occur as expected.
Management’s responsibilities for the Sustainability
Statement
Management is responsible for designing and
implementing a process to identify the information
reported in the Sustainability Statement in accordance
with the ESRS and for disclosing this Process as disclosed
in the section Double Materiality Assessment (DMA) of the
Sustainability Statement. This responsibility includes:
• Understanding the context in which the Group’s
activities and business relationships take place
and developing an understanding of its affected
stakeholders;
• The identification of the actual and potential impacts
(both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect,
or could reasonably be expected to affect, the Group’s
financial position, financial performance, cash flows,
access to finance or cost of capital over the short-,
medium-, or long-term;
• The assessment of the materiality of the identified
impacts, risks and opportunities related to sustainability
matters by selecting and applying appropriate
thresholds; and
• Making assumptions that are reasonable in the
circumstances.
Management is further responsible for the preparation
of the Sustainability Statement, in accordance with the
Danish Financial Statements Act section 99a, including:
• Compliance with the ESRS;
• Preparing the disclosures in the sub-section EU
Taxonomy within the environmental section of the
Sustainability Statement, in compliance with Article 8 of
the Taxonomy Regulation;
• Designing, implementing and maintaining such internal
control that management determines is necessary to
enable the preparation of the Sustainability Statement
that is free from material misstatement, whether due to
fraud or error; and
11Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
• The selection and application of appropriate
sustainability reporting methods and making
assumptions and estimates that are reasonable in the
circumstances.
Auditor’s responsibilities for the assurance engagement
Our objectives are to plan and perform the assurance
engagement to obtain limited assurance about whether
the Sustainability Statement is free from material
misstatement, whether due to fraud or error, and to issue
a limited assurance report that includes our conclusion.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence decisions
of users taken on the basis of the Sustainability Statement
as a whole.
As part of a limited assurance engagement in accordance
with ISAE 3000 (Revised) we exercise professional
judgement and maintain professional scepticism
throughout the engagement.
Our responsibilities in respect of the Process include:
• Obtaining an understanding of the Process but not
for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of
the Process;
• Considering whether the information identified
addresses the applicable disclosure requirements of the
ESRS, and
• Designing and performing procedures to evaluate
whether the Process is consistent with the Group’s
description of its process, as disclosed in the section
Double Materiality Assessment (DMA).
Our other responsibilities in respect of the Sustainability
Statement include:
• Identifying disclosures where material misstatements
are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive
to disclosures in the Sustainability Statement where
material misstatements are likely to arise. The risk of
not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing
procedures to obtain evidence about the Sustainability
Statement.
The nature, timing and extent of procedures selected
depend on professional judgement, including the
identification of disclosures where material misstatements
are likely to arise, whether due to fraud or error, in the
Sustainability Statement.
In conducting our limited assurance engagement, with
respect to the Process, we:
• Obtained an understanding of the Process by
performing inquiries to understand the sources of the
information used by management; and reviewing the
Group’s internal documentation of its process; and
• Evaluated whether the evidence obtained from our
procedures about the Process implemented by the
Group’s was consistent with the description of the
Process set out in the section Double Materiality
Assessment (DMA).
In conducting our limited assurance engagement, with
respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting
processes relevant to the preparation of its Sustainability
Statement including the consolidation processes by
obtaining an understanding of the Group’s control
environment, processes and information systems
relevant to the preparation of the Sustainability
Statement but not evaluating the design of particular
control activities, obtaining evidence about their
implementation or testing their operating effectiveness;
• Evaluated whether material information identified by
the Process is included in the Sustainability Statement;
• Evaluated whether the structure and the presentation
of the Sustainability Statement are in accordance with
the ESRS;
• Performed inquiries of relevant personnel and analytical
procedures on selected information in the Sustainability
Statement;
• Performed substantive assurance procedures on
selected information in the Sustainability Statement;
• Evaluated methods, assumptions and data for
developing material estimates and forward-looking
information and how these methods were applied; and
• Obtained an understanding of the Process to identify
taxonomy-eligible and taxonomy-aligned economic
activities and the corresponding disclosures in the
Sustainability Statement.
Aarhus, 28 April, 2026
Deloitte
Statsautoriseret Revisionspartnerselskab
CVR No. 33963556
Jacob Tækker Nørgaard
State Authorised Public Accountant
Identification No (MNE) mne40049
12Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Key
Financial
Figures and
Ratios
EUR
EUR’000 2025 2024 2023 2022 2021*
Income Statement
Revenue 247,582 237,269 159,927 137,306 35,002
Gross profit including direct Salaries (non-GAAP metric - see Note 4) 64,640 54,930 37,008 31,435 8,882
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) Normalised 25,670 20,429 12,689 10,935 4,289
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) before Special Items 25,073 20,126 11,533 10,800 4,289
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) after Special Items 23,873 16,393 8,139 5,940 -638
Operating Profit/Loss (EBIT) 15,615 9,868 3,728 2,177 -1,432
Net Financials -14,526 -9,146 -6,445 -4,039 -650
Result for the Year -279 -4,305 -4,428 -2,444 -2,422
Statement of Financial Position
Total Non-Current Assets 123,604 108,875 79,559 79,533 77,988
Total Current Assets 87,048 89,746 61,892 58,750 59,319
Total Assets 210,651 198,621 141,451 138,283 137,307
Total Equity 37,680 40,227 35,070 40,511 46,065
Total Non-Current Liabilities 106,392 74,571 56,393 53,342 53,912
Total Current Liabilities 66,579 83,822 49,988 44,430 37,330
Total Investments in CapEx 7,434 7,520 5,260 5,612 1,808
Net debt 116,374 86,780 58,741 63,723 43,940
Ratios
Gross Margin including direct Salaries (non-GAAP) (%) 26% 23% 23% 23% 25%
Normalised EBITDA Margin (%) 10% 9% 8% 8% 12%
EBITDA Margin before Special Items (%) 10% 8% 7% 8% 12%
EBITDA Margin after Special Items (%) 10% 7% 5% 4% -2%
EBIT Margin (%) 6% 4% 2% 2% -4%
Equity Rate (%) 18% 20% 25% 31% 34%
*The company was dormant in the period 28/5-28/9-2021, why the P&L activities
only cover the period from 28/9-31/12-2021.
Description of APMs are found in the last section of Note 1 Accounting Policies.
14Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
About FairWind
2,200+
Workforce
Force BidCo A/S is the parent company to FairWind A/S
(together referred to as the “Group” or “FairWind”).
The company is headquartered in Vejle, Denmark, with
regional headquarters in Houston, Hamburg, Santiago de
Compostela, Aberdeen and Melbourne.
12,378
Turbines installed (2016-2025)
40+
Countries entered
APAC
NA
NCE
SESA
UKIE
Vejle
SzczecinAberdeen
Hamburg
Santiago de Compostela
Melbourne
15Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
+94%
Total result for the year
EUR thousand
-6%
Total equity for the year
EUR thousand
+68%
Impact by special items
EUR thousand
+25%
EBITDA, before special items
EUR thousand
2025
2024
-5000 -4000 -3000 -2000 -10000
-279
-4,305
0 10000 20000 30000 40000 50000
2025
2024
37,680
40,227
0 500 1000 1500 2000 2500 3000 3500 4000
2025
2024
1,200
3,733
0 5000 10000 15000 20000 25000 30000
2025
2024
25,073
20,126
-1%
CapEx investment
EUR thousand
0 1000 2000 3000 4000 5000 6000 7000 8000
2025
2024
7,434
7,520
+6%
Total assets
EUR thousand
0 50000 100000 150000 200000 250000
2025
2024
210,651
198,621
+160%
Cashflow movements
EUR thousand
2025
2024
-4000-3500-3000-2500-2000-1500-1000-500 0 5001000150020002500
2,231
-3,734
+34%
Net debt
EUR thousand
0 20000 40000 60000 80000 100000 120000
2025
2024
116,374
86,780
Group
In general, we are very pleased with the financial
performance in 2025. We were challenged by ambitious
expectations, particularly in SESA and APAC, from
the start and we still secured improvements on all P/L
related KPIs compared to expectations and last year.
The income statement (P/L)
We secured total revenue of EUR 248M, in line with
expectations, and a EUR 10M increase on last year. Both our
business units secured revenue in line with expectations
for 2025 with service increasing by 48% compared to last
year. Installation expectedly decreased by 8%, this was due
to a lack of NCE offshore projects with many larger projects
phased into 2026 and 2027. This is in line with expectations
given in last year’s Annual Report with expected revenue in
the range of EUR 230 – 250M.
We managed to improve the gross profit with a EUR 10M
improvement on last year’s performance; and on the
contribution margins with 3.0% points. Expectations were
to be at same level for EBITDA margin as 2024, which we
exceeded by going from 8.6% in 2024 to 10.4% in 2025. The
improvement in project execution is the main driver for the
positive development we have seen in 2025.
16Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
The Selling, General, and Administrative (SG&A) was above
the expectations by less than EUR 2M, but the SG&A
percentage of revenue was in line with expectations. The
overrun was mainly due to training in the US to support the
significant revenue increase compared to expectations, the
acquisition of Cosmic, CSRD reporting requirements, and
extra lawyers’ costs.
The normalised cost primarily consists of CSRD
requirements and support from Triton. Total amount
added to EUR 597k is almost double the amount from last
year, driven by the new CSRD requirements.
Normalised Earnings Before Interest, Taxes, Depreciation,
and Amortisation (EBITDA) ended at EUR 25.7M, +26%
towards last year’s result, improving the EBITDA margin
from 8.6% in 2024 to 10.4% in 2025. Expectations in the
Annual Report for 2024 were to remain same level in
EBITDA margin.
The depreciations exceeded the expectations by EUR 0.5M
mainly due to the front-loaded Capital Expenditure (CapEx)
investments as the total CapEx investments for the year
was below the expectations by EUR 0.7M.
The non-recurring items consist of costs associated with
the acquisition of Cosmic at EUR 715k, the refinancing at
EUR 1.1M, and the part release of an earn-out accrual at
EUR -649k.
The financial cost has increased substantially this year,
partly due to the refinancing (see section “Refinancing of
RCF and Long-Term Debt”) in the spring, both because
the drawn amount increased but also due to an increased
margin of 1.25%. The bond facility increased to EUR
150M with a draw of EUR 75M (increase of EUR 20M) – in
September, we further increased the draws to finance the
acquisition of Cosmic with EUR 13M.
The balance sheet (B/S)
Assets
The non-current assets primarily consist of goodwill and
fixed assets. The main change this year is reflected by the
acquisition of Cosmic which increased the goodwill by EUR
16.5M and the fixed assets by EUR 0.9M.
Overall we did manage to decrease the accounts receivable
(AR) and work in progress (WIP) this year, however there
are still challenges in SESA due in part to legacy issues
resulting from the acquisition. The impact from Cosmic
added EUR 2.5M in current assets.
Liabilities
Long-term liabilities
The bond draws increased by EUR 33M due to the
refinancing in the spring and the tap in September to
acquire Cosmic.
Current liabilities
The trade payables substantially decreased compared
to last year due to payment of payables. On top of that,
the year-end activities didn’t include the same level of
crane work which also contributed to the decreased trade
payables. Accrued cost (project cost) is collated to the WIP
and therefore decreases to follow the development on the
improved WIP.
The cash flow
The cash conversion – defined as cash flows from operating
activities divided by the EBITDA (including special items)
– ended at 46.7% due to a negative net working capital
(NWC) impact of EUR 9.5M. The negative impact relates
to substantial decreases on the liability side, as described
above, as we did manage to improve on AR and WIP. Total
investments for the year ended with EUR -24.7M and
cashflows from financing activities impacted with a net of
EUR 32.7M – a combination of primarily interest payments
of EUR -13.6M offset by increased bond debt and draws on
facilities by EUR +33M.
Net debt and leverage
The net debt increased significantly compared to last year
with EUR 30M, due to combination of primarily acquiring
Cosmic, the NWC development, and increased financing
costs. The leverage ratio slightly increases from 4.1 in 2024
to 4.3 in 2025.
Refinancing of RCF and long-term debt
During the financial year ended 31 December 2025, the
Group successfully refinanced its bonds and revolving
credit facility (RCF) with Jyske Bank to support the growth
and extend maturities.
In Q2 2025, the Group entered into a new RCF agreement
with Jyske Bank, replacing the existing facility that was
due in July 2026. The new facility extends the maturity
profile by four years, now maturing in October 2029. The
financial covenants on the new RCF facility were adjusted,
increasing the target Equity Ratio from 23% to 25%
measured at sub group level. No breaches have occurred
during the year.
Immediately following the refinancing of the RCF with
Jyske Bank, FairWind initiated the process of refinancing
its bonds. The original bonds were due in July 2026, but
an early redemption call was initiated at a premium rate
of 100.9375%. The new facility extends the maturity profile
by four years, now maturing in April 2029. The bond facility
and drawn amount increased from EUR 100M/55M to
EUR 150M/75M. Unlike the previous facility, the new facility
is sustainability-linked. Additionally, the margin increased
from 6.25% to 7.5%.
Management assessed the refinancing under IFRS 9 and
concluded that the refinancing of the RCF with Jyske Bank
should be treated as a modification of the existing financial
liability. In contrast, the refinancing of the bonds was
substantially different from the old facility and therefore
should be treated as an extinguishment of the old liability
and recognition of a new liability.
The refinancing of the RCF and the bonds resulted in a
net loss of EUR 2.671 k, which has been recognised in the
income statement under consultancy costs (EUR 81 k),
special items (EUR 922 k) and financial costs (EUR 1.668k)
respectively. EUR 734k has been treated as a prepayment
and expensed on a straight-line method over the span of
the facility.
The refinancing has strengthened the Group’s liquidity
position and provides greater flexibility to support future
investments and growth initiatives. The Group remains
in full compliance with all financial covenants post-
refinancing.
17Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Market and Outlook for 2026
FairWind’s market analysis estimates an additional 10,500
new wind turbine generators (WTGs) to be added to the
global fleet (excluding China) in 2026 representing an
increase of approximately +5.6% on the 2025 installed
base. This trend is expected to be similar throughout our
strategy period towards 2028 with compound annual
growth rate (CAGR) of around +5.7%. The overall generating
capacity, measured in GW, will have a higher CAGR of
around +8.8% estimated through to 2030 noting that larger
WTGs, generating more power per unit, will continue to be
introduced to the market over the period.
FairWind continues to monitor order backlog as a measure
of both increase in market size and also market share. As
of end Q4 2025, order backlog had increased 45% from
reporting period at end Q1 2025 with an estimated 932
new wind turbines to be installed through 2026 with some
projects extending to 2028. Due to this, we expect total
revenue in the range of EUR 310M – 350M in 2026. EBITDA
margin expected in the same level as 2025.
Strategic update
As part of our ongoing focus on long-term value creation,
our majority shareholder (Triton V LuxCo 43 S.à r.l., a special
purpose vehicle controlled by Triton Smaller Mid-Cap Fund
II) has initiated a process to explore strategic alternatives
in respect of its investment in Force BidCo A/S (the
“Company”). This review reflects the progress the Company
has made in recent years and the strength of our market
position. The strategic review remains at an early stage,
no decision has been made at this time and there can be
no assurance that the strategic review will result in any
transaction.
The Company does not intend to provide further
updates unless and until a specific transaction has
been entered into or disclosure is otherwise required or
deemed appropriate. During this period, our priorities
remain focused on executing our strategy, delivering for
our customers, and continuing to build on the strong
foundation of the business.
18Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Financial Risks
General business risks
The Group is not exposed to specific risks which are not
common for the type of business activities performed by
the Group except for currency risks mentioned to the right.
Liquidity risks
The Group’s bank borrowings (revolver) is currently valid
until October 31, 2029, and the bond redemption date is
April 10, 2029. It is considered sufficient for the activities of
the Group.
Interest risks
The Group’s financing is based on a combination of bonds
and bank borrowings (revolver) both with a floating rate.
The bonds are with a margin on top of the EURIBOR (3
months) reference rate, and the revolver is with a margin
on top of the CIBOR for DKK (3 months) reference rate. See
note 23 for elaboration.
Currency risks
The Group has activities in a variety of countries around
the world. Some countries have volatile currencies, which
expose the Group to currency risks due to increase or
decrease in local currencies compared to EUR. The Group
attempts to minimise the risk by creating natural hedges
between the currency of the revenue and the currencies of
the underlying cost. In general the currency development
has been unfavourable in 2025, which has resulted in
exchange adjustment of equity in the amount of EUR
-1,766k (2024: EUR -1,318k).
19Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
FairWind Business Model
FairWind
at a glance
FairWind was established
in 2008 and has grown to
become a leading provider
of one-stop solutions for
the installation and service
of onshore and offshore
wind turbines throughout
the world. FairWind has a
regional setup and covers
the world from five regions.
Value creation
At FairWind, we prioritize
high competencies in our
workforce and effective
project management
to create value for our
customers. We offer a
range of services, from
smaller service tasks to
major installation projects,
including full installation
and crane work across
multiple turbines. By
leveraging our experience,
we engage in ongoing
dialogue and collaboration
with our customers to
help them improve their
technology and maintain a
strong relationship based
on mutual benefit.
Our customers
FairWind primarily
serves the largest OEM
manufacturers in the
wind industry, but we
also have the capability
to support developers
and end customers. Our
top priorities are safety,
quality, and timely delivery,
ensuring that we provide
the best possible service to
all of our customers.
Investing in
competences
FairWind is a major global
educator of new wind
industry technicians.
We invest in people by
providing comprehensive
training to inexperienced
individuals, both for our
own operations and for the
wider industry.
In-house academy
for technicians
and white-collar
At FairWind, we invest in
people. We treasure our
employees and partners,
which is why we invest
in their personal and
professional growth. We
invest in the education of
technicians so we and the
industry can continue to
rely on the all-important
expertise of well educated
employees.
Sales
FairWind employs a
global go-to-market
strategy, engaging in
high-level dialogue with
our customers to set
our strategy. In each of
our regions, we have
a dedicated sales and
operational setup to create
local relationships and
provide precise, efficient
support to our customers.
Operational
FairWind offers
comprehensive operational
solutions, from project
management to installation
and service for onshore
and offshore projects.
Our services include
management of crane
work for installations,
as well as transport for
smaller projects. For
service work, we provide
solutions for repowering,
decommissioning, and
other maintenance needs.
20Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Board of Directors
The Board of Directors of FairWind ensures that the
executive management complies with the objectives,
strategies, and business processes decided by the Board
of Directors. Moreover, the Board of Directors ensures
on an ongoing basis that the governance structure and
control systems are appropriate and working well.
The Board of Directors consists of six members. The
principal shareholder Triton Partners has appointed Per
Olof Martin Frankling, Nils Henrik Tholander and Sara
Elisabeth Damberg. The remaining three members of the
Board of Directors are independent.
The Board of Directors meets on a predetermined schedule
of meetings at least five times a year. Usually there is an
annual strategy workshop in connection with an ordinary
board meeting. The workshop defines the objectives and
strategy of FairWind.
The Chairman and two selected board members meet with
the CEO of the company on a bi-weekly basis. FairWind’s
Board of Directors hold other executive positions as
described opposite.
Triton Partners
The principal shareholder Triton Partners has appointed
Per Olof Martin Frankling, Nils Henrik Tholander and Sara
Elisabeth Damberg. The remaining three members of the
board of directors are independent.
Mike Winkel
Chairman
Elected in September 2021
• Member at the Board of Directors at
DeepOcean Group Holding A/S
• Managing Director, MiSo Consulting S.L.
Per Olof Martin Frankling
Board member
Elected in September 2021
• Investment Professional at Triton Partners
• Member of the Board of Directors at Geia
Group ApS
• Member of the Board at Lokhare Infra Oy
• Member of the Board of Directors at
Habeo Group Oy
• Member of the Board of Directors at
Nuent Group AB
• Member of the Board of Directors at
Pavlova Midco SARL (Prenax Group)
• Member of the Board of Directors at
Neptune Software AS
• Member of the Board of Directors at the
Swedish Private Equity & Venture Capital
Association
Nils Henrik Tholander
Board member
Elected in September 2021
• Investment Professional at Triton Partners
• Member of the Board of Directors at
Nuent Group AB
• Member of the Board of Directors at
Pavlova MidCo SARL (Prenax Group)
• Member of the Board of Directors at
Ingrid Capacity AB
Sara Elisabeth Damberg
Board member
Elected in September 2024
• Investment Professional at Triton Partners
• Member of the Board of Directors at
Nuent Group AB
• Member of the Board of Directors at
Pavlova MidCo SARL (Prenax Group)
Helene Anna
Rasmusson Egebøl
Board member
Elected in March 2022
• Member of the Board at Glamax A/S
• Group COO at Sun European Partners,
LLP
Wolfgang Müller
Board member
Elected in March 2022
• Senior Vice President, Hitachi Ltd.
• Corporate Officer, Hitachi Ltd. Tokyo
• Executive Vice President Service, Hitachi
Energy Ltd. Zurich
• Member of the Board of Directors at
GlobalLogic Inc., Santa Clara, CA, USA
• Member of the Board of Directors at
Shermco Industries Inc., Irving, TX, USA
• Member of the Board of Directors at
BringKids2Schools, Switzerland
21Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Code of Conduct – Legislation
FairWind’s Code of Conduct serves as a guiding
framework for ethical conduct, outlining our commitment
to responsible practices across ethical, social, and
environmental realms. With a diverse workforce
spanning over 20 nationalities, each with unique cultural
backgrounds and beliefs, FairWind operates within a
complex landscape of laws and regulations.
While the Code of Conduct applies universally to all
FairWind activities worldwide, employees are also bound
by the laws and regulations of their respective countries.
Compliance with local legislation is of utmost importance,
and FairWind always adheres to the legal requirements of
each jurisdiction in which it operates. In cases where local
laws exceed the standards outlined in our Code of Conduct,
these laws take precedence.
Embedded within the Code of Conduct are provisions
addressing human rights, anti-bribery and anti-
corruption measures, highlighting FairWind’s unwavering
commitment to ethical conduct, responsible business
practices, and legal compliance. Emphasising the
protection of human rights, the promotion of inclusivity,
and the prevention of corrupt activities, FairWind upholds
integrity and transparency in all its operations.
While the Code of Conduct establishes baseline standards,
FairWind business units have the flexibility to implement
more stringent measures, provided they align with the
principles of the Code of Conduct.
Target and results
FairWind’s human rights and anti-bribery risks primarily
involve potential breaches within the supply chain,
especially concerning suppliers’ operations abroad.
Ensuring compliance in these areas remains a top priority.
Achieving the target and future ambitions
To uphold ethical standards, FairWind conducts regular
internal assessments and reviews to ensure alignment
with regulatory requirements and industry best practices.
While specific plans for additional training, campaigns, or
initiatives are under consideration, we are steadfast in our
commitment to enhancing efforts in promoting ethical
conduct, human rights, and anti-corruption measures.
As we look to 2026, we are actively exploring opportunities
for improvement, including the possibility of implementing
new activities and initiatives to further strengthen our
approach.
Regarding supplier control, FairWind currently utilises
an external industry platform for supplier assessment
to manage supplier compliance. We recognise the
importance of ongoing evaluation and improvement in this
area and will continue to explore potential enhancements.
Improvements have also been made in our whistleblower
setup to better accommodate our diverse workforce and
expansion into new markets. This includes expanding
language support to ensure accessibility for all employees
and stakeholders.
22Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Installing and servicing wind turbines involves highly
detailed and complex tasks that demand precision,
technical expertise, and thorough documentation. Any
deviation from these standards can compromise both
health and safety and performance, leading to significant
quality issues. Common examples include:
• Incorrect turbine alignment – increases wear and tear
and reduces energy output
• Poor torque control on bolts – can result in structural
failures or safety hazards
• Inadequate lubrication – causes premature component
failures and turbine downtime
• Damage to critical components, such as blades, can
lead to repair or replacement costs
• Incomplete documentation and compliance checks –
may result in regulatory penalties
Identification of quality issues during project execution
necessitates corrective measures that result in project
delays, cost overruns, and missed deadlines, ultimately
impacting our customers’ ability to meet contractual
energy delivery obligations.
Consequently, our activities are subjected to continuous
monitoring and audits by customers during project
execution and upon completion. Any deviation from
agreed quality standards or timelines can result in damage
claims and penalties, such as repair or replacement costs,
liquidated damages, or potential loss of future contracts
due to reputational impact. Conversely, delivering high-
quality work on time strengthens customer trust and
positions us as a preferred service provider.
Meeting and exceeding customers’ expectations is a
critical focus area for our business. We achieve this through
a project management framework within our operations
team that clearly defines roles and responsibilities for
planning and execution across the entire project lifecycle.
This structured approach ensures accountability, minimises
delays, and maintains compliance with stringent quality
standards. Additionally, we proactively engage customers
throughout the project lifecycle to ensure alignment and
transparency on expectations.
Our Just Culture approach, as outlined in the chapter
S1 Own Workforce Health and Safety, also extends to
quality management. We encourage our people to openly
report incidents and near misses, enabling us to learn
from events and continuously improve our systems to
strengthen our project delivery capability. Like health and
safety, we maintain clear and structured protocols
and tools for monitoring and reporting quality
observations
1
. Our quality management system is
certified as ISO 9001, the internationally recognised
standard for quality. Key indicators on quality
management, such as Quality Observations, Non-
Conformances
2
, Claims
3
, and Average Snags per turbine
4
are integrated into our strategic business targets that are
monitored regularly at the leadership level.
1
Quality observations refer to potential issues, deviations from standards, and
areas for improvement, whether or not they fall within FairWind’s scope of work
on a project.
2
Non-conformances are customer claims below EUR 5K, accepted by FairWind for
installation and service projects
3
Claims are customer claims above EUR 5K, accepted by FairWind for installation
and service projects
4
Snags are errors or failures to meet quality standards specified by customers
after project completion in wind turbine installation projects
Our entity specific risk and opportunity from quality
IRO Type Description Value chain
Time
horizon
Risk Actual Damage claims (including
reputational) and penalty
claims from clients arise
due to quality issues and
delays in project activities,
respectively
Own
Operations,
Downstream
Short,
Medium,
and Long
Term
Opportunity Potential A good quality of services
will result in increased client
satisfaction and a preferred
partnership with clients
Own
Operations,
Downstream
Short,
Medium,
and Long
Term
Quality
23Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Through our European Wind Academy and internal
training programmes, we ensure that all our people have
the technical competencies to deliver our services to the
highest quality and on time.
Our operations team, in collaboration with the global
HSEQ team, regularly reviews the resilience of our quality
management practices by actively engaging with
customers in line with project requirements and closely
monitoring reported quality observations daily. This
approach enables early identification of potential gaps and
ensures timely corrective actions involving appropriately
interested parties, including our customers. Through
continuous oversight and engaging all operational levels,
we strengthen our ability to proactively align with our
customers, delivering projects that meet contractual
quality standards on time. Open and regular engagement
with our customers facilitates a collaborative culture,
enabling amicable and efficient resolution of issues.
Additionally, our quality management system is audited on
an annual basis by a third-party auditor, further validating
the effectiveness of the system and ensuring continuous
compliance with the ISO standard.
Financial effects of risk and opportunity related
to quality
Instances of non-conformance, claims, and snags have
impacted our financial performance in the form of
increased operational costs and liability. On the other hand,
our sector expertise has enabled us to secure numerous
projects, including extensions of previous engagements.
This sustained trust from our customers reinforced our
position as a preferred partner and has been a key driver
for revenue growth.
However, none of this resulted in a significant risk of
material adjustment within the next annual reporting
period to carrying amounts of assets and liabilities reported
in the financial statements.
Policies
The HSEQ policy outlines our commitment to providing
high-quality service to create sustainable value for
our customers. The policy emphasises meeting and
exceeding customer requirements, ensuring workforce
competency, investigating observations to identify root
causes, implementing preventive measures, and sharing
causes and implementing lessons learned to drive
continuous improvement. Our ESG policy reaffirms our
commitment to delivering the highest quality of service to
our customers.
Our policies apply to everyone representing FairWind. The
policies are formally approved and signed by our CEO, who
is the senior-most accountable authority, while the Global
HSEQ Director, in collaboration with our operations team,
ensures their effective implementation across all our global
operations. Implementation of the policies is ensured
through regular customer engagement, daily monitoring
of reported observations, and weekly communication of
findings to operations, including Regional Directors and
the leadership team. Additionally, the action plans, targets,
and metrics described later in this section reflect our
approach for monitoring and enforcing these policies.
Policies are reviewed on a regular basis, informed by
quality performance and incorporating feedback from
the operations team, internal quality professionals, and
customers, where applicable. They are made available
through diverse channels via the company intranet, regular
training sessions, and at project sites through a dedicated
HSEQ information board.
Actions and resources
Our ongoing actions covering our global operation on
quality management includes the following actions:
Structured project management
As part of our operational procedures, our operations
team delivers work instructions tailored to each project’s
contractual requirements and ensures the allocation
of site teams with the appropriate certifications and
competencies for successful execution. These work
instructions provide clear, step-by-step guidance for
carrying out project activities, ensuring consistency
and compliance with quality standards. At the site level,
daily toolbox talks sessions are conducted by local site
management teams to review work activities and quality
expectations before tasks begin. This approach fosters
clear communication, reduces operational risks, and
ensures alignment with project requirements. Throughout
the project lifecycle, from planning and execution to
completion, we maintain regular engagement with our
customers to gather feedback, ensure transparency, and
align deliverables with their expectations.
Customers claim management
We have established a clear protocol for managing
quality claims raised by our customers. All claims must
be submitted in writing either through a customer
complaint form, direct email, or via FairWind’s customer
representative across our global operations. Once received,
claims are reported to our quality professionals, who
register them on our centralised online HSEQ reporting
platform. A detailed investigation is then conducted
in collaboration with relevant stakeholders, including
the customer. Where necessary, and depending on the
financial impact of the claim, our legal department is
involved in the settlement process. Upon completion of the
investigation, findings are shared with the customer, and
the claim is resolved accordingly.
Training
All personnel involved in project execution are required
to complete mandatory training programmes relevant
to project activities. We leverage our European Wind
Academy to deliver specialised training on wind turbine
installation and service operations. In addition, we ensure
that our quality professionals possess the necessary
competencies and receive regular training in quality
management practices.
To further strengthen our capability to deliver projects that
meet the highest quality standards and reduce customer
quality claims, we introduced a training programme
focused on quality excellence in 2025.
Audit and compliance
Regular audits are conducted by our quality professionals
to ensure that our operations team adheres to operational
procedures during project planning and execution. We
also audit suppliers to verify that quality standards are
consistently maintained for goods and services provided.
Our quality management system undergoes an annual
audit by an independent third party to ensure full
compliance with the ISO 9001 standard.
