Sif Interim 2026 results

.

Table of contents

‌HIGHLIGHTS‌

First half year 2026

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 3

People Planet Profit

Safety

4.31

LTIF

Gross CO2e emission (market-based) 8,577mT

Participation in projects resulting in

1,405 MW

Order book

422Kton

Contribution (in €)

134.7 mln

Contribution per Kton (in €)

G18thousand

Adjusted EBITDA (in €)

43.4mln

EBITDA (in €)

33.5mln

Reference is made to the sustainability statements of the 2025 annual report and the section Definition and Explanation of use of non-IFRS financial measures for further details

Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 4

Interim condensed consolidated financial statements 16

Interim condensed consolidated financial statements 17

Notes to the interim condensed consolidated financial statements 23

Other information 30

Reconciliation of non-IFRS 33

financial measures

INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

page 1G

HIGHLIGHTS

First half year 2026

page 3

KEY FIGURES

first half years 2022-2026

page G

‌OPERATIONAL HIGHLIGHTS AND KEY FIGURES‌

Sif Holding at a glance ##

sage from our CEO 10

Sif Interim 2026 report Table of contents

in € 1,000

Operational Highlights

Message from our CEO

Interim financial statements

Other

information G

202G 2025 2024 2023 2022 Reference*

* Reference is made to section 'Definition and Explanation of use of non-IFRS financial measures' and 'Reconciliation of non-IFRS financial measures' in the Other Information section for the definition and explanation of use, reconciliation and restatements (if applicable)

** Comparative figures are per 31 December of the respective years

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 7

‌Key figures

Interim 2022-2026 results

202G 2025 2024 2023 2022 Reference*

* Reference is made to section 'Definition and Explanation of use of non-IFRS financial measures' and 'Reconciliation of non-IFRS financial measures' in the Other Information section for the definition and explanation of use, reconciliation and restatements (if applicable)

** Comparative figures are per 31 December of the respective years

*** The calculation of basic and diluted earnings per share has been based on the profit or loss attributable to the ordinary shareholders of the Group (adjusted for the undeclared dividend on the €50 million cumulative preference shares at 5% per annum) and the weighted-average number of ordinary shares outstanding

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 8

‌Key figures

Interim 2022-2026 results

LTIF

(per mln exposure hours)

CO2e footprint (market-based scope 2)

(in tons)

Participation in projects that will result in installed renewable energy capacity (in MW)

(Non-)Employees

(in FTE at period end)

9.00

7.50

6.00

4.50

3.00

1.50

4.31

5.37

0.79

8.28

6.50

10,500

9,000

7,500

6,000

4,500

3,000

1,500

8,577

gross net

5,736

5,041

3,398

9,623

1,500

1,250

1,000

750

500

250

1,405

529

773

1,344

803

1,200

1,000

800

600

400

200

Employees Non-Employees

1,141

848

677 651

587

0.00

HY2026 YE2025 YE2024 YE2023 YE2022

0

HY2026 HY2025 HY2024 HY2023 HY2022

0

HY2026 HY2025 HY2024 HY2023 HY2022

0

HY2026 YE2025 YE2024 YE2023 YE2022

Sickness leave

(in %)

Production

(in Kton)

Contribution

(in € mln)

Contribution per ton

(in € per ton)

9.0

7.5

6.0

4.5

3.0

1.5

7.4 7.7

7.8

6.9

7.9

150

125

100

75

50

25

141

89

94

86

80

150.0

125.0

100.0

75.0

50.0

25.0

134.7

80.5 78.6

71.4

63.5

1,050

900

750

600

450

300

150

contribution / ton production Kton

G18 941

704 676

612

150

125

100

75

50

25

0.0

HY2026 YE 2025 YE 2024 YE 2023 YE 2022

0

HY2026 HY2025 HY2024 HY2023 HY2022

0.0

HY2026 HY2025 HY2024 HY2023 HY2022

0 0

HY2026 HY2025 HY2024 HY2023 HY2022

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information C

‌Key figures

Interim 2022-2026 results

EBITDA

(in € mln)

Adjusted EBITDA

(in € mln)

Adjusted EBIT

(in € mln)

Profit attributable to the shareholders

(in € mln)

35.0

30.0

25.0

20.0

15.0

10.0

5.0

33.5

2.0

22.3

18.8 19.1

52.5

45.0

37.5

30.0

22.5

15.0

7.5

43.4

12.9

26.1

21.4 21.1

19.5

13.0

6.5

0.0

-6.5

-13.0

G.8

15.5

9.8 9.5

15.0

7.5

0.0

-7.5

-15.0

-22.5

-4.1

7.4

5.0 4.6

0.0

HY2026 HY2025 HY2024 HY2023 HY2022

0.0

HY2026 HY2025 HY2024 HY2023 HY2022

-19.5

-16.1

HY2026 HY2025 HY2024 HY2023 HY2022

-30.0

-25.9

HY2026 HY2025 HY2024 HY2023 HY2022

0.60

0.30

0.00

-0.30

-0.60

-0.90

Earnings per share

(in €)

-0.18

-0.91

0.32 0.28

0.21

0.0

-35.0

-70.0

-105.0

-140.0

-175.0

Net working capital

(in € mln)

-81.6

-180.2 -178.5

-133.1

-81.5

75.0

50.0

25.0

0.0

-25.0

-50.0

-75.0

-100.0

Net debt (ex IFRS 16)

(in € mln)

46.7

-35.1 -33.4

-89.8

-1.20

HY2026 HY2025 HY2024 HY2023 HY2022

-210.0

HY2026 HY2025 HY2024 HY2023 HY2022

-125.0

-111.5

HY2026 HY2025 HY2024 HY2023 HY2022

Operational

Sif Interim 2026 report Table of contents Highlights

Message from our CEO

Interim Financial statements

Other

information 10

A significant performance improvement

Our commitments for 2026 were clear: Improve the health and safety performance, maintain high-quality levels, deliver on our customer commitments by increasing factory output at MV2 specifically and manage the factory and staff utilization.

