DEME has announced record results over 2025 with a group turnover of EUR 4.2 billion compared to EUR 4.1 billion a year ago. Net profit reached EUR 346 million up twenty per cent from EUR 288 million a year ago.
EBITDA stood at EUR 931 million from EUR 764 million in 2024, an increase of 22 per cent, and reaching 22.4 per cent of turnover, up from 18.6 per cent for 2024. The Order book stood at EUR 7.6 billion at the end of the year, above both mid-year and 3Q25 levels, but down from EUR 8.2 billion a year ago.
Following the acquisition of Havfram, DEME has taken delivery of two next-generation offshore installation vessels, Norse Wind and Norse Energi, with project work commencing in 2026. This year, the company will also celebrate its 150th anniversary.
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Offshore renewable energy major driver
Luc Vandenbulcke, CEO of DEME: ‘By strengthening DEME’s scale and operational capability, our teams have delivered a step-change in profitability, nearly doubling EBITDA between 2022 and 2025, alongside turnover growth from EUR 2.7 billion in 2022 to more than EUR 4 billion in 2025.’
‘In a context of accelerating climate change and rising global energy demand, we see multiple countries across Europe and Asia securing future access to affordable, reliable, and energy independent power solutions,’ adds Vandenbulcke. ‘As part of this shift, they are increasingly focused on unlocking the vast potential of offshore renewable energy as a key enabler. Our Dredging & Infra and Environmental activities also continue to provide sustainable growth opportunities for the years ahead, driven by structural trends including increasing maritime trade, growing populations, climate adaptation, and the increasing demand for environmental solutions.’
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Results per segment
The Offshore Energy segment turnover rose four per cent year-over-year, driven by a strong backlog, high fleet utilisation, and the successful execution of projects across the US, Taiwan and Europe.
The Dredging & Infra segment maintained turnover in line with the record level achieved in 2024, supported by a broad portfolio of maintenance and capital dredging works worldwide, along with major infrastructure projects in Europe.
The Environmental segment recorded a nineteen per cent decline in turnover compared with the prior year, while continuing to advance its long-term projects mainly in Belgium and the Netherlands.
Order book at the end of the year stood at 7.6 billion euros, reflecting the addition of new, follow-on and maintenance contracts across all contracting segments and the integration of Havfram.
Also read: DEME takes delivery of new WTIV Norse Wind
Invesments and strategic developments
Investments totaled EUR 445 million. For 2025, this capital expenditure includes lifetime extensions, capitalised maintenance and repairs, as well as the payments related to the final construction phase for Norse Wind and Norse Energi after the Havfram-acquisition. Excluding these construction-related payments, investments amounted to EUR 247 million.
The integration of Havfram, which was acquired in April 2025, is on track with the two advanced offshore installation vessels, Norse Wind and Norse Energi, delivered – as planned and within budget in the fourth quarter of 2025 and the first quarter of 2026 respectively, and both scheduled to commence their initial projects in 2026.
DEME also ordered a new Offshore Construction Vessel to complement DEME’s existing fleet and to further expand its subsea cable installation capabilities. The vessel is scheduled for delivery in 2028.
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Outlook
For 2026, and considering the current project schedules in the backlog, the pipeline of new opportunities, and fleet capacity, DEME’s management expects turnover and EBITDA margin to be in line with the 2025 level. CapEx for 2026 is estimated to be around EUR 450 million, including upgrade, repair and maintenance investments in the fleet and the remaining payment for the completion of Norse Energi and before potential further large capacity expansion to support longer term growth opportunities.
Also for the mid-term and despite current geopolitical challenges, DEME’s management remains confident that it is well positioned to continue delivering robust performances, supported by a solid order book, a strong balance sheet and enduring underlying demand fundamentals.
Picture by DEME.