Continuous improvement
In line with our principles of continuous improvement,
we analyse quality observations and customer claims to
24Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
implement preventive and corrective actions to enhance
our quality management practices. Our Global HSEQ
Director holds monthly meetings with Regional Directors
and quality professionals to review quality performance,
with key updates subsequently communicated to local site
teams during regular local management team forums. In
addition, weekly quality performance updates are shared
with the leadership team to maintain transparency and
drive continuous improvement.
Our actions focus on improving service reliability and
reducing customer complaints, guided by ISO 9001 and
informed by lessons from quality observations and resolved
claims.
The HSEQ team, working closely with the operations team,
is responsible for ensuring the effective implementation
of actions. Led by the Global HSEQ Director, the HSEQ
team comprises qualified professionals operating at
both global and regional levels, with responsibilities that
include managing customer claims and building capacity
for quality excellence. In parallel, the operations team is
headed by COOs for installation and service businesses,
supported by Regional Directors as well as project,
installation, and resource managers across regions. Their
role is to ensure all activities are executed in accordance
with contractual agreements, using competent and
certified site teams. As indicated earlier, a dedicated
centralised online platform is in place for reporting and
monitoring quality claims with customers for our global
operations. These actions form part of our day-to-day
operations, and we do not maintain standalone tracking of
the OpEx or CapEx specifically attributable to them.
25Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Targets and metrics
Aligned with our policy commitment of delivering high-
quality service, we have set clear, measurable targets and
performance metrics that meet industry needs and apply
across our global operations.
In line with our quality management principles of
continuous improvement, we set annual targets that
enable us to effectively address and manage quality issues.
Our targets related to quality metrics are presented in the
table top right.
Targets are established through a data-driven and
consultative process. We leverage insights from quality
observations and previously resolved and ongoing
claims to identify key risk areas and opportunities for
improvement. Additionally, operations teams and quality
professionals at both global and regional levels are
engaged to validate our approach.
The Global HSEQ Director holds primary accountability for
establishing quality targets and ensures these are formally
reviewed and approved by the leadership team and the
BoD on an annual basis, in line with our governance
framework. Performance against the targets is monitored
weekly with the leadership team.
Progress on metrics
Our quality performance improved significantly in
2025, supported by stronger project controls, clearer
accountability, and more systematic oversight. Project
teams are now more consistent in identifying the root
causes of non-compliance and customer complaints,
ensuring that responsibilities are clearly assigned and
that appropriate corrective actions are implemented. This
strengthened accountability has contributed to a notable
reduction in quality-related matters.
A more consistent approach to claim management also
supported improved performance. The legal team adopted
a more structured process for reviewing major claims,
which helped ensure greater consistency in case handling.
In parallel, Regional Directors engaged more with site
management teams to address recurring quality matters.
Furthermore, regional HSEQ teams reinforced these efforts
through regular performance dashboard reviews, which
helped identify trends early and enabled timely, informed
decision-making across regions.
Collectively, these measures have strengthened our overall
quality management approach, enhanced transparency,
and supported continuous improvement across our global
operations.
Our performance on quality metrics (entity specific)
Metric Type Unit
Target
2025 2025 2024
% change
(2025/2024)
Claims Entity
Specific
Number ≤ 18 14 31 -55%
Non-conformances Entity
Specific
Number ≤ 140 97 188 -48%
Average snags per
turbine
Entity
Specific
Number
of snags
per
turbine
installed
≤ 5 4.7 6.2 -24%
Our targets related to quality metrics
Metric Description Unit
Target
2025
Claims Number of complaints above EUR 5K raised by customers
and accepted by FairWind for installation and service
projects
Number ≤ 18
Non-conformances Number of complaints below EUR 5K raised by customers
and accepted by FairWind for installation and service
projects
Number ≤ 140
Average snags per
turbine
Total number of customer-raised snags assigned to
FairWind post-project completion per total number of
turbines installed
Number
of snags
per of
turbines
≤ 5
26Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Accounting polices
All the formal complaints received from customers are
registered in our centralised online HSEQ platform.
Complaints are in the form of compensation, repair,
replacement, or another remedy arising from a defect,
damage, loss, or failure of a service to meet agreed-upon
standards.
a) Claims
Claims refer to customer complaints with a value above
EUR 5K that FairWind accepts following a thorough
investigation. This metric represents the count of such
accepted complaints.
b) Non-conformances
Non-conformances refer to customer complaints with
a value below EUR 5K that FairWind accepts following a
thorough investigation. This metric represents the count of
such accepted complaints.
c) Average snag per turbine
Snags are errors or failures to meet the quality standards
specified in contractual agreements, identified by the
customer during the final visual inspection of the turbine
(mechanical walk down) and then handed over to our
site management for review and approval. This metric
represents the number of snags raised per turbine,
calculated as the total number of snags accepted by
FairWind following a thorough investigation, divided by the
total number of turbines installed by FairWind across all
projects and regions. As noted, this metric applies only to
installation projects where we are responsible for turbine
installation.
27Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Charity and
Social Events
FairWind’s commitment to charitable initiatives continued
in 2025. One of our key initiatives which we have supported
for over a decade is hosting a ‘day of fun’ event and
providing gifts to a local orphanage near our operations in
Szczecin, Poland.
We have also had a team participate in ‘Tour de wind’ – a
bike ride of 48km across Poland which raises money for a
local hospice.
Employees in the UK chose to donate to Action for
Children’s Secret Santa appeal at Christmas, giving gifts
and other support to vulnerable children and young
people.
In Australia, a group of more than 20 technicians
participated in World Cleanup Day in September, tackling
waste build-up in the Rokewood, Victoria area.
As part of our internal communications programme,
we have set up a ‘Wellbeing’ community on our Viva
Engage platform to encourage the sharing of wellbeing
information and promote initiatives such as blood drives
and mental health support. To launch the initiative, we
held a global meditation session where participants were
taken through three different meditation and breathing
techniques to help with mental wellbeing.
Our charitable and community efforts in 2025 reflect the
growth of the organisation, with our activities extending
into new global locations. We look forward to continuing
to build on this in 2026 and supporting our people and the
local communities where we operate.
Closing Statement
At FairWind, our commitment to Environmental, Social,
and Governance (ESG) principles remains central to how
we operate. These principles guide decision-making across
the organisation and shape the expectations we set for our
workforce and partners. They form the foundation for how
we manage our responsibilities and support the long-term
sustainability of our business.
2025 marks further progress in embedding ESG across
our global operations. This is reflected in improvements
in workforce practices, continued enhancements to
environmental stewardship, and a sustained focus on
ethical and responsible business conduct throughout the
organisation.
As stakeholder expectations and industry requirements
evolve, we remain committed to building on this
momentum. We will continue to refine our practices,
improve our systems, and adapt to emerging demands to
ensure that ESG remains a forward-looking and embedded
component of our business. Through continuous
improvement, FairWind aims to contribute positively to
the wind industry while upholding a responsible, safe, and
sustainable operating framework for the future.
28Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Events After the
Balance Sheet Date
From the statement of financial position date until today,
no events have occurred that would affect the evaluation of
the Annual Report.
29Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
General
Information
General Information section addresses the disclosure requirements of the ESRS 2 standard, covering the basis of
preparation, governance structure, strategy, and the double materiality assessment (DMA).
31Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Our sustainability statement has been prepared in
accordance with the ESRS standards set out in the Danish
Financial Reporting Act (Årsregnskabsloven – ÅRL).
In addition, it takes into account the EU delegated act
“Quick Fix”, in line with the Omnibus Simplification
Package adopted by the European Commission.
Scope of consolidation
The sustainability statement is prepared on a consolidated
basis for the year ended 31 December 2025, aligned with
the consolidation of the financial statement, except for
the newly acquired Cosmic Group. FairWind completed
the acquisition of the Australia-based wind installation
and service company Cosmic Group on 7 November
2025. The impact of this acquisition has been assessed
as immaterial for sustainability reporting purposes and is
therefore not included in the sustainability statement only
for the current reporting year. This explains the differences
compared with the consolidated financial statement,
particularly in relation to revenue and headcount figures.
Value chain
We conducted a comprehensive double materiality
assessment (DMA) across our entire value chain covering
upstream activities, our own operations, and downstream
activities, to identify and report on material impacts, risks,
and opportunities (IROs). Our value chain is explained in
the chapter General Information Strategy of this report.
In line with the assessment results, our policies, actions,
targets, and metrics for managing and addressing material
IROs extend to relevant parts of the value chain. The scope
and extent of value chain coverage are explained within
the respective topical standards.
ISO certified management systems
Our integrated management system complies with
internationally recognised ISO standards, specifically ISO
14001:2015 (environment), ISO 45001:2018 (occupational
health and safety), and ISO 9001:2015 (quality
management). The management system is subject to
annual audits conducted by an independent third-party
certification body.
Time horizons
In 2025, we slightly revised our definitions of short,
medium, and long-term time horizons following the
alignment of our DMA with our established enterprise risk
management practice. As a result, the updated definitions
follow the specific time horizon requirements outlined in
the ESRS. The revised definitions are presented in the table
top right on the next page.
Estimates in metrics and the source of estimates
The use of estimates, including their sources and
uncertainties, is disclosed within the accounting policies
for each metric, where applicable. We aim to apply
recognised standards and established procedures when
calculating metrics; however, estimates are used where
limitations in primary data collection occur across the value
chain. These estimates inherently carry uncertainties due
to the assumptions and industry factors applied in their
calculation.
Changes in the preparation and presentation of the
sustainability statement
Performance metrics
During 2025, we enhanced the quality of our energy
and greenhouse gas (GHG) accounting by applying
higher-quality data, reducing the reliance on estimates
and assumptions compared with FY24. This also included
updating certain emission factor sources from those
applied in FY24. However, due to the lack of direct data
available in prior years, retroactively applying the improved
methodology across all items within the E1 Climate Change
chapter, was deemed impractical. Only Scope 3 Categories
1, 4, 5, and 8 have been restated (see next page). For
these categories, updating comparatives by applying the
new methodology was feasible based on the attribution
of internal finance accounts to the relevant Scope 3
categories.
As a result, year-on-year progress on Total GHG emissions,
Total Scope 3 GHG Emissions, intensity metrics as well as
performance for specific Scope 3 categories, cannot be
directly compared. All other items remain unchanged from
the 2024 reporting period.
In addition, Scope 3 Category 7 Employee Commuting is
considered material in 2025 and reported.
Targets and other information
The description of the target disclosed under E5 Resource
Use and Circular Economy has been refined to more
precisely reflect that it includes an increase in revenue
share from both the service and training business
segments.
In 2025, we include progress on our Sustainability
Performance Targets (SPTs) that are linked to our
Sustainability Linked Bonds (SLBs) as the targets align
with those that are reported for our material sustainability
matters.
With regards to EU taxonomy reporting, we are applying
Commission Delegated Regulation (EU) 2026/73 amending
the Delegated Regulations (EU) 2021/2178, (EU) 2021/2139,
and (EU) 2023/2486 to report our disclosures for FY25
reporting.
In closing, since our health, safety, environment, and
quality (HSEQ) management practices follow ISO
management system principles, the targets used to
measure progress were reviewed and revised in line with
the continuous improvement requirement.
We have included statements within the respective
disclosures to indicate changes made compared with
FY24 reporting.
Basis of Preparation
32Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Restatement of the prior year’s information
Following improved methodology and updated emission
factors applied in 2025, 2024 Scope 3 categories 1, 4, 5, and
8 and the resulting total Scope 3 emissions, total GHG
emissions and GHG intensity have been restated. Refer to
the table on the right.
Disclosures stemming from other reporting
requirements
We include progress on our Sustainability Performance
Targets (SPTs) linked to our Sustainability-Linked Bond
(SLB) as they align with the targets reported for our
material sustainability matters. The progress on the SPTs
is disclosed in the chapter General Information Strategy of
this report.
Incorporation by reference
We apply ESRS provision 9.1 on incorporation by reference
to avoid repeating information already presented in the
Management Review. The table bottom right lists the
disclosures incorporated by reference.
Use of the phase in provisions
In reference to Commission Delegated Regulation (EU)
2025/1416 (the EU Quick Fix Delegated Act), which permits
companies to apply certain phase-in provisions, we have,
with limited exceptions, chosen not to apply the phase-in
provisions available to companies with more than 750
employees. The tables in the chapter General Information
Index of Disclosure Requirements present the disclosures
that are not reported under the applicable phase-in
provisions.
In addition, we do not report on all voluntary ESRS
disclosures, except where such information is necessary
to ensure a fair representation of material sustainability
matters.
Time horizons Definition in 2025 Definition in 2024
Short term Current reporting period (0-1 years) 0-2 years
Medium term
Up to five years from the end of the current reporting
period (1-5 years)
2-5 years
Long term
More than five years after the end of the current
reporting period (> 5 years)
> 5 years
Incorporation by reference
Disclosure ESRS ref. Ref.
Expertise of the Board of Directors ESRS 2 GOV-2 Management Review
Our geographical footprint ESRS 2 SBM-1 Management Review
Our business performance ESRS E1-3 Management Review
Restated figures for 2024 Scope 3 categories and total GHG emissions
Metrics Restated value Prior year value
Category 1: Purchased Goods and Services 6,960 15,666
Category 4: Upstream Transportation and Distribution 388 404
Category 5: Waste Generated in Operations 118 243
Category 8: Upstream Leased Assets 5,672 3,663
Total Gross indirect (Scope 3) GHG emissions 25,573 32,411
Total GHG emissions (location-based) 33,450 40,288
Total GHG emissions (market-based) 33,521 40,359
Total GHG emissions (location-based) per net revenue 141.1 170
Total GHG emissions (market-based) per net revenue 141.4 170.3
33Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Board of Directors
(BoD)
Executive Management
(ExM)
CEO CFO
C-level Management Team
COO Installation COO Service
CPO Global HSEQ Director
Reports
Reports
Supervision
Leadership team
management
and operation
34Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
35Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
36Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
37Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
38Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Our business model is centred on delivering specialised
workforce and project execution services for the wind
industry, with the majority of our activities focused on
onshore wind turbine installation. These services include
tower, nacelle, and blade installation, mechanical and
electrical completion, and commissioning support. In
addition to installation, we provide a wide range of service
activities for both onshore and offshore turbines, including
maintenance, inspection, repair, major component
exchange (MCE), and decommissioning and repowering
throughout the turbine lifecycle. Complementing these
activities, we also perform offshore pre-assembly, where
turbine components are prepared and assembled at port
facilities prior to offshore installation, helping customers
meet staging schedules and ensure installation readiness.
All these operational services require strong technical
expertise, disciplined safety practices, and reliable
execution across diverse and often challenging
environments. To support these activities, we facilitate
essential training and certification, including mandatory
Global Wind Organisation (GWO) modules, Industrial Rope
Access Trade Association (IRATA), and customer-specific
technical qualifications not only for our own workforce, but
also for technicians employed by our peers in the industry.
While important for maintaining industry competence
and safety, training represents a small but supporting
part of our business model and functions as an enabling
mechanism that contributes to consistent and high-quality
service delivery.
The illustration on the next page outlines our service
offerings across the wind industry lifecycle and highlights
the major customers we serve, predominantly the original
equipment manufacturers (OEMs).
Value creation is driven primarily by our wind installation
and service activities, delivered through a flexible, project-
based workforce model that enables the rapid mobilisation
of workforce, especially technicians, across markets. This
approach allows our customers to manage fluctuating
project schedules, maintain quality and compliance, and
enhance operational performance. To support this model,
we operate through a regionalised structure spanning
five regions: NCE, SESA, APAC, NA, and UKIE. The UKIE
region was carved out of NCE and formally established in
2025 to strengthen our regional focus and enable targeted
expansion and growth in this important market. The
illustration of our geographical footprint across the five key
regions is presented in the Management Review section of
this report.
The table opposite summarises our geographical footprint
across the five key regions.
Each region is led by a Regional Director who reports
to the leadership team and is responsible for executing
regional strategic priorities. Our regionalised operating
model enhances scalability and project delivery by enabling
faster decision-making, shorter response times, and closer
alignment with local regulatory, logistical, and customer
requirements.
Strategy
Region Workforce* Countries
NCE 1,468 Poland, Germany, Denmark,
Sweden, Finland, and others
SESA 303 Spain, France, Mexico, Chile, Peru,
South Africa
APAC 97 Australia, Taiwan
NA 377 The United States and Canada
UKIE 27 The United Kingdom and the
Republic of Ireland
*Workforce includes employees and non-employees and is calculated on a headcount basis as of 31/12/2025
excluding Cosmic Group. More details in chapter S1 Own Workforce
39Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Wind farm design,
procurement &
financing
OEM partner chosen
Balance of plant
construction
Site preparation,
roads, foundations
Grid infrastructure
construction
Substation,
grid connection, cabling
Installation
Erection and mechanical
completion of turbines
Commissioning
Delivery to owner
Maintenance and repair
Operation of wind turbines,
preventive and
corrective maintenance
Decommissioning
and repowering
Wind turbines are removed or
replaced, generally larger ones
OEM
Core client of FairWind viewed
as long-term partner with
mutual dependence
Transport and logistics
WTG production value chain
Wind turbine lifecycle
Onshore installation Revenue: Offshore installation Revenue: Service Revenue:
• Full-scope installation covering offloading, inspection,
and assembly of the tower, nacelle, blades, and electrical/control
systems
• Commissioning including mechanical validation, electrical checks, and
control system testing
• Project management covering resource and logistics coordination,
HSEQ management, and run-check testing
• Pre-assembly of wind turbines and their components at port or
quayside prior to final onshore installation
• Services include offloading, inspection, and assembly of components,
supported by HSEQ management and cable handling activities
• Supplying qualified workforce for off-coast work on offshore wind
projects
• Pre-scheduled inspections, fault diagnosis, repairs, upgrades and retrofits
• MCE involves replacing critical components such as blades, gearboxes,
generators
• Repowering: removal and replacement of turbine and its components
• Decommissioning: disassembly of turbine and its components
Training: offering specialised training on GWO modules, IRATA, PPE and Rescue Equipment Training (Skylotec), OEM-specific, and more Revenue:
FairWind core focus
1%
62%
7%
30%
Major customers
FairWind’s service offerings across the wind industry lifecycle
40Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Our value proposition is built on providing customers
with a dependable, safety-focused, and technically skilled
workforce capable of delivering complex installation
and service operations efficiently and consistently.
Through operational excellence, industry expertise, and
long-standing partnerships with OEMs, we support
the reliable build-out and maintenance of wind energy
infrastructure world-wide.
Through these activities, we make a direct and measurable
contribution to the United Nations Sustainable
Development Goals (UN SDGs) most closely linked to our
role in the global wind industry as per the table opposite.
Our focus remains firmly on the wind industry, where we
are committed to supporting the global green energy
transition. Regional Directors develop a three-year business
roadmap aligned with the strategic priorities set by the
BoD and the leadership team. This roadmap integrates
regional developments, market outlook, and customer
needs to determine where existing capabilities should be
strengthened and where new competencies should be
developed within the wind sector.
In line with our strategic growth ambitions, we issued
a sustainability-linked bond (SLB) to support further
expansion within the wind industry and to reinforce our
long-term commitment to sustainable value creation. The
bond incorporates Sustainability Performance Targets
(SPTs) that are closely aligned with the UN SDGs relevant
to our business. These targets strengthen the link between
our financing structure and our sustainability outcomes,
ensuring that our growth continues to drive measurable
positive impact.
Progress on SLB
The SPTs include reducing our GHG emissions and
improving workplace safety by lowering the number of
injuries. These areas reflect both our operational priorities
and our broader contribution to the UN SDGs. Our SPTs,
along with our performance against them for the current
reporting year, are presented in the table bottom right.
Performance on GHG emissions
2024 was the first year we quantified our GHG emissions.
The 2024 baseline emissions values established in the SLB
framework differs from the emissions values reported in
this report, following verification by our assurance provider
in prior reporting year. In 2025, we further strengthened our
GHG accounting by improving data quality through the use
of more granular activity-level data and by applying more
appropriate emission factors across Scope 1, Scope 2, and
Scope 3. The GHG emission values for 2024 and 2025 are
presented in the chapter E1 Climate Change of this report.
The methodology applied for the 2025 GHG emissions is
also described in detail in that chapter.
Due to the changes made in 2024 GHG emission values
in the prior year and subsequent improvements in 2025,
the actual performance of our GHG emissions cannot be
assessed against the current baseline. We will review the
implications and undertake a rebasing in accordance with
the provisions of our bond framework, in consultation with
the relevant stakeholders.
In the table bottom right, we have included assured values
for 2024 and 2025 GHG emissions and applied market
based Scope 2 emissions when reporting combined Scope 1
and Scope 2 values to demonstrate our progress.
UN SDGs Contribution
SDG 7: Affordable and
Clean Energy
Enabling the installation and upkeep of wind energy
infrastructure, thereby helping accelerate the transition to a
low-carbon energy system
SDG 8: Decent Work and
Economic Growth
Providing safe, skilled, and stable employment to a global
workforce, supported by strong labour standards, continuous
training, and a commitment to creating quality jobs in the
renew-able energy sector
Our regionalisation model further supports local job creation
and strengthens economic activity in the communities where
we operate
SDG 13: Climate Action Supporting climate change mitigation by enabling the
expansion of renewable energy capacity and by actively
managing and working to reduce the carbon footprint across
our value chain
Progress on SLB
Area Metric SPT Unit
2024
(baseline) 2025
Change
(2025 /
2024)
Expected
annual
reduction*
GHG
emissions
Scope
1 and
Scope 2
emissions
8%
reduction
by 2029
compared
to the 2024
baseline
values
tCO
2
e 7,948 12,193 53% -1.6%
Scope 3
emissions
12%
reduction
by 2029
compared
to the 2024
baseline
values
tCO
2
e 25,573 24,482 -4% -2.4%
Health and
Safety
Lost Time
Injury
Frequency
(LTIF)
50%
reduction
by 2029
compared
to the 2024
baseline
values
Total number
of injuries
leading to
lost time
divided by
hours of work
performed at
project sites
multiplied by
one million
1.1 0.4 -64% -10%
*The expected annual reduction between 2024 and 2029 is calculated by dividing the overall target by five years.
41Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
FairWind’s main activities: operations
Performance on Lost Time Injury Frequency (LTIF)
Our health and safety performance strengthened
further in 2025, with a reduction in work-related
injuries that surpassed the target level set under our
sustainability-linked bond. This reflects not only the
maturity of our ISO 45001-certified occupational health
and safety management system but also the targeted
interventions we applied to improve and promote safe
working practices.
The LTIF target under the bond applies only to site-based
staff, including contractors, operating in high-risk wind
installation and service activities. Further details on LTIF,
including its definition, values for 2024 and 2025, the
calculation methodology, and the initiatives supporting our
performance is available in the chapter S1 Own Workforce
Health and Safety of this report.
Our value chain
Compared to FY24 reporting, we further enhanced our
value chain mapping in 2025 to provide a more accurate
representation of our business activities across the full
value chain, covering upstream, own operations, and
downstream. This refinement gives greater visibility into the
stakeholders, resources, and dependencies that influence
our business activities and the delivery of our services.
The updated mapping also improves understanding
of where our key dependencies lie and where
sustainability-related impacts, risks, and opportunities may
emerge across the value chain. This insight supports more
informed decision-making and ensures closer alignment
between our operational practices and stakeholder
expectations. The illustration opposite presents an overview
of our key activities across the entire value chain.
1
Specialised tools
and equipment e.g.,
cranes, cherry picker,
safety equipment/
workwear
2
Certification of tools,
equipment,
PPE and workwear.
Procurement of
finished products
1
and services
2
Mobilisation
of resources
(personnel, tools,
equipment)
Leasing or renting
of specialised
equipment
Installation and
service of
wind turbines
Training of
personnel
Handover of
projects to
customers
End of life of tools
and equipment
Upstream Own operations Downstream
Suppliers
Environment
Stakeholders
Site staff
Contractors
Office staffCommunities around project execution sites
Customers Environment
Stakeholders
Customers
Waste collectors
Stakeholders
Shareholders
Environment
FairWind’s support activities: administration
Real estate: warehouses, offices and training facilities
Key functions: procurement, finance, HSEQ, HR, legal, sales
FairWind’s key activities across the value chain
42Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Upstream
Upstream activities primarily relate to the procurement of
goods and services required to support project delivery.
Goods procured include hand tools, workwear, safety
equipment, specialised tools, small electrical or electronic
devices, and associated spare parts. These items are
generally durable, designed for long-term use, and reused
across multiple projects, resulting in a relatively limited and
infrequent volume of purchases within the upstream value
chain.
In addition, we procure services such as certification and
verification to ensure that tools, safety equipment, and
devices are fit for purpose, compliant with applicable
technical and safety standards, and safe for use by
site teams. These services support consistent safety
performance across project sites and help meet customer,
industry, and regulatory requirements.
Key stakeholders at this stage include suppliers and the
environment. Suppliers provide the goods and services
needed for project execution, and further upstream
within their tier 2 and tier 3 supply chains, the raw
materials used to manufacture tools, equipment, and
workwear are mined, extracted, and processed from the
environment. As a result, we acknowledge that upstream
activities inherently involve environmental dependencies
related to resource extraction, material processing, and
manufacturing.
Own operations
Own operations represent our core business activities,
encompassing all actions required to plan, execute, and
deliver wind turbine installation and service projects.
These activities include mobilising personnel (particularly
site staff), tools, machinery, and equipment to customers’
project sites across different regions, coordinating
logistics, and ensuring that certified tools, documentation,
and resources are available to perform tasks safely and
efficiently. Project execution spans a wide range of
installation and service activities carried out by trained
site staff working in demanding and often high-
risk environments. To accommodate varying project
requirements, specialised machinery and equipment
such as generators, cranes, telehandlers, forklifts, and
vehicles are leased or rented. This approach provides the
operational flexibility needed in an industry characterised
by short project durations, geographically dispersed
locations, and fluctuating customer demand. It also allows
for efficient allocation of such assets without the cost and
complexity of maintaining a large number of owned assets.
A strong emphasis is placed on safety, technical, and
compliance-related training to ensure all personnel
maintain the required competencies and certifications.
This includes mandatory safety training, OEM-specific
technical instruction, and periodic refresher courses to
ensure alignment with industry, regulatory, and customer
standards. These ongoing training efforts support safe
work practices, high-quality project execution, and
adherence to our operational and HSEQ requirements.
The support functions operate within a limited physical
footprint, relying on a small network of offices and
warehouses that serve as administrative hubs and provide
essential storage and maintenance facilities for tools and
equipment.
Together, these interconnected functions form an
integrated system that enables us to deliver consistent,
safe, and high-quality wind turbine installation and service
across all regions where we operate.
At this stage, our key stakeholders comprise our workforce
(both site and office staff), the local communities located
near our project sites, our customers, and the contractors
providing leased or rented specialised equipment. We also
recognise the environment as a key stakeholder due to the
impacts arising from our installation and service activities.
Downstream
Following the completion of project execution activities,
downstream activities primarily involve the formal
handover of the installed or serviced wind turbine assets
to customers. This includes submitting all required
documentation, verifying compliance with quality
standards, and confirming operational readiness before
mobilising our resources to the next customer project site.
Our downstream activities also include the end-of-life
management of tools and equipment. Worn-out hand
tools and safety equipment are disposed of, recycled, or
refurbished in accordance with applicable environmental
requirements. In practice, the amount of waste generated
is minimal, as these tools and items are durable, have long
service lives across multiple projects, and are typically
recycled rather than discarded. These items are usually
returned to the suppliers from whom they were originally
procured, who manage them in line with relevant local
legislation.
Key stakeholders at this stage include our customers,
waste-management service providers, which are
basically our suppliers, and the environment, given
the environmental implications associated with waste
handling and processing. Our shareholders are also
stakeholders, as they benefit from the value created
through the delivery of reliable, high-quality services.
Interest and views of the stakeholders
The value chain provides an overview of our key
stakeholders and how they interact with our business. We
engage with these stakeholders on an ongoing basis to
understand their expectations, identify emerging concerns,
and gather insights relevant to our operations. Their
perspectives help inform how we manage our activities,
address potential impacts, and prioritise actions in areas
that are most material to both our business and our
stakeholders. The table below outlines our key stakeholder
groups, the topics on which we engage them, the
methods of engagement, and how the outcomes of these
interactions inform our actions.
The BoD and the leadership team monitor stakeholder
concerns through regular reviews of business, financial,
and sustainability performance, as outlined in their
respective roles and responsibilities in the chapter
Governance of this report. More detailed information on
how we engage with stakeholders on specific material
sustainability matters is provided in the topical disclosures
later in the report. The insights gathered through these
engagement activities informed our DMA.
43Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Stakeholders Topics covered and engagement channels Outcomes from engagement
Workforce We engage with our workforce on issues that directly affect their day-to-day activities, including the availability of adequate resources to perform their work safely and
efficiently, working conditions, health and safety, well-being, and opportunities for career and skills development.
We also provide regular updates on business and financial performance to ensure the workforce remains informed about the company’s direction, priorities, and overall
progress.
Engagement channels include:
• Regular check-ins with line management, daily toolbox talks sessions at project sites, monthly business review meetings, and the annual employee engagement survey
• Global Tech Excellence Centre, a ticket-based platform, for site staff
• Regular town halls
• Informing workplace policies and practices
• Identifying training and skill development needs
• Strengthening HSEQ standards and overall performance
• Supporting talent retention and contributing to low turnover
• Workforce growth and resilience
Customers We engage with customers on a broad range of operational and technical-related topics to ensure safe, efficient, and high-quality project delivery. This includes alignment on
project planning and scheduling, clarification of installation and service scope, and coordination of technical and engineering requirements.
We work closely with customers on HSEQ expectations, including site-specific risks, incident reporting, and adherence to agreed quality and safety standards. Engagement
further covers performance reviews, contractual and commercial matters, and compliance with relevant regulatory or certification requirements.
In addition, we increasingly engage with customers on sustainability expectations such as carbon reporting needs, responsible business conduct, and labour and safety-related
standards.
Engagement channels include:
• Sales and tender process
• Project management review calls on a regular basis and on an ad hoc basis with our customer representative
• Annual questionnaires
• Participation in customer forums
• Customer satisfaction surveys
• Improved project execution through early identification of
operational challenges and clearer alignment on project planning
and resource needs
• Continuous improvement of operational procedures, technical
standards, and quality assurance practices
• Strengthened HSEQ performance driven by customer feedback on
safety, quality, and site-specific requirements
• Insights that inform future service offerings and drive operational
efficiency
Shareholders We provide shareholders with regular updates on business and financial performance, the company’s outlook, and our market positioning with-in the wind installation and
service sector. Engagement also covers key risks and risk management practices, alignment on strategic priorities, and developments in the regulatory landscape, particularly
those affecting compliance requirements.
Engagement channels include:
• Board meetings
• Quarterly and annual reporting on business performance covering financial and sustainability performance
• Alignment on strategic priorities
Communities around
project sites
We do not engage directly with communities located at or near the wind installation and service sites, as these project areas are under the strict control and management of
our customers. However, during project review discussions with customers, we address operational matters that may affect surrounding areas, such as noise levels, incidents,
and any unauthorised access to project sites.