Our number one priority is the health and safety of our people. The lost time injury frequency ("LTIF") is not yet on target but with 4.31 it has improved over the past

12 months (full year 2025 at 5.37). Sickness leave also improved to 7.4% over the past 12 months from 7.7% for the full year 2025. Numerous efforts and initiatives started paying off and will continue doing so throughout the rest of the year and beyond.

In the first half of 2026, we successfully continued our focus on finalizing the ramp-up and optimisation of the Maasvlakte 2 Facilities while maintaining high output volumes from our Roermond facility. During this period we manufactured 101 monopiles, 14 transition pieces, as well as pin piles and structural legs for offshore structures.

In the second quarter we manufactured 81 ktonnes compared to 60 ktonnes in the first quarter of 2026. This illustrates the further improved ramp up of the production lines, not only in tonnage but above all in an improved safe way and without any sacrifice on the tight quality requirements. We have seen a continuous upward trend over the past six months and can confirm that we have gradually achieved the planned levels of output during the first six months of 2026, completing 4 to 5 monopiles per week at a steady pace. Consequently, we have seen an improvement in our financial performance.

As a result of the delayed ramp-up in 2025, and subsequent pressure on the delivery of the order book towards the end of 2025 and the first six months of 2026, we took all measures needed to assure in-time installation of the monopiles for Ecowende and Baltyk 2 and 3. Despite our efforts to stay within the contractual delivery milestones, we incurred and reserved a total of €18.8 million in downward adjustments in (expected) contract prices during the first half of 2026 (€3.3 million in 2025).

The offshore wind business cycle, measured by grid-connection, is expected to spike in 2026-2027 as foundations for these wind farms were manufactured in the all-time high production period 2024-2026. Refer to the illustrative graph on the next page. The anticipated decline in grid-connections in the years 2028 and 2029

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim Financial statements

Other

information 11

is due to the low number of projects reaching their final investment decision, resulting in low demand for monopile production in 2027 and 2028.

At the same time, available production capacity in UK and EU has been ramped-up in recent years in anticipation of offshore wind expansion plans by EU and UK governments. Against this background, we reiterate our confidence that the 190 kton exclusive project in our order book is on schedule for start of production in the spring/summer 2027. This project is crucial for maintaining our core workforce at both locations. While it is still too early to provide full clarity on the final go-ahead, all stakeholders are fully aware of the importance of this project.

Depending on the timing of the final decision, we expect a period of underutilization of our factories and workforce in the first half of 2027. To mitigate the impact, we have decided to spread production originally planned for 2026 into 2027 as much as possible. This approach will help retain our core capabilities and avoid the additional costs and operational risks associated with scaling down operations and subsequently ramping them up again. The extension of these projects into 2027 will not affect contractually agreed milestones or the client's installation schedules.

The spread of production from 2026 to 2027 however will move approximately

€40 million of adjusted EBITDA from 2026 to 2027 and revises our Adjusted EBITDA guidance for 2026 to €95 million. This creates pressure on our liquidity and working capital management, which is the reason why we have engaged in an ongoing dialogue with our largest shareholder and lenders.

During the first six months of 2026, we remained within our financial covenants and expect to do so for the second half of the year as well. In June 2026, the Company explored the possibility of issuing a bond to strengthen its balance sheet and provide additional liquidity. The Company will continue to explore alternative funding options in the second half of 2026.

Operations

In 2025 we have appointed two business unit directors for the Roermond and Maasvlakte factories. Both locations are now managed based on their own operational and financial performance - bringing more focus at both sites. The factory in Roermond manufactures offshore structures, tubulars like pin piles and structural legs, transition pieces and top sections for monopiles (including flanges and air tight rings), all limited to approximately 8 meters in diameter. This is the sweet spot of the factory and equipment in Roermond. The factory at Maasvlakte 2 manufactures the bottom and conical sections larger than 8 meters diameter and builds complete monopiles making use of the top sections produced by Roermond. All monopiles products are coated in our own dedicated coating halls.

Market Update

We remain confident in the medium to long term outlook for the offshore wind market in the EU (North Sea and Baltic Sea) on the basis of the strong UK and European Offshore Wind ambitions. The lower business cycle for 2027-2028 is driven by non-market conforming tender criteria, grid congestion and prices for electricity, causing reason for concern as the available volume is far below industry manufacturing capacity.

Various governments have altered their ambitions for offshore wind to a more realistic level and have realised that they need to adjust tender procedures and qualifications to match market conditions and preferences. When turned into tangible project criteria, these measures will help improve the sentiment for offshore wind. As it takes time to implement these adjustments, the first indications of an increasing tender and project pipeline are not expected to materialise before Ǫ2/27.

