olivLaw · European equity research
Sif Holding N.V. SIFG.AS
Netherlands · Euronext Amsterdam · ISIN NL0011660485 · Vertical: Listed companies from Netherlands
Sif Holding N.V. is a Dutch maker of monopiles, the foundations for offshore wind farms, operating two factories in the Netherlands. Revenue grew substantially in 2025, but the company relies almost entirely on one segment, which makes its profile sensitive to the pace of European wind investment.
At the close of 05 Nov 2026, Sif Holding N.V. (SIFG.AS) stock was 2.89 EUR (−3.83% on the day), with market capitalisation 80.2 m EUR, dividend yield 0.00%, beta 0.61, 52-week range 2.71–7.94 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.4
- neutral
- Bollinger (20, 2)
- 2.65 – 3.02
- in the upper half of the band · %B 0.63 · band width 12.9%
- SMA 50 / 200
- 3.12 / 5.27
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.9% | −0.6% | +1.5 pp | — |
| 3 months | −22.8% | −4.2% | −18.6 pp | — |
| 6 months | −57.1% | +4.3% | −61.4 pp | — |
| Year to date | −57.2% | +7.5% | −64.7 pp | — |
| 1 year | −58.7% | +9.9% | −68.6 pp | −0.2% |
| 3 years | −68.2% | +49.8% | −118.0 pp | +2.2% |
| 5 years | −79.9% | +42.8% | −122.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 454.3 m | 429.0 m | 597.0 m |
| Revenue YoY | unavailable | −5.6% | +39.2% |
| Net income | 10.9 m | 1.2 m | -36.7 m |
| Net income YoY | unavailable | −89.0% | −3,157.3% |
| Diluted EPS | 0.32 | -0.04 | -1.32 |
| Diluted EPS YoY | unavailable | −112.5% | unavailable |
| net % | 2.4% | 0.3% | -6.1% |
| Free cash flow | -62.3 m | -101.8 m | 7.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 95.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 204.0 m EUR
- Total assets
- 719.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.49x
- ROE
- -16.6%
- ROA
- -5.0%
- FCF margin
- 1.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 454.3 m | 429.0 m | 597.0 m | esef· 18 Mar 2026verified |
| Operating income | 13.9 m | 3.9 m | -41.5 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 22.9 m | 19.8 m | — | esef· 15 Apr 2025verified |
| EBITDA | 36.8 m ≈ | 23.7 m ≈ | — | esef· 15 Apr 2025derived |
| Interest expense | 3.3 m | 3.9 m | 12.3 m | esef· 18 Mar 2026verified |
| Pre-tax income | 13.7 m | 2.5 m | -45.6 m | esef· 18 Mar 2026verified |
| Income tax | 2.4 m | 980.0 k | -11.1 m | esef· 18 Mar 2026verified |
| Net income | 10.9 m | 1.2 m | -36.7 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.32 | -0.04 | -1.32 | esef· 18 Mar 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 131.4 m | 113.8 m | 95.6 m | esef· 18 Mar 2026verified |
| Current assets | 205.6 m | 172.5 m | 157.2 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 283.6 m | 442.1 m | 423.2 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.9 m | 3.8 m | 6.0 m | esef· 18 Mar 2026verified |
| Total assets | 600.0 m | 738.5 m | 719.9 m | esef· 18 Mar 2026verified |
| Short-term debt | 0 | 7.4 m | — | esef· 15 Apr 2025verified |
| Current liabilities | 155.5 m | 239.0 m | 318.7 m | esef· 18 Mar 2026verified |
| Total liabilities | 353.0 m | 500.2 m | 515.9 m | esef· 18 Mar 2026verified |
| Equity | 247.0 m | 238.3 m | 204.0 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 33.9 m | — | 27.8 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 106.5 m | 67.9 m | 32.4 m | esef· 18 Mar 2026verified |
| Capex | 168.8 m | 169.6 m | 25.0 m | esef· 18 Mar 2026verified |
| Free cash flow | -62.3 m ≈ | -101.8 m ≈ | 7.4 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -169.9 m | -171.5 m | -27.8 m | esef· 18 Mar 2026verified |
| Financing cash flow | 104.9 m | 86.0 m | -22.8 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 80.2 m EUR
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.1% | 19 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.4x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.2% | 100 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial19/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sif Holding N.V. (SIFG.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 597.0 m EUR in 2025; YoY growth 39.2%; net margin -6.1%; ROE -16.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 9.2%
What contradicts it
- Net margin: -6.1%
- Interest coverage: -3.4x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for SIFG.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sif Holding N.V. is a Dutch maker of monopiles, the foundations for offshore wind farms, operating two factories in the Netherlands. Revenue grew substantially in 2025, but the company relies almost entirely on one segment, which makes its profile sensitive to the pace of European wind investment.
SWOT
Strengths
- Well-established position in monopile manufacturing, with modern factories, digitalised processes and a reputation for reliability with clients.
- Contracting model with negative working capital, which could support cash generation when production runs to plan.
- Early involvement in client projects and the ability to offer full-service solutions, which strengthens long-term relationships.
Weaknesses
- Very high dependence on one segment and on the European offshore wind industry, which makes revenue sensitive to investment cycles.
- The factory expansion was not completed on time in 2025, an operational risk that materialised and required appointing a COO.