Engagement channels include:
• Project review meetings with customers
• Interaction with site teams
• Desktop research on potential impacts
• Ensuring project activities align with customer expectations to
ensure no safety incidents or disruptions involving surrounding
communities
Environment We assess the environmental impacts of our operations to identify where our activities may affect air, water, soil, biodiversity, and resource use. These assessments help us
understand the significance of potential impacts and inform the mitigation measures we apply across our projects
Engagement channels include:
• Risk assessments of impacts in collaboration with our customers before commencing any project
• Continuous monitoring and review of our environmental impacts from our activities
• Desktop research
• No to minimal impacts of our operations on air, water, biodiversity,
and resource use
• Our long-term ambition to become net zero by 2050
44Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Material Impacts, Risks, and Opportunities (IROs)
By applying the DMA principle, supported by insights
from our updated value chain mapping and stakeholder
engagement activities, we identified the material impacts,
risks, and opportunities that influence our strategy and
business model. These findings form the basis for the
topical standards presented in the following sections of the
report.
The interaction between these material sustainability
matters and our strategy and business model is further
detailed in the relevant topical standards.
In 2025, we performed a detailed review of our DMA. This
review led to refinements and a reclassification of the
material impacts, risks, and opportunities identified in
the FY24 reporting, resulting in their alignment with the
same set of topics applied in the current reporting period.
Further details on these updates are provided in Annex 1.
Environment
ESRS Ref IRO Type Description Value chain Time horizon
E 1
Climate
Change
Positive
Impact
Actual Facilitating deployment, reliability, and long-term performance of renewable
energy assets
Own Operations Short, Medium,
and Long Term
Positive
Impact
Actual Supporting industry-wide capacity building for technical skills in wind energy Own Operations Short, Medium,
and Long Term
Opportunity Potential Strong and increasing demand for wind energy due to its established role in
decarbonising the power generation sector
Own Operations Medium and
Long Term
Negative
Impact
Actual GHG emissions from activities associated with the use of fossil fuel-powered
machinery and the mobilisation of resources
Own Operations Short, Medium,
and Long Term
Negative
Impact
Potential Embedded GHG emissions in machinery, tools, equipment, and workwear
that is used during the installation and service of wind turbines
Upstream Short, Medium,
and Long Term
Opportunity Potential Operational optimisation leading to cost savings Own Operations Short, Medium,
and Long Term
Risk Potential Extreme weather events pose operational and financial risk by limiting
accessibility to project sites, causing delays, and interrupting work
Own Operations Short, Medium,
and Long Term
Risk Potential Extreme weather events pose operational and financial risk through safety
risks to personnel and affect business continuity by damaging assets
Own Operations Short, Medium,
and Long Term
Opportunity Potential Increased demand for wind turbine services due to damage caused by
extreme weather events
Own Operations Short, Medium,
and Long Term
E5
Resource use
and Circular
Economy
Opportunity Potential Business opportunity arising from the growing market emphasis on
maximising the performance and longevity of current or existing wind
turbine assets
Own Operations Short, Medium,
and Long Term
Continued overleaf…
45Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Social
ESRS Ref IRO Type Description Value chain Time horizon
S1
Own Workforce
Negative Impact Actual Adverse impact on the physical health and safety of site staff due to the nature of work involved in wind turbine installation and service
activities
Own Operations Short, Medium, and Long
Term
Risk Potential Remediation costs for eventual health & safety incidents Own Operations Short, Medium, and Long
Term
Negative Impact Potential Adverse impact on the health of the site staff due to unconventional working conditions in wind installation and service projects Own Operations Short, Medium, and Long
Term
Negative Impact Potential Adverse impact on the mental health of the workforce due to a challenging work environment Own Operations Short, Medium, and Long
Term
Risk Potential Increased costs from sick leaves (or sick days) related to stress and mental health Own Operations Short, Medium, and Long
Term
Risk Potential Limited ability to attract and retain a technical and skilled workforce Own Operations Long Term
Negative Impact Potential Adverse impact on the workforce due to gender inequality resulting from failure to uphold DEI values Own Operations Short, Medium, and Long
Term
Risk Potential Workforce attrition due to a lack of development opportunities (including gender in an equal manner) Own Operations Short, Medium, and Long
Term
S3
Affected Communities
Negative Impact Potential Adverse impact on health from living close to wind farms Own Operations Short, Medium, and Long
Term
Risk Potential Advocacy and complaints from affected communities may impose a stop/limitation of operations Own Operations Short, Medium, and Long
Term
Governance
ESRS Ref IRO Type Description Value chain Time horizon
G 1
Business Conduct
Risk Potential Failing to adhere to ethical business practices can result in financial penalties and reputational damage Upstream, Own
Operations, Downstream
Short, Medium, and Long
Term
46Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
We applied the DMA principle to identify our material
sustainability matters. Under this approach, each
sustainability matter is assessed from two perspectives:
• Impact materiality (impacts): the actual or potential
impacts our activities may have on people or the
environment, and
• Financial materiality (risks and opportunities):
the actual or potential financial effects that
sustainability-related factors may have on our business.
In 2025, we conducted a detailed review of our DMA, which
had initially been performed in 2024 with support from an
external consultant. As our internal competencies matured,
this reassessment enabled us to refine and validate our
understanding of material impacts, risks, and opportunities
(IROs) across the value chain, ensuring their continued
alignment with our business context.
The review began with a comprehensive remapping
of our value chain to update our understanding of the
dependencies and business relationships associated
with our activities. This was followed by targeted
desktop research on industry sector, peers, and relevant
sustainability standards, including the topic areas
referenced in Application Requirement 16 of ESRS 1, as well
as stakeholder consultations. Drawing on these inputs,
we reassessed all previously identified IROs. This process
involved redefining several IROs to enhance their relevance
and identifying additional IROs that better reflect the
current nature of our business activities. These refinements
ensure that the updated set of IROs is more closely aligned
with our business activities, including the dynamics of our
value chain.
We then refined the prioritisation approach used to assess
the IROs by aligning the scoring methodology with our
enterprise risk management framework. This alignment
did not change the scale applied for impact assessments.
However, the scoring methodology for evaluating risks and
opportunities was updated to incorporate a stricter scaling
matrix and thresholds consistent with our enterprise
risk management practices, ensuring a more robust and
comparable assessment across all IRO categories. In
addition, the time horizons were updated to reflect those
defined in our enterprise risk management framework,
which are also consistent with the ESRS requirements.
Impact materiality
Impacts were assessed based on their severity and the
likelihood of their occurrence. A 5×5 scaling matrix was
applied to score severity (scale, scope, and remendability)
and likelihood, with greater weight assigned to severity
than to likelihood.
Impact materiality = Severity
1.2
× Likelihood
All categories of impacts, potential and actual, positive and
negative, connected to our business activities, including
dependencies and business relations across the value
chain, were evaluated. In line with the ESRS guidance
and good practice for human rights due diligence, our
assessment prioritised severity over likelihood for human
rights–related impacts, irrespective of their likelihood of
occurrence.
Financial materiality
Risks and opportunities were assessed based on the
magnitude of their financial effects (on revenue and
operational costs) and the likelihood of their occurrence.
A 3×5 scaling matrix was applied to score financial
magnitude and likelihood, respectively, with greater weight
assigned to magnitude than to likelihood.
Financial materiality = Financial magnitude
1.2
× Likelihood
Risks and opportunities identified originated from
the impacts assessed, with some additionally arising
independently from our business activities, including
dependencies and business relationships across the value
chain. All relevant risks and opportunities were evaluated
using this approach to ensure consistency across the
assessment.
Double Materiality Assessment (DMA)
47Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
IRO evaluation
To assess the materiality of the IROs, we applied a similar
mixed-methods approach as in the previous reporting
cycle, combining quantitative scoring with qualitative
evaluation to determine whether an IRO is material from
an impact perspective, a financial perspective, or both.
First, each IRO was scored (as described above) to
classify it into one of three categories: “Case for Material,”
“Potential Material,” or “Low or No Case for Material.”
These classifications were determined using thresholds
aligned with our enterprise risk management framework.
The initial scoring drew on insights from the previous
DMA results, together with the outcomes of the desktop
research and the stakeholder consultations conducted in
2025. Following this quantitative prioritisation, we carried
out a qualitative assessment to validate the materiality
of each IRO. This assessment was informed by direct
interviews with functional departments, consideration
of company’s risk register, and perspectives of affected
stakeholders captured through data sources such as
HSEQ performance reports, the employee engagement
survey, customer survey feedback. Together, these inputs
enabled us to confirm whether a IRO should be considered
material.
Finally, the material IROs were consolidated into
overarching sustainability topics. This ensured that related
IROs were organised into coherent thematic areas that
reflect their influence on our business model and strategy.
Outcome
The DMA review confirmed that the same sustainability
topics as last year remain material for the current reporting
period, namely E1 Climate Change, E5 Resource Use
and Circular Economy, S1 Own Workforce, S3 Affected
Communities, and G1 Business Conduct. While these topics
remain unchanged, several underlying IROs were refined
or adjusted based on the updated assessment.
Validation and approval process
The DMA review was led by our internal global ESG team,
which coordinated with relevant departments to gather
the necessary information. In line with our internal control
procedures for sustainability reporting, the DMA review
process was overseen by the Global HSEQ Director and
the CFO. The CFO subsequently provided updates on the
process and secured approval from the CEO as well as the
BoD on the outcomes of the DMA.
The figure below provides a visual representation of our material and not material topics.
Financial materiability
MaterialNot material
MaterialNot material
Impact materiability
G1 Business Conduct
E5 Resource Use
and Circular Economy
E1 Climate Change
S1 Own Workforce
S3 Affected Communities
E2 Pollution
E3 Water and
Marine Resources
E4 Biodiversity
S2 Workers in
Value Chain
S4 Consumers and
End Users
48Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
The following tables present our material and non-material ESRS topics. Apart from the requirements arising from our sustainability-linked bond (SLB) and the CSRD, we are not obligated
to prepare sustainability statements under any other sustainability reporting framework.
Index of Disclosure Requirements
ESRS 2 General Disclosures
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Basis of
Preparation
BP 1 Material Basis of Preparation
BP 2
Governance GOV 1 Material Governance
GOV 2
GOV 3
GOV 4
GOV 5
Strategy SBM 1 Material Strategy 40 (b)/ (c) Not reported as we use phase-in ESRS 1 Appendix C
40 (d) Not applicable to FairWind as there are no activities in the fossil fuel sector, chemicals production, weapons, and cultivation and production of tobacco
SBM 2
SBM 3 Disclosed within topical standards
Impact, Risk,
and
Opportunity
(IRO)
IRO 1 Material Double Materiality Assessment
IRO 2 Index of Disclosures Requirements
Minimum
Disclosure
Requirement
(MDR) policy,
action, &
target
MDR P Material Disclosed within topical standards
MDR A
MDR T
MDR M
49Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
ESRS E1 Climate Change
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Governance ESRS 2 GOV 3 Material E1 Climate Change
Strategy ESRS 2 SBM 3 Material E1 Climate Change
E1 1
Impact, Risk,
and
Opportunity
Management
ESRS 2 IRO 1 Material E1 Climate Change
Double Materiality Assessment
E1 2
MDR P
E1 Climate Change
E1 3
MDR A
E1 Climate Change
Metrics and
Targets
E1 4
MDR T
Material E1 Climate Change
E1 5
E1 6
E1 7 Not Material We do not have GHG removals and storage
E1 8 We do not have internal carbon pricing
E1 9 Material Not reported as we use phase-in ESRS 1 Appendix C.
ESRS E2 Pollution
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Impact, Risk,
and
Opportunity
Management
ESRS 2 IRO 1 Material Strategy
Double Materiality Assessment
We assessed both our core wind installation and service activities, as well as the supporting activities carried out at our administrative facilities across our
global operations. This assessment included benchmarking against the pollutants listed in Annex II of Regulation (EC) No 166/2006. Based on this review, we
concluded that the topic of pollution is not material for FairWind. Stakeholder engagement on the topic with affected stakeholders is described in the section
Interest and views of stakeholders in the chapter Strategy.
E2 1
MDR P
Not Material
E2 2
MDR A
Metrics and
Targets
E2 3
MDR T
Not Material
E2 4
E2 5
E2 6
50Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
ESRS E3 Water and Marine Resources
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Impact, Risk,
and
Opportunity
Management
ESRS 2 IRO 1 Material Strategy
Double Materiality Assessment
We assessed both our core wind installation and service activities, as well as the supporting activities carried out at our administrative facilities across our global
operations. In our wind installation and service activities, water is used primarily for cleaning purposes. However, all water required at project sites is supplied
directly by our customers. In our administrative facilities, which include small offices and warehouses, water is used only for drinking and sanitary purposes.
Based on this review, we concluded that the topic of water and marine resources is not material for FairWind. Stakeholder engagement on the topic with
affected stakeholders is described in the section Interest and views of stakeholders in the chapter Strategy.
E3 1
MDR P
Not Material
E3 2
MDR A
Metrics and
Targets
E3 3
MDR T
Not Material
E3 4
E3 5
ESRS E4 Biodiversity and Ecosystems
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Strategy E4 1 Not Material
ESRS 2 SBM 3
Impact, Risk,
and
Opportunity
Management
ESRS 2 IRO 1 Material Strategy
Double Materiality Assessment
We assessed both our core wind installation and service activities, as well as the supporting activities carried out at our administrative facilities across our
global operations. Typically, wind installation and service sites undergo rigorous environmental due diligence and permitting, which are the responsibility of
the wind farm owner. Once these clearances are secured, OEMs are contracted to deliver the project. OEMs then subsequently engage FairWind to perform the
installation and service work. Our activities do not have adverse biodiversity impacts, as they are conducted in controlled and restricted work zone under the
supervision of our customers. In our administrative facilities, which include small offices and warehouses used for storing tools and equipment, we conducted
an assessment to identify proximity to biodiversity-sensitive areas. Five facilities were located within three kilometres of such areas; however, the nature of
our activities in these locations does not pose any adverse biodiversity impacts. This assessment was performed using IBAT filters for Natura 2000 sites, Key
Biodiversity Areas (KBAs), and National Protected Areas. Based on this review, we concluded that the topic of biodiversity is not material for FairWind.
Stakeholder engagement on the topic with affected stakeholders is described in the section Interest and views of stakeholders in the chapter Strategy.
E4 2
MDR P
Not Material
E4 3
MDR A
Metrics and
Targets
E4 4
MDR T
Not Material
E4 5
E4 6
51Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
ESRS E5 Resource Use and Circular Economy
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Impact, Risk,
and
Opportunity
Management
ESRS 2 IRO 1 Material Double Materiality Assessment
E5 Resource Use and Circular
Economy
E5 1
MDR P
E5 Resource Use and Circular
Economy
Disclosure included in accordance with a material opportunity identified for the topic.
E5 2
MDR A
Metrics and
Targets
E5 3
MDR T
Material E5 Resource Use and Circular
Economy
Disclosure included in accordance with a material opportunity identified for the topic.
E5 4 Not Material
E5 5
E5 6
52Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
ESRS S1 Own Workforce
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Strategy ESRS 2 SBM 3 Material
Impact, Risk,
and
Opportunity
Management
S1 1 Material Health and Safety
Work Conditions
Diversity, Equity, and Inclusion
S1 2
S1 3
S1 4
Metrics and
Targets
S1 5 Material
S1 6 Work Conditions
S1 7
S1 8 Not Material
S1 9 Material Diversity, Equity, and Inclusion
S1 10 Not Material
S1 11
S1 12
S1 13 Material Not reported as we use phase-in ESRS 1 Appendix C.
S1 14 Health and Safety
S1 15 Not Material
S1 16 Material Diversity, Equity, and Inclusion
S1 17 Work Conditions
53Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
ESRS S2 Workers in Value Chain
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Strategy ESRS 2 SBM 3 Material Strategy
Double Materiality Assessment
Work Conditions (Human Rights)
We assessed both our core wind installation and service activities, as well as the supporting activities carried out at our administrative facilities across our
global operations. We procure a limited range of goods and services, and our operations therefore face minimal supply-chain-related risks. Based on this review,
we concluded that the topic of workers in the value chain is not material for FairWind. Stakeholder engagement on the topic with affected stakeholders is
described in the section Interest and views of stakeholders in the chapter Strategy.
Impact, Risk,
and
Opportunity
Management
S2 1 Not Material
S2 2
S2 3
S2 4
Metrics and
Targets
S2 5 Not Material
ESRS S3 Affected Communities
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Strategy ESRS 2 SBM 3 Material S3 Affected Communities Disclosure included in accordance with the material impact and risk identified for the topic.
Impact, Risk,
and
Opportunity
Management
S3 1 Material S3 Affected Communities Disclosure included in accordance with the material impact and risk identified for the topic.
S3 2
S3 3
S3 4
Metrics and
Targets
S3 5 Material S3 Affected Communities Disclosure included in accordance with the material impact and risk identified for the topic.
54Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
ESRS S4 Consumers and End Users
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Strategy ESRS 2 SBM 3 Material Strategy
Double Materiality Assessment
Given the service-based nature of our business model, we concluded that the topic of consumers and end users is not material for FairWind.
Stakeholder engagement on the topic with affected stakeholders is described in the section Interest and views of stakeholders in the chapter Strategy.
Impact, Risk,
and
Opportunity
Management
S4 1 Not Material
S4 2
S4 3
S4 4
Metrics and
Targets
S4 5 Not Material
ESRS G1 Business Conduct
Topic Disclosure Material SLB
Reference in sustainability
statements Remark
Strategy ESRS 2 GOV 1 Material Governance
Business Conduct
Impact, Risk,
and
Opportunity
Management
ESRS 2 IRO 1 Material Strategy
Double Materiality Assessment
Business Conduct
G1 1 Business Conduct
G1 2 Not Material
G1 3 Material Business Conduct
Metrics and
Targets
G1 4 Business Conduct
G1 5 Not Material
G1 6
55Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Environment
Environment section includes information on sustainability matters on environmental aspects in accordance with
the material topical standards E1 Climate Change and E5 Resource Use and Circular Economy.
56Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Interaction of IROs with our strategy and
business model
Climate change mitigation
Given that our business model centres on installing and
servicing wind turbines, it directly enables the expansion
of clean energy and delivers measurable impact across
the global power generation sector. By ensuring that
renewable energy assets are deployed efficiently and
maintained to the highest performance and safety
standards, we help maximise clean electricity generation,
reduce greenhouse gas emissions, and accelerate the
global shift towards a low-carbon economy.
Beyond our operational contribution, our training facility
centre European Wind Academy amplifies our impact by
strengthening the talent pipeline across the wind industry.
Through specialised technical training in installation and
servicing, the academy equips technicians, including those
from our peer companies, with the capabilities needed
to operate safely, professionally, and in alignment with
industry demands. This industry-wide skill development
supports workforce resilience, improves safety
performance, and enhances the reliability of wind energy
infrastructure.
GHG emissions
Although we support the broader deployment of
renewable energy assets, we acknowledge that our
activities also contribute to adverse climate change
impacts through the GHG emissions generated during
wind turbine installation and servicing activities. These
emissions arise from the use of fossil fuel-powered
machinery such as cranes, generators, telehandlers,
and forklifts at project sites, as well as from energy
consumption during the mobilisation of resources
(machinery and workforce) to the project sites. We
also recognise that additional upstream emissions are
embedded in the production and transportation of the
machinery, tools, equipment, and workwear that we lease
or procure from suppliers and subcontractors.
Reducing these GHG emissions through operational
optimisation, for example, improving machinery efficiency
and hiring a local workforce to limit travel, presents not
only a cost-saving opportunity but also a competitive
advantage, as an increasing number of our customers
expect low-carbon, resource-efficient project execution.
E1 Climate Change
Our positive impacts and opportunity related to advancing the climate change mitigation efforts
IRO Type Description Value chain
Time
horizon
Positive
Impact
Actual Facilitating deployment,
reliability, and long-term
performance of renewable
energy assets
Own
Operations
Short,
Medium,
and Long
Term
Positive
Impact
Actual Supporting industry-wide
capacity building for
technical skills in wind
energy
Own
Operations
Short,
Medium,
and Long
Term
Opportunity Potential Strong and increasing
demand for wind energy
due to its established role
in decarbonising the power
generation sector
Own
Operations
Medium and
Long Term
57Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Climate change adaptation
Furthermore, our wind installation and service activities
are highly dependent on clear, stable weather at wind
project sites. As climate change increases the frequency
and severity of extreme weather events, we face potential
operational and financial risks when adverse conditions
restrict site accessibility, delay project timelines, or
interrupt planned work. Extreme weather events also pose
safety risks to our personnel (site staff) stationed at project
sites during field execution and affect business continuity
due to the potential damage to our assets.
At the same time, climate change-driven weather
disruptions can also generate business opportunities
for us. Severe weather accelerates wear, damage, or
component failures in wind turbine assets, increasing
demand for maintenance, repair, and restoration activities.
These conditions may therefore expand the need for
specialised technical services, positioning us to support
customers with corrective interventions and rapid response
capabilities.
Climate change resilience
We continuously monitor the resilience of our strategy
to manage and address the identified IROs from climate
change.
Resilience of our strategy to sustain the positive impacts
and mitigate the negative impacts associated with
climate change
Given that the wind industry is a proven pathway for
decarbonising the power sector, our business model
remains firmly centred on expanding our presence within
this industry. We pursue this ambition through a regional
operating model led by experienced Regional Directors
who continuously adapt our growth plans in line with
evolving market trends and emerging opportunities in
their respective regions.
At the same time, we are advancing our efforts to
reduce our GHG emissions. In January 2025, we formally
committed to the Science Based Targets initiative
(SBTi) to set carbon reduction targets aligned with
Paris Agreement. To support this commitment, we first
invested in building internal expertise in GHG accounting,
enabling us to strengthen the accuracy of our emissions
calculations. Looking ahead, in 2026, we plan to develop
SBTi- aligned carbon reduction targets and establish clear
decarbonisation pathways that will guide the actions
required to meet our long-term net zero goal.
To accelerate our growth within the wind sector, we have
issued a sustainability-linked bond whose performance
indicators are directly tied to achieving reductions in
GHG emissions across our value chain. More details on
the sustainability-linked bond are provided in the chapter
General Information Strategy of this report.
Our negative impact and opportunity from GHG emissions
IRO Type Description Value chain
Time
horizon
Negative
Impact
Actual GHG emissions from
activities associated
with the use of fossil
fuel-powered machinery
and the mobilisation of
resources
Own
Operations
Short,
Medium,
and Long
Term
Negative
Impact
Potential Embedded GHG emissions
in machinery, tools,
equipment, and workwear
that is used during the
installation and service of
wind turbines
Upstream Short,
Medium,
and Long
Term
Opportunity Potential Operational optimisation
leading to cost savings
Own
Operations
Short,
Medium,
and Long
Term
Our risks and opportunities associated with extreme weather events due to climate change
IRO Type Description Value chain
Time
horizon
Risk Potential Extreme weather events
pose operational and
financial risk by limiting
accessibility to project
sites, causing delays, and
interrupting work
Own
Operations
Short,
Medium,
and Long
Term
Risk Potential Extreme weather events
pose operational and
financial risk through safety
risks to site staff and affect
business continuity by
damaging assets
Own
Operations
Short,
Medium,
and Long
Term
Opportunity Potential Increased demand for wind
turbine services due to
damage caused by extreme
weather events
Own
Operations
Short,
Medium,
and Long
Term
58Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Resilience of our strategy to mitigate risks associated
with climate change
Our resilience assessment focused primarily on our own
operations, as our exposure to climate-related risks in the
upstream and downstream value chain remains limited.
Upstream, our procurement activities are restricted to
a narrow range of goods and services, which together
represent only a small portion of our total operational
inputs. These items are readily available from multiple
suppliers, do not require specialised components, and
have short replacement lead times. As a result, supply
chain disruptions, including those potentially driven
by climate-related events, have a negligible impact on
our operational continuity or financial performance.
Downstream, our exposure is similarly limited, as our
operations conclude once installation and service activities
are completed, and we do not retain operational control of
wind assets over their operational lifetime.
Our resilience approach considered both climate-related
physical and transition risks.
Climate-related physical risks
To assess the resilience of our strategy to climate-related
physical risks, we focused on our service-based business
model, under which primary revenue is generated through
the installation and servicing of wind turbines at customers’
project sites. Selected projects, chosen based on regional
coverage and revenue contribution, were reviewed to
consider exposure to acute and chronic physical climate
hazards and to evaluate existing mitigation measures.
These projects are considered representative of the projects
undertaken during the current reporting year, as project
management procedures and HSEQ standards are applied
consistently across all projects and regions.
The climate risk assessment was conducted in accordance
with the ISO 14091 standard. As a first step, an initial
screening of climate-related hazards, as outlined in
Appendix A of the EU taxonomy regulation, was performed.
This was followed by a consultation workshop with project
and installation managers to identify key operational
dependencies, such as site teams, machinery, site facilities,
and any other potential risks associated with project
activities for each project. Based on insights from the initial
screening and consultation process, climate projections
were developed using the latest available regional, national,
and global climate models such as CMIP6, EURO-CORDEX
(EUR-11), the DMI Klimaatlas, etc., applicable to the
respective project locations. Two future emission scenarios,
Representative Concentration Pathway (RCP)2.6 and
RCP8.5, were applied to represent both an optimistic and
a pessimistic (“worst-case”) pathway, ensuring coverage
of the full spectrum of potential climate risks. Despite our
presence at wind project sites typically spanning a shorter
duration, typically of 1–2 years, the assessment nevertheless
considered projected climate conditions over at least the
30-year (2011-2040) period.
Based on the climate risk assessments conducted, extreme
weather events, as listed in table opposite, were identified
as the primary climate-related risks affecting our activities.
These risks manifest principally in two areas:
• delays in project execution, and
• health and safety risks to site staff.
Climate-related physical risks
Type Temperature Wind Water-related
Chronic • Changing
temperature (air)
• Heat stress
• Temperature
variability
• Changing wind
patterns
• Changing
precipitation patterns
and types (rain, hail,
snow/ice)
• Precipitation or
hydrological variability
Acute • Heat wave
• Cold wave/frost
• Wildfire
• Cyclones,
hurricanes,
typhoons
• Storms (including
blizzards, dust, and
sandstorms)
• Tornado
• Drought
• Heavy precipitation
(rain, hail, snow/ice)
• Flood
Climate-related transition risks
Policy and legal risk Volatility in fossil fuel prices due to policy interventions such as taxes and levies
59Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Delays in project execution: Extreme weather events
lead to disruptions in project activities, potentially
resulting in schedule delays and increased operational
costs. To mitigate this risk, potential delays arising from
unforeseen weather conditions are explicitly addressed
within contractual agreements with customers, providing
a structured mechanism for managing schedule impacts
and associated cost risks.
Health and safety risks to site staff: Extreme weather
conditions pose occupational health and safety hazards
to site staff engaged in project execution. This risk is
mitigated through our ISO 45001-certified occupational
health and safety management system, which comprises
several key measures. Firstly, site staff are equipped with
appropriate resources, such as training to safely perform
their tasks under varying site conditions. Secondly, they are
empowered to immediately stop work if unsafe conditions
are identified during project execution. Finally, project
planning considerations and potential risks, including
weather-related hazards, are systematically discussed
during daily toolbox talks at project sites to ensure
continuous risk awareness and proactive mitigation. More
details on our health and safety approach are provided in
chapter S1 Own Workforce Health and Safety.
Other physical assets, such as machinery and site facilities
(e.g., temporary offices and warehouses) at project sites,
are either provided by the customers, rented, or owned by
us. When we own these assets, they are adequately insured
against climate-related physical risks. Moreover, these
assets are not capital-intensive and therefore pose no
significant risk to our financial performance. Consequently,
they pose no material risk to financial position, financial
performance, or cash flows over short, medium, or long-
term horizons.
We also acknowledge that physical climate risks may
affect our limited footprint of offices and warehouses,
where only administrative activities are carried out to
support day-to-day operations, and may therefore have
implications for business continuity. During the reporting
period, a qualitative and quantitative assessment was
performed as part of the DMA to conclude the potential
risks as material across short, medium, and long-term time
horizons. To mitigate potential risks, we have established
crisis management procedures designed to support
operational resilience and ensure business continuity in
the event of disruption.
Climate-related transition risks
As we are in the wind industry, one of the proven and
policy-supported pathways for decarbonising the power
sector, our exposure to policy, legal, and technological
transition risks is considered limited. Furthermore,
governments in the core markets in which we operate
are actively reducing regulatory barriers to support the
development of the wind industry. In the European Union,
for example, the Renewable Energy Directive (RED)
III introduces measures to streamline and accelerate
permitting and approval procedures for wind energy
projects, thereby supporting continued sector growth and
mitigating transition-related risks. Our regional operating
model further enables us to adapt our strategy efficiently
in response to evolving market conditions and emerging
opportunities.
The transition risk with the potential impact on our
operating costs relates to volatility in fossil fuel prices,
which affects the cost of running machinery and
mobilising resources (machinery, equipment, and
workforce). This risk is primarily driven by policy-related
factors such as taxes and levies imposed on fossil fuels.
However, in our DMA, this risk was assessed as not material
to our financial performance across short, medium, and
long-term time horizons. This conclusion is based on the
nature of our contractual arrangements governing project
execution, as well as our ability to transition to techno
commercially viable low-emission alternatives, supported
by the asset-light and service-oriented nature of our
business model.
In light of the above considerations, we did not conduct
a scenario analysis for transition risks in accordance with
the ESRS requirements. We remain committed to ongoing
monitoring of transition-related developments and will
update our risk assessment approach as necessary in the
future.
Resilience of our strategy to take advantage of
opportunities associated with climate change
Operating in the wind industry, climate change-related
transition developments such as the accelerated
deployment of renewable energy assets driven by
decarbonisation policies and increasing investor and
customer demand are expected to create significant
growth opportunities for us. Moreover, as mentioned
earlier, extreme weather events increase demand for
service activities by accelerating wear and tear of wind
turbine assets, thereby necessitating maintenance,
refurbishment, and repair activities over the operational
lifetime of such assets. These climate transition-related
60Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
developments were assessed as potentially material
across short, medium, and long-term time horizons
within the DMA, given their potential to positively impact
our financial performance through revenue growth
across short, medium, and long-term time horizons.
Our operating model, which is regionally organised and
supported by regional leadership, allows us to respond
to these developments by maintaining, strengthening,
and selectively expanding our service portfolio in line
with observed market developments and customer
requirements across different regions.
Additionally, our operational optimisation strategy, such
as increasing reliance on local workforce capacity and
pursuing net zero ambition, contributes to both the
reduction of GHG emissions and improved cost efficiency.
