INCOME STATEMENT

In 2024 our Group delivered a solid financial performance, achieving an EBITDA of 153.2 million EUR. This represents a 5.6% increase compared to 145.1 million EUR in the previous year. This growth underscores our resilience and sustained profitability in an evolving economic environment. We effectively mitigated the impact of inflationary headwinds through disciplined cost management, strategic fleet deployment, and targeted pricing initiatives. As a result, we maintained a healthy and stable EBITDA margin of 17.9%, reinforcing our focus on operational efficiency and long-term value creation.

The Turnover (including WIP) amounted to 853.3 million EUR in 2024, a considerable growth of 5.6% compared to 808.4 million EUR in 2023. This increase highlights the effectiveness of our continuous efforts in revenue diversification, particularly through expansion in project and rental revenue streams across Western Europe, the Middle East and other important regions such as Central Asia, North America and Africa. The robust performance in these regions emphasizes our Group's ability to capitalize on growth opportunities and effectively navigate through challenging market conditions. Furthermore, the growth in turnover is also driven by certain marine projects requiring high level of subcontracting services and the start of developing additional manpower-services next to equipment rental, e.g. wind-installations in Asia, resulting in higher turnover, and start-up costs.

The group “Own Turnover” (Turnover (including WIP) reduced by subcontracting costs) grew by 7.5% from 551.2 million EUR in 2023 to 592.6 million EUR in 2024.

Depreciation expenses are at 87.0 million EUR in 2024 which is slightly less compared to 89.2 million EUR in 2023 and explained by average net capex of circa 50 million EUR over the last 5 years and reflecting the continued stringent capex control measures that were implemented to support the deleveraging over the past years. Impact of provisions for doubtful debtors and impairments on contracts in progress are at 6.2 million EUR and represent 0.7% of turnover, demonstrating enhanced risk management practices and operational efficiency. Additionally, costs of provisions for risks and costs related to dispute settlement and litigations remained relatively in line with 2.0 million EUR in 2024 compared to 1.5 million EUR in 2023.

The Earnings Before Interest and Taxes (EBIT) witnessed an increase by 11.1% from 52.1 million EUR in 2023 to 57.9 million EUR in 2024, emphasizing our Group's commitment to operational excellence and value creation. EBIT margin as percentage of Own Turnover remained stable around 10% over the last two years.

BALANCE SHEET

Total assets for the fiscal year 2024 amounted to 1,298.1 million EUR, reflecting a 3.5% increase from 2023's 1,253.8 million EUR. Tangible Fixed Assets represent 66.4% of the total assets and decreased to 862.2 million EUR from 873.2 million EUR in 2023.

Working capital as percentage of consolidated turnover remained favorable at 6% in 2024, reflecting the relatively stable ratio of Days Sales Outstanding and the time it takes to issue invoices.

Net financial debt decreased further from 616 million EUR at end of 2023 to 599.2 million EUR at the end of 2024, underscoring the Group’s continued strategic focus on deleveraging. The stable EBITDA and reduction in net debt resulted in the reduction of the total leverage ratio from 4.2 at end of 2023 to 3.9 at end of 2024.

CASH FLOW AND LIQUIDITY

In 2024, the Group generated strong positive cash flow from operating activities, amounting to 107.3 million EUR. This reflects solid cash generation and continued operational efficiency, including the expansion into new service areas which are expected to support future growth.

Capital expenditures in tangible fixed assets amounted to 53.9 million EUR in 2024, lower than in 2023, which had included a catch-up in delayed asset deliveries resulting from global supply chain disruptions in the prior years. Over the last 5 years net capex remain stable and are at an average of circa 50 million EUR per year. In 2023 our syndicated banks have agreed for us to invest in an additional 30 million EUR capital expenditures for higher capacity cranes to support growth in wind and renewable energy sectors, including nuclear. Of this amount, 15 million EUR has been financed in 2024, with the remaining portion processed in the first quarter of 2025.

2024 is the 5th consecutive period that the Group is reporting positive fee cash flows. More specifically, the Group generated a positive free cash flow of 15.5 million EUR in 2024 and maintained a strong liquidity position, with Cash and cash equivalents totaling 53.6 million EUR at the end of 2024.

REFINANCING IN 2025

In line with our continued deleveraging strategy, we successfully renewed our senior credit facilities in April 2025 for an initial three-year term, with two optional one-year extensions. The renewed package includes a revolving credit facility, a term loan, and a leasing facility, reinforcing our financial flexibility. Further strengthening our capital structure, we completed a partial redemption of our high-yield bond (maturing in February 2027) in May 2025 and July 2025, reducing the outstanding free float from 225 million EUR to 60 million EUR. This proactive measure reflects our ongoing commitment to reduce funding costs and optimize the Group’s financial position.