olivLaw · European equity research
Integrated Wind Solutions ASA IWS.OL
Norway · Euronext Oslo Børs · ISIN NO0013461350 · Vertical: Listed companies from Norway
Integrated Wind Solutions ASA is a Norwegian service provider to the offshore wind industry, operating through three units: a CSOV vessel fleet, transition piece services and PEAK Wind consultancy. Operating revenue nearly doubled in 2025 as the company expanded its fleet and increased vessel investment, which makes it relevant for investors following European offshore wind development.
At the close of 06 Nov 2026, Integrated Wind Solutions ASA (IWS.OL) stock was 62.00 NOK (−1.27% on the day), with beta 0.28, 52-week range 40.00–64.60 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.0
- neutral
- Bollinger (20, 2)
- 60.58 – 64.38
- in the lower half of the band · %B 0.37 · band width 6.1%
- SMA 50 / 200
- 60.06 / 58.18
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.78 / 0.99
- MACD below 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 | +1.3% | −0.6% | +2.0 pp | — |
| 3 months | +13.1% | −4.2% | +17.3 pp | — |
| 6 months | +2.0% | +4.3% | −2.4 pp | — |
| Year to date | +19.2% | +7.5% | +11.7 pp | — |
| 1 year | +49.4% | +9.9% | +39.5 pp | −4.7% |
| 3 years | +52.7% | +49.8% | +2.9 pp | +12.7% |
| 5 years | +66.9% | +42.8% | +24.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 22.6 m | 55.7 m | 106.4 m |
| Revenue YoY | unavailable | +146.6% | +90.9% |
| Net income | -1.3 m | 4.3 m | 16.7 m |
| Net income YoY | unavailable | unavailable | +290.8% |
| Diluted EPS | -0.03 | 0.11 | 0.42 |
| Diluted EPS YoY | unavailable | unavailable | +281.8% |
| net % | -5.7% | 7.7% | 15.7% |
| Free cash flow | -49.8 m | -133.7 m | -63.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 52.1 m EUR
- Financial debt
- 179.5 m EUR
- Net debt
- 127.4 m EUR
- Equity
- 214.5 m EUR
- Total assets
- 421.9 m EUR
- Debt / equity
- 0.84x
- Current ratio
- 3.12x
- ROE
- 8.3%
- ROA
- 4.5%
- FCF margin
- -60.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 22.6 m | 55.7 m | 106.4 m | esef· 21 Oct 2026verified |
| Operating income | -3.2 m | 5.9 m | 24.9 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 557.0 k | 3.4 m | 8.8 m | esef· 21 Oct 2026verified |
| EBITDA | -2.6 m ≈ | 9.3 m ≈ | 33.7 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 229.0 k | 652.0 k | 3.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -1.0 m | 7.1 m | 22.3 m | esef· 21 Oct 2026verified |
| Income tax | 159.0 k | 841.0 k | -635.0 k | esef· 21 Oct 2026verified |
| Net income | -1.3 m | 4.3 m | 16.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.03 | 0.11 | 0.42 | esef· 21 Oct 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 | 31.0 m | 32.5 m | 52.1 m | esef· 21 Oct 2026verified |
| Current assets | 42.4 m | 59.0 m | 81.8 m | esef· 21 Oct 2026verified |
| Total assets | 160.2 m | 317.3 m | 421.9 m | esef· 21 Oct 2026verified |
| Long-term debt | 25.7 m | 98.4 m | 179.5 m | esef· 21 Oct 2026verified |
| Current liabilities | 10.3 m | 28.2 m | 26.3 m | esef· 21 Oct 2026verified |
| Equity | 123.1 m | 189.0 m | 214.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 43.3 m | 39.0 m | 39.9 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -694.0 k | -778.0 k | 28.9 m | esef· 21 Oct 2026verified |
| Capex | 49.1 m | 133.0 m | 92.9 m | esef· 21 Oct 2026verified |
| Free cash flow | -49.8 m ≈ | -133.7 m ≈ | -63.9 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -49.0 m | -142.5 m | -92.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | 57.2 m | 144.8 m | 83.9 m | esef· 21 Oct 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.65 – 13.27 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA3.65 – 5.32 (Mid 4.39)5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1xAKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
- Peers: P/E3.85 – 13.27 (Mid 8.30)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.0% | 45 (vs peers) | 24% |
| Net margin · Quality | 15.7% | 79 (vs peers) | 14% |
| FCF conversion · Quality | -381.6% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.8x | 20 (vs peers) | 24% |
| Interest coverage · Balance sheet | 8.3x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet60/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
INTEGRATED WIND SOLUTIONS ASA (IWS.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 106.4 m EUR in 2025; YoY growth 90.9%; net margin 15.7%; ROE 8.3%; net debt/EBITDA 3.8x.