Overall we are pleased by the changed attitude and sense of reality of European governments and especially those from the North Sea Energy Cooperation (NSEC) since the need for energy transition and energy independence in Europe remains higher than ever. We see this new reality reflected in tender activity for projects materialising into firm orders for deliveries from mid-2028 onwards.

We also remain confident that momentum for the decommissioning of wind farms is emerging and we have prepared ourselves with partners to actively participate in this business. Project offers have been submitted and are under review as we speak.

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim Financial statements

Other

information 12

Outlook

We have made good progress and production in the new factory has stabilized at the planned level, health and safety performance has improved and we have prepared for different scenarios related to the timing of new contracts in the period up to 2029. The company continues to work on its short term liquidity and working capital needs in order to deliver the existing order book. For 2027, the company remains highly dependant on the finalization and timing of the 190 kilotonnes exclusive project, which will have a material impact on the financial and operational performance of the Company. Discussions related to the 190 kton exclusive project are progressing well. In the meantime, we are working constructively with the project developer to ensure that we remain on track for the start of production between May and August 2027.

We realized adjusted EBITDA of €43.4 million for the first half of 2026 and maintain the EBITDA outlook initially communicated for the full year 2026 of €135 million but with a management decision to shift revenues and €40 million adjusted EBITDA into 2027. Therefore our expectation for the 2026 adjusted EBITDA is €95 million. We also expect to remain within our financial covenants for the remainder of the year and are preparing to strengthen our balance sheet and cash position if needed. Managing our working capital, preserving short term liquidity, and the continuation of the 190kton exclusive order are essential for Sif.

Finally

It has been a privilege to lead Sif during an 8-year period of significant growth and transformation. I leave knowing that the Company is well positioned for the future, with an outstanding team, a strong operational platform and a clear strategic direction. I would like to thank all our colleagues for their dedication and commitment and our customers, suppliers and shareholders for their continued trust. I have every confidence that Koen, together with the team will continue to strengthen Sif's position as the leading partner in offshore wind foundations.

Roermond, 31 July 2026 Fred van Beers

CEO and Chair of the Executive Board

Sif Holding N.V.

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim Financial statements

Other

information 13

picture: load-out of monopiles for Ecowende

Our operations in the first half of 2026

In the first half of 2026, deliveries by the Roermond plant of sections and transition pieces and by the Maasvlakte plant of complete monopiles for Ecowende, Oranjewind, Baltyk 2C3 and East Anglia were on time for the clients' installation campaigns.

Equipment stability already was in accordance with design and performance specifications when we reported interim results in 2025. During the second half of 2025, mechanical and software breakdowns were eliminated and we have not endured set-backs after implementation of upgrades anymore. Process performance improved from early 2026, after implementing measures to improve the training and learning process of working with the design criteria of the new factory. This has resulted in a quarterly output ramp-up of the factory which is illustrated by the graph in the column on the right. The total production for the first half of the year was 141 kilo tonnes (101 monopiles and 14 transition pieces) compared to 80 kilo tonnes in the first half of 2025 when we delivered 44 monopiles and 34 transition pieces.

Our financial results for the first half of 2026

Revenues in the first half of 2026 were €498 million resulting in a contribution margin of €135 million compared to €80 million for the first half of 2025. Of total revenues, approximately 5% came from Offshore Steel Structures (OSS) and 1% from other activities. The ramp-up required higher non-recurring direct personnel expenses and higher non-recurring production and general manufacturing expenses, together accounting for the majority of the almost €10 million adjustments to EBITDA. This resulted in higher adjusted EBITDA of €43 million for the first half of 2026 compared to €13 million in the first half of 2025. The contribution per ton of €918 proved sustainable compared to the contribution per ton in the comparable period in 2025 (€941 in first half of 2025) and was slightly lower than in the full year 2025 due to relatively higher subcontracting and logistic and other project related expenses.

Our financial position at the end of the first half of 2026

Total assets of €657 million at 30 June 2026 were financed with €200 million equity and €456 million liabilities. There were no repayments on the perpetual bond which was maintained at €21 million. On 30 June 2026 the Company made the first repayment of €6.7 million under the €81million term loan. Following this repayment, the outstanding balance of the term loan is €74 million. Total lease liabilities decreased by €7.0 million and the finance liabilities related to sale and lease back remained stable. Solvency at 30 June 2026 was 35.6% compared to 32.7% at the end of 2025. Sif stayed within the bank solvency covenant which at 30 June 2026 was 35% and complied with the net leverage covenant of 2.50 with an actual net leverage of 1.98. Financial testing of covenants takes place at every

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim Financial statements

Other

information 14

quarter-end. Net working capital was -€82 million at the end of June 2026 compared to -€180 million at the end of 2025. Cash and cash equivalents decreased to €7 million at 30 June 2026 from €96 million at 31 December 2025, driven by our constantly evolving working capital. Depending on the progress with the current order book and the development of the order book for 2027, Sif may need to strengthen its balance sheet and improve its cash-position.

