Aannemingsmaatschappij CFE NV

Latest Results (05.05.2026):

Aannemingsmaatschappij CFE NV — Q4 2023 (annual / full‑year 2023 results). For fiscal 2023 the Group reported revenue up 7% to €1,248.5m, EBITDA €49.5m and net result (group share) €22.8m (below 2022), with group equity €236.8m and net financial debt €93.3m (increase mainly driven by the Kronos real‑estate acquisition). The statutory auditor issued an unqualified opinion and the Board proposes a gross dividend of €0.40 per share payable from 23 May 2024.

Top‑line and profitability

Revenue rose to €1,248.5m in 2023 (+7% vs 2022). EBITDA for the year stood at €49.5m and EBIT at €33.0m. Net result — group share was €22.8m, lower than 2022, driven by a difficult macroeconomic context and negative impacts from a limited number of projects that affected profitability.

Balance sheet and cash/debt

Group equity (share of the group) was €236.8m at year‑end 2023. Net financial debt was €93.3m, up mainly because of the Kronos acquisition (largest real‑estate acquisition in CFE history); excluding Kronos the debt level would have fallen. Management states gearing remains well below recent historical averages.

Order book and selectivity

Order book was reported at €1,268.6m, down ~26% in 2023. Management attributes the decline to the weak macro environment and to stricter, more selective tendering and risk management introduced in recent years; benefits of those processes are expected to materialize over time.

Segment and operational highlights

Real Estate: BPI Real Estate delivered steady results with a Return on Equity close to 10%; major transaction was the Kronos acquisition (Luxembourg). Multitechnics: VMA expanded VMANAGER capabilities and maintained strong industrial automation activity; MOBIX continued rail and infrastructure work (including ETCS II deployment) but experienced lower turnover due to reduced Infrabel volumes. Construction & Renovation: delivered notable projects (e.g., Zin in No(o)rd, hospitals, wooden headquarters) and remained selective on bids.

Investments, energy & infra

Investments segment recorded a strong year: Green Offshore’s Belgian wind farms produced a record ~2.9 TWh in 2023; BSTOR’s 10 MW battery park was operational and additional 150 MW capacity is under development; Deep C (Vietnam) recorded record land sales (127 ha) and good recurring revenues.

Dividend, audit and governance

The Board will propose to the Ordinary General Meeting a gross dividend of €0.40 per CFE share (≈€0.28 net after 30% withholding tax), payable from 23 May 2024. The statutory auditor issued an unqualified opinion on both statutory and consolidated financial statements.

Key risks and near‑term outlook

Management notes a challenging short‑term outlook in Belgium and Luxembourg (residential and office markets) with expectations of a moderate revenue contraction in 2024 but an improved operating margin vs 2023. Operational issues on a limited number of large projects and customer/subcontractor bankruptcies affected 2023 results; management emphasizes continued focus on risk management, operational excellence and selective bidding.