The estimated value range is 3.75–9.29 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.7%
- Interest coverage: 8.3x
- Current ratio: 3.1x
What contradicts it
- FCF conversion: -381.6%
- Net debt / EBITDA: 3.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · 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 | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for IWS.OL 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
Scenarios are not available. input data missing
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
Integrated Wind Solutions ASA is a Norwegian service provider to the offshore wind industry, operating through three units: a CSOV vessel fleet, transition piece services and PEAK Wind consultancy. Operating revenue nearly doubled in 2025 as the company expanded its fleet and increased vessel investment, which makes it relevant for investors following European offshore wind development.
SWOT
Strengths
- A charter backlog that provides revenue visibility for later years and a modern vessel fleet, according to the report 1.
- Strong growth in revenue and profit in 2025 compared with the prior year 1.
- An external strategic partner invested capital in IWS Fleet, and the group made major investments in vessels 1.
Weaknesses
- Reliance on a limited number of vessels and on a cyclical charter market, which can produce volatile results 1.
- Interest-bearing debt has grown considerably, making the group sensitive to financing conditions and interest rates 1.
- No female representation among management, which the report acknowledges as an imbalance the company aims to improve 1.
Opportunities
- Growth in the offshore wind industry, supported by projects and auctions, could generate new demand for the group's vessels and services 1.
- The geographic expansion of PEAK Wind and the ambition to double revenues by 2030 could increase the share of services in new markets 1.
- Opportunities to expand the fleet may arise in the coming market, according to management 1.
Risks
- Demand and policy riskhigh
Demand for offshore services depends on permitting and government priorities, and changes in these could affect the pace of development 1.
- Charter contract riskhigh
The ability to obtain charter contracts depends on market conditions; if vessels cannot be employed, revenue could fall substantially 1.
- Financing and liquidity riskmedium
The group relies on external financing for investments, and difficulty accessing it could limit fleet development 1.
- Margin risk on one projectmedium
Management acknowledges margin risk on an offshore substation project within IWS Services 1.
- Interest rate and currency risklow
Growing debt with variable-rate facilities exposes the group to interest rate changes, and no financial derivatives were used to hedge currency risk at year-end 2025 1.
Investment thesis
What would need to be true (bull case)
- Revenue and profit growth in 2025 and a charter backlog providing visibility for later years could support further growth in results 1.
- Management expects IWS Services to return to growth and positive earnings in 2026, and the ProCon-Hyndla merger could strengthen its market position 1.
- The long-term offshore wind outlook, described as attractive, could create opportunities to expand the fleet and services 1.
What would break the thesis
- The CSOV charter market is cyclical, and results could vary significantly from year to year 1.
- Interest-bearing debt has risen considerably; if financing conditions worsen, costs and liquidity pressure could increase 1.
- Vessel oversupply or a slowdown in offshore wind projects could reduce rates and demand for the group's services 1.
