Integrated Wind Solutions ASA

9UG

Equity

ISIN NO0010955883 / Valor 110644316

Deutsche Boerse AG (2026-05-22)

EUR 6.01+4.16%

Integrated Wind Solutions ASA
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About company

Integrated Wind Solutions ASA (IWS) is a company focused on providing specialized services to the offshore wind industry. Through its subsidiary, IWS Fleet AS, the company is engaged in the construction and operation of Walk-to-Work Commissioning Service Operation Vessels (CSOVs), which are designed to support the commissioning and maintenance of offshore wind farms. These vessels are equipped with advanced technology, including battery-biased plug-in hybrid systems, to enable zero-emission operations. IWS has secured contracts for the construction of multiple CSOVs, with deliveries scheduled from 2023 to 2024, and has options for additional vessels. The company has recently been notified of a charter contract for one of its vessels for the Dogger Bank Wind Farm's third phase, Dogger Bank C, set to commence in 2025. IWS aims to offer a comprehensive range of services across the offshore wind value chain, enhancing project efficiency and reducing costs through its integrated service offerings.

Summarized from source with an LLMView SourceSector: Business Services

Quarterly financials

Q4 2025 results: Revenue EUR 28.5m (+18% vs Q3, +33% vs Q4 2024); Group EBITDA EUR 10.8m (+24% QoQ, +55% YoY); Net profit EUR 7.8m (+24% QoQ, +34% YoY); Earnings per share EUR 0.14 (+17% QoQ).

Dividend

The Board declared a cash dividend of NOK 3.00 per share (NOK 1.00 ordinary + NOK 2.00 extraordinary) payable in Q1 2026 (record date 27 Feb 2026, ex-dividend 2 Mar 2026, payment around 11 Mar 2026). The Board has approved a dividend policy targeting a minimum 50% payout of annual net profit over time.

Fleet performance & backlog

IWS Fleet contributed EUR 22.3m of Q4 revenue. All six Skywalker‑class CSOVs were in operation at year end (IWS Sunwalker entered service 7 Dec) and achieved 100% commercial utilisation. Backlog was reported at EUR 152m at end‑Q4. IWS Fleet also signed a two‑year extension of its European strategic agreement through 2029 with options to 2032.

Services, merger and contract intake

IWS Services contributed EUR 6.3m in Q4. ProCon completed an all‑share merger with Hyndla (5 Jan 2026), creating a combined business in which IWS Services owns 52.5% of voting shares. The merged entity signed >EUR 20m of new contracts in Q1; Services backlog was ~EUR 16.7m at end Q4.

Balance sheet & liquidity

Cash and cash equivalents were EUR 52.2m at 31 Dec 2025 (up from EUR 29.2m in Q3). Book equity EUR 214.4m, total assets EUR 421.9m and equity ratio 51%. The Group completed a refinancing of the Green Senior Secured Credit Facility (net cash inflow ~EUR 21.3m) — total interest‑bearing debt reported at ~EUR 186.3m (net of transaction terms and tranches).

Outlook

Management expects seasonally weaker Q1 2026 but higher net profit for full‑year 2026 driven mainly by IWS Fleet, with positive contributions from IWS Services and PEAK Wind. The Group targets more than doubling revenues by 2030 versus 2025 and will announce quarterly dividends in line with policy.

Key risks

Key risks highlighted: downtime or gaps between charters for the six‑vessel fleet, project execution and margin volatility in IWS Services and PEAK Wind, and broader counterparty, market, regulatory, tax, currency and financing risks.

Summarized from source with an LLMView Source

Key figures

62.7%1Y

104%3Y

%5Y

Performance

31.7%1Y

45.3%3Y

45.3%5Y

Volatility