Aannemingsmaatschappij CFE NV

CFEB

Equity

ISIN BE0003883031 / Valor 3654454

Euronext - Euronext Brussels (2026-09-29)

EUR 10.70+0.47%

Aannemingsmaatschappij CFE NV
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About company

Aannemingsmaatschappij CFE NV (commonly known as CFE) is a Belgian construction and engineering group that provides contracting, multitechnical services and property development to public and private clients. Its businesses cover building and civil engineering, infrastructure and rail works, installation and maintenance of mechanical and electrical systems, and the development and management of residential and commercial real estate, supplemented by specialized engineering and project‑management services for complex construction programs. Headquartered in Belgium and listed on Euronext Brussels, CFE operates through local subsidiaries and project-based contracts in domestic and selected international markets.

Summarized from source with an LLMView SourceSector: Industrials

Key financials (FY 2023)

Revenue €1,248.5m; EBITDA €49.5m; EBIT €33.0m; Net result (group share) €22.8m; Equity (group share) €236.8m; Net financial debt €93.3m; Order book €1,268.6m.

Year-on-year drivers

Revenue grew ~7% vs 2022. Net result declined vs prior year due to the macroeconomic environment and the negative impact of a limited number of projects (operational issues and some customer/subcontractor bankruptcies). The order book fell (~26%) driven by market conditions and stricter project selection under strengthened risk management.

Balance sheet and liquidity

Net financial debt increased, largely because of the acquisition of the Kronos real‑estate project; management notes that excluding Kronos debt the Group’s debt would have declined. Overall gearing remains low and the auditor issued an unqualified opinion on statutory and consolidated financial statements.

Dividend and corporate items

Board will propose to the Ordinary General Meeting (2 May 2024) a gross dividend of €0.40 per share (≈ €0.28 net after 30% withholding tax), payable from 23 May 2024. Annual report and full financial statements filed with the National Bank of Belgium.

Segment and operational highlights

Real Estate: BPI Real Estate achieved ~10% ROE despite a weak market; Kronos (Luxembourg) is the largest acquisition/development. Multitechnics (VMA, MOBIX) showed underlying strength (smart‑building VMANAGER, industrial automation, rail/energy works) but margins were affected by select projects. Construction & Renovation delivered many large projects (including major renovations and bio‑based buildings) but results were impacted by a few operational problems. Investments: record contribution from Green Offshore (≈2.9 TWh production in 2023) and BSTOR (10 MW battery park online); Deep C (Vietnam) sold 127 ha of industrial land.

Outlook and management commentary

Management expects 2024 to be a transition year: a moderate contraction in turnover in the short term (Belgium/Luxembourg) but an improved operating margin versus 2023; medium‑to‑long term outlook remains positive owing to CFE’s positioning in renovation, sustainable buildings, industrial automation and energy & mobility infrastructure.

Summarized from source with an LLMView Source

Key figures

18.9%1Y

52.9%3Y

23.1%5Y

Performance

30.5%1Y

28.0%3Y

34.7%5Y

Volatility