In particular, these measures reduce travel requirements
and fuel use during project execution, leading to lower
operational costs. Furthermore, in the context of the
global transition towards mitigating the adverse impacts
of climate change, our customers are increasingly
incorporating emissions-related considerations into their
procurement and supplier selection processes, resulting
in growing demand for service providers with lower
emissions intensity. Accordingly, operational optimisation
was assessed as potentially material within the DMA, given
its potential to reduce operational costs and positively
influence financial performance across short, medium, and
long-term time horizons by supporting competitiveness
and revenue generation.
With evident opportunities associated with climate
change, we did not conduct a scenario analysis
for opportunities from climate-related transition
developments, in accordance with the ESRS requirements.
We remain committed to ongoing monitoring of transition-
related developments and will update our opportunity
assessment approach as necessary in the future.
The leadership team conducts monthly business and
financial performance reviews to ensure that strategic
priorities are being effectively implemented. These reviews
help confirm that the impacts, risks, and opportunities
arising from climate change are appropriately managed
and that regional plans remain aligned with our overall
growth trajectory.
Financial effects of risks and opportunities from
climate change
The risks and opportunities associated with climate change
pose no significant risk of material adjustment within the
next annual reporting period to carrying amounts of assets
and liabilities reported in the financial statements.
We plan to grow and maintain 100% of revenue coming
from the wind industry across short, medium, and long-
term time horizons, enabled by revenue growth from
current service offerings, capturing new opportunities, and
pursuing strategic M&A activities. In 2025, we successfully
issued a sustainability-linked bond to support and
accelerate our growth within the wind sector. More details
on the sustainability-linked bond are provided in the
chapter General Information Strategy of this report.
Opportunities from climate-related transition developments
Clean energy source
adoption
Accelerated deployment of renewable energy assets driven by decarbonisation
policies and increasing investor and customer demand
Climate resilient
infrastructure
Increased demand for service (maintenance, refurbishment, and repair) activities of
wind turbine assets due to damage from frequent extreme weather events
Lower emissions
intensity operations
Improved operational efficiency and increased customer demand through the
transition to lower emissions intensity activities enabled by operational optimisation
61Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Climate change-related considerations in
performance incentives
Climate change-related considerations are not part of
the remuneration of the governance body (BoD and the
leadership team).
Transition plan for climate change mitigation
We have not developed a formal climate transition plan.
However, we are formally committed to the Science Based
Targets initiative (SBTi) and have a net zero ambition
by 2050. In 2025, we strengthened our internal GHG
accounting capabilities to improve the emission inventory
and explore potential decarbonisation pathways within our
operations. Further details are provided in the actions and
resources section of this chapter.
Looking ahead, in 2026, we plan to develop a formal
climate change mitigation transition plan aligned with
SBTi standards. This will include specific carbon reduction
targets, and decarbonisation pathways to support the
achievement of our long-term net zero goal by 2050.
Policies
In 2025, we established the ESG policy to emphasise our
objective to prioritise environmental stewardship, social
responsibility, and good governance through our strategy
and operations to positively impact people and the planet.
With regards to climate change mitigation, the policy
outlines our commitment to contributing to the global
transition towards green energy through our business
activities. It emphasises the integration of key principles
into our business activities to support climate change
mitigation and to further reduce our overall environmental
impact, including GHG emissions. These principles include:
• No harm to people, communities, and the environment
• Net zero by 2050 through science-based climate action
measures
• Measuring and managing GHG emissions
• Engaging with our stakeholders on sustainable and
responsible economic activities
On climate change adaptation, our HSEQ policy empowers
people to intervene in unsafe conditions. The policy further
ensures accountability for implementing preventive and
corrective measures to ensure an incident free workplace.
More details on the HSEQ policy are available in chapter S1
Own Workforce Health and Safety of this report.
All policies apply to everyone representing FairWind. The
policies are formally approved and signed by our CEO,
who is the senior-most accountable authority, while the
Global HSEQ Director, in collaboration with all internal
departments, ensures their effective implementation
across all our global operations. Implementation and
monitoring of the policies is ensured through our actions
and reviews of business and financial performance at the
leadership team and BoD level.
Policies are reviewed regularly, informed by business and
financial performance, and incorporate feedback from
internal departments. They are made available through
diverse channels via the company intranet, regular training
sessions, and onboarding.
Actions and resources
Our ongoing actions, covering global operations and
focused on managing and addressing IROs associated with
climate change, include:
Advancing positive impacts and opportunities
associated with climate change
During 2025, we maintained strong business growth in
both our business segments. This growth demonstrates
the increasing demand in the wind industry and reinforces
our role in enabling the deployment and maximising
the performance of renewable energy assets across our
operating regions. More information on our business
performance is available in the Management Review
section of this report.
Our European Wind Academy continued to deliver a broad
portfolio of certified industry-specific training courses
for technicians, including Global Wind Organisation
(GWO) modules, Industrial Rope Access Trade Association
(IRATA) training, Confined Space certification, and other
specialised programmes. These courses support the
development of a skilled and competent workforce
for the wind industry. In 2025, approximately 70% of
the academy’s training revenue was generated from
technicians employed by industry peer companies. This
reflects the academy’s role as a recognised training
provider within the wider industry.
Managing risk associated to GHG emissions
We developed internal capabilities through our global ESG
team to establish a structured procedure for preparing our
GHG inventory. This structured approach further enhanced
our understanding of the key activities that contribute to
our overall GHG emissions and supported the identification
of potential pathways to reduce emissions across our
operations. These include:
• Operational efficiency measures, such as reducing fuel
consumption in machinery and improving resource
planning to limit travel
• Increasing reliance on locally sourced workforce to
minimise travel requirements and the associated
emissions
• Exploring alternative fuels to replace fossil fuels for
machinery operation and for the mobilisation of
machinery and technicians
• Sourcing energy-efficient machinery and vehicles for
project activities
• Engaging with suppliers for low-emission alternatives,
such as low-emission transportation options or
sustainably procured work-wear
• Renewable energy adoption in our offices and
warehouses
In 2025, we prioritised improving the accuracy of our GHG
accounting. As a result, we were unable to implement the
actions set out in the prior year, including the development
of SBTi-aligned emissions reduction targets, a transition/
action plan, and an assessment of the financial resources
required to implement SBTi.
62Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Addressing risk associated with climate change
Our main risk from climate change is safety risks to our site
staff from extreme weather events at the wind installations
and service sites. Our ISO 45001-certified occupational
health and safety management approach helps to address
this risk. More detailed information on our actions on
health and safety management practices is available in
chapter S1 Own Workforce Health and Safety of this report.
Targets and metrics
On GHG emissions, we do not have a SBTi aligned targets.
Our sustainability-linked bond (SLB) is tied to the carbon
reduction performance KPIs:
• 8% reduction in Scope 1 and 2 by 2029
• 12% reduction in Scope 3 by 2029
2024 was the first year we quantified our carbon emissions,
and it has therefore been established as the baseline
for the bond. The reduction targets were set using a
conservative approach, reflecting the maturity of data and
the identification of material emission sources in 2024.
These reduction targets are not Paris-aligned. Performance
against the targets is described in the chapter General
Information Strategy in this report.
However, the 2024 baseline emissions values established
in the SLB framework differs from the emissions values
reported in this report, following verification by our
assurance provider in prior reporting year. Due to changes
made in the GHG accounting in prior year and subsequent
improvements in 2025, we plan to undertake rebasing
exercise in line with the bond framework.
Progress on metrics
Energy consumption and mix
The total energy consumption and energy mix are shown
in the table opposite. We have also improved our data
quality this year, enabling more accurate measurement of
energy consumption across each energy source.
A significant proportion of our energy consumption
arises from fuel used in company-leased and rented
vehicles operated by our workforce, particularly by site
teams travelling to customer project locations, as well
as from fuel used in machinery and equipment such as
cranes, generators, telehandlers, and forklifts required for
installation and service activities. This includes both fossil
fuels and renewable fuel components.
Only a limited portion of our energy consumption is
associated with our offices and warehouses, which have
a relatively small operational footprint. These facilities
primarily rely on electricity, with natural gas used for
heating in some facilities. Energy mix information is
sourced from utility providers or building owners, or
otherwise from publicly available national grid data,
enabling us to assess the share of renewable (including
nuclear) and non-renewable energy.
Overall, our total energy consumption increased by 70%
to 52,409MWh in 2025, up from 30,815MWh in 2024. This
increase is primarily the result of improvements in our data
quality, as we shifted to using more granular activity-level
data obtained directly from suppliers and utility providers.
As a result of this enhanced data accuracy, reported fossil
fuel-based energy consumption rose by 57% to 48,180MWh,
while energy from renewable sources increased by 2,266%
to 4,212MWh in 2025 compared to 2024.
SR No
Energy
consumption and
mix Units 2025 % of total 2024
% change
(2025/
2024)
1 Total energy
consumption from
fossil fuel (1.1 + 1.2 +
1.3 + 1.4 + 1.5)
MWh 48,180 92% 30,637* 57%
1.1 Fuel consumption
from coal and coal
products
MWh - -
1.2 Fuel consumption
from crude oil and
petroleum
MWh 47,567 29,726* 60%
1.3 Fuel consumption
from natural gas
MWh 362 40* 804%
1.4 Fuel consumption
from other fossil
fuels
MWh - -
1.5 Consumption
of purchased or
acquired electricity,
heat, steam, and
cooling from fossil
sources
MWh 252 871* -71%
2 Total energy
consumption from
nuclear sources
MWh 17 0% 0 -
3 Total energy
consumption from
renewable sources
(3.1 + 3.2 + 3.3)
MWh 4,212 8% 178* 2,266%
3.1 Fuel consumption
for renewable
sources
MWh 4,072 160* 2,445%
3.2 Consumption
of purchased or
acquired electricity,
heat, steam, and
cooling from
renewable sources
MWh 138 18* 667%
3.3 Consumption of
self-generated
non-fuel renewable
energy
MWh 2 - -
4 Total energy
consumption (1 +
2 + 3)
MWh 52,409 30,815* 70%
*2024 energy consumption figures have not been restated due to data availability constraints limiting the
retrospective application of the improved methodology implemented in 2025.
63Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
The share of renewable energy in total energy
consumption increased to 8% in 2025, up from 1% in 2024.
The rise in renewable energy consumption reflects better
visibility of the renewable content embedded in the fuel
mix and electricity supply across the countries where we
operate, rather than a substantive change in operational
behaviour and project hours executed. As a result of data
quality improvements in 2025, year-on-year progress on
energy consumption cannot be directly compared.
Also, one of our smaller offices is equipped with onsite solar
installations that meet its full energy needs. Any excess
electricity generated is exported to the grid. This office
operates under a net-metering arrangement with its utility
provider, allowing electricity generation and consumption
to be balanced when determining electricity costs. The
table top right presents the renewable energy generated
onsite.
As our activities fall under NACE code 33.20 Installation of
industrial machinery and equipment, which is classified as
a high climate impact sector under the ESRS framework,
we therefore treat all our activities as belonging to this high
climate impact sector classification. Our energy intensity,
calculated as total energy consumption in MWh per
revenue generated, is presented in the table bottom right.
SR No Onsite renewable installations Units 2025
1 Generation MWh 3
2 Consumption MWh 2
3 Net injection to grid (1-2) MWh 1
SR No Energy intensity Units 2025 2024
% change
(2025/
2024)
1 Total energy consumption MWh 52,409 30,815
2 Total revenue* EUR M 246 237
3 Energy intensity (1÷2) MWh/
EUR M
213 130 64%
*Total revenue used for the calculation of energy intensity excludes revenue from Cosmic Group. The total revenue
for 2025 is reported in the Income Statement in the Consolidated Financial Statements section of this report.
64Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
GHG emissions
2024 was the first year in which we estimated our carbon
emissions. In 2025, aligned with the improvements
made to our energy accounting, our GHG emissions
accounting also improved, particularly for Scope 1 and
Scope 2 emissions. Improvements in our underlying
energy accounting processes, combined with more
accurate, activity-based emission factors, contributed to
the enhanced accuracy of these scopes. The same applies
to our Scope 3 emissions, where we continued to rely
predominantly on spend-based data, as in the previous
year, but complemented this with a more detailed review
of our finance system in relation to our supply chain. This
enabled us to better understand the underlying activities
and to select more appropriate emission factors for those
activities. Due to these methodological improvements
in 2025, year-on-year progress on GHG emissions is not
directly comparable.
Our gross Scope 1, Scope 2, and Scope 3 emissions, as
well as our total GHG emissions, are presented in the
table opposite. To maintain consistency with the narrative
style applied throughout this report, we have chosen
a tabular presentation that slightly deviates from the
format mandated by the ESRS. We currently do not have
milestone reduction targets for 2030 or 2050. Nevertheless,
the table provides a clear overview of our emissions across
all material scopes.
Scope 1 emissions were primarily driven by fuel
consumption in fleet vehicles and in the machinery and
equipment used across wind installation and service
projects, with a minor contribution from natural gas
heating in offices. In 2025, Scope 1 emissions amounted to
GHG emissions Units 2025
2024
(base year)
% change
(2025/2024)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions tCO
2
e 11,968 7,418
#
61%
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes
% 0 0
Scope 2 GHG Emissions
Gross location-based Scope 2 GHG emissions tCO
2
e 185 459
#
-60%
Gross market-based Scope 2 GHG emissions tCO
2
e 225 530
#
-58%
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions tCO
2
e 24,482 25,573* -4%
Category 1: Purchased Goods and Services tCO
2
e 9,591 6,960* 38%
Category 2: Capital Goods tCO
2
e 1,553 2,050
#
-24%
Category 3: Fuel- and Energy-Related Activities Not Included in Scope 1 or
Scope 2
tCO
2
e 3,094 1,993
#
55%
Category 4: Upstream Transportation and Distribution tCO
2
e 211 388* -46%
Category 5: Waste Generated in Operations tCO
2
e 295 118* 150%
Category 6: Business Travels tCO
2
e 5,772 8,392
#
-31%
Category 7: Employee Commute tCO
2
e 355 - -
Category 8: Upstream Leased Assets tCO
2
e 3,611 5,672* -36%
Total GHG emissions
Total GHG emissions (location-based) tCO
2
e 36,635 33,450* 10%
Total GHG emissions (market-based) tCO
2
e 36,675 33,521* 9%
Biogenic emissions tCO
2
e 837 38 2,104%
GHG Intensity based on net revenue
Total GHG emissions (location-based) per net revenue tCO
2
e/EUR M 149.1 141.1* 6%
Total GHG emissions (market-based) per net revenue tCO
2
e/EUR M 149.2 141.4* 5%
Total revenue
†
EUR M 246 237 -
†
Total revenue used for the calculation of GHG Intensity excludes revenue from Cosmic Group. The total revenue for 2025 is reported in the Income Statement in the Consolidated Financial
Statements section of this report.
* 2024 Scope 3 categories 1, 4, 5, and 8 and the resulting total Scope 3 emissions, total GHG emissions and GHG intensity is restated following improved methodology and updated emission
factors applied in 2025. Refer to General Information Basis of Preparation.
#
2024 Scope 1 emissions, Scope 2 (location and market based) emissions, and Scope 3 categories 2, 3, and 6 figures have not been restated due to data availability constraints limiting the
retrospective application of the improved methodology implemented in 2025.
65Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
11,968 tCO₂e, representing a 61% increase compared
with 2024.
Scope 2 emissions stem mainly from electricity
consumption in our offices and warehouses, with a very
small contribution from company-owned or leased
electric vehicles. In 2025, location-based Scope 2 emissions
amounted to 185 tCO₂e and market-based emissions to
225 tCO₂e, reflecting reductions of approximately 60%
and 58%, respectively, compared with 2024. All renewable
electricity is sourced through bundled instruments, i.e.,
contractual agreements with utility providers or building
owners that supply electricity generated from 100%
renewable sources.
Scope 3 emissions categories remained the same in 2025
compared to 2024, with an additional Category 7 Employee
Commute considered as material in 2025 based on the
assessment carried out using new improved data. Our
Scope 3 categories are explained further below:
a) Category 1 Purchased Goods and Services
Purchased goods and services include the upstream
emissions (production, manufacturing, and transportation/
distribution) associated with the leasing or renting of tools,
equipment, and vehicles, including their maintenance,
as well as the procurement of materials and workwear
used in our wind installation and service projects. This
category also covers emissions linked to the hiring of sub-
contractors who support project execution across various
stages. In addition, upstream emissions from a range of
administrative and support activities are included, such as
the leasing of office and warehouse facilities, purchases of
IT equipment, and the procurement of marketing, training,
and consultancy services. Together, these activities
encompass the essential goods and services that enable us
to operate the business and deliver projects.
In 2025, emissions from purchased goods and services
amounted to 9,591 tCO₂e, representing a 38% increase
compared with 2024. The change is driven by an improved
methodology, covering more detailed expense analysis and
use of appropriate emission factors.
b) Category 2 Capital Goods
Capital goods for 2025 include all capitalised additions
recorded during the reporting period. These comprise
tools and equipment, safety equipment such as personal
protective equipment (PPE), IT hardware, machinery such
as cranes, buildings, and operational software assets.
In 2025, emissions from capital goods amounted to
1,553 tCO₂e, representing a 24% decrease compared
with 2024. In addition to the use of more appropriate
activity-based emission factors, the reduction in emissions
is also attributable to lower capital goods additions in the
reporting year compared with the previous year.
c) Category 3 Fuel- and Energy-Related Activities Not
Included in Scope 1 or Scope 2
Fuel and energy-related activities include emissions
from upstream activities (extraction, production, and
transportation) of fuels and energy, accounted for in Scope
1 and Scope 2 emissions.
In 2025, emissions from fuel and energy related activities
amounted to 3,094 tCO₂e, representing a 55% increase
compared with 2024, in line with the rise in overall energy
consumption.
d) Category 4 Upstream Transportation and Distribution
Upstream transportation and distribution include
emissions from the transport of rented or leased
machinery, tools, and equipment back to suppliers after
their use in wind installation and service projects. This
category also covers emissions resulting from the use of
freight services for administrative purposes.
In 2025, emissions from upstream transportation and
distribution amounted to 211 tCO₂e, representing a 46%
decrease compared with 2024.The change is driven by an
improved methodology, covering more detailed expense
analysis and use of appropriate emission factors.
e) Category 5 Waste Generated in Operations
Waste generated in operations includes emissions
associated with waste produced by our site staff at project
locations and by office staff in our offices and warehouses.
It should be noted that any waste arising directly from the
wind turbine installation and service activities themselves
remains under the responsibility of our customers and is
therefore not included within our operational boundary.
In 2025, emissions from waste generated from operations
amounted to 295 tCO₂e, representing a 150% increase
compared with 2024. The change is driven by an improved
methodology, covering more detailed expense analysis and
use of appropriate emission factors.
f) Category 6 Business Travels
Business travel includes all travel and accommodation
undertaken by site and office staff for business purposes,
such as flights, trains, ferries, and taxis, where we do not
control the fuel used.
In 2025, emissions from business travel amounted to
5,772 tCO₂e, representing a 31% decrease compared with
2024. The change is driven by improved access to expense
activity data.
g) Category 7 Employee Commute
We conducted a survey to collect information on
commuting patterns for staff travelling to our offices
and warehouses, enabling us to estimate the associated
emissions across all locations.
In 2025, emissions from employee commutes to our offices
and warehouses amounted to 355 tCO₂e.
h) Category 8 Upstream Leased Assets
Upstream leased assets mainly relate to subcontracted
crane services, with emissions arising from fuel used in
crane operations.
In 2025, emissions from upstream leased assets amounted
to 3,611 tCO₂e, a -36% decrease compared with 2024,
reflecting an improved methodology for gathering
indicative fuel costs related to crane services from service
provider.
Overall, our Scope 3 emissions for 2025 amounted to
24,482 tCO₂e, representing an 4% decrease compared
with 2024. As explained earlier, this reduction is primarily
attributable to a more detailed analysis of the underlying
activities within the Scope 3 categories and the
subsequent use of more appropriate emission factors.
66Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Biogenic emissions comprise only those arising from
the use of biofuels in fleet vehicles and in machinery and
equipment reported under Scope 1. Biogenic emissions
under Scope 2 are not reported, as the emission factors
applied do not provide a breakdown of the biomass
or biogenic CO₂ share in the electricity mix. Biogenic
emissions under Scope 3 are also not accounted for due
to limited data availability across our upstream supply
chain, an industry-wide challenge, as suppliers often do not
report biogenic content separately or provide consistent,
verifiable information for downstream users. This limitation
is further compounded by our reliance on spend-based
data for estimating Scope 3 emissions. In 2025, biogenic
emissions amounted to 837 tCO₂e, representing a
2,104% increase compared with 2024, primarily due to
improvements made in our energy accounting.
Accounting policies
Energy consumption and mix
a) Total energy consumption from fossil fuels
This includes the use of petroleum products, natural
gas, and purchased electricity. Of the total consumption
reported, 83% was based on data obtained through
direct monitoring from invoices, while the remaining 17%
was derived from expense records for specific activities
captured in our finance systems.
This expense-based data predominantly relates to
fuel use in machinery and equipment, as well as in
company-owned, leased, or rented vehicles that are
not covered by company fuel cards. These expenses
were converted into activity data using retail fuel prices
applicable in the countries where we operate. Taking a
conservative approach, it is assumed that 90% of this fuel is
diesel, and 10% is petrol, as the machinery and equipment
we operate, such as cranes, forklifts, generators, and even
the vehicles, predominantly run on diesel engines.
For one of our smaller offices in Australia, which has six
employees and limited utility data, electricity consumption
was estimated using per-employee electricity-use
benchmarks derived from other offices.
Energy units for petroleum products were converted into
megawatt-hours (MWh) using the latest conversion factors
published by the UK Government.
b) Total energy consumption from nuclear sources
This includes the use of purchased electricity, part of
which is generated by nuclear sources. Information on
the electricity generation mix is obtained from utility
providers or building owners, or, where such information
is unavailable, from publicly accessible national grid data,
including the energy mix published by the Association of
Issuing Bodies (AIB). This enables us to assess the share
of electricity generated from nuclear energy. 100% of the
electricity consumption data, under this category, was
obtained from invoices.
c) Total energy consumption from renewable sources
This includes the use of petroleum products and
purchased electricity from renewable sources. Of the
consumption reported, 92% was from the data obtained
through direct monitoring based on invoices, while the
remaining 8% was derived from expense records for
specific activities captured in our finance systems. As
explained earlier, this expense-based data predominantly
relates to fuel use in machinery and equipment, as well
as in company-owned, leased, or rented vehicles that
are not covered by company fuel cards. These expenses
were converted into activity data using retail fuel prices
applicable in the countries where we operate.
For petroleum products, the renewable fraction is derived
from the direct use of biofuels and from nationally
mandated biofuel-blending requirements applied to retail
fuels in the countries where we operate. For purchased
electricity, the renewable share was obtained from utility
providers or building owners, or, where unavailable, from
publicly accessible national grid data.
Energy units for petroleum products were converted into
megawatt-hours (MWh) using the latest conversion factors
published by the UK Government.
Gross scope 1, 2, and 3
Our GHG emissions are calculated in accordance with the
GHG Protocol, using the operational control approach.
Under this approach, we report on emissions from all
activities and facilities where FairWind has the authority
to introduce and implement operating policies. The only
exception in the current reporting period is the exclusion of
the Cosmic Group from our reporting boundary due to its
immateriality.
We do not have GHG removals or purchase carbon credits,
and we do not account for avoided emissions within our
GHG emissions reporting.
d) Scope 1 emissions
This includes emissions from the use of petroleum
products and natural gas. The data collection approach for
these activities is described in the Energy consumption
and mix section above. We apply the latest emission factors
published by the UK Government to calculate our Scope 1
emissions. Scope 1 also includes emissions of Nitrous Oxide
(N₂O) and Methane (CH₄) arising from the combustion of
biofuels, while Carbon dioxide (CO₂) emissions associated
with biofuel use are disclosed separately under biogenic
emissions.
We also assessed potential fugitive emissions from
refrigerant use in the air-conditioning systems of the
facilities we occupy. As part of this assessment, we
reviewed maintenance records for one of our largest
facilities in Poland, which houses approximately 150
employees, to determine whether any refrigerant
top-ups were conducted due to leakage. No refrigerant
replenishment was recorded in 2025. Based on this
review and considering that our other facilities have a
smaller operational footprint, limited occupancy, and are
predominantly rented or leased, where we do not manage
or control HVAC systems, we consider fugitive emissions
from refrigerant use to be immaterial for the current
reporting year. We will continue to monitor this source and
reassess materiality in subsequent reporting cycles.
e) Scope 2 emissions
This includes emissions from the use of electricity
purchased predominantly for the facilities, with very minor
contributions coming from company-owned electric
cars. The data collection approach for these activities is
described in the Energy consumption and mix section
above.
For location-based Scope 2 emissions, we apply national,
regional, or local grid emission factors sourced either
directly from utility providers through invoices or from
emission factor datasets published by national energy
67Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
agencies or international organisations such as the
International Energy Agency (IEA).
For market-based Scope 2 emissions, emission factors
are sourced primarily from the contractual information
available through our agreements with utility providers
and building owners. Where such contractual data was not
available, we used the latest emission factors published by
national energy agencies or international bodies such as
the Association of Issuing Bodies (AIB) in accordance with
the GHG protocol.
f) Scope 3 emissions
Scope 3 emissions accounting predominantly involved
spend-based data sourced from our finance team. The
data sources and emissions factors used per the Scope 3
categories are explained further below:
Category 1 Purchased Goods and Services, Category 2
Capital Goods, Category 4 Upstream Transportation
and Distribution, and Category 5: Waste Generated in
Operations:
Expense data for 2025 relating to relevant activities was
sourced from our financial systems. As a spend-based
method was required, we used the latest supply chain
emission factors from the U.S. Environmentally Extended
Input-Output (USEEIO) model, which is maintained by
the U.S. Environmental Protection Agency. To ensure
methodological consistency, all expenses recorded in
local currencies were converted into U.S. dollars (USD)
using the standard currency conversion factors applied
by our finance team. Since the most recently published
USEEIO emission factors are indexed to 2022 economic
conditions, the 2025 expenditure values were normalised
to 2022 nominal price levels prior to applying the emission
factors, thereby ensuring that inflation does not distort the
emission-intensity calculations.
Only spend-based data was used for estimating emissions
for these Scope 3 categories.
Category 3 Fuel- and Energy-Related Activities Not
Included in Scope 1 or Scope 2:
Data collection for this Scope 3 category is described in
the Energy consumption and mix section, including the
use of both activity and spend-based data. Emissions were
estimated using the latest well-to-wheel emission factors
sourced from recognised authorities such as the IEA, the
UK Government, and other relevant agencies, depending
on the specific activity type.
Category 6 Business Travels
A combination of activity-based and spend-based data was
used to quantify emissions from total business travel.
Travel details for flights, trains, ferries, and taxis, including
associated carbon emissions and spend, were obtained
directly from suppliers. This supplier-provided spend
data was cross-checked against the total spend recorded
for the same activities in our financial system. For any
spend captured in the financial system but not covered
by supplier data, a spend-based approach was used to
estimate the remaining emissions. The split between
activity-based and spend-based data for travel amounted
to 71% and 29%, respectively.
For accommodation, emissions were estimated using a
spend-based approach for 97% of the data obtained from
the finance system, supplemented by 3% activity-based
data provided directly by suppliers.
For all spend-based calculations, the same approach
applied in Categories 1, 2, 4, and 5 was followed.
Category 7 Employee Commute
We conducted a survey to collect information on
commuting patterns for staff travelling to our offices
and warehouses. Based on the survey responses, we
established the mode of transportation and estimated
passenger-kilometres using the reported frequency of
commute, approximate travel distance, and a standard
working schedule of 220 days per year.
Using the calculated passenger-kilometres per staff, the
corresponding transport modes, and the total number
of office-based staff, emissions were estimated by
applying the latest emission factors published by the UK
Government.
The survey achieved a participation rate of 38%. The
results were therefore extrapolated to represent 100% of
office-based staff.
Category 8 Upstream Leased Assets
This category covers crane services subcontracted from
third-party providers. Expense data for these services were
obtained from the finance team. To better understand
the underlying cost structure, indicative information was
gathered from FairWind supplier and project managers
on the approximate allocation of crane service costs across
equipment, manpower, and fuel.
Based on this breakdown, the portion of spend attributable
to fuel was used to estimate emissions from crane
operations. Emissions were calculated using fuel-related
cost data and the latest UK Government emission factors.
As a conservative assumption, all fuel consumed was
treated as diesel.
Overall, 100% of the relevant spend-based data was used to
estimate emissions for this category.
Spend attributable to crane equipment and manpower
was treated as upstream activity, and the associated
emissions are reported under Category 1, applying the
same methodology described for that category.
g) Scope 3 categories 9 – 15
In line with our business model and value chain structure,
Downstream Scope 3 categories (Categories 9–13) are
assessed as not relevant. This is because we operate a
service-based model and do not manufacture, sell, or
distribute physical products. Furthermore, we do not
engage in franchising activities, hold investments that
would generate downstream emissions, or operate
business lines that involve the use, processing, or
end-of-life treatment of sold products.
h) Biogenic emissions
For biogenic emissions, or other out-of-scope emissions,
the emission factors published by the UK Government for
biofuels were applied.
68Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Interaction of IROs with our strategy and
business model
There is a growing global focus on resource efficiency,
as industries increasingly seek to reduce material
consumption and minimise waste by extending the
lifecycle of existing assets. This trend is clear in the wind
sector, where the emphasis is shifting toward maximising
the performance and longevity of existing wind turbine
assets rather than relying solely on new installations. Such
an approach supports a more circular and sustainable
energy system and aligns with evolving global expectations
for responsible resource use. At FairWind, we recognise
this shift as a significant business opportunity. Through
our specialised services, we actively support customers
in maximising and extending the operational life of their
turbines, thereby contributing to improved resource
efficiency across the industry.
Our business model remains resilient to this market shift
as we offer specialised maintenance, refurbishment,
component upgrade, and repowering services within our
service business segment to help operators maximise
the performance and extend the operational life of their
turbines. These core competencies, combined with our
strong execution standards and flexible delivery model,
ensure that we are well positioned to capitalise on market
developments and support customers seeking reliable and
efficient asset-performance enhancement. Our service
business segment is led by a dedicated COO Service,
ensuring focused oversight and strategic direction as we
continue to strengthen our role in supporting long-term
asset reliability for customers worldwide. Furthermore, our
growth strategy prioritises increasing the revenue share of
our service business segment, and progress against this
objective is monitored by BoD and the leadership team on
a regular basis.
Financial effects of opportunity from resource use and
the circular economy
Pursuing the opportunity poses no significant risk of
material adjustment within the next annual reporting
period to carrying amounts of assets and liabilities reported
in the financial statements.