Our non-financial performance

The LTIF reported was caused by 8 lost time incidents during the first half of 2026 (7 during the first half of 2025). All related employees returned to their jobs without physical or mental limitations. Average LTM sick leave was 7.4% on a total average population of 995 employees of whom 727 were direct and 268 were indirect, compared to 7.7% at the end of 2025. A second non-financial KPI is our gross carbon footprint (market-based). This ended up at 8,577 mT compared to 5,041 mT in the first half of 2025 which is mainly due to higher production volumes. Our participation in projects that will result in installed renewable energy capacity was 1,405 MW in the first half of 2026 compared to 529 MW in the first half of 2025. The increase was a logical consequence of the ramp-up phase the factory was going through in the first half of this year.

Picture: aerial photo of expanded manufacturing site in Rotterdam, Maasvlakte 2

Outlook and development of our order book

Offshore wind energy supply is of strategic importance to transition to cleaner energy supply and to increase independence from fossil-producing countries.

The mid- to longer term offshore wind market today is looking healthy with initiatives for grid stability, realistic tender conditions and level playing field initiatives in the ten European countries that are most geared towards attractive conditions for offshore wind energy, and that signed the Hamburg Declaration in January 2026 to accelerate offshore wind development, targeting 100 GW of joint offshore wind capacity by 2040.

For the shorter term years 2027 and 2028, order books for early stage supply chain companies are thin. Sif is exclusively negotiating a project entailing 190 kilotonnes of monopiles for that period and progress on these negotiations is constructive, and firm contract negotiations have started and will take until autumn 2026 before final contract signing is anticipated, subject to and based on the outcome of the ongoing negotiations. But timing is of the essence. Depending on when a final investment decision for this project is taken, Sif may face a period of underutilization. To mitigate the impact, we have decided to spread production originally planned for 2026 into 2027 as much as possible. This approach will help retain our core capabilities and avoid the additional costs and operational risks associated with scaling down operations and subsequently ramping them up again. The extension of these projects into 2027 will not affect contractually agreed milestones or the client's installation schedule. This decision implies a shift in EBITDA of approximately €40 million to 2027, and subsequently a revision of our Adjusted EBITDA guidance for 2026 to €95 million. In parallel we have prepared different scenarios for periods of shorter or longer delays in achieving final contracts and starting production.

Our order book for the second half of 2026 and beyond stands at 422 kton, which includes 197 kton of exclusive projects. Demand for the period 2028 and beyond looks promising and tender activity is back to the levels we saw in 2024.

Based on the operational progress made, the shift in order book and discussions with our clients and financiers, we expect adjusted EBITDA to come in at €95 million for the full year 2026.

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim Financial statements

Other

information 15

Financial calender

2026

6 November Trading update Ǫ3 2026

2027

12 March Full year 2026 results and annual report

14 May Trading update Ǫ1 2027

14 May Annual General Meeting of Shareholders

30 July Interim results 2027

5 November Trading update Ǫ3 2027

Market Abuse Regulation

This 2026 interim report contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Executive Board Statement

The Executive Board of Sif Holding N.V. hereby declares that, to the best of its knowledge, the unaudited interim condensed consolidated financial statements for the period ending 30 June 2026, which have been prepared in accordance with IAS 34 Interim Financial Reporting as endorsed by the EU, give a true and fair view of the assets, liabilities, financial position and profit and loss of Sif Holding N.V.and its consolidated companies included in the consolidation as a whole, and that the report by the Executive Board included in this interim report 2026 gives a fair view of the information required in accordance with Section 25d, subsections 8 and 9 of Book 5 of the Dutch Financial Supervision Act (Wet op het financieel toezicht).

Roermond, 31 July 2026

Fred van Beers (CEO) Boudewijn van Schaïk (CFO)

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 1G

Interim condensed consolidated financial 17

statements 23

Notes to the interim condensed consolidated financial statements

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 17

Interim condensed consolidated statement of profit or loss and

other comprehensive income 18

Interim condensed consolidated statement of financial position 1G

Interim condensed consolidated statement of changes in equity 20

Interim condensed consolidated cash flow statement 21

Notes to the interim condensed consolidated financial

statements 23

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 18

‌Interim condensed consolidated statement of profit or loss and other comprehensive income‌

for the six months ended 30 June

Amounts in EUR '000 Notes 202G 2025

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 1C

‌Interim condensed consolidated statement of financial position‌

as at 30 June (before appropriation of result)

Amounts in EUR '000 Notes 30-Jun-202G 31-Dec-2025 Amounts in EUR '000 Note 30-Jun-202G 31-Dec-2025

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 20

‌Interim condensed consolidated statement of changes in equity‌

for the six months ended 30 June

Amounts in EUR '000

Share capital

Share premium

Other capital

reserves

Cash flow

hedge reserve

Retained earnings

Result for

the year Total

Non-controlling

interests Total equity

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 21

‌Interim condensed consolidated cash flow statement‌

for the six months ended 30 June

Amounts in EUR '000 Notes 202G 2025

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 22

Interim condensed consolidated cash flow statement

for the six months ended 30 June (continued)

Amounts in EUR '000 202G 2025

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 23

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 24

‌Notes to the interim condensed consolidated financial statements

for the six months ended 30 June 2026

1. ‌Reporting entity‌

   Sif Holding N.V. (the 'Company') is a public limited liability company domiciled in the Netherlands. The Company's registered office is at Mijnheerkensweg 33, Roermond. These interim condensed consolidated financial statements comprise the Company and its subsidiaries (collectively the 'Group' and individually 'Group companies'). The Company is registered with the Netherlands Chamber of Commerce Business Register under number 13016026.

