--- title: "ZITON A/S - Interim report Q4 2025" type: "News" locale: "en" url: "https://longbridge.com/en/news/277069014.md" description: "ZITON A/S reported a strong Q4 2025 with EBITDA rising to EUR 18.0m, up from EUR 8.8m in Q4 2024, driven by favorable weather and improved vessel availability. For 2025, EBITDA reached EUR 69.0m, exceeding guidance, while cash flows from operations were EUR 66.2m. CAPEX was lower than expected at EUR 17.6m. Looking ahead to 2026, ZITON anticipates EBITDA between EUR 64-69m and a financial utilization rate of 105-110%. Additionally, ZITON is exploring refinancing options for its debt facilities following a recent acquisition by Macquarie Asset Management." datetime: "2026-02-26T16:00:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277069014.md) - [en](https://longbridge.com/en/news/277069014.md) - [zh-HK](https://longbridge.com/zh-HK/news/277069014.md) --- # ZITON A/S - Interim report Q4 2025 Highlights of Q4 2025o EBITDA increased to EUR 18.0m in Q4 2025 compared to EUR 8.8m in Q42024. Theincrease of EUR 9.2m was mainly attributable to favourable weather conditionsthat supported the efficient delivery of full-service solutions, improvedoperational availability of the vessels, as well as an increase in the dayratefor J/U WIND ENTERPRISE from mid-2025.o Financial performance for 2025. We provided initial guidance for 2025in theinterim report Q4 2024, published on 24 February 2025. The guidance remainedunchanged throughout the year. Below, we review the financial performance for2025: o Weighted average financial utilisation rate. We guided on financialutilisation in the range of 95%-100%. We realised financial utilisation of112%.The main reason was that we achieved strong utilisation of 123% in Q4 2025compared to 77% in Q4 2024 mainly because favourable weather conditionssupported the efficient delivery of full-service solutions, improvedoperationalavailability of the vessels, as well as an increase in the day rate for J/UWINDENTERPRISE from mid-2025.o EBITDA. We guided on EBITDA to be in the range of EUR 60-65m. WerealisedEBITDA of EUR 69.0m, which was somewhat above our guidance range due to strongutilisation of the vessels.o Cash flow from operating activities. We guided on cash flows fromoperatingactivities of EUR 58-63m. We realised cash flows from operating activities ofEUR 66.2m, which were above our guidance range due to strong utilisation ofthevessels. o CAPEX. We guided on CAPEX to be in the range of EUR 24-28m. We realisednetCAPEX of EUR 17.6m. The lower-than-expected CAPEX was due to the postponementofthe planned leg extension on J/U WIND ENERGY, which had an expected CAPEX ofEUR10.0m. Adjusted for the postponed extension, CAPEX was within the guidancerange. o Our KPI guidance for 2026 is as follows:o Weighted average financial utilisation rate. We expect the weightedaveragefinancial utilisation rate to be in the range of 105-110%.o EBITDA. We expect EBITDA to be in the range of EUR 64-69m.o Cash flow from operating activities. We expect cash flows fromoperatingactivities to be in the range of EUR 61-66m.o CAPEX. We expect CAPEX to be in the range of EUR 16-20m.o On 7 January 2025, the closing of the transaction was completed wherebyMacquarie Asset Management ("Macquarie"), via Macquarie EuropeanInfrastructureFund 7, acquired all issued and outstanding shares of Zappy TopCo ApS and itswholly-owned subsidiary ZITON A/S.o ZITON has mandated a debt advisor to explore options for the potentialrefinancing of its existing debt facilities and a potential issue ofsecuritieson a private placement basis. https://newsweb.oslobors.no/message/667012 ### Related Stocks - [TON.UK](https://longbridge.com/en/quote/TON.UK.md) ## Related News & Research - [Buy Tata Steel; target of Rs 250: Motilal Oswal](https://longbridge.com/en/news/287040557.md) - [Norway's BW Energy Q1 profit and EBITDA rise sharply](https://longbridge.com/en/news/287008378.md) - [Zedcor Inc. Reports Record Q1 2026 Revenue of $19.4 Million and Adjusted EBITDA of $7.6 Million | ZDCAF Stock News](https://longbridge.com/en/news/287135756.md) - [Fidelity Minerals Announces Upsizing of Proposed Non-Brokered Private Placement Financing](https://longbridge.com/en/news/287228383.md) - [What is next for Energy Transfer after its 2026 guidance hike?](https://longbridge.com/en/news/287100206.md)