DEME reported first-half 2025 turnover of 2,117.1 million euros, up 10% from a year earlier. Ebitda rose 35% to 464.3 million euros, increasing the margin to 21.9% from 18.0%. Net profit advanced 27% to 179.0 million euros, equal to earnings per share of 7.08 euros.
The company reaffirmed guidance that full-year turnover will be at least in line with 2024 and raised its profitability outlook, expecting the ebitda margin to slightly exceed 20%.
Chief executive Luc Vandenbulcke said: “I’m really pleased with our outstanding group results… Despite market instability, we delivered for the second consecutive semester more than 2 billion euros in turnover and over 400 million euros in EBITDA,” adding that the Havfram acquisition was “a significant strategic step” and that “given this strong first-half performance, we are reaffirming our topline guidance and are raising our profitability outlook for the year.”
The order book stood at 7,520.8 million euros on June 30, 2025, including Havfram’s orders adjusted to 530 million euros.
Offshore Energy revenue increased 27% to 1,140.7 million euros with a 31.4% ebitda margin, supported by high fleet utilization, projects in the US, Taiwan and Europe, a one-off US project cancellation fee, and the profit on the sale of “Sea Challenger” to a DEME joint venture.
Dredging & Infra revenue fell 4% to 947.7 million euros with a 12.3% margin, affected by adverse results on a marine infrastructure project in Belgium.
Environmental reported 142.1 million euros of revenue and a 15.2% margin.
DEME completed the acquisition of Havfram for about 900 million euros, of which 537 million euros was paid in the second quarter. Two wind turbine installation vessels being built for Havfram remain scheduled for delivery in the fourth quarter of 2025 and early 2026, with first projects expected in the first half of 2026.
The group also acquired a 50% stake in BAUER Offshore Technologies GmbH. Free cash flow was 123 million euros excluding the Havfram transaction and -413.8 million euros including it.
Net financial debt was -418.5 million euros, corresponding to a net debt to ebitda ratio of 0.5. Total cash amounted to 709.1 million euros. The group secured 700 million euros in Green Term Loans through bilateral agreements to finance the Havfram acquisition. Full-year capital expenditure is projected at around 300 million euros, excluding Havfram-related spending.
Management said second-half 2025 volumes are in line with the prior year and that more than 5.5 billion euros has already been secured for 2026 and later, with Europe representing 76% of the order book.
DEME Group NV is a Belgian public limited company headquartered in Zwijndrecht and listed on Euronext Brussels under the ticker DEME. The group operates globally in offshore energy, dredging, marine infrastructure, environmental remediation and concessions, and is subject to Belgian and EU financial reporting regulations.
Havfram is a Norwegian offshore wind contractor registered as a private company, engaged in offshore wind turbine installation projects and vessel construction.
BAUER Offshore Technologies GmbH is a German company organized as a GmbH (limited liability company), providing specialist offshore foundation and drilling technologies.