   The Group is primarily involved in the manufacturing of foundation piles for offshore wind farms and metal structures, parts of metal structures, pipes, pipe structures, and components for the offshore industry.

   As from 12 May 2016 the shares of the Company have been listed on Euronext Amsterdam.

2. ‌Basis of preparation‌

   These interim condensed consolidated financial statements have been prepared in accordance with standard IAS 34 Interim Financial Reporting as part of IFRS Accounting Standards, as adopted in the European Union, as effective from 1 January 2026.

   The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2025 ('last annual financial statements'). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

   The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of new standards effective as of 1 January 2026. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

   The interim condensed consolidated financial statements have been prepared on a historical cost basis, except for the liability for share based payments, investment property and interest rate swaps that are measured at fair value and the jubilee provision that is based on the actuarial

   method. The Group's interim condensed consolidated financial statements are presented in EUR ('000), which is also the Company's functional currency, if not stated otherwise. All values are rounded to the nearest thousands (EUR '000) on individual line items which can result in minor rounding differences in sub-totals and totals, except when otherwise indicated.

   The interim condensed consolidated financial statements provide comparative information in respect of the previous period. The interim condensed consolidated financial statements have not been audited.

   1. Going concern

      In determining the appropriate basis of preparation of the interim condensed consolidated financial statements, management is required to consider whether the Group can continue in operational existence for the foreseeable future.

      The future financial performance of the Group is dependent upon the wider economic environment in which it operates. The factors that particularly affect the performance of the Group include political decision making and global economic conditions. The ongoing geopolitical tensions bring uncertainties and implications on the global economy, impacting various industries and sectors. The effects are wide ranging, including amongst others, security issues, inflation, volatile energy prices, pressure on supply chains, and fluctuating interest rates in most parts of the world. Mainly the high inflation and interest rates have resulted in cancellations of projects in the USA and UK and in decreased tender interest with developers and investors, especially in our home market Europe. This resulted amongst others in the cancellation of the Empire Wind 2 order for the Group at the end of 2023. Views of the government in the USA on offshore wind as a source of energy has already lead to a down scaling of new, planned and existing developments. This strengthens the company in pursuing its strategy that is focussed on Europe. In addition, various governments have adjusted their ambitions for offshore wind and altered tender procedures to match market conditions and preferences. Recent political developments in Europe, and renewed commitments from European Governments to meet tangible Offshore Wind energy production targets by 2040 have brought a new sense of urgency and reality, demonstrating the long term need for energy security and the energy transition. We see this new reality reflected in tender activity for projects for 2028 onwards.

      For the period 2027/28, the Company is actively working on the 190Kton exclusive project that is in the order book, and expects to finalize contract negotiations for this project in the coming months. This project has experienced significant delays, however given the current developments and constructive dialogue with the developer and all relevant stakeholders, the Company remains confident that this project will proceed. If the project developer moves forward with this project, it is anticipated that this project will enter production in the period May to August 2027. As this is significantly later than originally anticipated, the Company has taken measures to ensure continuity in its operations until the start of the 190kton exclusive project. These measures will result in

      Sif Interim 2026 report Table of contents

      Operational Highlights

      Message from our CEO

      Interim financial statements

      Other

      information 25

      approximately EUR 40 million of EBITDA shifting into 2027 as a result of extending the production time for the remaining order book. This decision will have an impact on both short-term liquidity and working capital management for the Company in 2026. The Company is taking active measures to manage its liquidity and is in ongoing dialogue with its lenders and largest shareholder as it looks to further strengthen its balance sheet and improve its liquidity position.

      If the 190kton project does not proceed as planned, and if the Group is not able to improve its short-term liquidity position and strengthen its balance sheet, it may face material challenges in meeting its obligations going forward. We continue to monitor the developments and assess the implications on our business operations.

      Despite the current market conditions, our assessment of the business did not result in any impairment or other material changes in the valuation of other assets and liabilities. Due to the unpredictable nature of the market in which we operate, we are actively monitoring the economic and market developments, as the severity of the impact on our customers and our own business operations remain uncertain.

      The delayed and slower than expected ramp-up of production levels after the expansion of our manufacturing facilities at Maasvlakte 2 has and will continue to have a negative impact on the financial results and cash position of the Group. This resulted in non-compliance with the net leverage ratio as per Ǫ3 2025, for which a waiver was received from the consortium of banks, including an amendment to the covenant levels for Ǫ4 2025 and Ǫ1 2026, to match the expected financial performance in these periods. The Company has complied with these amended covenants, and as of Ǫ2 2026 remains in compliance with the covenants. The revolving credit facility of EUR 50 million remains available to the Group as an additional buffer for working capital and short term liquidity needs.

      The Group assessed where climate related matters could have a significant impact on the going concern situation. As a consequence of emission-reduction legislation the demand for offshore wind energy is increasing and therewith increases the demand for the products of the Group.

      Therefore, management assesses that the current climate related matters have a positive impact on the future volume of projects in the offshore wind market, and therefore lower the risk in relation to going concern of the Group.

