Analyst updateHYResults 2016

25August2016

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Update on Sif’s key developments since IPO

Record high production output for first half year 2016. with 124kt of steel produced for wind projects, resulting in all time high financial results in FY 2015 with an adjusted EBITDA of c. €57.9m

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Offshore wind market outlook for the short- and longer term improved and market shift from monopilestowards XL monopiles as leading foundation type faster than expected

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Record high order book for 2016 (wind 149kt; oil & gas 29kt); conversion of 2017 pipeline into order book ahead of schedule

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Sif is at the forefront of capitalizing on this shift with the construction of the Maasvlakte 2 facility: first production expected by Q4 2016 (as planned); oil & gas lines are also capable of producing piles for wind substations

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Despite the BREXITtheUK government appears to remain committed to offshore wind targets. The Borssele tender shows that the sector has the ability to reach targets set by the UK government much faster than foreseen

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High asset utilization realized in the first quarter continued throughout the second quarter, resulting in a strong operational result for the first half year 2016 resulting in a normalized EBITDA of €36.9 m

1

Offshore wind market outlook for the short- and longer term are still positive and XL monopiles remain theleading foundation type for turbines of7 MW and up

3

Orderbook 2016 for Wind is full and for Oil & Gas above base loading level. For 2017, the orderbook is building up, of which 61.6 kt is contracted and 116.1 kt is under exclusive negotiations

2

The construction of the Maasvlakte2 facility is on schedule and first production is still expected to start by Q4 2016; First piles for wind on the oil & gas production lines are realized

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KeyFinancialHighlights

Contribution

EBITDA

Revenue

Operating Working Capital

Tonnage

§ Contributionincreasedby54%to€ 65.2m(HY2015:€42.3m)

§ NormalizedEBITDAincreasedby52%to€ 36.9m(HY2015:€24.2m)

§ Revenueincreasedto€ 205.3m(HY2015:€98.1m)

§ Tonnageproducedincreasedto97.4kt(HY2015:60.4kt)

Net Debt

§ OperatingWorkingCapitalequaled€ 2.7m(YE2015:€ 19.3m)

§ NetDebtamountedto€ 30.6m(YE2015:€ 26.9m)

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Contribution bysegment

48,3 58,480,8

30,957,3

36,1 24,8

18,9

11,2

7,9

85,3 83,6100,5

42,3

65,2

FY2013 FY2014 FY2015 HY2015 HY2016Offshorewind Oil&gas Other

Contribution by segment (€m)

Total contribution in EUR/ton

% growthHY15-HY16

Comments on HY 2016

(29%)

85%

Contribution is leading financial indicator as it excludes:• effects of sub-contracting• steel price fluctuations• raw materials supplied by customers

Contribution • strong growth driven by high volumes

Contribution per ton • Lower due to margin pressure in oil & gas• Change in product mix

336 321 98

54%

Revenue Total

163 205

€ FY2013 FY2014 FY2015 HY2015 HY2016

Total 513 628 668 701 670

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EBITDA

EBITDA (€m)

44,0 45,7

55,0

24,2

32,1

2

4,8

0

10

20

30

40

50

60

FY2013 FY2014 FY2015 HY2015 HY2016

EBITDA EBITDAnormalized %ofcontribution

Comments

§ Strong increase in EBITDA mainly resulted from:

§ an increased contribution

§ maximized asset utilization

§ normalized for IPO related costs

52%

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Operatingworkingcapital

Operating working capital (€m)

(4.8)

19.32.7

(150)

(100)

(50)

0

50

100

150

30-jun-15 31-Dec-15 30-jun-16

Currentoperatingassets Currentoperatingliabilities

Operatingworkingcapital

Comments

(€m)

_____________________1) Excludes c.€0.5m of purchase of investment property

§ Back to normalized level

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Orderbook

§ Order book for Offshore Wind 2016 is full

§ Order book for Offshore Oil & Gas 2016 filled to base load level

§ For 2017 62 kt contracted and 116 kt in exlusive negotiations

§ First order 2018 secured (8 kt and 24 kt in exclusive negotiations

Comments Comments

0

100

200

300

FY 2016 FY 2017 FY 2018Maximum production capacityOrderbook- contractedOrderbook- exclusive negotiations

