Lack of orders and project cancellations in the US market forced CS WIND Offshore to write down the monopile production at Lindø at the Port of Odense by DKK 675 million in 2025. The write-down comes after the company announced extensive downsizing at the factory in April, and after the delivery of the last orders from the factory was completed in November 2025, production was effectively paused, and there is now great uncertainty about the factory's future.
- By recognizing a significant write-down on the Lindø facility in 2025, we are taking a conservative and disciplined financial approach that reflects current market conditions. At the same time, we are financially strong while executing our pipeline of TP projects in Aalborg. We are well-positioned for an upturn in the offshore wind market, supported by strong political ambitions and an increased need for renewable energy based on a robust and independent European supply chain,” says Hee Joung Moon, CEO of CS WIND Offshore.
The write-down helped to pull the year's operating profit (EBIT) down to DKK 120 million, while revenue fell significantly to DKK 3.63 billion from DKK 5.75 billion the previous year. This is stated in the company's annual report.
The annual report states that the decline in revenue is mainly due to lower activity on monopile projects, a lack of new orders for the Lindø facility and the phasing out of the offshore transformer station business area, where the company did not enter into new contracts in 2025. At the same time, net profit fell to DKK 62 million from DKK 508 million, while the number of employees was reduced from 811 to 600.
Strong underlying operations
Before the write-down, the operating profit was DKK 795 million, which according to the company reflects a strong underlying operation despite the lower activity level. At the same time, the company improved its financial position. Cash and cash equivalents increased to DKK 634 million from DKK 482 million, while debt was reduced to DKK 1.6 billion from DKK 2.9 billion. Equity increased to DKK 379 million from DKK 316 million.
- Considering the current market development and the significant write-down in 2025, the underlying results show the company's resilience. CS WIND Offshore is on a solid financial and operational foundation and is well positioned for further development when market conditions improve, says Hee Joung Moon.
While the future of the Lindø factory remains uncertain, the company's facilities in Aalborg prioritized as a central hub for the group's foundation business. The owner CS Wind thus invested around 65 million DKK in the facility in 2025, and further investments of 50 million DKK are planned in 2026.
Despite the continued uncertainty in the market, CS WIND Offshore expects a positive result of between 50 million DKK and 200 million DKK in 2026.
CS WIND Offshore was taken over by the South Korean wind group CS Wind in 2023 and subsequently changed its name away from Bladt Industries.
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