      Accordingly, management considers that managing working capital, preserving short term liquidity, and the continuation of the 190kton exclusive order as essential for the Group. These create a potential material uncertainty that may cast significant doubt on the Group's ability to continue to operate as a going concern. Despite these uncertainties, the Group continues to adopt the going concern basis in the preparation of the interim condensed consolidated financial statements.

   2. Management estimates and judgements

      The preparation of the Group's interim condensed consolidated financial statements requires management to make estimates and assumptions. To make these estimates and assumptions the Group uses factors such as experience and expectations about future events that are reasonably expected to occur given the information that is currently available. Furthermore, climate related matters are taken into account, however the Group concluded that those have no significant impact on the estimates and assumptions. The estimates and assumptions are reviewed on an ongoing basis.

      Revisions of accounting estimates and assumptions, or differences between accounting estimates and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of assets and liabilities, which would be recognised prospectively.

      Contract assets and liabilities

      Revenues and cost to fulfil the contracts from contracts with customers are recognised in the statement of profit or loss in proportion to the satisfaction of each performance obligation. In the Wind segment and offshore steel structure projects in the Other segment the satisfaction is assessed based on the actual hours incurred compared with the estimated hours needed to complete the full performance obligation. In addition, management estimates at each reporting date the total expected costs to fulfil the contract, the variable considerations and any claims/ litigations (in light of IAS 37 Provisions, Contingent Liabilities and Contingent Assets) for each individual performance obligation and adjustments are made where appropriate. Furthermore, judgement is applied in relation to licensing contracts, which concerns the identification of performance obligations and the relative stand-alone selling prices based on which the transaction price is allocated to the identified performance obligations.

      Detailed explanations of the degree of judgment and assumptions used are included under the respective section in the material accounting policies related to revenues from contracts with customers in the last annual financial statements.

      Leases

      The Group rents warehouse/factory equipment and several housing units in order to carry out its activities. Furthermore, the Group entered into a lease agreement with Havenbedrijf Rotterdam

      N.V. for the lease of four plots in the Rotterdam harbour.

      Extension options or cancellation options are included in the lease term when the group has such an economic incentive that exercising the option is reasonably certain. The group considers available evidence at the time of the assessment, including potential favourable terms upon extension, potential termination penalties, the relative costs associated with potential relocation or termination of the lease and the extent of leasehold improvements undertaken. Additionally, the size and the relative importance of the leased premises as well as the availability of easily

      ‌Sif Interim 2026 report Table of contents‌

      Operational Highlights

      Message from our CEO

      Interim financial statements

      Other

      information 2G

      substitutable assets is taken into consideration when assessing whether the group has an economic incentive to extend a lease for which it holds an option to do so.

      The Group applies judgement in evaluating whether it is reasonably certain it will or will not exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or the termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation to the leased asset).

      Recoverability of deferred tax assets

      The Group has recognised deferred tax assets, related to unused tax losses and deductible temporary differences. The Group has incurred taxable losses in recent years, which could raise concerns whether future taxable profits will be available future taxable profits may not be available. Therefore, deferred tax assets arising from unused tax losses and deductible temporary differences are recognised only to the extent that sufficient convincing evidence exists that taxable profits will be generated.

      To support the deferred tax assets arising from unused tax losses which can not be supported by reversing offsetting deferred tax liabilities, management has prepared detailed forecasts of future taxable profits based on the Board-approved business plan. The return to profitability is primarily driven by the operational improvements (as already demonstrated during the first six months of 2026), combined with the well filled order book for the remainder of 2026 and beginning of 2027. This will result in a significant improvement in production levels in the remainder of 2026, which will, together with the stabilisation of input costs, result in a profitable situation in the remainder of 2026 again.

      Management believes that, based on the weight of available evidence, including the scheduled reversal of deferred tax liabilities and approved business plans, it is probable that sufficient taxable profit will be available to realise the recognised deferred tax assets.

3. New and amended standards and interpretations

   Several amendments apply for the first time in 2026, but do not have any material impact on the interim condensed consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.

   Amendments to the Classification and Measurement of financial instruments disclosures- IFRS G and IFRS 7

   In May 2024, the IASB issued Amendments to IFRS S and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:

   • A clarification that a financial liability is derecognised on the 'settlement date' and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date

   • Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed

   • Clarifications on what constitute 'non-recourse features' and what are the characteristics of contractually linked instruments

   • The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)

     The amendments had no impact on the Group's interim condensed consolidated financial statements.

     Annual Improvements Volume 11

     ‌In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.‌

     The amendments had no impact on the Group's interim condensed consolidated financial statements.

     Sif Interim 2026 report Table of contents

     Operational Highlights

     Message from our CEO

     Interim financial statements

     Other

     information 27

4. Segment reporting

   For management purposes, the Group is organised into divisions based on its products and services and has four reportable segments:

   • Wind, which produces and delivers monopiles and transition pieces for the off-shore wind industry;

   • OSS, which produces offshore steel structures;

   • Marshalling, which includes renting-out of logistical area and facilities and the delivery of logistical services to customers, mainly in the off-shore wind industry;

   • Other, which includes mainly engineering services, licensing fees and operational lease income for the windmill on the Group's site in Rotterdam.

   Information related to each reportable segment is set out below.