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Project Est. grid connection

Size(MW)

Production(starts) in 2017 Comments

UKRacebank 2017 580Dudgeon 2017 400 Installation of foundations finishedAberdeen Bay 2017 84 P Full construction scheduled to start in late 2017 or early 2018Beatrice 2019 588 P Financial close in placeWalney Island Phase II 2018 330Hornsea Project One Phase 1 2019 400 Dong made final investment decisionE.ON Rampion 2019 400 Foundation installation nearly finishedEast Anglia One Phase 2 2019 285 P Scottish Power made final investment decision in Feb 2016Neart na Gaoithe 2020 450 Project cancelledDogger Bank – Teesside A 2021 1,200 Grid connection date is expected to be pushed back due to new construction scheduleGalloper 2019 504 Production startedTriton Knoll 2020 9001) RWE field developmentGermanyMerkur/MEG1 2018 400 P

Borkum West II 2018 400 P Developed by Trianel WindkraftwerkBorkum Riffgrund Phase II 2018 350 P MHI Vestas Offshore Wind appointed as preferred supplier for turbinesArkona Becken Sudost 2018 385BARD Veja Mate 2018 400BARD Deutsche Bucht 2019 210 The Highland Group expects to reach a financial close in mid-2017 Arcadis Ost I 2019 348 Final state permit granted in Oct 2014Hohe See 2019 492 P GeoSea to act as general contractor for the installationKaskasi n.a. 320 Developed by RWE InnogyBelgiumNobelwind 2018 165THV Mermaid 2018 266 35% stake held by GDF SuezRentel 2019 288 P Construction scheduled to begin in 2017 upon attaining financial closure in 2016 Norther 2017 300 P MHI Vestas Offshore awarded preferred-supplier status for its V164-8.0 MW turbines Northwester 2 n.a. 224 Construction estimated to finish in 2020FranceCourseulles n.a. 450 EDF and Dong has invited bids for EPCI contractorsSt-Nazaire 2019 480 EDF and Dong has invited bids for EPCI contractorsFecamp 2019 498 EDF and Dong has invited bids for EPCI contractorsSaint-Brieuc 2019 500 EDF and Dong has invited bids for transportation and installation contractors NetherlandsBorssele n.a. 700 Phase I and II of tender won by DonDenmarkHorns Rev 3 2019 400 P Vattenfall won tender at €103/MWh making the project the cheapest in Europe currentlyKriegers Flak 2022 600 EnBW teams with Siemens and DEME to work together to bid for the project

Order won by Sif Order won by competition Target project for Sif2)

_____________________1) 300-900MW2) No assurance that Sif will win the target orders

Not currently targeted by Sif

European pipeline for production of MPs and TPs starting in 2017 continues to be strong

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Offshore wind market continues to show strong momentum in the short term…

1,1

2,9 2,7 2,5

3,7

1,1

3,6 3,7 3,4

4,4

2016E 2017E 2018E 2019E 2020E

MAKE

BNEF

Strong growth in offshore wind

Sif currently producing and selling products for projects due to be grid connected in 2016-17

Receiving tenders for projects in 2018-19

Expected annual European offshore wind installations (GW)(by grid connection/commissioning date)

ü Foundation components sold to customer 1-2 years on average prior to grid connection date

To be updated in the full year report

Secondphaseofworld’sbiggestwindfarmHornsea projectIIgetsgoaheadDate:16August2016Source:TheGuardian

NetherlandsoffshorewindfarmBorsselecheapest worldwideDate:5July2016

Source:Government

GermanEconomyMinistryandGovernmentpartiesagreedtoadd840MWannuallyfrom2026tomeetits15GWoffshorewindtargetfor2030

Date:5July2016Source:Reuters

IrishgovernmentsignsnewagreementtobolsteroffshorewindenergyprojectsDate:6June2016Source:IrishTimes

