Ziton reports increased EBITDA, says O&M activity remains strong

The O&M company, which specialises in major component replacement, said the improvement was mainly driven by higher revenue, reflecting that the jack-up Wind Server was fully operational throughout the quarter, compared to Q1 2025 when it underwent a 10-year class docking and was out of operation for half of the quarter.

The increase was also supported by an increase in the day rate for jack-up Wind Enterprise, but partly offset by lower activity for the jack-up Wind, as well as a dock stay for Wind Pioneer, which was completed in Q1 2026. The company said its guidance for 2026 is unchanged. It expects EBITDA to be in the range of €64-69M.

In a presentation, the company said the level of activity for regular major component continued to be strong.

“The general trend indicates growth in both the below 6-MW segment and the 6-11 MW segment,” said the company. “Our analysis suggests that this trend is driven by turbines reaching an age of 6-11 years and beyond, at which point wear and tear increasingly sets in, leading to a greater need for major component replacements. 

“Turbines below 6 MW have an average age of around 13 years and turbines between 6 and 11 MW have an average age of around five years. Therefore, the majority of the current market for major component replacements is for turbines below 6 MW, which can be serviced by our smaller vessels.”

Ziton said that, over the next six years, it expects the market for 6-11 MW turbines to grow significantly, a market it will address using Wind Enterprise, Wind Energy and Wind Discovery, which is owned by Ziton’s sister company, DiscoveryCo ApS.

The company said the market for blade campaigns and other larger major component campaigns is more erratic, and initiation of such larger projects is subject to uncertainty and greater competition.