   Information about operating segments

   Segment contribution constitutes the difference between revenue from contracts with customers and cost of sales. Cost of sales includes the costs of raw materials, subcontracted work and other external charges as well as logistic and other project related expenses. The gross profit is determined by segment contribution subtracted by costs relating to direct personnel expenses and production and general manufacturing expenses.

   All accounts below gross profit are not allocated to individual segments as these are managed on an overall group basis. Costs of sales like raw materials, subcontracted work and other charges and logistic and other project related expenses depend on underlying contracts with customers. Gross profit is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries. Total assets, which are located in the Netherlands, are not allocated to individual segments as these are managed on an overall group basis.

   Amounts in EUR '000 202G 2025

   	Wind	OSS	Marshalling	Other	Total	Wind	OSS	Marshalling	Other	Total
   - Revenue from contracts with customers	466,009	25,952	792	4,888	497,641	225,053	26,490	978	4,923	257,444
   - Operational lease income	-	-	-	756	756	-	-	14	756	770
   Total revenue	466,00G	25,G52	7G2	5,644	4G8,3G7	225,053	26,4G0	GG2	5,67G	258,214
   - Raw materials	(221,056)	(11,021)	-	1	(232,076)	(114,070)	(13,395)	-	-	(127,465)
   - Subcontracted work and other external charges	(94,832)	(2,066)	-	-	(96,898)	(36,767)	(1,264)	-	(72)	(38,103)
   - Logistic and other project related expenses	(32,390)	(1,890)	(270)	(189)	(34,739)	(10,218)	(1,277)	(525)	(162)	(12,182)
   Segment contribution	117,731	10,G75	522	5,456	134,684	63,GG8	10,554	467	5,445	80,464
   - Direct personnel expenses	(38,880)	(4,934)	(6)	(4,201)	(48,021)	(23,391)	(6,582)	-	(3,011)	(32,984)
   - Production and general manufacturing expenses	(14,241)	(1,009)	-	-	(15,250)	(10,803)	(1,733)	-	-	(12,536)
   Gross profit	64,610	5,032	516	1,255	71,413	2G,804	2,23G	467	2,434	34,G44
   Indirect personnel expenses	(23,208)					(19,762)
   Depreciation and amortisation	(33,574)					(29,085)
   Facilities, housing and maintenance	(6,843)					(5,219)
   Selling expenses	(330)					(421)
   General expenses	(7,565)					(7,569)
   Finance costs and impairment losses	(5,162)					(6,587)
   Other income	1					49
   Share of profit / (loss) of joint ventures	-					-
   Total profit / (loss) before tax	(5,2G8)					(33,G50)

   Sif Interim 2026 report Table of contents

   Operational Highlights

   Message from our CEO

   Interim financial statements

   Other

   information 28

5. ‌Property, plant and equipment‌

   During the six months ended 30 June 2026, the Group acquired assets with a cost of EUR 6.8 million (the six months ended 30 June 2025: EUR 12.6 million). All acquisitions are related to assets under construction (the six months ended 30 June 2025: all). No borrowing costs are capitalised during the six months ended 30 June 2026 (the six months ended 30 June 2025: nil).

   satisfied) in previous periods during the first six months of 2026 is EUR -9.0 million (the six months ended 30 June 2025: EUR 1.4 million).

   The classification of a project as contract asset or liability can vary over time, depending on the progress of the project and the use of materials.

6. ‌Contract assets and liabilities‌

   Amounts in EUR '000 30 June 202G

   31 December

   Contract assets	8,891	7,689
   Contract liabilities - current	(146,351)	(144,861)
   Contract liabilities - non-current	(6,741)	(6,683)
   Net contract assets and liabilities	(144,201)	(143,855)

   ‌2025‌

   Except for the non-current contract liabilities mentioned before, both the contract assets and liabilities have durations shorter than 12 months and are therefore considered to be current.

7. Trade receivables

   At 30 June 2026 no amount of the total open balance refers to related parties (31 December 2025: EUR nil).

8. ‌Trade payables

   As part of the Group's initiatives to improve the statement of financial position to optimise the

   Management periodically reviews the valuation of contract assets and liabilities based on project

   ‌agreements, project results to date and estimates of project expenses to be incurred. Each period end management assesses the status of the projects and takes into consideration all aspects in order to finalise the projects in line with contractual agreements and relating contingencies, such as potential upward or downward adjustment in the projected estimates, and accounts for them accordingly. Due to changes in estimates, fluctuations in the anticipated project result can occur over the contract term.‌

   The contract assets concern all projects in progress for which the costs to fulfil a contract incurred, including margin recognised to date, exceed the terms invoiced to customers. The impairment costs due to expected credit loss (IFRS 9) are not material.

   Contract liabilities concern the balances of all projects in progress for which the invoiced terms exceed the costs to fulfil a contract incurred, including margin recognised to date. There is a significant financing component included in several contracts, considering the length of time between the customers' payment and the satisfaction of the related performance obligation. As such, the transaction price for the contract is discounted, using the interest rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. As per 30 June 2026, the net impact on the current contract liabilities amounts to EUR 2.7 million and EUR 0.2 million on the non-current contract liabilities (31 December 2025: EUR 2.4 million impact on current liabilities and EUR 39 thousand impact on non-current liabilities).

