DEME Group NV

Latest Results (18.05.2026):

DEME Group NV — full-year 2025 results: the company reported a record performance with group turnover of about €4.2 billion, EBITDA of €931 million (22.4% margin) and net profit of €346 million. The Board proposes a gross dividend of €4.50 per share. The order book stood at €7.6 billion at year-end. Free cash flow was negative (€‑394m) including the Havfram acquisition; excluding that transaction free cash flow was positive (€342m). Management expects 2026 turnover and EBITDA margin to be in line with 2025.

Top-line and profitability

Turnover: €4.15–4.2bn (≈ +1% YoY). EBITDA: €930.5m (+22% YoY) with a 22.4% EBITDA margin. Net profit (group share): €346.3m (+20% YoY). EPS: €13.72.

Cash, debt and investments

Investments (CapEx) €445m in 2025 (excluding vessel construction payments €247m). Reported free cash flow €‑394m; excluding the Havfram acquisition and related construction payments free cash flow was €342m. Net financial cash (debt) was €‑391m (net debt) and net debt/EBITDA ~0.4.

Order book and regional mix

Order book €7.59bn (‑7% vs 2024 peak of €8.2bn). Europe represents ~78% of the order book; run-off provides visibility with ~€3.58bn scheduled for 2026 (N+1).

Offshore Energy (segment)

Turnover €2.13bn; EBITDA €655m (+52% YoY) yielding a 30.7% margin. Fleet utilization strong (~85%, 44 weeks). Havfram integration progressed: Norse Wind delivered Q4 2025, Norse Energi delivered Q1 2026; a new Offshore Construction Vessel ordered (delivery 2028).

Dredging & Infra (segment)

Turnover ~€1.95bn (broadly stable); EBITDA €302m (margin 15.5%, down vs 2024). Order book ~€2.94bn. Key project activity: Princess Elisabeth Island, Oosterweel tunnel immersions, Fehmarnbelt Fixed Link and various port/dredging contracts worldwide.

Environmental (segment)

Turnover €271.8m (‑19% YoY), EBITDA €39.8m (≈15% margin). Order book increased to €408m. Ongoing remediation, dike and soil-treatment projects; capacity expansion and scaling of Cargen active carbon solution.

Dividends and shareholder return

Board will propose a gross dividend of €4.50 per share (proposed payment date May 29, 2026), an 18% increase vs prior year; dividend policy targets ~33% payout of net profit.

Outlook and strategy

Management expects 2026 turnover and EBITDA margin broadly in line with 2025 given current backlog and pipeline. Estimated 2026 CapEx ~€450m. Strategic focus: integrate Havfram, expand installation and cable capabilities and selective concessions development.

ESG and other items

Taxonomy-aligned activities rose (47% of turnover eligible/aligned); reported verified GHG intensity improvement ~30% (most recent verification) toward a 2030 target of ‑40% vs 2008. Safety LTIFR 0.18. Legal: Belgian Court of Appeal acquitted defendants in the Sabetta case (reported contingent liability previously).