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Formulated government ambitions post 20201)

Target of 41 GW by 2030 Awaiting announcements by government

Target of 11 GW by 2025Awaiting new tender system

Target of 4.5 GW by 2023Borssele I and II awarded to DONG

Aim to limit global warming by 2° Celsius

Target of 100% renewable energy future by 2050

Target of 40% electricity from renewable sources by 2030

_____________________1) Source: Public announcements

Continued growth trajectory expected post 2020 (GW)

3,5 3,6

4,5

3,8

2021E 2022E 2023E 2024E

Source: MAKE Consulting

… and with a strong outlook for the longer term

Source:Basedonmanagementestimates forcapacityandvarietyofthirdparty sourcesandmanagementestimates fordemand1)OwnedbyDillinger Hütte,Steelwind isanewentrant to themarketandhaswon its firstproject in2015

1)

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Expected total monopile capacityanddemand (kt)

…butXLmonopilecapacityisexpectedtobescarceLargecapacityformonopiles…

Anumberofplayerscanproducemonopiles…

Expected XLmonopile capacityanddemand (kt)

…butfewhaveXLcapabilitiesasbarriers toentryarehigh

1)

Marketsupplyanddemand

315

405 405

361 352 389

2016E 2017E 2018ESif Sif(Maasvlakte2addition)EEW SteelwindAmbau BladtDemand

190

295 295289310 342

2016E 2017E 2018ESif Sif(Maasvlakte2addition)EEW SteelwindDemand

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Construction of the Maasvlakte 2 facility is on schedule

§ Full production capacity in both Roermond and Rotterdam

§ Full capacity of 300kt p.a.

‘16 Q1 ‘16 Q3 ‘17 Q2 ‘17 Q3

§ Start steel construction of foundations of the assembly and coating hall at Maasvlakte 2 facility

§ Complete steel construction and floor of assembly and coating hall

§ Install overhead cranes

§ Start assembly and coating of MPs at Maasvlakte 2

ü Permits are in place

ü Construction of assembly hall on schedule

ü First production still planned for Q4 2016

ü Improvements realised to meet latest specifications has resulted in higher investment

§ Transport assembly line 2 from Roermond to Maasvlakte 2

§ Rearrangement Roermond

§ Change to full-scale can/cone production

Appendixes

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>www.sif-group.com

Someofthestatementscontained inthisreleasethatarenot historical factsarestatementsoffuture projections andother forward-lookingstatementsbasedonmanagement’scurrent viewsandassumptionsandinvolveknownandunknownrisksanduncertainties thatcouldcauseactualresults, performance, oreventstodiffermateriallyfromthoseinsuchstatements.Historical results arenoguaranteeforfuture performance.Forward-looking statementsaresubject tovariousrisksanduncertainties, which maycauseactualresultsandperformance ofSif’s businesstodiffermateriallyandadverselyfromtheforward-looking statements.Certain forward-looking statementscanbeidentified bytheuseof forward-lookingterminology suchas“believes”,“may”,“will”, “should”, “wouldbe”,“expects” or“anticipates” orsimilarexpressions, orthenegativethereof, orothervariationsthereof, orcomparable terminology, orbydiscussionsofstrategy,plans,orintentions. Shouldoneormoreoftheserisksoruncertaintiesmaterialize, orshouldunderlying assumptionsproveincorrect, actualresultsmayvarymateriallyfromthosedescribed inthisreleaseasanticipated,believed,orexpected. Sif doesnotintend, anddoesnotassumeanyobligation, toupdateanyindustryinformation orforward-looking statementssetforth inthisreleasetoreflect subsequenteventsorcircumstances. Thecontent ofthistradingupdateisforinformation purposes onlyandnotintended asinvestmentadvise,orofferorsolicitations forthepurchaseorsaleinanyfinancialinstrument. Sif doesnotwarrantorguaranteethecompleteness, accuracy,orfitnessforanyparticular purposes inrespectoftheinformation included inthisrelease.

>Disclaimer

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