   The revenues recognised in the reporting period that was included in the contract liability balance at the beginning of the period amounts EUR 105.8 million (the six months ended 30 June 2025: EUR 72.1 million). As a result of a downward adjustment to the estimate of the variable consideration in contracts with customers, the revenue impact from performance obligations satisfied (or partially

   solvency ratio at 30 June 2026, the timing of payments of liabilities has been accelerated to reduce cash balances. In addition, variations in the timing of receipt of significant invoices impact the outstanding trade payables balance.

9. List of subsidiaries

   Included in the interim condensed consolidated financial statements are the following subsidiaries:

   Name Location Share in issued capital %

   Sif Property B.V.	Roermond	100
   Sif Netherlands B.V.	Roermond	100
   Twinpark Sif B.V. 1	Roermond	59,4
   Twinpark Sif II B.V.	Rotterdam	60
   KCI The Engineers B.V.	Schiedam	100
   Sif Decom B.V.	Roermond	100
   Sif B.V.	Roermond	100
   Sif Ventures B.V.	Rotterdam	100
   Skybox Offshore B.V.	Rotterdam	100
   Sif Infra B.V. 2	Rotterdam	100

   1. - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.

   2. - Entities incorporated on 14 May 2025.

   No changes are applicable in investments in subsidiaries.

   ‌Sif Interim 2026 report Table of contents‌

   Operational Highlights

   Message from our CEO

   Interim financial statements

   Other

   information 2C

10. ‌Off-balance sheet commitments‌

    Commitments for the purchase of property, plant and equipment and raw materials At 30 June 2026, the Group's commitments for the purchase of property, plant and equipment amounts to EUR 0.8 million (31 December 2025: EUR 6.3 million). The commitments for raw materials amounts to EUR 199.5 million (31 December 2025: EUR 192.1 million) and commitments for subcontracting amounts to EUR 45.0 million (31 December 2025: EUR 49.0 million).

    Guarantee facilities

    The guarantee facilities of the Group can be specified as follows:

    	Type	30 June 202G	31 December 2025
    Amounts in EUR '000		Total facility	Used Total facility	Used

    Euler Hermes S.A. / Tokio Marine Europe S.A.	General	150,000	129,799	150,000	129,799
    Coöperatieve Rabobank U.A.	General	50,000	25,532	50,000	34,366
    ING Bank N.V.	General	50,000	41,997	50,000	48,486
    ABN AMRO Bank N.V.	General	50,000	32,747	50,000	32,881
    DNB	General	50,000	20,796	50,000	28,487
    Total		350,000	250,871	350,000	274,01C

    With an effective date of 5 June 2023, the existing finance facility of the Group has been refinanced (and expanded) for the purpose of the financing of the expansion of the manufacturing facility. The guarantee facility included in the revolving facility commitment amounts to EUR 350 million.

    The Group is jointly and severally liable for all amounts to which Euler Hermes S.A., Tokio Marine Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Coöperatieve Rabobank U.A. and DNB (UK) Limited have a right to claim the collateralised assets.

    Fiscal unity

    For corporate income tax purposes, the Company is the parent of a fiscal unity that contains the Dutch wholly-owned group companies. The Company is therefore jointly and severally liable for the corporate income tax and VAT liabilities of the tax unity.

11. Events after the reporting period

No material events after 30 June 2026 to be reported.

Sif Interim 2026 report Table of contents

Corporate contact information

Corporate office Sif Holding N.V. Mijnheerkensweg 33

6041 TA Roermond The Netherlands

Tel +31 475 385777

e-mail info@sif-group.com

Trade register Chamber of Commerce Roermond

The Netherlands

Number 13016026

LEI code 7245 00 JOBPD5CLHCKO 40

ISIN NL 0011 6604 85

DUNS 4041 63396

Shareholder, clearing and settlement agent

Euroclear Nederland Herengracht 459-469

1017 BS Amsterdam

Listing and payment agent

ABN AMRO Bank NV

Gustav Mahlerlaan 10

1082 PP Amsterdam The Netherlands

Operational Highlights

Message from our CEO

Interim financial

statements Other information 30

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 31

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 32

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 33

Amounts in EUR '000 HY202G HY2025 Reference to interim condensed consolidated financial statements

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 34

2025

Amounts in EUR '000 30 June 202G 31 December

Reference to interim condensed consolidated financial statements

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 35

2025

Amounts in EUR '000 30 June 202G 31 December

Reference to interim condensed consolidated financial statements

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 3G

2025

Amounts in EUR '000 30 June 202G 31 December

Reference to interim condensed consolidated financial statements

Sif Interim 2026 report Table of contents

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 37

Sif Interim 2026 report Table of contents

as per 30 June 2026

Operational Highlights

Message from our CEO

Interim financial statements

Other

information 38

Smulders Sif Steel Foundations B.V. is a joint venture between Sif and Smulders for specific projects, for the supply of monopiles and transition pieces. For these specific projects, Sif and Smulders operate as joint and several liable contract partners to the client.

SBR Engineering GmbH serves the development of special purpose welding equipment.

Twinpark SIF B.V. operates and exploits the GE Haliade X wind turbine at Maasvlakte 2, Rotterdam.

Twinpark SIF II B.V. is established to operate the potential second wind turbine at Maasvlakte 2, Rotterdam