What to watch
- Evolution of IWS Fleet revenue and EBIT against management's expected growth in 20262026
- Return of IWS Services to revenue growth and positive earnings, including the impact of the offshore substation project2026
- Progress toward the ambition to more than double IWS Services revenues versus 20252030
- Quarterly dividends announced by the Board in line with the dividend policynext 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
Integrated Wind Solutions ASA is a public limited company incorporated in Norway and listed on Euronext Oslo Børs under the ticker IWS, providing services to the offshore wind industry. The group operates through IWS Fleet, which runs vessels serving wind farms, IWS Services, active mainly in transition piece work, and PEAK Wind, which offers consultancy. Operating revenue reached 106.379 mn EUR in 2025, compared with 55.722 mn EUR in 2024 1.
Profit for the period rose to 22.92 mn EUR in 2025 from 6.308 mn EUR in 2024, and EBITDA reached 33.744 mn EUR 1. A significant part of profit is attributable to non-controlling interests, which accounted for 6.174 mn EUR of the period's profit, reflecting outside capital raised by IWS Fleet in 2024 1.
The group's activity depends on the development of offshore wind projects, government permitting and demand for chartered vessels, so results can vary significantly from year to year, according to the annual report 1.
Segments
IWS Fleet
IWS Fleet operates CSOV vessels, with six vessels in operation at the end of 2025, chartered to offshore wind customers. Management expects continued high commercial utilisation and revenue and EBIT growth in 2026, and the charter backlog gives revenue visibility for 2027 and 2028 1.
IWS Services
IWS Services is active mainly in transition piece work, where the company reports strong performance. The merger between ProCon and Hyndla aims to strengthen market position, and the stated ambition is to more than double revenues by 2030 compared with 2025 combined financials 1. Management still expects a return to revenue growth and positive earnings in 2026, although margin risk remains on an offshore substation project 1.
PEAK Wind
PEAK Wind provides offshore wind consultancy and plans to widen its geographic scope and offerings. Management expects PEAK Wind's 2026 revenues and its share of group net profit to increase 1.
Market context
Management describes the long-term industry outlook as attractive, with double-digit growth supported by a pipeline of development projects, auctions and political ambitions 1. The report also warns that demand depends on the pace of wind farm construction, the relative cost of energy sources and shifts in policy or carbon pricing, and that the CSOV charter market has historically been cyclical 1.
Oversupply of vessels could put pressure on rates, and rising costs for wind farm developers could reduce appetite for new projects over the medium to long term 1.
Trends
- Demand supported by auctions and projectstailwind
The report cites a pipeline of development projects, auctions and political ambitions supporting long-term industry growth 1.
- Consolidation in transition piece servicestailwind
The ProCon and Hyndla merger is presented as combining market-leading offerings and increasing the competitiveness of IWS Services 1.
- Cyclicality of the charter marketheadwind
The CSOV charter market has historically been cyclical, and financial results can vary significantly from year to year 1.
- Oversupply and cost pressuremixed
Additional vessels could create oversupply and pressure on rates, while cost inflation for developers could affect project economics 1.
Competitive position
The annual report does not explicitly name the group's competitors. Competitive pressure is described in general terms, through the number of vessels and companies supplying the market, which can create oversupply and lower rates 1.
The group says it can strengthen its position through top-tier market offerings, the ProCon-Hyndla merger and the geographic expansion of PEAK Wind, but the source does not list named competitors 1.
- CSOV vessel suppliers and offshore vessel operators (not named in source)
The report only notes in general terms that the number of vessels and companies supplying them may create oversupply; no specific competitors are named 1.
- Transition piece service companies (not named in source)
The report states IWS Services has top-tier market offerings in transition pieces but does not identify other players in that segment 1.
- Offshore wind consultancy firms (not named in source)
The source does not name consultancy competitors for PEAK Wind; it only describes positive market developments for the service 1.
- Wind farm developers and operators (not named in source)
These are the group's customers rather than direct competitors, and their investment decisions drive demand for IWS services 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Integrated Wind Solutions ASA · 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.