We plan to increase the revenue contribution of our service
and training business segment to 41% by 2027, enabled
by revenue growth from the cur-rent service portfolio,
capturing new opportunities, and pursuing strategic M&A
activities.
E5 Resource use and Circular Economy
Our opportunity from the resource use and circular economy
IRO Type Description Value chain
Time
horizon
Opportunity Potential Business opportunity
arising from the growing
market emphasis
on maximising the
performance and longevity
of current or existing wind
turbine assets
Own
Operations
Short,
Medium,
and Long
Term
69Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Policies
Our ESG policy has a commitment to collaborate with
industry stakeholders to promote a more sustainable
future. It sets an objective to prioritise environmental
stewardship by integrating the principles of protecting
nature and reducing waste into our business activities. This
guides us to pursue business opportunities that support
the long-term performance of existing wind turbine
assets and contribute to reduced resource use and waste
generation in the wind industry. Details on scope and
senior accountable person for ESG policy are provided in
chapter E1 Climate Change of this report.
Actions and resources
Our ongoing actions, covering global operations and
focused on growing our maintenance, refurbishment,
component upgrade, and repowering services within our
service business segment, includes:
Enhancing our existing service portfolio
People are our most critical assets, and we are actively
recruiting a workforce, both site and office staff, with
strong technical competencies in wind turbine servicing.
To complement this, we have specialised training
programmes, delivered through our European Wind
Academy, to enhance technical expertise and operational
excellence across our service team.
In 2025, we recruited two dedicated service heads to lead
and oversee service projects, one in NCE and one in SESA.
We also appointed a new training manager in APAC to
deliver training programmes, including specialised training
related to service projects.
No investments were made in the acquisition of specialised
tooling or equipment for service projects in 2025.
In 2025, we successfully obtained the BEK 648 Quality
Assurance certification for the maintenance and servicing
of wind turbines. The certification enables us to qualify
for a broader range of service projects by evidencing
compliance with relevant regulatory and competence
requirements, thereby supporting market access and
participation in certified service engagements.
Leveraging existing partnerships
We continue to strengthen our long-standing partnerships
with existing customers to secure long term service
contracts. In 2025, we secured long-term service
agreements totalling 900 legacy wind turbines in the NA
region, supporting their continued operation.
Broadening our offerings
We are continuously exploring opportunities to broaden
our offerings in the wind asset performance enhancement
space.
In 2025, we added a new service line offering maintenance
and inspection of man-riding lifts within wind turbines.
These lifts are essential for providing safe and efficient
access to turbines for maintenance and inspection
activities.
70Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Targets and metrics
We have not set a specific measurable target for
specialised services aimed at maximising performance and
extending asset lifespans. Instead, we have an overarching
goal to increase the revenue share of our overall service
and training business segment to 41% by 2027, compared
with its contribution in 2024. This growth will be driven
by several business opportunities in the service business
segment.
The target was established based on market research on
wind industry trends conducted by our strategy team. The
target supports environmental stewardship within the
wind industry by expanding our service business segment,
thereby increasing our capability to undertake a broader
range of projects aimed at extending the operational life of
legacy wind assets. Progress toward achieving this target
is overseen by the COO Service and closely monitored
through monthly business performance reviews at the
leadership level.
In 2025, the service and training business segment
contributed to 31.5% of total revenue. Of this, 29.9% was
generated from project activities focused on maximising
performance and extending the operational life of existing
wind turbine assets. The significant increase in revenue
share reflects broader market dynamics in the wind
sector, where the installed wind turbine base continues
to represent the primary growth opportunity for us, fully
aligned with our market study projections.
Accounting policies
Revenue share from business segments is reported
here. The revenue share in the metrics excludes revenue
numbers from Cosmic Group.
Revenue share from the service business segment
The metric includes the revenue share from the service
and training business segment relative to the total revenue
reported for the current reporting year.
Revenue share from the service business segment from
project activities focused on maximising performance
and prolonging the operational life of existing wind
turbine assets
Metric includes revenue share from project activities
focused on maximising performance and prolonging the
operational life of existing wind turbine assets relative to
the total revenue reported for the current reporting year. It
excludes revenue from decommissioning projects.
Metric Ref. Unit
Target
2027 2025
2024
(baseline)
% change
(2025/
2024)
Revenue share
from the service
and training
business
segment
Entity
Specific
% 41* 31.5 17 85%
Revenue share
from the
service business
segment from
project activities
focused on
maximising
performance and
prolonging the
operational life
of existing wind
turbine assets
Entity
Specific
% NA 29.9 17 76%
*Target composition and performance remains unchanged, target presentation has been refined to also
reflect training.
71Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
For the EU taxonomy disclosures, we assessed all activities
presented in our financial statements against the list of
potentially eligible economic activities defined in the Climate
Delegated Act and the Environmental Delegated Act. As our
core business consists of the installation and servicing of wind
turbines, activities that directly support climate change mitigation
through the accelerated deployment of renewable energy
infrastructure, our operational activities listed in the table top left
were identified as potentially eligible to qualify as contributing
substantially to objectives under the Climate Delegated Act.
Applying the materiality threshold as per the new EU
taxonomy rules
Furthermore, we chose to apply the new rules for the current
reporting period, following the simplification measures
introduced by the European Commission under the revised
Delegated Act, effective 1 January 2026, and applicable to the 2025
financial year. On this basis, we applied the materiality concept
and therefore excluded further assessment of activities deemed
non-material, as shown in the table below right.
Activity 11 Education is considered material for Revenue and
CapEx, despite its contribution falling below the 10% materiality
threshold, due to its relevance to our material sustainability
matter E1 Climate Change, particularly in supporting
industry-wide capacity building for technical skills in the wind
energy sector.
Activity 6.5 Transport by motorbikes, passenger cars, and light
commercial vehicles for CapEx falls below 10% materiality
threshold and hence deemed not material.
EU Taxonomy
EU taxonomy objectives Activity description Revenue CapEx OpEx
Climate Change Mitigation (CCM)
4.3 Electricity generation from wind power Installation (onshore and offshore pre-assembly) of wind
turbines: Preassembly, installation, and commissioning of
wind turbines and their components
-
Servicing of wind turbines*:
• Scheduled, preventive, and corrective maintenance
• Major component exchange (MCE)
• Repowering
6.5 Transport by motorbikes, passenger cars, and light
commercial vehicles
Leasing and renting of vehicles for the mobilisation of
technicians to wind turbine project sites
Climate Change Adaptation (CCA)
11. Education Providing structured training programmes and certifications
in wind turbine installation and service activities
*Activities associated with only the end-of-life phase of wind turbines- decommissioning are not considered eligible for making a substantial contribution to the objectives under the Climate
Delegated Act.
EU taxonomy objectives Activity description Revenue CapEx OpEx
Climate Change Mitigation (CCM)
4.3 Electricity generation from wind power Installation (onshore and offshore pre-assembly) of wind
turbines: Preassembly, installation, and commissioning of
wind turbines and their components
Material Material Material
Servicing of wind turbines:
• Scheduled, preventive, and corrective maintenance
• Major component exchange (MCE)
• Repowering
Material Material Not
Material
6.5 Transport by motorbikes, passenger cars, and light
commercial vehicles
Leasing and renting of vehicles for the mobilisation of
technicians to wind turbine project sites
Not
Material
Not
Material
Climate Change Adaptation (CCA)
11. Education Providing structured training programmes and certifications
in wind turbine installation and service activities
Material Material Not
Material
72Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
OpEx immateriality
As explained previously, our main operational input for
wind installation and service activities is our workforce; our
operating expense (OpEx) only includes maintenance of
tools, equipment, and vehicles used in the wind installation
and service activities. They represent a very small portion
of the total OpEx and are deemed non-material for the
reporting period. On this basis, we have chosen not to
disclose the OpEx KPI for the financial year.
Total amount of OpEx stood at EUR 223M. The total OpEx is
reported in the financial statement here.
Substantial contribution
We performed the assessment of technical screening
criteria for the eligible economic activities that were
deemed material:
Activity 4.3 Electricity generation from wind power
As our operations are limited to the installation and
servicing of wind turbines and their ancillary components,
the technical screening criteria for Activity 7.6 Installation,
maintenance, and repair of energy efficiency equipment
apply. Under this activity, a substantial contribution is
demonstrated by meeting the Do No Significant Harm
(DNSH) requirements. For our case, the climate change
adaptation objective is the only applicable DNSH criterion.
Activity 11 Education
We do not currently have sufficient information to
assess the technical screening criteria for this activity;
therefore, it is reported as eligible but not aligned for 2025.
Going forward, should this activity demonstrate a more
substantial contribution to our financial performance, we
will evaluate its potential for taxonomy alignment in future
reporting periods.
Do No Significant Harm (DNSH) compliance
In order to demonstrate compliance with the DNSH
requirements for the climate change adaptation objective,
we performed climate risk assessments for our wind
installation and service activities conducted at our
customers’ project sites. The assessment was carried out
in accordance with Appendix A of Commission Delegated
Regulation (EU) 2021/2139. Details of the climate risk
assessment are provided in chapter E1 Climate Change,
Climate Resilience of this report.
The results concluded that our operations are fully
compliant with the applicable criteria and do not cause
significant harm to the climate change adaptation
objective.
Minimum safeguards
We follow the UN Guiding Principles on Business and
Human Rights, and our approach to human rights,
anti-corruption, and anti-bribery is described in chapters S1
Own Workforce Work Conditions and G1 Business Conduct,
respectively, of this report. In line with these principles and
applicable rules and regulations, we maintain policies and
procedures designed to prevent human rights breaches
and unethical conduct.
During the reporting period, no cases of human rights
violations, corruption, or bribery were identified.
We conduct all tax matters responsibly, transparently,
and in full compliance with applicable tax regulations
and the spirit of the law. Our tax approach is grounded in
Our EU taxonomy KPIs overview
Turnover 2025 CapEx 2025
Environmental
Objective
Economic activity EUR M % EUR M %
Total turnover and
CapEx
245.79* 100 7.70* 100
Not assessed activities
considered non-
material
1.42 0.58 0.29 3.82
Taxonomy – non-
eligible activities
1.50 0.61 1.28 16.56
Eligible not aligned CCA: 11 Education 2.49 1.01 0.08 1.01
CCM: 4.3 Electricity
generation from
wind power--projects
in North America
region
67.93 27.64 2.90 37.60
Eligible and aligned CCM: 4.3 Electricity
generation from
wind power
172.45 70.16 3.16 41.01
* The total turnover and CapEx included here exclude the newly acquired Cosmic Group and therefore do not
reconcile with the consolidated financial statement.
73Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
integrity and accountability, ensuring that our practices
remain lawful and aligned with regulatory expectations
in all jurisdictions where we operate. During the reporting
period, no breaches of tax laws were identified.
We also uphold the principles of fair competition and
comply with all laws governing our interactions with
suppliers, customers, and competitors. These requirements
are embedded in our internal policies and our Code of
Conduct. Employees receive training to ensure they
understand and adhere to these standards in their daily
work. No violations of competition laws were identified
during the reporting period.
Contextual information
For the current reporting period, we have applied the
new simplification measures introduced by the European
Commission in 2025 under the revised EU taxonomy
Delegated Act. The consolidation scope for our EU
taxonomy KPIs is consistent with the financial statements,
with the exception of the recently acquired Cosmic Group.
As a result, the total revenue figures used for the EU
taxonomy disclosures differ slightly from those reported in
the financial statements.
For Turnover and CapEx allocation, we identify relevant
income, purchases, and measures, linking them to primary
economic activities in the Climate and Environmental
Delegated Acts to avoid double-counting.
Turnover KPI
In the current reporting period, the total taxonomy-
revenues of EUR 245.79M. It differs from the financial
statement due to the exclusion of the Cosmic Group.
Our evaluation of activities for climate change mitigation
indicates that 70.16% of our activities are aligned with
the EU Taxonomy economic activity CCM 4.3: Electricity
generation from wind power. The higher level of alignment
compared to the prior year is primarily attributable to the
expansion of the DNSH compliance assessment to cover all
regions except North America.
28.65% of the turnover is considered eligible but non-
aligned. It relates to turnover from economic activities
CCM 4.3 pertaining to projects in North America and CCA
11 Education. We will evaluate the potential for taxonomy
alignment in future reporting periods.
Non-eligible turnover is attributable to wind turbine
decommissioning and disassembly projects, while
non-assessed turnover relates to the rental of wind
installation and service equipment.
CapEx KPI
Capital expenditure (CapEx) additions consist of the value
of long-term leased assets and other fixtures and fittings,
tools, and equipment. Taxonomy-aligned, taxonomy-
eligible and taxonomy-non-eligible activities have been
determined based on the nature of the investment and the
assessment of the individual object’s economic activity.
CapEx additions for the current reporting period is
reported in Note 11, Note 13, and Note 14 in financial
statements. It differs from the financial statement due to
exclusion of Cosmic Group.
In 2025, 41.01% of CapEx investments related to wind
turbine installation and servicing were taxonomy-aligned
with CCM 4.3. Total CapEx decreased in 2025 compared to
2024, with the prior-year increase largely attributable to
the acquisition of WIND1000. During 2025, a more granular
breakdown of CapEx by location and activity was achieved,
enabling improved classification into taxonomy-aligned,
taxonomy-eligible, and taxonomy-non-eligible categories,
together with expanded DNSH compliance assessment
across all regions except North America. As a result, the
taxonomy alignment percentage increased compared to
the prior year.
38.61% of CapEx is taxonomy-eligible but not aligned,
relating to CCM 4.3 projects in North America and activity
CCA 11 (Education). We will evaluate the potential for
taxonomy alignment in future reporting periods.
Non-eligible CapEx relates to supporting administrative
functions, while non-assessed CapEx relates to economic
activity CCM 6.5.
74Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Accounting policies
The taxonomy key performance indicators (KPIs) include
turnover and CapEx. Our accounting policies for these
calculations are based on our best interpretation of the EU
taxonomy regulation and delegated acts and the currently
available guidelines from the European Commission.
The share of taxonomy-eligible economic activities is
represented by the percentage of revenue generated from
products or services linked to environmentally sustainable
practices. Additionally, it includes the proportion of CapEx
allocated to assets meeting environmentally sustainable
standards.
Total turnover
To determine the proportion of our turnover aligned with
the EU taxonomy, we followed the definition provided
in Article 8(2)(a) of Regulation (EU) 2020/852 and Annex
I of its supplement. The denominator is defined as net
turnover as per Article 2(5) of Directive (EU) 2013/34, while
the numerator of the turnover KPI is defined as the net
turnover generated by products and services related to
taxonomy-aligned economic activities.
The denominator is defined as net turnover as per Article
2(5) of Directive (EU) 2013/34, while the numerator of the
revenue KPI is defined as the net turnover generated
by products and services related to taxonomy-aligned
economic activities. The denominator for FairWind’s
turnover KPI is based on the revenue reported in our
income statement. Most of our revenue is derived from
the installation and service of wind turbines, with a
minor contribution from education, and disassembly and
decommissioning activities. We report 99% of our revenue
as aligned, as it comes from our main activity. The revenue
related to income from education services is reported
separately as eligible, and revenue from disassembly and
decommissioning is reported as taxonomy-non-eligible. To
avoid double-counting, the revenue numerator has been
mapped directly in the chart of accounts.
CapEx
CapEx additions consist of the value of long-term leased
assets and other fixtures and fittings, tools, and equipment.
taxonomy-aligned, taxonomy-eligible and taxonomy-
non-eligible activities have been determined due to the
nature of the investment and the assessment of the
individual object’s economic activity. The numerator are
the taxonomy-aligned activities and consists of additions
in tools and equipment, assets related to activity CCM 4.3.
This year, we have succeeded in getting a more nuanced
division of CapEx into locations and activities, and we have
therefore been able to divide CapEx into taxonomy-aligned,
taxonomy-eligible, and taxonomy-non-eligible activities,
respectively than last year.
The denominator covers additions to tangible and
intangible assets during the financial year based on the
definition in the Disclosures Delegated Act (Commission
Delegated Regulation (EU) 2021/2178) and accounts for
costs based on the international financial reporting
standards (IFRS) as adopted by Regulation (EC) 1126/2008.
The CapEx KPI calculation does not pose a risk of double-
counting since the additions are specified on separate
accounts in the chart of accounts, and no proportion of
allocated CapEx to any of the taxonomy-aligned activities
is related to more than one activity. Therefore, it can be
accurately tracked and will only be counted once in the
numerator.
Disaggregation of KPIs
In the assessment, there has been no disaggregation
of turnover or CapEx KPIs for the assessed economic
activities.
75Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Proportion of turnover and CapEx from products or services associated with taxonomy-eligible or taxonomy-aligned economic activities – disclosure covering year 2025
Financial
year 2025 Breakdown by environmental objectives of taxonomy-aligned activities
KPI (1) Total (2)
Proportion
of
taxonomy-
eligible
activities
(3)
Taxonomy-
aligned
activities
(4)
Proportion
of
taxonomy-
aligned
activities
(5)
Climate
mitigation
(6)
Climate
change
adaptation
(7) Water (8)
Circular
economy
(9)
Pollution
(10)
Biodiversity
(11)
Proportion
of
enabling
activities
(12)
Proportion
of
transitional
activities
(13)
Not
assessed
activities
considered
non-
material
(14)
Taxonomy-
aligned
activities
in previous
financial
year (N-1)
(15)
Proportion
of
taxonomy-
aligned
activities
in previous
financial
year (N-1)
(16)
EUR M % EUR M % % % % % % % % % % EUR M %
Turnover 245.79 98.81 172.45 70.16 70.16 0 0 0 0 0 70.16 - 0.58 60 25.4
CapEx 7.70 79.62 3.16 41.01 41.01 0 0 0 0 0 41.01 - 3.82 5 22.7
Proportion of turnover products or services associated with taxonomy-eligible or taxonomy-aligned economic activities – disclose covering year 2025
Reported KPI Turnover
Financial
year (N) 2025 Environmental objective of taxonomy-aligned activities
Code (2)
Proportion
of taxonomy
eligible
Turnover (3)
Taxonomy-
aligned KPI
(4)
Taxonomy-
aligned KPI
(5)
Climate
mitigation (6)
Climate
change
adaptation
(7) Water (8)
Circular
economy (9) Pollution (10)
Biodiversity
(11)
Enabling
activity (12)
Transitional
activity (13)
Proportion
of taxonomy
aligned in
taxonomy
eligible (14)
Economic
Activities (1) % EUR M % % % % % % %
(E where
applicable)
(T where
applicable) %
Electricity
generation
from wind
power
CCM: 4.3 97.80 172.45 70.16 70.16 0 0 0 0 0 E 100
Education CCA: 11 1.01 0 0 0 0 0 0 0 0 E 0 0
Sum of
aligned per
objective
172.45 70.16 70.16 0 0 0 0 0
Total KPI
(Turnover)
98.81 172.45 70.16 70.16 0 0 0 0 0 71.01
76Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Proportion of CapEx from products or services associated with taxonomy-eligible or taxonomy-aligned economic activities – disclosure covering year 2025
Reported KPI CapEx
Financial
year (N) 2025 Environmental objective of taxonomy-aligned activities
Code (2)
Proportion
of taxonomy
eligible
Turnover (3)
Taxonomy-
aligned KPI
(4)
Taxonomy-
aligned KPI
(5)
Climate
mitigation (6)
Climate
change
adaptation
(7) Water (8)
Circular
economy (9) Pollution (10)
Biodiversity
(11)
Enabling
activity (12)
Transitional
activity (13)
Proportion
of taxonomy
aligned in
taxonomy
eligible (14)
Economic
Activities (1) % EUR M % % % % % % %
(E where
applicable)
(T where
applicable) %
Electricity
generation
from wind
power
CCM: 4.3 78.61 3.16 41.01 41.01 0 0 0 0 0 E 0 100
Education CCA: 11 1.01 0 0 0 0 0 0 0 0 E 0
Sum of
aligned per
objective
41.01 41.01 0 0 0 0 0
Total KPI
(Turnover)
79.62 3.16 41.01 41.01 0 0 0 0 0 51.50
77Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Social
Social section includes information on sustainability matters in social aspects in accordance with the material topical
standards S1 Own Workforce and S3 Affected Communities.
78Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Our people are the foundation of our success. Their
expertise, commitment, and collaborative spirit enable
us to achieve strategic objectives and create lasting
value for stakeholders, especially for our customers. We
are committed to providing a workplace that inspires
innovation, drives operational excellence, and supports
long-term growth for our workforce.
Our workforce can be broadly classified into two categories:
site staff and office staff. Site staff work at our customers’
project sites to install and service wind turbines. They
consist primarily of technicians, supported by installation
coordinators, project coordinators, site administrators, and
health and safety officers. Office staff includes support
functions such as operations, HR, finance, sales, legal, and
HSEQ, who work from our administrative offices to support
day-to-day business activities. Depending on the type of
employment contract, both site and office staff are further
classified as employees or non-employees. Details on these
categories are covered in the Work Conditions subsection.
We conduct rigorous due diligence through our legal team,
supplemented by local consultants, to verify adherence
to employment laws across our global operations.
Furthermore, in 2025, a dedicated Global Mobility
Department was established to provide internal support
on employment rules, taxation, and immigration, thus
strengthening our governance and compliance framework.
Importantly, no significant risks of forced labour or
child labour have been identified in relation to our own
workforce within our value chain.
All types of our own workforce are within the scope
of this disclosure. Where material differences exist in
the applicability of the identified impacts, risks, and
opportunities to the different types of our own workforce,
these will be explained in the subsections of this topical
standard.
S1 Own Workforce
79Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Interaction of IROs with our strategy and
business model
During the installation and servicing of wind turbines
in our customers’ project sites, our site staff encounter
challenging work environments. The infographic bottom
right highlights some of these challenges. Therefore, our
business activities have an inherent risk to the health
and safety of our site staff. The impact is widespread
throughout our own operations as it can occur on any of
the project sites globally.
The impact of health and safety hazards could potentially
translate into financial risk in cases of serious health and
safety incidents, resulting in remediation costs related to
compensation, penalties, project delays, and reputational
damage.
The identified health and safety impact and risk are
limited to site staff only. This is due to the nature of work
performed by the office staff, which following a review of
the health and safety management system determines
this is predominantly administrative. Therefore, only site
staff are materially included in the scope of disclosure in
the health and safety topic. Nonetheless, the disclosure
accounts for every work-related health and safety incident
that may take place among office staff, such as any
incident that occurs on business trips.
Health and safety as a culture
We are committed to having an incident-free workplace.
We do so by embedding health and safety in our business
strategy, and it defines how we perform our activities. It
begins with carrying out a comprehensive risk assessment
on health and safety hazards associated with the project
activities and developing mitigation measures, followed
by ensuring that site staff have the requisite competencies
before commencing any project with our customers. This
process is carried out in close partnership with customers
and involves active participation from all organisational
levels, from installation and project coordinators to the
leadership team, ensuring accountability and safeguarding
the wellbeing of our site staff.
We ensure that appropriate and resilient systems are in
place to empower our site staff to make informed and
proactive decisions on health and safety aspects, including
clear and structured operational protocols and tools for
monitoring and reporting any safety observations
1
or
incidents. Our health and safety management system
is certified to ISO 45001, the internationally recognised
standard for occupational health and safety. This
framework ensures a systematic approach to identifying,
assessing, and mitigating health and safety risks, while
maintaining rigorous oversight and accountability.
Furthermore, health and safety metrics such as Safety
Observations, Lost Time Injury Frequency (LTIF) and Total
Recordable Injury Rate (TRIR) are part of our strategic
business targets that are closely monitored at the
leadership and BoD level regularly.
Our impact and risk related to health and safety
IRO Type Description Value chain
Time
horizon
Negative
Impact
Actual Adverse impact on the physical
health and safety of site staff due
to the nature of work involved
in wind turbine installation and
service activities
Own
Operations
Short,
Medium,
and Long
Term
Risk Potential Remediation costs for eventual
health & safety incidents
Own
Operations
Short,
Medium,
and Long
Term
Challenging work environment examples
Mechanical lifting Working at height Electrical hazards
Confined space Moving machinery Dropped objects
Line of fire Weather conditions
Health and safety
80Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
We are committed to continuously enhancing our safety
performance through proactive measures and ongoing
improvement initiatives. In 2025, we introduced the
Just Culture concept that relates to system thinking,
which emphasises that errors are generally a product
of organisational culture rather than solely brought
about by the person or persons. The concept is based
on four principles: Accountability, Reporting, Learning,
Behaviours.
Just Culture helps to create an environment where people
openly report incidents
2
and near misses
3
, helping us to
learn from events and improve our systems.
The process guides our people in applying a fair and
consistent approach where intervention is required on
HSEQ performance that is not aligned with our collective
values.
In addition to the correction of systemic issues, primary
interventions are training, mentoring, support, and
counselling.
The global HSEQ team regularly reviews the resilience of
the health and safety management system by monitoring
daily reported observations and incidents. This process
enables early identification of potential gaps and
ensures timely corrective actions involving appropriate
interested parties. By maintaining continuous oversight
and engaging all operational levels, we strengthen our
ability to prevent incidents and uphold a culture of safety.
Additionally, our health and safety management system
is audited on an annual basis by a third-party auditor,
which further validates the effectiveness of the system and
ensures continued compliance with the ISO standard.
Financial effects of health and safety risks
The health and safety risks did not result in a significant
risk of material adjustment within the next annual
reporting period to carrying amounts of assets and
liabilities reported in the financial statements.
A culture where
people openly
report errors
and near misses,
helping us to learn
from events.
Just Culture
Accountability Reporting
Behaviours Learning
Opportunities to
improve systems
and implement
preventive
measures.
While recognising
individuals are
responsible for
their actions, most
errors result from
systemic issues.
Establish
differences for:
Human error,
At risk behaviour,
Reckless
behaviour.
1
Safety Observations could be either potential hazards or unsafe behaviours or
positive safety practices.
2
An unplanned event resulting in injury, asset damage, environmental impact
or loss.
3
An unplanned event not resulting in injury, asset damage, environmental impact
or loss but under slightly different circumstances had the potential to do so.
81Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Policies
Our main HSEQ policy sets out our values and
commitment to ensure an incident-free workplace. The
policy empowers people to intervene in unsafe conditions,
ensures accountability for investigating incidents and
near misses to identify root causes, implement preventive
measures, and share lessons learned. It also promotes
education and communication while encouraging
stakeholder engagement to manage foreseeable risks
in our operations and strengthen effective response
capabilities.
We emphasise safe driving practices and strict adherence
to traffic regulations through our driving policy to minimise
incidents when our personnel travel to wind farm sites
using company-provided vehicles.
Our substance abuse policy requires site personnel
operating at remote wind farms must not be under the
influence of substances that could impair judgement or
compromise safety during wind turbine installation and
service activities.
Our ESG policy reinforces our commitment to ensure
no harm to people and compliance with legislation and
standards of the countries where our operations exist.
All our policies apply to everyone representing FairWind
and cover all our global operations. The policies are
formally approved and signed by our CEO, who is the
senior-most accountable authority, while the Global
HSEQ Director ensures their effective implementation.
The implementation of these policies is ensured through
the actions outlined later in this chapter. Monitoring is
carried out via daily reviews of reported observations
and incidents, with summaries communicated weekly
to operations teams (including Regional Directors) and
the leadership team. In addition, personnel from our
operations and leadership team carry out mandatory safety
walks at project sites to ensure compliance with our health
and safety management practices.
Policies are reviewed on a regular basis, informed by safety
performance and incorporating feedback from operations
and health and safety professionals within our company.
They are made available through diverse channels via the
company intranet, regular training sessions, and at project
sites through a dedicated HSEQ information board.
Engagement with site staff
Site teams are engaged through multiple onsite and
back-office communication channels.
Daily toolbox talk sessions are conducted at each site to
review risks and outline the daily work plan. Typically, two
sessions are held at the outset of the daily work activities.
The first involves all onsite personnel, including contractors
(such as crane operators) and customer representatives.
The second is an internal session facilitated by our site
management team, comprising Installation Coordinators
(ICs), Project Managers (PMs), Project Coordinators (PCs),
and Health, Safety, and Environment (HSE) officers.
Engagement also takes place through structured oversight
activities conducted by office-based managerial staff. All
managerial staff, including Regional Directors and the
leadership team, are required to perform a defined number
of onsite safety walks each year. During these walks, they
interact directly with site teams to discuss health and
safety performance, reinforce expectations, and identify
potential improvements. These interactions extend beyond
safety-critical matters and include basic working-condition
checks, such as the availability of adequate facilities,
including drinking water and sanitary provisions.
All such activities (toolbox talk sessions and onsite safety
walks) are recorded by responsible personnel on our
centralised online HSEQ reporting platform. Together,
these engagement mechanisms support ongoing
dialogue between site staff and management, help identify
emerging risks, and strengthen the overall safety culture
across all project locations.
Back-office engagement is supported through a range
of communication tools. The HSEQ reporting platform
enables notifications and safety updates to be delivered
directly to site teams on their mobile devices. When a
new quarterly HSEQ theme is introduced, it is first shared
with site management and then cascaded across all
project sites for further distribution to site staff by ICs and
PCs. In addition, periodic Time Out for safety sessions are
organised, bringing all site teams together to reinforce key
safety messages and address emerging risks.
These engagement practices form an integral part of
our health and safety management system. The Global
HSEQ Director oversees their implementation to ensure
consistent communication, alignment across regions, and
ongoing reinforcement of safety expectations.
In addition, our site teams engage directly with the back
office through the Global Tech Excellence Centre platform
by submitting questions or requests via the ticketing
system. More information on the Global Tech Excellence
Centre is available in S1 Own Workforce Work Conditions
subsection.
Processes for remediation in case of a health and
safety incident
Health and safety observations and incidents are notified
on our dedicated centralised online HSEQ reporting
platform that is made available via the company’s intranet,
mobile application, and QR code displayed on the HSEQ
information board at project sites.
In the event of a health and safety incident at a project site,
immediate actions are taken, including stopping work,
securing the area, and providing first aid or emergency
medical assistance where required. An incident report
containing all relevant details, photographs, and witness
statements is submitted through the online platform
by the ICs or PCs within 24 hours. Serious health and
safety incidents are reported with immediate effect to
the appropriate levels of management. Incidents are also
monitored and tracked by our customers as part of their
own oversight processes.
Once an incident is reported, it is assigned a severity level
as defined in our incident register, and an investigation
team is formed accordingly based on the severity level
of the incident. Every incident undergoes a root cause
analysis to determine corrective and preventive actions,
which are documented in the action plan register
and shared with local site teams for implementation.
A comprehensive investigation report is provided to
the customer within seven days of the incident, unless
otherwise specified in the contract. Where required, local
authorities are notified in compliance with applicable laws
and regulations.
82Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Learnings from incidents and near misses are
communicated across the organisation to prevent
recurrence and strengthen our processes. All responsible
personnel from site teams are required to take mandatory
training on our health and safety procedures.
