Aannemingsmaatschappij CFE NV

Latest Results (26.12.2025):

Aannemingsmaatschappij CFE NV — full year 2023 (FY2023, year ended 31 Dec 2023). The Group reported revenue growth while net profit fell versus 2022. Revenue rose to €1,248.5m (+7% year‑on‑year). Operating profitability (EBITDA €49.5m; EBIT €33.0m) and consolidated net result — group share €22.8m — were below the prior year, impacted by a limited number of operationally challenged projects and a tougher macroeconomic environment. Balance sheet remained solid; the statutory auditor issued an unqualified opinion.

Top‑line & operating results

Revenue: €1,248.5m in FY2023 (+7% v. 2022). EBITDA was €49.5m and EBIT €33.0m as reported in the 2023 annual report.

Net result and equity

Consolidated net result — group share: €22.8m (down from €38.4m in 2022). Equity — group share: €236.8m at year‑end 2023.

Cash, debt & order book

Net financial debt: €93.3m. Reported debt increased partly due to the acquisition of the Kronos real‑estate project; excluding Kronos, management says debt would have fallen. Order book stood at €1,268.6m (a 26% decline year‑on‑year, driven by macro headwinds and stricter bidding/selectivity).

Dividend

Board proposed dividend for FY2023: gross €0.40 per share (net ≈ €0.28 after 30% withholding tax), payable from 23 May 2024 subject to shareholder approval.

Segment & investment highlights

Investments segment delivered record results (notably Green Offshore with ~2.9 TWh production in 2023 and BSTOR battery activity). Multitechnics showed resilient underlying demand but results were affected by operational issues on a small number of large projects. Construction & Renovation had solid activity but margins were impacted by selected problem projects and some customer/subcontractor bankruptcies. Real Estate (BPI) kept a ~10% ROE despite a weak market.

Audit opinion & management view

The statutory auditor issued an unqualified opinion on the statutory and consolidated financial statements. Management signals a healthy balance sheet, continued investment for growth (including Kronos) and expects 2024 to be a transitional year with selective bidding and focus on operational excellence.