- The capital structure includes expensive debt instruments and preference shares with accruing dividends, which limits a quick resumption of ordinary dividends.
Opportunities
- If European states meet their offshore wind targets, demand for monopiles could remain solid after 2027.
- Expanding services into marshalling, logistics and decommissioning could raise value added per project.
- Contracts for Differences could bring more predictability to future projects and production planning.
Threats
- Higher project costs and grid congestion could delay or reduce developer orders.
- Competitive pressure from European producers and new entrants could affect margins.
- Fluctuations in steel prices and supply chain costs could affect costs if they are not passed on to clients.
Risks
- Concentration on offshore windhigh
More than 90% of revenue comes from this segment, and a single project can represent a large share of annual revenue, which makes results vulnerable to delays or loss of a project.
- Delayed factory expansionhigh
The risk that new capacity would not be operational on time, within budget and at the expected output level materialised in 2025, which could affect production in 2026.
- Order uncertainty after 2026medium
Developer interest has cooled, and the outlook for 2027 and later depends on government policies and investment decisions.
- Raw material and supply costsmedium
The availability and price of steel and other materials can affect margins, although the company seeks to pass steel costs on to clients.
- Financing and covenantsmedium
Bank facilities include leverage and solvency covenants, and the requirements tighten in 2026, which could limit financial flexibility if results fall short of expectations.
- Shortage of skilled workerslow
The availability of experienced and qualified employees may limit production capacity and expansion.
Investment thesis
What would need to be true (bull case)
- The order book for 2026 is described as well filled, and management reiterates its expectation for adjusted EBITDA of at least 135 million euros.
- If developers resume orders after 2027, the company could benefit from its newly built capacity and its established reputation as a supplier.
- Cash conversion expected at a high share of EBITDA could allow reducing expensive debt and then resuming dividends.
What would break the thesis
- Near-total dependence on European offshore wind exposes the company to slower investment, price pressure and project delays.
- Execution of the factory expansion was weaker than anticipated in 2025, which raises questions about the ability to deliver planned volumes.
- The outlook for 2027 and beyond is described in cautious terms, and the current level of new orders is unclear, which could affect revenue after 2026.
What to watch
- Delivery of adjusted EBITDA of at least 135 million euros2026
- Compliance with leverage and solvency covenants, which tightenQ1 2026
- Pace of new orders and the evolution of developer interest2027
- Progress in reducing expensive debt and repurchasing preference sharesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sif Holding N.V. is the parent company of the Sif group, publicly listed and organised under Dutch law. The company manufactures monopiles, foundation structures for offshore wind turbines, and is expanding its services from engineering and production to marshalling, logistics and decommissioning. Raw materials, particularly steel plates, are imported from Germany, Spain and Belgium, while value is added in its two factories in the Netherlands. Clients are mainly tier one suppliers in the wind industry.
Revenue in 2025 came mainly from the Netherlands, the United States and Poland, showing that deliveries follow offshore wind projects in the North Sea and in other European and American markets. The financing structure includes bank facilities expiring in June 2029, and the company has aimed to reduce its most expensive debt instruments before resuming dividend payments.
Governance consists of an Executive Board responsible for day-to-day management and a Supervisory Board, in a two-tier structure. Preference shares carry an accruing dividend that rises over time and can be converted into ordinary shares from 1 July 2028.
Segments
Monopiles for offshore wind
This is the main segment, generating more than 90% of revenue. Monopile manufacturing is serial, in large batches ordered by tier one clients, and capacity is used according to the timing of European offshore projects.
Related services
The company is extending its offer to engineering, marshalling, logistics and decommissioning. This extension aims to provide one-stop-shop solutions and to reduce reliance on pure fabrication.
Market context
The market depends on the pace of offshore wind investment in Europe. Management notes that developer interest has cooled due to higher project pricing, grid congestion and offtake uncertainty, and European countries are adapting tender conditions, including Contracts for Differences, which mostly apply to projects from 2028 onward.
For 2026, management points to a well-filled order book and a higher absolute level of output. The outlook for 2027 and beyond is less clear, and its development could depend on governments and developers restarting projects.
Trends
- Cooling developer interestheadwind
Developers have become more hesitant due to high project prices and order uncertainty, which could delay new orders if the situation persists.
- Contracts for Differences in tenderstailwind
European states are adjusting tender conditions through Contracts for Differences, which offer more predictable revenue, although they mainly apply to projects from 2028 onward.
- Grid congestionheadwind
Capacity limits on grids can slow wind farm development, which could reduce the volume of monopiles requested in some years.
- Energy transition and state ambitionsmixed
Ambitions of many states remain high, and offshore wind is treated as a path for the energy transition, which supports long-term demand if targets are maintained.
Competitive position
Sif competes with other European producers of offshore wind structures. The company indicates that its risks are similar to those of European competitors and that it differentiates itself through reputation, manufacturing process and location, as well as early involvement in projects. Competition from new and existing participants is named as a strategic risk.
- European monopile and offshore structure makers
European competitors with their own factories, referred to only in general terms in the report.
- New entrants in wind structure fabrication
Companies entering the market, cited as a source of competitive pressure on prices and volumes.
- Established offshore suppliers
Firms serving the same tier one clients and competing for the same orders.
- Logistics and installation service providers
Companies that can offer related services in the same value chain and that Sif's service expansion targets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sif Holding N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.