Effectiveness of the process is assessed by reviewing
documented evidence of action plan implementation
from accountable teams and through onsite safety walks.
Continuous monitoring of observation and incident types
further ensures improvement. All the health and safety
observations and incidents are monitored daily by our
global HSEQ team.
Site teams are also encouraged to raise any concerns
without fear of retaliation via our grievance policy and
whistleblower system. Further details on the grievance
policy and whistleblowing system are provided in chapters
S1 Own Workforce Work Conditions and G1 Business
Conduct, respectively.
Actions and resources
Our ongoing actions, covering our global operation, are
built around four key pillars:
a) Risk-based approach
We conduct a detailed health and safety risk assessment to
address potential hazards and define mitigation strategies,
with active engagement from all relevant stakeholders
(including customers). The findings are communicated to
local site teams before project commencement, so they
are equipped with the necessary knowledge and skills to
maintain safety standards and respond effectively in case
of incident occurrence.
During project execution, daily toolbox talks sessions
serve as a critical platform for reinforcing safety culture
and ensuring proactive risk management at project
sites. These short, focused sessions allow local site teams
to discuss potential hazards related to ongoing project
activities, review safe work practices, and clarify roles and
responsibilities before tasks begin. By encouraging open
communication, toolbox talk meetings help identify site-
specific risks early, promote awareness, and foster a sense
of shared responsibility for health and safety. This practice
not only reduces the likelihood of incidents but also builds
confidence and engagement among site teams, ensuring
that safety remains a top priority throughout project
execution.
b) Training and awareness
All personnel involved in the project execution are required
to complete mandatory safety training, which includes our
health and safety policies and procedures as part of their
onboarding process. We ensure that our health and safety
professionals have the requisite competence and receive
training on a regular basis.
Raising awareness is essential for the prevention of
incidents. Accordingly, we established a quarterly HSEQ
themes campaign in 2025.
The themes support our values and culture of care. These
are designed to be an interactive approach to encourage
discussion among site teams. Each theme delivers practical
messages aimed at site teams and focuses on specific
aspects of safety within operations.
Themes are presented onsite by site management teams
and include hands-on activities to reinforce the application
of safety principles in daily work. The outcomes of these
activities serve as learning opportunities and are shared
across the wider organisation.
In 2025, we published our Life Saving Rules, which have
nine simplified rules designed to provide our teams with
actions to protect themselves and their colleagues from
fatal incidents related to high-risk operations at the project
sites.
Safety Alerts are issued to site teams on a regular basis
through our HSEQ reporting platform. These alerts provide
timely information on incidents, emerging risks, and
preventive measures, enabling site staff to take immediate
corrective actions where necessary. They also foster
cross-project learning by ensuring that lessons identified
in one location are quickly shared across all regions. This
systematic communication helps strengthen awareness,
reinforce safe behaviours, and support continuous
improvement in our overall safety performance.
c) Monitoring and compliance
Regular monitoring is carried out to ensure compliance
with our health and safety policies and procedures.
Both our operations (including Regional Directors) and
leadership team are required to complete a set number of
onsite safety walks each year across our global operations,
reinforcing transparency and accountability at every level
of the organisation.
HSEQ themes supporting
our values and
culture of care
Our values
and culture
Q4
Strong
finish
Q3
My
health
Q1
Safe
start
Q2
My
safety
83Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
We ensure that the tools, equipment, and workwear (PPE,
safety harness, etc.) are certified and fit for use before they
are issued to our site teams.
Our health and safety management system undergoes
an annual audit by an independent third party to ensure
full compliance with the ISO 45001 standard. Our activities
at the project sites are also closely monitored by our
customers and local authorities to ensure adherence to
operational safety protocols and local legislation.
d) Continuous improvement
We adopt a culture of continuous improvement by
analysing safety observations and learnings from incidents
daily and implementing preventive and corrective action to
enhance our health and safety practices. Our Global HSEQ
Director holds monthly meetings with Regional Directors
and HSE professionals to review safety performance, with
key updates subsequently communicated to local site
teams. In addition, weekly safety performance updates are
shared with the leadership team to maintain transparency
and drive continuous improvement.
The action plans are developed in full compliance with
applicable local laws and regulatory requirements,
ensuring alignment with the jurisdictions in which
we operate. In addition, we adhere to internationally
recognised standards ISO 45001, which provides a
systematic approach to occupational health and safety
management. Furthermore, we embed lessons learned
from incident investigations and safety observation
analyses into our planning process.
The HSEQ team is responsible for implementing the
action plans. Led by the Global HSEQ Director, the team
comprises qualified HSE professionals operating at
both global and regional levels. Where necessary, HSE
officers are deployed to project sites to provide on-the-
ground compliance and support. The HSEQ team works
closely with the operations team to ensure effective
implementation of actions at the site level. As indicated, a
dedicated online platform is in place for monitoring and
reporting observations and incidents. These actions form
part of our day-to-day operations, and we do not maintain
standalone tracking of the OpEx or CapEx specifically
attributable to them.
84Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Targets and metrics
To monitor the effectiveness and progress of our health
and safety management practices, we have established
clear, measurable targets and performance metrics
aligned with industry standards and best practices.
These specifically cover site staff, both employees and
non-employees, as well as contractors engaged in
installation and servicing activities at our customers’
project sites.
Our 2025 Health and Safety targets concerning site staff,
including contractors is presented in table on the right.
These targets are reviewed each year to foster a culture of
continuous improvement.
The variable remuneration of the leadership team is also
linked to heath and safety metrics Number of Fatalities
and Lost Time Injury (LTI). Details on targets are described
in General Information Strategy. These are also reviewed
annually and covers site (including contractors) and office
staff.
Our sustainability-linked bond includes a performance
KPI linked to the health and safety metric Lost Time Injury
Frequency (LTIF). The target and performance against this
KPI are disclosed in General Information Strategy. For the
purposes of the bond, 2024 is used as the baseline year. The
performance KPI applies to site staff, including contractors.
In alignment with our policy objectives, these targets
serve as key indicators for monitoring our performance in
preventing incidents. Targets are established through a
data-driven and consultative process. We leverage insights
from safety observations, incident reports, and near-miss
analyses to identify key risk areas and opportunities for
improvement. Additionally, HSE professionals at both
global and regional levels are engaged to validate our
approach. This collaborative methodology ensures that all
targets are meaningful, measurable, and aligned with our
commitment to continuous improvement.
The Global HSEQ Director holds primary accountability for
establishing health and safety targets and ensures these
are formally reviewed and approved by the leadership
team and BoD, in line with our governance framework.
Performance against the targets is monitored weekly with
the leadership team.
Health and safety targets for site staff, including contractors, for 2025
Metric Description Units 2025 2024
Fatal Accident
Rate (FAR)
Number of fatalities
divided by hours of
work performed at
project sites multiplied
by one million
Fatalities per hours worked
multiplied by a million
0 0
Lost Time Injury
Frequency (LTIF)
Total number of
injuries leading to lost
time divided by hours
of work performed at
project sites multiplied
by one million
Lost time injuries per hours
worked multiplied by a
million
≤ 0.8 ≤ 0.9
Total Recordable
Injury Rate
(TRIR)*
Total number of
injuries divided
by hours of work
performed at project
sites multiplied by one
million
Injuries per hours worked
multiplied by a million
≤ 6.0 ≤ 6.0
Penalties from
regulatory
authorities*
Fines imposed by
regulatory authorities
due to a health and
safety non-compliance
EUR 0 0
*The metrics were previously presented as “Total Recordable Incident Rate (TRIR)” and “Enforcement actions from
authorities” in the FY24 reporting. In FY25, only the naming of the metric has been updated to ensure greater
clarity and ease of interpretation.
85Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Progress on metrics
We present both ESRS and industry-specific (entity-
specific) health and safety metrics in the table below. In
line with the IROs identified for this topic and reflecting
the nature of work performed by our workforce, we present
health and safety metrics separately for site-based and
office-based employees.
Our health and safety performance for site staff improved
significantly in 2025, driven by several transformational
initiatives. Regionalisation strengthened local ownership
of safety through dedicated HSEQ teams, while the HSEQ
themes maintained a consistent focus on key risk areas.
Simplified processes encouraged higher reporting of safety
observations, and the introduction of Life Saving Rules
established clear expectations for managing high-risk
activities. Enhanced oversight through local management
team forums improved learning from incidents, and
strengthened communication channels enabled faster,
more targeted Safety Alerts across all regions.
As previously described, our office staff are not exposed
to challenging work conditions. However, we continue to
monitor and record any health and safety incidents that
occur during work-related activities such as business trips.
There were no incidents related to office staff in 2025.
Site staff health and safety performance
Metric Ref. Unit
Target
2025 2025 2024
% change
(2025/
2024)
Site staff are covered by our health and safety
management system
ESRS % NA 100% 100% NA
Number of recordable work-related accidents ESRS Number NA 20 39 -49%
Number of recordable work-related ill health ESRS Number NA 0 0 -
Total Recordable Injury Rate (TRIR) ESRS S14 88 (c) Injuries per hours worked
multiplied by a million
≤ 6.0 7.5 14.7 -49%
Number of days lost ESRS Number NA 155 191 -19%
Fatal Accident Rate (FAR) Entity Specific Fatalities per hours worked
multiplied by a million
0 0 0.4 -
Lost Time Injury Frequency (LTIF) Entity Specific Lost time injuries per hours
worked multiplied by a million
≤ 0.8 0.4 1.1 -64%
Penalties from regulatory authorities Entity Specific EUR 0 0 0 -
Office staff health and safety performance
Metric Ref. Unit 2025 2024
% change
(2025/
2024)
Office staff covered by our health and safety
management system
ESRS % 100% 100% -
Number of recordable work-related accidents ESRS Number 0 0 -
Number of recordable work-related ill health ESRS Number 0 0 -
Total Recordable Injury Rate (TRIR) ESRS S1 14 88 (c) Injuries per hours worked multiplied by a million 0 0 -
Number of days lost ESRS Number 0 0 -
Performance on metrics, covering site (including contractors) and office staff, linked to variable remuneration of leadership team
Metric Ref. Unit
Target
2025 2025 2024
% change
(2025/
2024)
Number of fatalities ESRS Number 0 0 1 -
Lost time Injury (LTI) Entity Specific Number ≤ 3 1 3 -67%
86Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Accounting policies
All work-related incidents and cases of work-related ill
health involving our workforce, contractors, and any other
individuals visiting our administrative facilities or our
customers’ project sites where we perform our activities
are recorded in our HSEQ reporting platform. All health
and safety metrics include incidents and cases of ill health
associated with our project activities and those occurring
within our facilities.
Work-related accidents and classifications of incident
types are determined based on professional advice from
independent medical centers appointed by FairWind.
For all frequency-rate metrics (as described below), we
calculate total hours of work performed by using project
hours for site staff, as recorded in our project controlling
systems, and standard working-hour schedules (40 hours
per week × 52 weeks) for office-based staff. Project hours
represent the measurable labour hours recorded against
project-related activities.
a) Percentage coverage of workforce covered by our
health and safety systems
We consider 100% of our workforce (site staff and office
staff) to be covered by our health and safety management
system. This assessment is based on our ISO 45001-certified
occupational health and safety management system,
which is verified by third-party auditors and aligned with
the legal requirements applicable to our industry.
b) Number of fatalities
Total count of work-related deaths resulting from
occupational incidents or exposures during work activities,
including fatalities due to work-related ill health.
c) Number of recordable work-related accidents
The total sum of recorded lost time injury, restricted work
case, medical treatment case, and fatality due to work-
related incidents.
• Lost time injury (LTI) are incidents that result in the
personnel being unable to return to work for at least one
full scheduled workday due to injury.
• Restricted work case refer to incidents that limit a
person’s ability to perform their regular duties or full
working hours but still allow them to carry out modified
tasks or work reduced hours.
• Medical treatment case are incidents that result in
personnel requiring medical attention more than first
aid due to injury.
d) Fatal Accident Rate (FAR) is defined as a performance
indicator that expresses the frequency of work-related
fatalities. It is calculated as:
FAR = Number of fatalities ÷ hours worked x 1,000,000
e) Total Recordable Incident Rate (TRIR) is a performance
indicator that expresses the frequency of number of
recordable work-related accidents. It is calculated as:
TRIR = Number of recordable work-related incidents ÷
hours worked x 1,000,000
f) Lost Time Injury Frequency (LTIF) is a performance
indicator that expresses the frequency of work-related
accidents that result into lost time injury. It is calculated as:
LTIF = Lost time injury ÷ hours worked x 1,000,000
g) Number of recordable work-related ill health
Total count of work-related health condition (acute,
recurring, or chronic) cases notified to or identified
through medical surveillance. It is the count of recordable
work-related ill health cases, subject to legal restrictions
on the collection of data, sourced from HR and/or resource
management teams.
h) Days lost
The number of days lost to work-incidents and ill-
health. Days are counted as calendar days of absence,
including the first full day and the last day of absence.
Days of absence are sourced from HR and/or resource
management teams.
i) Penalties from regulatory authorities
Fines imposed by regulatory authorities due to a health
and safety non-compliance.
87Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Our impacts and risks from work conditions
IRO Type Description Value chain
Time
horizon
Negative
Impact
Potential Adverse impact on the
health of the site staff
due to unconventional
working conditions in wind
installation and service
projects
Own
Operations
Short,
Medium,
and Long
Term
Negative
Impact
Potential Adverse impact on
the mental health of
the workforce due to
a challenging work
environment
Own
Operations
Short,
Medium,
and Long
Term
Risk Potential Increased costs from sick
leaves (or sick days) related
to stress and mental health
Own
Operations
Short,
Medium,
and Long
Term
Risk Potential Limited ability to attract
and retain a technical and
skilled workforce
Own
Operations
Long Term
Interaction of IROs with our strategy and
business model
Wellbeing
Our business relies on a highly skilled workforce that
delivers technical services in challenging environments,
contributing to the advancement of clean energy
worldwide. Our workforce comprises site staff and office
staff. Site staff possess specialised skills essential for wind
turbine installation and service projects, such as working
at height to assemble turbine components. Office staff
includes technical experts like project and installation
managers from the operations team who oversee the
complex projects, as well as support functions such as HR,
HSEQ, finance, legal, and sales professionals who facilitate
the day-to-day activities of our business.
In addition to the information outlined in the Health and
Safety chapter, we acknowledge that our site staff may
experience mental stress due to project-related factors.
These include working at irregular hours, such as night
shifts, prolonged periods away from family owing to the
remote and dispersed nature of wind turbine projects,
frequent travel between sites requiring proper travel and
work permits, and demanding work conditions such as
harsh weather, deadlines, and continuous supervision. The
unconventional lifestyle associated with project work, such
as irregular diet and limited opportunities for exercise, can
further contribute to psychosocial strain. We also recognise
that office staff, although to a lesser extent, may face
mental stress as they provide ongoing support to site staff
across multiple geographies to meet stringent timelines
and customer expectations. The potential impact of mental
stress on the workforce is widespread, influencing our
global operations. Mental stress within the workforce may
result in financial risks, including increased labour costs
due to absenteeism and a reduced capacity to execute
project activities.
Attracting and retaining technical and skilled talent
Furthermore, given that the wind turbine installation
and service projects are specialised, short-term, and
geographically dispersed, we adopt a flexible resourcing
strategy. This involves engaging external resources
primarily in technician roles, alongside our internal
work-force, to deliver our services. Those external
resources, classified as non-employees, are engaged
through mandate contracts, Business to Business (B2B)
agreements, or staffing agencies. This approach allows us
to manage fluctuating workloads, access niche technical
expertise, scale resources efficiently for short-duration
projects, and, where necessary, comply with local labour
requirements. Consequently, non-employees constitute
a significant proportion of the overall workforce. Our
workforce characteristics are depicted later in this section.
In the long term, uncertainty in project demands,
challenging nature of work, and continued reliance on
non-employees may limit our ability to attract and retain
technical and skilled workforce, potentially leading to
financial risks such as opportunity loss during work-
force shortages in high-volume periods and increased
operational costs for training new hires to bridge skill gaps,
as existing workers particularly non-employee technicians
may seek more stable employment opportunities
elsewhere.
Work conditions
88Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Recognising that our workforce drives business
performance, we place strong emphasis on their wellbeing
and continuous professional development. Through
coordinated efforts between our HR team and other
internal support functions, we provide comprehensive
support that includes structured onboarding programmes,
wellbeing initiatives, and ongoing training opportunities to
strengthen technical and professional competencies. HR
ensures workplace policies are well communicated, and
grievance procedures remain accessible and effective.
For site staff, both employees and non-employees,
the Global Director Resource Management within the
operations team oversees the project assignments and
rotations, maintaining oversight of permit compliance,
competency validation, and optimal utilisation. To
further streamline processes, we operate the Global
Tech Excellence Centre, a centralised platform for site
staff that manages operational requests such as travel
and work permits, work equipment, invoicing, taxation,
etc. Beyond operational support, this platform plays a
key role in overseeing their competency development.
In collaboration with our European Wind Academy, we
deliver comprehensive training modules, certification
programmes, and skill enhancement resources tailored
to the evolving demands of wind turbine installation and
service projects.
This approach fosters effective communication, continuous
professional growth, and sustained engagement with
our workforce, strengthening both operational excellence
and building long-term workforce resilience. Our CPO
leads the review of the resilience of our workforce strategy
through proactive engagement and timely assessment
of concerns. Key workforce metrics, including site staff
allocation/utilisation, resource shortages, turnover rates,
and competency benchmarks, are regularly monitored and
discussed at the leadership level.
Financial effects of risks from work conditions
Risks from work conditions did not result in a significant
risk of material adjustment within the next annual
reporting period to carrying amounts of assets and
liabilities reported in the related financial statements.
Policies
Human Rights policy
Our Human Rights policy commits to respecting human
rights as set out in the Universal Declaration of Human
Rights, the International Labour Organization (ILO)
Declaration on Fundamental Principles and Rights at Work
which include freedom of association and the effective
recognition of the right to collective bargaining; the
elimination of all forms of forced or compulsory labour; the
effective abolition of child labour; and the elimination of
discrimination in respect of employment and occupation.
The policy respects the rights of all our workforce and
other stakeholders, including our suppliers, contractors,
subcontractors, and other people impacted by our value
chain, such as communities near or at wind turbine
installation and service sites. It assigns responsibility
to everyone representing FairWind for ensuring and
maintaining a respectful and accepting workplace
environment.
We ensure that our processes are consistent with the
United Nations Guiding Principles on Business and Human
Rights, the Ten Principles of the UN Global Compact, and
other international frameworks through the following
measures:
a) Governance framework
• Incorporating human and labour rights aspects in the
code of conduct
• Assigning CEO as the senior-most accountable authority
• Reporting and communicating any incidents and
concerns at the leadership and BoD level
b) Monitoring and compliance mechanism
• Considering risks associated with human and labour
rights across our global operations in risk management
• Ensuring that all workforce contracts comply with
applicable local laws and regulations
• Critical suppliers are onboarded based on compliance
with responsible social practices and are subject to
regular evaluation
• Engaging with the workforce and other stakeholders
regularly
c) Grievance and remediation mechanism
• Reporting and addressing concerns via our Grievance
policy and Whistleblowing system
• Establishing dedicated mechanisms to address human
rights concerns related to health and safety
d) Training and awareness
• Providing mandatory training for the workforce on
related policies and procedures
• Awareness campaign, such as the HSEQ themes
The Human Rights policy applies to everyone representing
FairWind, covering our global operations. The policy
is formally approved and signed by our CEO, who is
the senior-most accountable authority, while the CPO
ensures effective implementation across all our global
operations in collaboration with cross-functional teams
such as operations, legal, and HSEQ. Implementation and
monitoring of the policy is ensured through the measures
described earlier. The policy is reviewed on a regular
basis, incorporating insights from risk assessments and
documented concerns or incidents. The policy is accessible
to all stakeholders responsible for its implementation
through the company intranet, regular training sessions,
and is handed out during onboarding.
Global Wellbeing policy
Our Global Wellbeing policy reinforces our commitment to
creating a healthy and supportive work environment. The
policy encompasses mental, physical, social, and financial
aspects of wellbeing and defines measures to proactively
identify and mitigate workplace risk factors with the
potential to impact employee health and engagement.
The policy clearly defines responsibilities across the
organisation. Managers are tasked with monitoring
workloads, maintaining effective communication,
resolving conflicts, providing development opportunities,
and supporting employees facing wellbeing challenges.
Employees are expected to take proactive steps to manage
their wellbeing, raise concerns, and utilise available
resources, while HR provides guidance and support to both
employees and managers.
Implementation is supported by mechanisms such as the
Employee Assistance Programme (EAP), manager training,
occupational health services, and complementary policies
on sickness absence, substance misuse, and harassment.
The policy emphasises confidentiality, fairness, and support
89Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
for employees with wellbeing concerns. Monitoring is
achieved through periodic reviews of key indicators,
including working hours, absence rates, turnover,
employee feedback, and exit surveys.
The policy applies only to our employees, both site and
office staff, covering our global operations. The policy
is formally approved and signed by our CEO, who is the
senior-most accountable authority, while the CPO ensures
its effective implementation. The policy is accessible to
all employees through the company intranet and regular
training sessions. The policy is reviewed on a regular basis,
incorporating insights from reported concerns or incidents.
Anti-Mobbing, Anti-Harassment and
Anti-Discrimination policy
The policy demonstrates our commitment to a zero-
tolerance approach toward mobbing, harassment
(including sexual harassment), discrimination, and other
unethical behaviours. The policy commits to providing
a safe and inclusive work environment, ensuring
confidentiality in reporting, and encouraging prompt
reporting of incidents through multiple channels
(HR, legal, whistleblower system, and online forms). It
outlines personnel obligations to maintain respectful
behaviour and prohibits offensive language, harassment,
and misuse of information. Reported cases trigger
confidential explanatory proceedings led by an Anti-
Mobbing Committee, which investigates thoroughly and
recommends corrective actions, including disciplinary
measures or termination if necessary. This policy addresses
and prevents discrimination on the grounds of sex, age,
disability, race, religion, nationality, political views, trade
union membership, ethnic origin, religious convictions, and
sexual orientation.
The policy applies to everyone representing FairWind,
covering our global operations. The policy is formally
approved and signed by our CEO, who is the senior-
most accountable authority, while the CPO ensures
effective implementation across all our global operations
in collaboration with cross-functional teams such as
operations, legal, and HSEQ. Implementation is ensured
through training and monitoring by evaluating the
reported concerns, and when necessary, these concerns
are escalated and communicated at the leadership level.
The policy is reviewed on a regular basis, incorporating
insights from reported concerns or incidents. The
policy is accessible to all stakeholders responsible for its
implementation through the company intranet, regular
training sessions, and is handed out during onboarding.
Code of Conduct
Our Code of Conduct for employees and non-employees
commits to respecting human and labour rights, including
fair work conditions, by upholding all relevant laws,
industry standards, and applicable collective agreements
regarding working hours, rest periods, compensation, and
benefits. It refers to the principles outlined in the Universal
Declaration of Human Rights.
The Code of Conduct is formally approved and signed by
our CEO, who is the senior-most accountable authority,
while the CPO, in collaboration with our legal team,
ensures effective implementation across all our global
operations. Implementation of commitments in the
code of conduct is ensured through strict adherence to
legal and regulatory requirements in all job contracts for
employees and non-employees. The Code of Conduct is
made available to employees on the company intranet and
through regular training sessions. For non-employees the
Code of Conduct is handed out during the onboarding.
Processes for engaging on impacts
We promote open communication and encourage our
workforce to speak up by raising concerns directly with
their line manager or HR representative. Managers and
HR representatives also engage with employees through
voluntary, regular check-ins to discuss work-related issues,
wellbeing, and any support they may need, helping to
foster a transparent and supportive working environment.
Furthermore, in 2025, we encouraged our office staff to
complete an online engagement Pulse Survey. The survey
included a questionnaire covering a range of topics such
as health and safety, work conditions, diversity, equity, and
inclusion. The survey was conducted by our HR team and
led by the CPO. The survey had a participation rate of 60%
and enabled us to gather valuable feedback on our work-
force practices, including wellbeing, and to identify areas
for further improvement. The effectiveness of the survey
was assessed by monitoring the participation rate and
conducting follow-up surveys on the initiatives introduced
to address the topics. There was no engagement survey
conducted for site staff in 2025.
For site staff, where applicable, the HR and legal teams
engage with local unions to structure work contracts,
including acceptable working conditions such as working
hours and health and safety requirements, in accordance
with local laws before the commencement of project
activities. The Global Tech Excellence Centre, operated
through a ticketing system, serves as an important
engagement platform for site staff. Every request
submitted is assessed and allocated to the appropriate
team. To ensure efficiency and satisfaction, a feedback
survey is issued upon completion of each ticket. The Global
Director Resource Management has overall responsibility
for the platform management.
Site staff are also engaged on project-related concerns or
otherwise during daily toolbox talks sessions and internal
onsite safety walks.
The CEO personally leads quarterly online Town Halls that
keep our workforce informed and engaged, providing
key updates on business performance and strategy and
addressing questions in an open, accessible forum.
Processes to remediate negative impacts and channels
to raise concerns
In 2025, we formalised our grievance redressal mechanism
by introducing the grievance policy. The policy establishes
a structured process for raising concerns without any fear
of retaliation and outlines how such issues are addressed
fairly and confidentially.
Concerns may be raised with an immediate manager, a
functional department head, or a representative from
the HR team. They can be submitted either informally
or formally. Under the informal approach, no official
record of the discussion is maintained; however, it is
recommended to document the outcome of any informal
meetings conducted to address the concern. Resolution
in such cases is achieved through direct dialogue between
the parties involved. In the formal approach, full details
of the concern, including a description of the issue,
individuals involved, and any supporting evidence, are
recorded in writing. Upon receipt, an investigation team
reviews the complaint promptly and fairly, which may
90Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
involve interviews with the complainant, other parties,
and witnesses. Following the review, HR communicates
the outcome and any actions taken, which may include
mediation, corrective measures, or training. If the
complainant is dissatisfied with the outcome, they have
the right to appeal in writing within seven calendar days of
the initial decision. Appeals are thoroughly investigated by
an independent team separate from the initial decision-
making process.
This grievance policy is made available to the workforce via
the company intranet and regular training sessions. We
have not performed any evaluation of the effectiveness of
the grievance redressal process, nor have we assessed the
level of awareness or trust our workforce places in these
mechanisms. However, we actively encourage feedback
from our workforce to enhance and refine our processes.
Site staff also use the Global Tech Excellence Centre
platform to report any concerns. This user-friendly platform
offers seamless access via a dedicated website, mobile app,
and email, ensuring all site staff can engage flexibly and
conveniently.
Any serious concerns can also be raised via our
whistleblower system. The Code of Conduct for employees
and non-employees outlines the process for reporting
concerns through our whistleblower system. More details
on the whistleblowing system are provided in chapter G1
Business Conduct.
Actions and resources
Our ongoing actions, covering global operations and
focused on reinforcing workforce resilience, include:
On wellbeing
In addition to fostering an open and transparent
communication culture, we have implemented a range of
initiatives to promote the wellbeing of our workforce.
Our Employee Assistance Programme (EAP) offers
employees and their immediate family members free,
confidential counselling and advisory services to assist in
dealing with personal and work-related challenges that
might affect their performance, health, or quality of life. Key
features of the EAP include:
• Assistance with work-related matters, including job
security concerns, work-life balance, and performance
anxiety, etc
• Support for personal challenges such as anger
management, relationship conflicts, health concerns,
and financial or legal issues
• 24/7 availability throughout the year via chatbot, website,
and mobile application, all accessible via our company
intranet
For site staff, both employees and non-employees,
workload management is a critical aspect of operational
efficiency and wellbeing. Dedicated teams, including
project managers and resource managers, oversee task
allocation and scheduling to prevent overburdening and
ensure equitable distribution of responsibilities. We are
currently expanding the functionality of our Global Tech
Excellence Centre to provide site staff with ready access
to company policies, procedures, and project-related
documentation. These enhancements are designed not
only to support safe and efficient project execution but also
to strengthen their wellbeing by ensuring they have clear
guidance, reliable information, and practical resources
readily available. The development of the upgraded
platform is being led by our dedicated Global Tech
Excellence support team.
We offer flexible working hours and hybrid work
arrangements for office staff to promote work-life balance.
We conduct awareness campaigns that serve as platforms
for communicating wellbeing topics to all our workforce.
Our actions to promote workforce wellbeing are based
on feedback gathered through regular engagement
channels, including performance reviews, engagement
surveys, exit interviews, and grievance reports. These inputs
help us identify wellbeing-related issues and determine
the appropriate measures to address and mitigate any
negative impacts.
On attracting and retaining technical and skilled talent
To make our workplace both engaging and rewarding, we
implement a range of measures that foster transparency,
growth, and fairness. These measures include:
• Supporting long-term career development, we have
a structured programme that provides learning
opportunities and professional growth pathways for all
our workforce. This is explained in the chapter S1 Own
Workforce Diversity, Equity, and Inclusion
• Organising regular town halls to share business updates
and strategic priorities, ensuring employees remain
informed and connected to the company’s vision
• Monitoring market trends regularly and adjusting
compensation to maintain competitiveness
• Offering fair compensation for site staff (both employees
and non-employees) for overtime and for working
during irregular hours, such as night shifts, with these
benefits clearly stipulated and legally binding in their
contracts
• Providing financial rewards as a tangible
acknowledgment of contributions for our workforce
who live our values through our global Spot Bonus and
Values in Practice Award (VIP) initiatives
As our workforce plays a pivotal role in driving business
growth, our strategy prioritises increasing our base
of employed workforce while reducing reliance on
non-employees by offering more stable and secure
employment opportunities. To complement this, we
leverage our European Wind Academy to strengthen
capacity building in the wind sector by delivering
specialised training programmes tailored to the industry’s
needs. This approach expands access to a highly skilled
workforce while supporting their long-term development.
In addition to these efforts, our HR department proactively
participates in industry events and partners with academic
institutions and local authorities to identify new skilled
professionals.
All our actions form part of our day-to-day operations, and
we do not maintain standalone tracking of the OpEx or
CapEx specifically attributable to them.
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Targets and metrics
Details of our targets for the physical wellbeing of our
workforce are provided in chapter S1 Own Workforce
Health and Safety. Because of challenges in quantifying
other wellbeing issues owing to diverse influencing factors
and the sensitivity of data, we have not set any measurable
targets. Instead, we monitor the effectiveness of our
policies and actions by tracking turnover rates and the
number of reported grievances.
The table opposite provides employees and non-
employees characteristics in our workforce.
The increase in employee numbers reflects business
expansion and the need to support growing operational
demands. The high employee movement recorded in 2025
within the SESA region is primarily due to internal transfers
of employees between entities. This organisational
adjustment reflects the ongoing operational realignment
and does not indicate external recruitment or turnover
trends.
