Although Boskalis delivers solid performance over the first six months of 2026, geopolitical uncertainty is having an effect on the company’s revenue. This is compounded by a lackluster investment appetite in several regions to award projects.
Revenue amounted to EUR 1.90 billion, a decrease compared to the exceptionally strong first half of 2025 (EUR 2.35 billion). EBITDA amounted to EUR 553 million (H1 2025: EUR 748 million). Net profit was EUR 275 million (H1 2025: EUR 426 million).
The orderbook stood at EUR 6.8 billion at the end of June 2026. Although slightly below the level at year-end 2025, Boskalis feels it provides a solid foundation for the remainder of 2026.
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Dredging & Inland Infra
The division faced lower activity in Asia and the Middle East. This resulted in reduced fleet utilisation and lower revenue and earnings. In Europe, Boskalis continued work on projects including Markermeerdijken, Meanderende Maas and the A2 motorway widening in the Netherlands. Furthermore, the company was active on projects in Germany, Belgium, Denmark and the UK.
The orderbook of Dredging & Inland Infra increased compared to the end of 2025. Noteworthy contract awards included the Luleå port deepening project in Sweden and the extension of maintenance dredging activities in Harwich and Felixstowe in the United Kingdom.
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Offshore Energy and Services
Boskalis’ division Offshore Energy delivered another strong performance. Successful execution of major offshore wind projects and contributions from offshore heavy lifting and subsea cable installation in Europe and North America contributed to this.
Marine Services also performed strongly, while lower activity and the situation in the Middle East affected Heavy Marine Transport, Subsea Services and Marine Survey.
The Offshore Energy orderbook decreased during the first half of 2026 as several large projects progressed and revenue recognition outpaced new contract awards. The Services cluster secured a range of new assignments. The Contracting cluster acquired a number of smaller (variation) orders. Despite the decline, Boskalis feels the orderbook provides a solid basis for the remainder of 2026 and beyond.
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Towage & Salvage
The towage activities, operated through Smit Lamnalco, continued to provide stable earnings based on long-term contracts in the Middle East, Africa and other regions. Adjusted for the deconsolidation of the activities in Australia and Papua New Guinea that were sold in the third quarter of 2025, revenue was virtually stable. According to Boskalis, the unrest in the Middle East has had a limited impact on the ability to continue operations in the region. However, the company did see an increase in operating costs.
During the second quarter, Boskalis secured several contract extensions, including a contract renewal in Gabon. The orderbook of Smit Lamnalco was virtually stable compared to the end of 2025.
The first half of 2026 has been very quiet for Salvage, with very few emergency response contracts. This low activity level was reflected in a decline in revenue and results. The Salvage result benefitted from customary settlement results relating to projects that were completed in previous years.
Boskalis keeps investing in fleet
The company invested EUR 249 million, mainly in fleet renewal and strategic assets. The new 31,0000m3 trailing suction hopper dredger Seaway entered service following successful sea trials. The 45,500-tonne subsea rock installation vessel Windpiper completed its conversion and began its maiden project in the Baltic Sea. Boskalis also plans to build a high-capacity cable-laying vessel with two 12,000-tonne cable carousels. This vessel is scheduled for delivery in 2029.
Theo Baartmans, CEO Boskalis: ‘Despite our solid performance, the decline in our results and lower utilisation of the fleet illustrate that Boskalis is not immune to the effects of geopolitical developments. And looking ahead, the willingness of governments and private clients to commit to new infrastructure investments continues to be impacted by the macroeconomic uncertainties. Nevertheless, based on the projects in execution and work in the orderbook, we remain positive about the remainder of the year and barring unforeseen circumstances, expect a stable EBITDA level relative to the first half of 2026.’
Picture: Boskalis’ trailing suction hopper dredgers Seaway and Strandway rainbowing near Den Helder in the Netherlands (photo by Boskalis).
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