We observed only limited variation in our non-employee
headcount during the reporting year.
Characteristics of employees
Metric Ref. Unit
Male
2025
Female
2025
Total
2025
Total
2024
% change in
total
Countries representing 10% of total employee count
USA ESRS Headcount 354 20 374 297 26%
Poland ESRS Headcount 65 118 183 200 -9%
Spain ESRS Headcount 133 34 167 172 -3%
Employee split by contract type
Permanent ESRS Headcount 814 210 1024 851 20%
Temporary ESRS Headcount 0 0 0 0 -
Non-guaranteed hours ESRS Headcount 0 0 0 0 -
Total 814 210 1024 851 20%
Employees are split by regions
North America (NA) ESRS Headcount 356 21 377 297 27%
Southern Europe and South America (SESA) ESRS Headcount 254 46 300 244 23%
Northern Central Europe (NCE) ESRS Headcount 108 130 238 233 2%
Asia Pacific (APAC) ESRS Headcount 87 6 93 77 21%
The United Kingdom and the Republic of Ireland (UKIE) ESRS Headcount 9 7 16 - -
Total 814 210 1,024 851 20%
Employees who left FairWind
Turnover ESRS Headcount 343 334 3%
Turnover rate ESRS % 36% 45% -19%
The average number of employees reported in the financial statements differs from the figure shown here because the financials present the yearly average headcount, while this table
reflects the actual year-end total.
Characteristics of non-employees
Metric Ref. Unit
Total
2025
Total
2024
% change in
total
Non-employees
Number of non-employees ESRS Headcount 1,248 1,266 -1%
92Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Our performance on incidents, complaints, and severe
human rights impacts is depicted in the table opposite.
As explained earlier, we formalised our grievance
procedures with the introduction of a new grievance policy
in 2025. This led to an increase in the number of concerns
reported through the formal channels now available to our
workforce. No discrimination incidents were reported in
2025. We did not identify any severe cases of human rights
violations, and no fines, penalties, or compensation were
paid in relation to incidents, complaints, or severe human
rights breaches.
Accounting policies
a) Characteristics of employees
Employee data for the metrics is sourced from our
Human Resource Information System (HRIS). All workforce
metrics are based on the headcount basis, recorded at
the end of the current reporting year. We follow local legal
requirements when structuring employment contracts for
all employees. In some geographies, new hires are initially
offered fixed-term employment contracts, which in most
cases automatically convert to indefinite-term contracts
after the probation period. For reporting purposes, we
classify all such employees as permanent, which deviates
from ESRS requirements. As our HRIS matures, we plan
to align our disclosures with ESRS requirements going
forward.
b) Turnover and turnover rate
Turnover is calculated as the difference between
headcount at the beginning and end of the current
reporting year. Turnover rate is calculated using the
formula:
Turnover rate = Turnover in the reporting year /
[(Headcount at beginning of the current reporting year
+ Headcount at end of the current reporting year) /
2] × 100
c) Characteristics of non-employees
Non-employee data is sourced from our HRIS.
Non-employees include individuals engaged
through contracts of mandate, B2B agreements, or
self-employment arrangements, and staffing agencies.
Metric is based on the headcount basis, recorded at the
end of the current reporting year.
d) Incidents of discrimination, complaints, and number
of severe human rights cases
The metrics include incidents and complaints reported
through formal processes under the grievance policy
and the whistleblowing channel. Both mechanisms are
accessible to all our workforce. Incidents raised informally
are not included in the metrics, as no formal records of
such complaints are maintained.
e) Amount of fine related to the incidents of
discrimination, complaints, and severe human
rights cases
Fines related to incidents of discrimination, complaints,
or severe human rights violations are recognised when
FairWind is required to make payment, based on final or
legally binding regulatory or judicial decisions recognised
in the reporting period.
Metric Ref. Unit 2025 2024
% change
(2025/2024)
Total number
of incidents of
discrimination,
including
harassment,
reported
ESRS Number 0 1 -
Total number
of complaints
filed through
available channels
(grievance policy
and whistleblower
system)
ESRS Number 16 12 33%
Total amount of
fines, penalties, and
compensation for
damages because
of the incidents and
complaints
ESRS EUR 0 0 -
Total number of
severe human rights
incidents, including
cases of non-
respect of the UN
Guiding Principles
on Business and
Human Rights,
ILO Declaration
on Fundamental
Principles and
Rights at Work,
or Organisation
for Economic
Co-operation and
Development
(OECD) Guidelines
for Multinational
Enterprises
ESRS Number 0 0 -
Total amount of
fines, penalties, and
compensation for
damages for the
incidents associated
with severe human
rights cases
ESRS EUR 0 0 -
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Interaction of IROs with our strategy and
business model
Women have historically been under-represented in
Science, Technology, Engineering, and Mathematics
(STEM) fields, a trend that persists in the wind industry,
resulting in a lower proportion of women in the overall
workforce. Ineffective implementation of DEI principles
can potentially negatively impact workforce morale
across all demographics, regardless of gender, age, race,
or ethnicity, through issues such as wage disparities, lack
of representation, and unequal opportunities for career
advancement. Such challenges often lead to feelings of
being undervalued and disengaged, ultimately increasing
the risk of workforce attrition.
We actively implement DEI measures in recruitment,
compensation, and career progression to create a
workplace where diversity is valued, equity is maintained,
and growth opportunities are accessible to all. Our CPO
oversees the implementation of DEI measures across
our global operations, with resilience assessed through
workforce feedback and review of reported concerns.
While the identified impact and associated risk exist for
both employees and non-employees, our DEI measures
are applied exclusively to employees because they fall
within our direct governance and contractual obligations.
Non-employees operate under separate employment
arrangements and legal frameworks, limiting our ability
to enforce internal DEI policies. While we encourage
partners to up-hold similar principles, our formal DEI
programmes covering recruitment, remuneration, and
career progression are designed for individuals under our
direct employment to ensure compliance, consistency, and
measurable impact.
Financial effects of risk from DEI
There was no significant risk of material adjustment within
the next annual reporting period to carrying amounts of
assets and liabilities reported in the financial statements.
Policy
DEI policy
Our DEI policy reflects our commitment to creating a
workplace that values diversity, promotes equity, and
fosters inclusion across all operations. The policy outlines
measures such as unbiased recruitment practices that
draw candidates from diverse sources, gender pay equity
supported by regular pay reviews, and career development
programmes based on objective performance criteria.
It also includes mandatory compliance and awareness
training for all employees, flexible work arrangements to
support work-life balance, and team-building activities
designed to strengthen collaboration and inclusivity. To
ensure accountability, the policy defines responsibilities
for both management and employees and provides
confidential reporting channels, including a whistleblower
system, for addressing violations.
The policy applies to everyone representing FairWind,
covering our global operations. Our CEO is the senior-
most accountable authority, and the CPO ensures
effective implementation of the policy across all our
global operations in collaboration with cross-functional
teams such as operations, legal, finance, and HSEQ.
Implementation is ensured through training and
Our impact and risk from DEI
IRO Type Description Value chain
Time
horizon
Negative
Impact
Potential Adverse impact on the
workforce due to gender
inequality resulting from
failure to uphold DEI values
Own
Operations
Short,
Medium,
and Long
Term
Risk Potential Workforce attrition due
to a lack of development
opportunities (including
gender in an equal manner)
Own
Operations
Short,
Medium,
and Long
Term
Diversity, Equity, and Inclusion (DEI)
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monitored by evaluating the reported concerns, and
when necessary, these concerns are escalated and
communicated at the leadership level.
The policy is reviewed on a regular basis, incorporating
insights from reported concerns or incidents. The
policy is accessible to all stakeholders responsible for
its implementation through the company intranet and
regular training sessions.
Processes for engaging about impacts
We engage with our employees on DEI aspects using
the engagement channel mentioned in chapter S1 Own
Workforce Work Conditions.
Processes to remediate negative impacts and channels
to raise concerns
Any DEI-related concerns are reported and addressed
in accordance with our grievance policy and the
whistleblower system. Further details on the grievance
policy and whistleblowing system are provided in chapters
S1 Own Workforce Work Conditions and G1 Business
Conduct, respectively.
Actions and resources
Our ongoing actions across global operations for DEI
measures include:
Career development opportunities
In 2025 we introduced a structured career development
programme that applies to both office-based and site-
based roles, ensuring equal access to growth opportunities
for all employees. Each employee is encouraged to define
their own development path by setting clear goals and
outlining strategies to achieve them in collaboration
with their manager during annual reviews. To facilitate
this process, we use a dedicated online tool that enables
employees to record their goals, track progress, and
schedule regular check-ins with their managers to discuss
milestones and address any challenges. The programme is
designed to promote transparency, fairness, and inclusivity
in career progression, reinforcing our commitment to DEI
principles by ensuring advancement decisions are based
on merit and individual aspirations rather than bias or
discrimination.
To support continuous learning and professional growth,
we provide an in-house digital platform, Performance
Academy, accessible to all employees. This platform offers
a wide range of skill development courses designed to
enhance technical expertise, leadership capabilities, and
compliance awareness. By making learning resources
readily available online, we ensure equal access to
development opportunities for both office-based and
technician roles.
Through our Global Tech Excellence Centre, we actively
promote career development opportunities for non-
employed site staff by systematically assessing their
technical competencies and creating structured pathways
for skill enhancement and professional growth.
Recruitment
Our recruitment process is designed to ensure equal
opportunity for all candidates. We advertise roles using
inclusive language and publish across diverse channels
to attract applicants regardless of gender, ethnicity,
age, or other protected characteristics. Hiring decisions
are based solely on job-related qualifications, skills, and
competencies, supported by structured evaluation criteria
to eliminate bias. Our internal online training platform,
Performance Academy, offers voluntary courses focused on
promoting diversity in hiring practices.
Fair compensation
Our compensation framework ensures pay decisions are
fair, transparent, and based solely on objective factors
such as job role, relevant experience, and educational
qualifications. We conduct regular reviews and pay equity
reviews to identify and address any disparities.
We identify DEI actions by reviewing workforce data,
assessing HR policies, and gathering feedback through
engagement channels and grievance mechanisms. These
inputs help us understand where disparities or risks
may exist and guide the development or adjustment of
measures to address them. Continuous monitoring ensures
that our DEI actions remain effective over time.
All our actions form part of our day-to-day operations and
do not require significant OpEx or CapEx.
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Targets and metrics
We have not established measurable DEI targets due to
inherent challenges within our industry, such as the under-
representation of certain groups and the short duration of
project cycles, which make setting fixed goals impractical.
Nevertheless, we remain committed to monitoring
key indicators, including pay equity, the proportion of
women in the total workforce and top management, age
demographics, and other relevant workforce metrics such
as turnover rates and reported grievances. The metrics are
provided in the tables opposite.
The change in diversity at the top management level
is due to the Global HSEQ Director joining the C-level
management team.
In 2025, our under 30 group grew the most as we hired
early-career talent for renewables pipeline development,
while the 30+ group expanded steadily through
experienced hires to meet project demands. This reflects
our workforce strategy of balancing junior talent growth
with the recruitment of specialised expertise.
The reduction in the gender pay gap this year reflects
our ongoing efforts to strengthen pay transparency and
ensure consistent remuneration practices irrespective of
gender. The increase in the annual remuneration ratio is
attributable to changes in the compensation package of
the highest-paid individual.
For detailed information on turnover and grievance
metrics, refer to chapter S1 Own Workforce Work
Conditions of this report.
Metric Ref. Unit
Male
2025
Female
2025
Male
2024
Female
2024
Gender distribution in top management
Number ESRS Headcount 4 2 3 2
Percentage ESRS % 67% 33% 60% 40%
Metric Ref. Unit 2025 2024
% change
(2025/2024)
Employees by age groups
Under 30 years old ESRS Headcount 292 204 43%
30 to 50 years old ESRS Headcount 665 579 15%
Over 50 years old ESRS Headcount 67 68 -1%
Remuneration metrics
Gender Pay Gap ESRS % 27.46 31.72 -13%
Annual Total Remuneration Ratio ESRS Ratio 13.83 11.65 19%
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Accounting policies
Employee data for the metrics is sourced from our HRIS.
All workforce metrics are based on the headcount basis,
recorded at the end of the current reporting year.
a) Gender distribution in top management
Top management refers to the leadership team (ExM +
C-level management). The identity of the top management
is described in the chapter Governance of this report.
b) Gender pay gap
Our gender pay gap calculation methodology remains
consistent with the FY24 reporting approach. The gender
pay gap is calculated as the difference between the
average annualised salary of men and women, divided
by the average annualised salary of men, and expressed
as a percentage. The metric covers all employees across
all job levels and countries, with local-currency salaries
converted into Euros. Calculations are performed on
a fully consolidated basis, irrespective of job level or
geographic location. The methodology does not adjust
for pay differences arising from variations in the cost of
living or other economic conditions across the countries
in which our employees are located. Only the gross hourly
rate as of 31 December of the current reporting year has
been used; no allowances, benefits, bonuses, or other
forms of compensation have been included, as our current
processes are not yet designed to collect the additional
data required for such reporting.
c) Annual total remuneration ratio
The CEO is our highest-paid individual. Our annual total
remuneration ratio calculation methodology remains
consistent with the FY24 reporting approach. Annual total
remuneration ratio is calculated as the ratio between the
hourly pay of the highest paid individual and the median
hourly pay for all employees excluding highest paid
individual. Only the contractual base salary is currently
used, as processes are not yet designed to gather the
necessary data for reporting all variable remuneration.
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Interaction of IROs with our strategy and
business model
As a company focused solely on wind turbine installation
and servicing, our activities can potentially affect
surrounding communities primarily through elevated
noise levels, dust, and emissions from fuel used during
construction and maintenance, as well as the presence
of our teams onsite. These impacts may cause short-term
inconveniences such as disruption to daily routines and,
in some cases, health-related effects like stress, sleep
disturbances, and discomfort. Importantly, the potential
negative impacts are limited to project sites located
close to communities. If such inconveniences occur,
communities may raise complaints through our customers
or local authorities, which could result in requests to
limit or halt our activities, posing potential financial and
operational risks for our business.
Broader economic, social, and cultural rights, as well
as civil and political rights of communities, are often
associated with wind farm projects. These may include
economic or physical displacement, loss of livelihoods,
changes in land use, disruption of traditional practices, and
reduced access to cultural sites. Civil and political rights
can also be affected through limitations on community
participation in decision-making, reduced access to
information, and potential restrictions on freedom of
movement. Such impacts typically arise from project
development activities like land acquisition, permitting,
and stakeholder engagement, which are managed entirely
by our customers. Due to the nature of our contractual
agreements and the limited scope of our activities in wind
projects, any disruptions to project activities arising from
these issues do not directly impact our operations and are
therefore considered unrelated to our activities.
To ensure our work does not affect surrounding
communities, we follow customer-specified instructions
and share them with site teams through clear work
instructions and daily toolbox talks sessions. Where
necessary, these instructions also include guidance on
appropriate interaction with local communities near the
project sites. Our customers remain the focal point of
contact for the local communities for all the projects. We
currently do not have specific targets related to these
aspects, as no such issues have arisen to date, and our
activities at the project sites remain under stringent
scrutiny and control by our customers. However, any
related impact or risk is reviewed at the leadership level
during monthly meetings if communicated by customers.
Our approach demonstrates resilience through our
practice of developing comprehensive project execution
plans in close collaboration with customers, ensuring
adherence to the highest standards at every stage. This
resilience is further strengthened by frequent project
reviews with customers, monthly leadership evaluations,
and daily monitoring of reported observations at project
sites. In addition, our ISO certified HSEQ management
system assure that our operations align with global best
practices while minimising any impact on surrounding
communities.
S3 Affected Communities
Our impact and risk to communities located at or near the project sites
IRO Type Description Value chain
Time
horizon
Negative
Impact
Potential Adverse impact on health
from living close to wind
farms
Own
Operations
Short,
Medium,
and Long
Term
Risk Potential Advocacy and complaints
from affected communities
may impose a stop/
limitation of operations
Own
Operations
Short,
Medium,
and Long
Term
98Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Financial effects of impact and risk from communities
As previously indicated, no issues have been reported to
date, and there is no significant risk of material adjustment
within the next annual reporting period to the carrying
amounts of assets and liabilities reported in the related
financial statements.
Policies
Our HSEQ policy sets out our commitment to have an
incident-free workplace and deliver services that create
value for our customers and communities. In our ESG
policy, we commit to causing no harm to the communities
where we operate.
These policies apply to everyone representing FairWind.
Policies are formally approved and signed by our CEO,
who is the senior-most accountable authority, while the
Global HSEQ Director, in collaboration with our operations
team, ensures its effective implementation across all our
global operations. Implementation of the policy is ensured
through regular customer engagement, daily monitoring
of reported observations, and weekly communication
of findings to the operations team – including Regional
Directors and the leadership team.
The content of the policies in relation to impacts on
communities are reviewed on a regular basis, informed
by our performance on safety, environmental, and quality,
and incorporating feedback from operations within our
company. They are made available through the company
intranet, regular training sessions, and at project sites
through a dedicated HSEQ information board.
Our Human Rights policy provides clear guidance to our
people on respecting the rights of communities. Additional
information on our human rights policy is available in the
S1 Own Workforce Work Conditions of this report.
Processes for engaging with communities
We do not engage with communities as our customers
serve as the primary liaison with communities near
project sites. We operate under customer supervision and
maintain regular engagement with customers throughout
the project lifecycle, typically weekly or monthly as
stipulated in contractual agreements. Customers may
also reach out on an ad-hoc basis. Site-level interactions
are managed by project or installation managers,
while business-level engagement is handled by our
customer representatives. Overall, customer relationship
management is overseen by our COOs, supported by
Regional Directors. The effectiveness of engagement with
customers on project activities is evaluated on an ongoing
basis, aligned with our performance in HSEQ metrics.
Processes for remediation in case of a health and safety
incident related to communities
We rely on our customers to notify us of any community-
related issues arising from our project activities. In addition,
local site teams report any health and safety incidents
associated with the communities.
Any health and safety incident involving communities
is registered on our centralised online HSEQ reporting
platform, accessible via the company intranet,
mobile application, and QR codes displayed on HSEQ
Information boards at project sites. The same incident
management process applies as outlined in the chapter
S1 Own Workforce Health and Safety section, involving
concerned stakeholders. The whistleblower system on our
website is open to communities for reporting concerns.
However, we do not actively advertise this channel to the
communities since our customers remain the main liaison
with communities. More on the whistleblower system is
explained in the chapter G1 Business Conduct. However,
if we are responsible for a health and safety incident, we
adhere to any additional remediation process established
and mandated by our customers and authorities. Notably,
no such incidents have been reported to date.
Actions and resources
We receive detailed work instructions and best practices
from our customers. These are communicated to site
teams and implemented during project planning and
execution through clear work instructions, daily toolbox
talk meetings, and continuous oversight at all operational
levels from installation and project coordinators to
Regional Directors and leadership team.
All our employees receive regular training on our
community-related policies. We track our performance
through regular project reviews with customers and daily
monitoring of reported observations at project sites.
The actions described form part of established procedures
for project execution activities applied across our global
operations and are informed by contractual requirements
with customers and ISO standards. These actions were
already in place, and no new actions were implemented in
2025, as no community-related incidents were identified
during the current and prior reporting periods.
Our operations team, responsible for overseeing project
activities, ensures the effective implementation of actions.
Led by the COOs for installation and service businesses
and supported by Regional Directors, as well as project,
installation, and resource managers across the regions,
the team guarantees that all activities are executed in line
with contractual requirements by competent and certified
site teams. In the event of any incidents or disruptions, the
HSEQ team, headed by our Global HSEQ Director, works
alongside our operations team to assist customers in
resolving the issue.
99Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Targets and metrics
We have not set targets in this area, as no such issues have
arisen, and our project work is subject to strict customer
oversight. We continue to monitor the HSEQ performance
closely to ensure compliance and early detection of any
concerns.
To date, and across 2025, we have recorded zero community-
related health and safety incidents or disruptions linked to our
activities at project sites as depicted in the table opposite.
Accounting policies
a) Total number of health and safety incidents (mental or
physical) involving communities at or near project sites
This metric captures the number of health and safety
incidents, whether mental or physical, involving members of
the community residing at or near the project sites where we
operate. It includes only those incidents that are directly related
to our project activities carried out on our customers’ sites.
Information for this metric is sourced from our HSEQ reporting
platform, based on submissions from local site teams and
customer complaints registered by our operations teams.
b) Total number of projects that faced community-related
disruptions that resulted in complete work stoppage
This metric measures the number of projects that experienced
work stoppages due to complaints from members of the
community living at or near the sites where we operate. It
includes only those complaints that are directly linked to
FairWind’s project activities carried out on our customers’
sites and that resulted in work stoppages with financial
consequences for FairWind. Information for this metric
is sourced from our HSEQ reporting platform, based on
submissions from local site teams and customer complaints
registered by our operations teams.
Metric Ref. Unit 2025 2024
Total number of health and safety incidents (mental or physical) involving communities at or
near project sites
Entity Specific Number 0 0
Total number of projects that faced community-related disruptions that resulted in complete
work stoppage
Entity Specific Number 0 0
100Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Business Conduct
Business conduct section includes information on sustainability matters on business conduct in accordance with the
topical material standard G1 Business Conduct.
101Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Interaction of IROs with our strategy and
business model
We secure wind installation and service projects by
participating in customer tenders and collaborating with
a selected number of suppliers who support the safe
and efficient execution of our services. In addition, as a
global organisation supported by a diverse workforce
operating across multiple jurisdictions, we are subject to
complex regulatory obligations, including those related
to anti-corruption, taxation, fair competition, and human
and labour rights. Upholding integrity and transparency
across our global operations is essential, particularly given
the oversight exercised by regulatory authorities and by
our customers and shareholders. Unethical conduct may
result not only in financial penalties but also in reputational
damage that could undermine stakeholder trust. The
same risks apply if we fail to safeguard whistleblowers
from retaliation when they raise concerns in good faith
to uphold our ethical standards. Therefore, we consider
non-compliance with ethical business practices a material
risk to our organisation.
To mitigate this risk, we maintain a comprehensive
suite of policies, procedures, and guidelines within our
Integrated Management System (IMS), ensuring our
workforce is equipped to make ethical and responsible
decisions in all interactions with stakeholders. These
materials are accessible via the company intranet, allowing
our workforce to conveniently consult the policies and
guidelines that define expected standards of conduct.
Additionally, regular training sessions are conducted to
reinforce awareness, strengthen understanding of ethical
obligations, and promote consistent application of our
integrity standards in daily operations. Through this
structured and proactive approach, we aim to foster a
culture of transparency and accountability, ensuring that
our workforce is equipped to identify ethical dilemmas,
manage interactions with stakeholders responsibly, and
uphold the high governance standards expected of a
global company.
In 2025, we reinforced our governance framework by
introducing the Governance House, a comprehensive
structure that integrates newly developed rules. This
framework establishes clear roles and responsibilities
across all departments, including board-level functions,
ensuring effective oversight and accountability for
business operations. The Governance House serves as
an overarching framework that takes precedence over
previously existing policies and sets the strategic direction
for how subordinate regulations should evolve moving
forward.
BoD and the leadership team play a fundamental role in
shaping, overseeing, and ensuring adherence to ethical
business conduct across the organisation. The BoD sets
the overall direction and exercises oversight of ethical
business conduct, whereas the leadership team is tasked
with establishing the necessary policies and procedures,
embedding them into day-to-day operations, and ensuring
full accountability for compliance. The expertise of the BoD
and the leadership team, including on business conduct
Our risk from business conduct
IRO Type Description Value chain
Time
horizon
Risk Potential Failing to adhere to ethical
business practices can
result in financial penalties
and reputational damage
Upstream,
Own
Operations,
Downstream
Short,
Medium,
and Long
Term
G1 Business Conduct
102Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
matters, is described in the chapter General Information,
Governance.
Business conduct policies and corporate culture
Our policies to promote an ethical business culture include:
Anti-Bribery and Anti-Corruption policy
The policy sets out our objectives to prevent bribery,
corruption, and any improper influence in business
dealings by defining clear behavioural expectations for
everyone representing FairWind. The policy sets out
detailed guidance on the handling of gifts, hospitality,
travel, and other benefits, defining allowable thresholds,
documentation requirements, and conditions under
which such benefits may be offered or accepted. It strictly
prohibits facilitation payments and emphasises stricter
controls for interactions with public officials, requiring
prior clearance from the Global Head of Legal, Risk, and
Compliance.
The policy additionally outlines comprehensive due
diligence procedures for associated persons (agents,
intermediaries, advisors), including identity verification,
capability assessment, market reputation checks,
contractual documentation, and monitoring obligations.
It also describes the identification of red flags that signal
potential integrity risks in business partners, such as
opaque ownership structures, politically exposed persons,
or links to corruption allegations.
The policy stresses the severe consequences of violating
anti-bribery or anti-corruption laws, including criminal
penalties, fines, termination of employment, and
liability for both individuals and the company. It also
establishes expectations for lobbying activities, prohibiting
political donations and requiring transparency, factual
communication, and compliance with registration
requirements. Throughout the policy, employees are
encouraged to seek guidance from supervisors or the
Global Head of Legal, Risk and Compliance whenever
uncertainties arise, ensuring consistent adherence to our
commitment to ethical and lawful business conduct.
Anti–Money Laundering (AML) and terrorist
financing policy
The policy outlines the legal and supervisory provisions
to prevent money laundering and terrorist financing, as
set out in the Money Laundering Act. It defines money
laundering and terrorist financing, describes the scope
of covered transactions, and assigns responsibilities
to the Global Head of Legal, Risk and Compliance for
oversight, internal reporting, staff training, and maintaining
safeguards. The policy sets out risk-based due diligence
requirements for representatives of FairWind when
conducting business with business partners, including
verifying documentation, identifying beneficial owners,
monitoring politically exposed persons, and prohibiting
cash acceptance and suspicious transactions. It also
details procedures for record keeping, periodic verification,
handling doubtful or unusual facts, mandatory reporting
of suspicious activity, and maintaining comprehensive
internal documentation to protect FairWind from legal,
financial, and reputational risks.
Sanctions policy
The policy defines our commitment to complying with
all applicable national and international sanctions and
export control regulations, ensuring that FairWind,
its representatives, agents, and business partners do
not engage in transactions with sanctioned countries,
individuals, entities, or sectors. It explains what sanctions
are, including restrictions on finance, trade, travel, and
dual-use items, and outlines obligations to screen all
parties against relevant sanctions lists such as the EU,
the US, the UN, the UK, and Canadian regimes. The
policy details compliance requirements, including due
diligence, escalation of any dealings involving sanctioned
jurisdictions, freezing transactions when risks are
identified, and mandatory reporting to the Global Head
of Legal, Risk and Compliance. It also highlights severe
penalties for non-compliance, assigns responsibility to the
Global Head of Legal, Risk and Compliance for oversight
and updates, and mandates ongoing staff awareness and
training to ensure adherence to evolving sanctions laws.
Details on other policies related to responsible business
conduct covering topics such as HSEQ, human rights,
discrimination, harassment, and workforce wellbeing are
provided in the respective topical standards of this report.
All policies are formally approved by our CEO, who is the
senior-most accountable authority and is supported by
various departments for their implementation. All our
policies are reviewed on a regular basis.
Our actions to promote corporate culture
Our ongoing actions covering our global operations to
promote our corporate culture include:
Communication and engagement
Our policies, procedures, and guidelines are centrally
hosted on the company intranet, ensuring that employees
can conveniently access and consult them whenever
needed.
The ExM conducts monthly review meetings with internal
departments and the other members of the leadership
team (C-level management team) to discuss business
performance, wherein business conduct matters are also
discussed. In addition, our dedicated and independent
function, the Global Head of Legal, Risk and Compliance
oversees and maintains the implementation of our
governance policies and procedures. The BoD is provided
with updates on business conduct matters by the ExM
and the Global Head of Legal, Risk, and Compliance on a
regular basis.
Through our Code of Conduct, we communicate clear
expectations for ethical and responsible business
behaviour to both employees and business partners.
The Code covers essential topics such as anti-corruption,
fair competition, health and safety, and human and
labour rights etc., guiding the standards we uphold
across our value chain. We maintain dedicated Code of
Conducts for employees and business partners to ensure
that expectations are tailored to their respective roles.
Employees are made aware of these requirements through
mandatory training on our governance documents.
Business partners such as non-employees, contractors,
suppliers, and any party entering a commercial relationship
with FairWind receive our Code of Conduct during
onboarding, and suppliers are additionally required to sign
the document as part of their contractual engagement.
Grievance redressal mechanism
As explained previously, we formalised our grievance
redressal mechanism by introducing the grievance policy
in 2025. More detail on grievance policy is available in
chapter S1 Own Workforce Work Conditions.
103Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Furthermore, we have always maintained a whistleblower
system. Our whistleblower system is operated through a
secure third-party platform that is accessible to all internal
and external stakeholders, enabling them to report serious
or severe concerns confidentially and anonymously,
without fear of retaliation. All reports submitted through
the system are reviewed and investigated jointly by our
CPO and Global Head of Legal, Risk and Compliance.
Upon receiving a report, the whistleblower is issued an
acknowledgement within seven days. Investigations are
typically concluded within three months of receiving the
concern. However, in more complex cases, the process may
take up to six months. Once the investigation is completed,
the outcome is communicated to the whistleblower. Our
whistleblower system is in accordance with the Directive
(EU) 2019/1937.
The whistleblowing system is made available to all our
stakeholders via diverse channels such as our company
intranet, company website, company policies, and Code
of Conduct documents. We have not performed any
evaluation of the effectiveness of the grievance redressal
process, nor have we assessed the level of awareness or
trust our stakeholders place in these mechanisms.
Training
To reinforce awareness and consistent application of these
governance documents, all employees are required to
complete mandatory training covering our governance
documents and grievance redressal mechanisms,
including clear guidance on how and where to locate
them. Any updates to our governance documents are also
communicated via the training program to our employees.
We secure wind installation and service projects by
participating in customer tenders and collaborating with
suppliers to deliver our services. We recognise sales and
procurement functions as being at most risk of corruption
and bribery, as these are in direct contact with external
parties. Our training programme on governance related
matters incorporates anti-corruption and anti-bribery
topics. More detail is provided in the next section.
104Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Prevention and detection of corruption and bribery
We have a zero tolerance policy towards corruption and
bribery.
Our ongoing actions to prevent, detect, and mitigate risks
of corruption and bribery complement our established
policies. We maintain proactive discussions between the
CFO, the Global Head of Legal, Risk and Compliance, and
other relevant internal stakeholders whenever potential
risks emerge, using internal tools to analyse patterns,
identify vulnerabilities, and design preventive measures. To
prevent corruption and fraud risks, we have implemented
robust internal IT system controls covering procurement,
invoicing, and bank payments, including safeguards such
as the four-eyes principle for the approval of all invoices
and bank transactions. In addition, the finance team
conducts random checks and investigations to identify and
address any invoice or payment irregularities.
Any incidents of corruption and bribery reported via
our grievance redressal mechanism are investigated
jointly by the CFO and the Global Head of Legal, Risk and
Compliance. CFO communicates the outcomes of the
investigation of the reported incidents to the CEO and the
BoD.
Our expectations regarding anti-corruption and
anti-bribery practices are communicated to employees
and business partners through dedicated Code of Conduct
documents, as previously described. Employees are further
made aware of these requirements through the policies
and procedures hosted on our company intranet and
through mandatory training. The anti-corruption and
anti-bribery topic is included within an umbrella course
titled Governance, Rules, Policies and Code of Conduct.
We deliver this training through our internal learning
platform – Performance Academy, ensuring accessibility
for all employees, including those at higher-risk functions
such as sales and procurement. Key details of the training
programme are outlined in the table opposite.
In 2025, we launched a new e-learning course, Governance,
Rules, Policies and Code of Conduct, to strengthen
employee awareness of our governance framework, with
broader coverage of anti-corruption and anti-bribery topics.
Originally launched in 2024, the updated course provides
more practical guidance on governance expectations. The
course was made available to all employees, including the
leadership team and BoD. The course runs on a biennial
basis, allowing each edition to reflect policy updates and
emerging risks.
Compared to 2024, we also broadened the scope of
functions considered at risk in 2025 to include employees
from the warehouse and logistics department within the
procurement function, reflecting their responsibilities in
management of goods and services and the importance of
strong governance in preventing corruption, bribery, and
conflicts of interest in these activities.
Metric Ref. Unit 2025 2024
Training coverage
At-risk
function:
sales and
procurement
At-risk
function:
sales and
procurement
Total ESRS Headcount 38 21
Total completed training ESRS Headcount 16 (42%) 7 (33%)
Delivery method and
duration
Mandatory 100% computer-
based training
ESRS Hours 0.75 0.33
Frequency
How often is training
required
ESRS NA Every two
years
NA
Topics covered
Definition of corruption ESRS NA Covered NA
Policy and where it can be
accessed
ESRS NA Covered Covered
Procedures on suspicion/
detection of corruption
ESRS NA Covered NA
105Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Targets and metrics
Our target is zero incidents, fines, convictions, or violations
related to corruption and bribery.
Progress on metrics
We continue to maintain zero incidents, fines, convictions,
or violations related to corruption and bribery as depicted
in the table below right.
Accounting policies
a) Training in anti-corruption and anti-bribery
Training details for the e-learning training course are
sourced from our online training platform, which provides
training content and completion records across our global
operations. These records are cross-checked against the
HR-provided list of sales and procurement (including
warehouse and logistics department) employees to
determine training completion status for these groups.
b) Number of convictions and fines related to anti-
corruption and anti-bribery
These metrics capture the total number of final judicial
convictions and the associated fines and penalties
imposed on FairWind or its employees for breaches of
applicable laws.
Metric Ref. Unit 2025 2024
Total number of convictions for violations of anti-corruption and anti-bribery laws ESRS Number 0 0
Total amount of fines for violation of anti-corruption and anti-bribery laws ESRS EUR 0 0
106Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Updates to 2025 IROs
IRO ID Topics 2024 material IRO description 2025 IRO description 2025 material Updates
E1 Climate Change
1 Climate change mitigation Facilitation of renewable energy generation: FairWind supports the transition
to a low-carbon economy by prolonging wind turbine lifespans and improving
resource efficiency in the renewable energy sector
Facilitating deployment, reliability, and long-term
performance of renewable energy assets
Y Description updated for improved clarity and
stronger alignment with our business activities.
2 ESRS S1 Own Workforce
Developing local workforce: Training of local people in the skill-set needed for
transition to renewable energy will also save relocation costs and emissions
Supporting industry-wide capacity building for
technical skills in wind energy
Y IRO reclassified from S1 Own Workforce in 2024
to E1 Climate Change. Description updated for
improved clarity and stronger alignment with our
business activities. FairWind supports the broader
wind industry by providing specialised training
programmes for personnel employed by FairWind
and peer companies across the sector.
3 Increased service demand from low-carbon transition and extreme weather
events: The current growing demand for wind energy boosts supply chain
activities and opportunities in renewables, while increasing extreme weather
events drive the need for maintenance and repair services
Strong and increasing demand for wind energy due
to its established role in decarbonising the power
generation sector
Y Description updated for improved clarity and
stronger alignment with our business activities.
Only climate change mitigation is included.
4 Greenhouse Gas (GHG) Emissions GHG emissions from operations: FairWind’s operations produce greenhouse
gases from employee air travel and servicing activities that use fossil fuel-powered
cranes and generators, contributing to the company’s carbon footprint
Greenhouse gas (GHG) emissions from activities
associated with the use of fossil fuel-powered
machinery and the mobilisation of resources
Y Description updated for improved clarity and
stronger alignment with our business activities.
5 - Embedded GHG emissions in machinery, tools,
equipment, and work-wear that is used during the
installation and service of wind turbines
Y A new IRO added in 2025, based on the DMA review.
6 Optimised logistics and cost savings: Optimised logistics planning through
regional structure has been identified as a material opportunity leading to a
reduction in air travel, lower emissions, cost reductions, and increased profits
Operational optimisation leading to cost savings Y Description updated for improved clarity and
stronger alignment with our business activities.
7 Climate change adaptation Extreme weather-related asset damage and service site inaccessibility:
Climate change hazards may increase physical damage to company assets
from extreme weather, resulting in higher maintenance costs. Additionally, such
events can hinder access to service sites, causing operational delays and potential
revenue losses
Extreme weather events pose operational and
financial risk by limiting accessibility to project sites,
causing delays, and interrupting work
Y Description updated for improved clarity and
stronger alignment with our business activities.
8 Extreme weather-related asset damage and service site inaccessibility:
Climate change hazards may increase physical damage to company assets
from extreme weather, resulting in higher maintenance costs. Additionally, such
events can hinder access to service sites, causing operational delays and potential
revenue losses
Extreme weather events pose operational and
financial risk through safety risks to personnel and
affect business continuity by damaging assets
Y Description updated for improved clarity and
stronger alignment with our business activities.
9 Increased service demand from low-carbon transition and extreme weather
events: The current growing demand for wind energy boosts supply chain
activities and opportunities in renewables, while increasing extreme weather
events drive the need for maintenance and repair services
Increased demand for wind turbine services due to
damage caused by extreme weather events
Y Description updated for improved clarity and
stronger alignment with our business activities.
Continued overleaf…
108Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
IRO ID Topics 2024 material IRO description 2025 IRO description 2025 material Updates
E5 Resource use and Circular
Economy
10 NA Prolonging the life of wind turbines: FairWind has a distinct opportunity to
extend the operational lifespan of wind turbines and their components through
maintenance, repowering, and refurbishment. These services align with circular
economy principles, emphasising product life extension, waste minimisation, and
resource efficiency
Business opportunity arising from the growing
market emphasis on maximising the performance
and longevity of current or existing wind turbine
assets
Y Description updated for improved clarity and stronger
alignment with our business activities.
S1 Own Workforce
11 Health and Safety Health and Safety: Working as a technician on a wind farm is considered high
risk occupation due to the physical and technical challenges. Office workers
considered low impact regarding health & safety, but there can be a potential
adverse impact on stress and work-life balance
Adverse impact on the physical health and safety of
site staff due to the nature of work involved in wind
turbine installation and service activities
Y Description updated for improved clarity and stronger
alignment with our business activities.
12 Costs related to health and safety incidents: Costs associated with health and
safety incidents
Remediation costs for eventual health & safety
incidents
Y Description updated for improved clarity and stronger
alignment with our business activities.
13 Work Conditions Health and Safety: Working as a technician on a wind farm is considered high
risk occupation due to the physical and technical challenges. Office workers
considered low impact regarding health & safety, but there can be a potential
adverse impact on stress and work-life balance
Adverse impact on the health of the site staff due
to unconventional working conditions in wind
installation and service projects
Y Other than physical health and safety aspects, all
other wellbeing aspects are reclassified into topic
work conditions with improved descriptions for clarity
and stronger alignment with our business activities.
14 Adverse impact on the mental health of the
workforce due to a challenging work environment
Y
15 Increased costs from sick leaves (or sick days) related
to stress and mental health
Y
16 Limited ability to attract and retain technical and skilled workforce: Higher
recruitment and retention costs
Limited ability to attract and retain a technical and
skilled workforce
Y No change in description of the IRO, but it is
reclassified into topic work conditions for clarity and
stronger alignment with our business activities.
17 Diversity, Equity, and Inclusion
(DEI)
Diversity & Equity: Women are highly under-represented in STEM professions Adverse impact on the workforce due to gender
inequality resulting from failure to uphold DEI values
Y Description updated for improved clarity and stronger
alignment with our business activities.
18 - Workforce attrition due to lack of development
opportunities (including gender in an equal manner)
Y A new IRO was added in 2025 based on DMA review.
S3 Affected Communities
19 NA Economic, social, and cultural impacts: FairWind’s offshore activities could
temporarily restrict fishing grounds, and onshore activities may disturb local
communities, including indigenous peoples.
- N The IRO is assessed to be not material for FairWind’s
business activity. FairWind is not a project developer.
FairWind is a subcontractor for OEMs and wind farm
developers. Hence, FairWind does not impact the
livelihood of the community. FairWind begins its
work/business activities at project sites only after its
clients have obtained clear authorisation for the work
from relevant stakeholders.
20 - Adverse impact on health from living close to wind
farms
Y A new IRO added in 2025 based on DMA review.
21 Advocacy and complaints from local communities: Resistance to projects, such
as blocking access roads or causing delays, may result in operational constraints
or increased costs.
Advocacy and complaints from affected communities
may impose a stop/limitation of operations
Y Description updated for improved clarity and stronger
alignment with our business activities.
G1 Business Conduct
22 NA Exposure to bribery and corruption: Bribery and corruption risks in the
renewable energy sector, particularly in high-risk regions.
Failing to adhere to ethical business practices can
result in financial penalties and reputational damage
Y Description updated for improved clarity and stronger
alignment with our business activities.
109Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Income
Statement
EUR
EUR’000 Note 2025 2024
Revenue 4 247,582 237,269
Direct Operating Costs 5 -182,942 -182,339
Gross Profit 64,640 54,930
Other Operating Costs 5 -39,567 -34,804
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) before Special Items 25,073 20,126
Special Items 6 -1,200 -3,733
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) after Special Items 23,873 16,393
Depreciation 7 -8,258 -6,525
Operating Profit/Loss (EBIT) 15,615 9,868
Financial Income 8 5,452 3,879
Financial Expenses 9 -19,978 -13,025
Profit before Tax 1,089 722
Tax for the Year 10 -1,368 -5,026
Result for the Year -279 -4,305
Attributable to:
Shareholders of Force BidCo A/S -279 -4,305
111Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Statement of
Comprehensive
Income
EUR
EUR’000 2025 2024
Result for the Year -279 -4,305
Other Comprehensive Income
Other Comprehensive Income to be Reclassified to Profit or Loss in Subsequent Periods:
Exchange Differences on Translation of Foreign Operations -3,972 -1,318
Total Comprehensive Income/Loss -4,251 -5,623
Attributable to:
Shareholders of Force BidCo A/S -4,251 -5,623
112Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Balance
EUR
EUR’000 Note 31/12-2025 31/12-2024
Goodwill 11, 12 83,034 65,636
Trade Name 11 13,149 13,149
Other Intangible Assets 11 667 805
Property, Plant and Equipment 13 11,683 11,390
Right-of-use Assets 14 8,286 9,470
Deposits 658 520
Reimbursement Asset 15 2,998 4,000
Deferred Tax Assets 10 3,129 3,905
Total Non-Current Assets 123,604 108,875
Inventories 16 845 1,065
Trade Receivables 17 49,899 49,209
Contract Assets 18 15,512 21,755
Other Receivables 4,391 4,236
Prepaid Tax 1,987 703
Cash* 14,415 12,778
Total Current Assets 87,048 89,746
Total Assets 210,651 198,621
*Cash includes Trapped Cash for 2025 EUR 0 k (2024: EUR 5.945 k)
113Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Balance
EUR
EUR’000 Note 31/12-2025 31/12-2024
Share Capital 20 54 54
Share Premium 49,108 49,108
Foreign Currency Translation Reserve -7,506 -3,534
Retained Earnings -3,976 -5,401
Total Equity 37,680 40,227
Deferred Tax 10 2,890 2,890
Interest-bearing Liabilities 22, 23 88,723 58,763
Lease Liabilities 14, 22 7,141 7,678
Other Payables 4,640 1,240
Provisions to uncertain tax positions 3, 15 2,998 4,000
Total Non-Current Liabilities 106,392 74,571
Interest-bearing Liabilities 22, 23 33,668 31,307
Contract Liabilities 18 326 614
Lease Liabilities 14, 22 1,257 1,810
Trade Payables 16,950 39,237
Current Tax Liability 2,869 1,363
Other Payables 26 11,509 9,491
Total Current Liabilities 66,579 83,822
Total Liabilities 172,970 158,393
Total Equity and Liabilities 210,651 198,621
114Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Statement
of Changes
in Equity
EUR
EUR’000
Share
Capital
Share
Premium
Foreign
Currency
Translation
Reserve
Retained
Earnings Total Equity
Equity at 1 January 2024 54 49,108 -2,216 -11,876 35,070
Result for the year 0 0 0 -4,305 -4,305
Other comprehensive income
Exchange differences on translation of foreign operations 0 0 -1,318 0 -1,318
Total comprehensive income 31. December 2024 0 0 -1,318 -4,305 -5,623
Other changes
Contribution in Kind* 0 0 0 6,450 6,450
Contribution in Cash** 0 0 0 5,000 5,000
Other changes 0 0 0 -670 -670
Total other changes 0 0 0 10,780 10,780
Equity at 31 December 2024 54 49,108 -3,534 -5,401 40,227
Equity at 1 January 2025 54 49,108 -3,534 -5,401 40,227
Result for the year 0 0 0 -279 -279
Other comprehensive income
Exchange differences on translation of foreign operations 0 0 -3,972 0 -3,972
Total comprehensive income 31. December 2025 0 0 -3,972 -279 -4,251
Other changes
Contribution in Kind*** 0 0 0 1,704 1,704
Total other changes 0 0 0 1,704 1,704
Equity at 31 December 2025 54 49,108 -7,506 -3,976 37,680
* Contribution in Kind, in connection with acquisition of Wind1000, see note 15 (2024) for further information.
** Contribution in Cash, in connection with acquisition of Wind1000, see note 15 (2024) for further information.
*** Contribution in Kind, in connection with acquisition of Cosmic Group, see note 15 for further information.
115Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Cash Flow
Statement
EUR
EUR’000 Note 2025 2024
Operating Activities
Operating Profit/Loss (EBIT) 15,615 9,868
Depreciation, Amortisation and Impairment Losses 8,258 6,525
Change in Working Capital 19 -22,203 -11,573
Financial Income Received 8 215 523
Financial Expenses Paid 9 -13,661 -9,980
Income Taxes Refunded/Paid -3,369 -3,808
Cash flow from Operating Activities -15,146 -8,446
Investment Activities
Investment in Property, Plant and Equipment 13 -6,035 -4,959
Disposal of Property, Plant and Equipment 532 54
Investment in Other Intangible Assets 11 -270 -900
Acquisitions 15 -9,592 -8,871
Cash flow from Investing Activities -15,365 -14,676
Financing Activities
Proceeds of long-term Liabilities 22 33,697 5,000
Cash flows from Drawn Facilities 22 2,361 11,450
Contribution from Shareholders 0 5,000
Repayment Leasing 22 -3,316 -2,063
Cash flow from Financing Activities 32,742 19,387
Change in Cash and Cash Equivalents 2,231 -3,734
Opening Cash and Cash Equivalents 12,778 17,248
Currency Adjustment of Opening Cash and Cash Equivalents -594 -150
Other Adjustments 0 -585
Change in Cash and Cash Equivalents for the Year 2,231 -3,734
Cash 31 December 14,415 12,778
The Group has unused credit facilities per 2025 amounting to EUR 24 M (2024 = EUR 20 M).
Trapped cash amounts to EUR 0 M (2024 = EUR 5.9 M).
116Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Notes
1. Accounting Policies ................................................................................................................................118
2. Adoption of new and Amended Standards ..............................................................................121
3. Critical Accounting Judgement and Key Sources of Estimation Uncertainty ....122
4. Segment Information ...........................................................................................................................124
5. Operating Costs .......................................................................................................................................127
6. Special Items .............................................................................................................................................130
7. Depreciation ............................................................................................................................................... 131
8. Financial Income ...................................................................................................................................... 131
9. Financial Expenses .................................................................................................................................. 131
10. Tax for the Year ......................................................................................................................................... 132
11. Intangible Assets .....................................................................................................................................134
12. Impairment Test ...................................................................................................................................... 135
13. Property Plant and Equipment.......................................................................................................136
14. Leases ............................................................................................................................................................137
15. Acquisition ..................................................................................................................................................139
16. Inventories...................................................................................................................................................143
17. Trade Receivables ...................................................................................................................................143
18. Contract Balances ................................................................................................................................. 144
19. Working Capital Changes ..................................................................................................................145
20. Share Capital .............................................................................................................................................. 145
21. Fee to Auditors Appointed at the Annual General Meeting ..........................................145
22. Interest-bearing Liabilities .................................................................................................................146
23. Financial Risks ..........................................................................................................................................149
24. Guarantees, Contingent Liabilities and Collateral................................................................153
25. Related Parties .........................................................................................................................................154
26. Other Payables .........................................................................................................................................154
27. Legal Entities ............................................................................................................................................. 155
28. Events After the Reporting Period ................................................................................................156
117Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
118Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
119Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
120Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
121Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
122Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Critical Accounting Judgement and Key Sources of Estimation Uncertainty
Note 3 continued
123Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
124Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 4 continued
Segment
Information
125Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 4 continued
Segment
Information
126Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
127Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 5 continued
Operating Costs
128Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 5 continued
Operating Costs
129Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
130Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
131Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
132Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 10 continued
Tax for the Year
133Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
134Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
135Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
136Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
137Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 14 continued
Leases
138Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
139Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 15 continued
Acquisition
140Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 15 continued
Acquisition
141Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
142Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
143Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
144Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
145Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
146Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 22 continued
Interest-bearing
Liabilities
147Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 22 continued
Interest-bearing
Liabilities
148Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
149Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 23 continued
Financial Risks
150Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 23 continued
Financial Risks
151Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 23 continued
Financial Risks
152Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
153Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
154Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
155Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
156Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Income
Statement
EUR
EUR’000 0 0
Result for the Year -279 -4,305
Other Comprehensive Income
Other Comprehensive Income to be Reclassified to Profit or Loss in Subsequent Periods:
Exchange Differences on Translation of Foreign Operations -3,972 -1,318
Total Comprehensive Income/Loss -4,251 -5,623
Attributable to:
Shareholders of Force BidCo A/S -4,251 -5,623
Statement of
Comprehensive
Income
EUR
EUR’000 Note 2025 2024
Revenue 3 518 1,348
Administrative Costs 4 -2,020 -1,919
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) before Special Items -1,501 -570
Special Items 5 -1,179 -1,039
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) after Special Items -2,680 -1,609
Income/Loss from Investments in Subsidiaries 8 10,091 4,032
Financial Income 6 1,191 493
Financial Expenses 6 -9,064 -6,034
Profit before Tax -462 -3,119
Tax for the Year 7 183 -1,186
Total Comprehensive Income for the Year -279 -4,305
Attributable to:
Shareholders of Force BidCo A/S -279 -4,305
158Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Assets
EUR
EUR’000 Note 31/12-2025 31/12-2024
Investments in Subsidiaries 8 99,701 91,897
Receivables from Group Entities 28,399 4,801
Total Non-Current Assets 128,100 96,698
Cash 70 91
Income tax receivable from group enterprises 183 0
Other Receivables 56 0
Total Current Assets 309 91
Total Assets 128,409 96,789
EUR’000 Note 31/12-2025 31/12-2024
Share Capital 10 54 54
Share Premium 49,108 49,108
Retained Earnings -11,482 -8,935
Total Equity 37,680 40,227
Interest-bearing Liabilities 11 88,034 53,963
Total Non-Current Liabilities 88,034 53,963
Trade Payables 3 1,060
Other Payables 2,692 1,539
Total Current Liabilities 2,695 2,599
Total Liabilities 90,729 56,562
Total Equity and Liabilities 128,409 96,789
Equity and
Liabilities
EUR
159Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Statement
of Changes
in Equity
EUR
EUR’000 Share Capital Share Premium Retained Earnings Total Equity
Balance at 1. January 2024 54 49,108 -14,092 35,070
Total Comprehensive Income
Net Profit/Loss for the Period 0 0 -4,305 -4,305
Adjustment of Investments Through Foreign Exchange Adjustments 0 0 -1,318 -1,318
Total Comprehensive Income for the Year 0 0 -5,623 -5,623
Transactions with Owners
Contribution in Kind 0 0 6,450 6,450
Contribution in Cash 0 0 5,000 5,000
Other Changes 0 0 -670 -670
Total Transactions with Owners 0 0 10,780 10,780
Balance at 31. December 2024 54 49,108 -8,935 40,227
Balance at 1. January 2025 54 49,108 -8,935 40,227
Total Comprehensive Income
Net Profit/Loss for the Period 0 0 -279 -279
Adjustment of Investments Through Foreign Exchange Adjustments 0 0 -3,972 -3,972
Total Comprehensive Income for the Year 0 0 -4,251 -4,251
Transactions with Owners
Contribution in Kind* 0 0 1,704 1,704
Total Transactions with Owners 0 0 1,704 1,704
Balance at 31. December 2025 54 49,108 -11,482 37,680
*See Statement of Changes in Equity in the Consolidated Financial Statements section for further information.
160Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Cashflow
Statement
EUR
EUR’000 Note 2025 2024
Operating Profit/Loss before Depreciation and Amortisation (EBITDA) before Special Items -2,680 -1,609
Change in Working Capital 9 -58 716
Financial Income Received 6 1,136 440
Financial Expenses Paid 6 -7,821 -5,593
Cash flow from Operating Activities -9,424 -6,047
Receivables from Group Entities -23,598 1,435
Contribution to Subsidiary 0 -5,000
Cash flow from Investing Activities -23,598 -3,565
Proceeds from Long-Term Liabilities 11 33,000 0
Contribution from Shareholders 0 5,000
Cash flow from Financing Activities 33,000 5,000
Change in Cash and Cash Equivalents -21 -4,611
Opening Cash and Cash Equivalents 91 4,705
Currency Adjustment of Opening Cash and Cash Equivalents 0 -3
Change in Cash and Cash Equivalents for the Year -21 -4,611
Cash 31 December 70 91
161Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Notes
1. Summary of Significant Accounting Policies .........................................................................163
2. Significant Accounting Judgements, Estimates and Assumptions ..........................163
3. Revenue ........................................................................................................................................................164
4. Administrative Costs .............................................................................................................................164
5. Special Items .............................................................................................................................................165
6. Financial Income and Expenses .....................................................................................................165
7. Tax for the Year .........................................................................................................................................166
8. Investments in Subsidiaries ..............................................................................................................167
9. Working Capital Changes ..................................................................................................................167
10. Share Capital ..............................................................................................................................................168
11. Interest-bearing Liabilities .................................................................................................................168
12. Financial, Liquidity and Currency Risks .....................................................................................169
13. Guarantees, Contingent Liabilities and Collateral................................................................169
14. Related Parties .........................................................................................................................................170
15. Legal Entities .............................................................................................................................................170
16. Events After the Reporting Period ................................................................................................170
162Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
The separate Parent Company Financial Statements
have been incorporated in the Annual Report because
a separate set of financial statements is required for the
Parent Company under DFSA requirements for annual
reports of reporting class D enterprises. The Company is
required to apply the requirements for reporting class D
enterprises, cf. the Danish Executive Order on Adoption of
IFRSs (“IFRS bekendtgørelsen”) issued in accordance with
the Danish Financial Statements Act (“DFSA”).
The Financial Statement for the Parent Company is in
accordance with IFRS. Therefore the accounting principles
is the same as the one applied in the consolidated financial
statement except from the items below.
Investments in subsidiaries
A proportionate share of the underlying entities’ profit/ loss
after tax is recognised in the income statement according
to the equity method. Shares of profit/ loss after tax in
subsidiaries are presented as separate line items in the
income statement.
Note 1
Summary of
Significant
Accounting Policies
Receivables from Group entities and other receivables
Receivables from Group entities and other receivables are
measured at amortised cost less allowance for expected
credit losses.
To measure the expected credit losses, credit risk for trade
receivables has been based on an individual assessment.
Trade receivables are written off when all possible
options have been exhausted and there is no reasonable
expectation of recovery.
For the significant accounting judgements, estimates and
assumptions, please refer to note 3 in the consolidated
financial statements on accounting policies.
Note 2
Significant Accounting
Judgements, Estimates
and Assumptions
163Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 3
Revenue
Note 4
Administrative
Costs
EUR’000 2025 2024
Management Fee 518 1,348
Total Revenue 518 1,348
EUR’000
Salaries 2025 2024
Wages and Salaries 813 1,184
Pensions 28 253
Other Social Security Costs 1 11
Total Salaries 843 1,449
Average Numbers of Employees During the Year 1 2
Other Administrative Costs 2025 2024
Subscriptions 22 30
Consultancy 590 255
Audit and related service 565 184
Total Other Administrative Costs 1,177 470
Total Administrative Cost 2,020 1,919
164Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 5
Special Items
Note 6
Financial Income
and Expenses
EUR’000 2025 2024
M&A 104 1,039
Re-financing 1,075 0
Total Special Items 1,179 1,039
If special items had not been grouped to special items they would have been included in the following line items:
EUR’000 2025 2024
Administrative Costs 1,179 1,039
Total Special Items 1,179 1,039
Financial Income and Expenses
EUR’000 2025 2024
Interest Receivables, Group Entities 1,136 419
Interest - Bank Deposits etc. -0 21
Foreign Exchange Gains - Bonds etc. 55 53
Total Financial Income 1,191 493
Interest on Debts and Borrowings 7,277 5,585
Interest Payables, Group Entities 45 0
Foreign Exchange Losses and other Adjustments 171 107
Other Interest Expenses 1,570 342
Total Financial Expenses 9,064 6,034
165Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 7
Tax for the Year
EUR’000 2025 2024
Current Tax for the Year Income 0 0
Changes in Deferred Tax 0 1,186
Refund in Joint Taxation -183 0
Tax for the Year -183 1,186
Tax Calculated as 22% of Profit/Loss Before tax -102 -686
Income/Loss from Investments in Subsidiaries -2,220 -887
Impact from non-Deductible Expenses 1,339 1,103
Changes in valuation of tax assets -183 1,648
Tax asset occurred current year, not recognised 680 0
Other adjustments in Previous Years tax 302 8
Tax for the Year -183 1,186
Tax rate for the Year (%) -40% 38%
Deferred Tax Liabilities, net
Deferred Tax 1 January 0 1,188
Deferred Tax for the Year Recognised in the Income Statement 0 -1,186
Changes in valuation of tax assets 183 -1
Deferred Tax 31 December 183 0
Deferred Tax is recognised in the Statement of Financial Position as Follows:
Deferred Tax (Asset) from Tax Loss Carry Forward 183 0
Deferred Tax (Liability) 0 0
Total Deferred Tax 183 0
166Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 8
Investments in
Subsidiaries
Note 9
Working
Capital Changes
EUR’000 31/12-2025 31/12-2024
Costs at the Beginning of the Year 90,626 79,888
Currency Adjustment of Beginning Costs -19 -42
Additions 1,704 10,780
Costs at 31 December 92,311 90,626
Value Adjustment at the Beginning of the Year 1,271 -1,443
Foreign Exchange Adjustments -3,972 -1,318
Profit/Loss for the Year 10,091 4,032
Value Adjustment at 31 December 7,390 1,271
Carrying Amount at 31 December 99,701 91,897
EUR’000 31/12-2025 31/12-2024
Change in Receivables and Prepayments -56 16
Change in Trade Payables and other Debts etc. 96 707
Exchange Rates Adjustments -98 -7
Total Working Capital Changes -58 716
167Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 10
Share Capital
Note 11
Interest-bearing
Liabilities
The share capital consists of 400,000 shares of DKK 0.13
each, corresponding to a share capital of EUR 53,670.
No shares carry special rights.
EUR’000 31/12-2025 31/12-2024
Long-term Debt is due as follows:
0-1 year 0 0
1-3 year 0 55,002
3-5 year 88,034 0
> 5 year 0 0
Amortized Loan Cost 0 -1,039
Total Long-term Debt 88,034 53,963
Liabilities at 1. January 53,963 53,629
Bonds Issued 33,000 0
Amortized Loan Cost 1,071 334
Interest-bearing Liabilities at 31. December 88,034 53,963
168Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 12
Financial, Liquidity
and Currency Risks
The financial risks and financial instruments of Force BidCo
A/S relates to the bond loan of EUR 88M is described in
note 23 to the consolidated financial statements.
Please refer to this note for further information on financial
instruments and risk elements.
Furthermore the parent company has both financial
risk and liquidity risk related to receivables from Group
enterprises and the ability for Group companies to repay
as needed for the parent company to meet its obligations.
Management sees this risk as insignificant.
Note 13
Guarantees, Contingent
Liabilities and Collateral
Contingent liabilities
The Parent Company participates in a Danish joint taxation
arrangement, where Force HoldCo A/S serves as the
administration company.
According to the joint taxation provisions of the Danish
Corporation Tax Act, the Entity is therefore liable for
income taxes etc. for the jointly taxed entities, and also
for obligations, if any, relating to the withholding of tax
on interest, royalties and dividends for the jointly taxed
entities. The jointly taxed entities’ total known net liability
under the joint taxation arrangement is disclosed in the
administration company’s financial statements.
Collateral
The Group companies have given negative pledge in the
entity’s assets.
169Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
Note 14
Related Parties
Note 15
Legal
Entities
For legal entities please refer note 27 in the consolidated
financial statements.
Note 16
Events After the
Reporting Period
For events after the reporting period please refer note 28 in
the consolidated financial statements.
EUR’000 31/12-2025 31/12-2024
Related Party Capital Loan Capital (Subsidiary) 28,399 4,801
Related Party Loan Capital, Interest (Subsidiary) 1,136 419
Related Party Contribution in Kind (Parent) -1,704 -6,450
Related Party Contribution in Cash (Parent) 0 -5,000
Related Party Contribution in Kind (Subsidiary) 1,704 6,450
Related Party Contribution in Cash (Subsidiary) 0 5,000
Consultancy Costs paid to owner 143 1,122
For further details regarding Contribution in kind and Contribution in Cash, see note 15 in the group consolidated notes
170Overview Management Review Sustainability Statement Consolidated Financial Statements Parent Company Financial Statements
