Royal Boskalis has reported a strong financial performance over 2025. The full-year group revenue, EBITDA, and year-end order book were all slightly higher than the all-time highs in 2024. The company is in the process of expanding its fleet, with the Seaway and Windpiper as most notable feats.
Revenue amounted to EUR 4.5 billion, an increase compared to 2024, with growth contributions from both the Offshore Energy and Towage & Salvage divisions. Adjusted for (de)consolidation and currency effects, the year-on-year revenue was stable.
EBITDA increased to EUR 1.3 billion. There were no exceptional gains or losses in 2025, whilst the 2024 EBITDA was elevated by an exceptional gain of EUR 148 million. The net profit amounted to EUR 775 million, down from EUR 781 million in 2024, however, this result included an exceptional gain of EUR 143 million. The order book was fractionally higher at EUR 7.0 billion compared to the end of 2024. Financially, 2025 was the most successful year in the company’s history.
The good performance reflects strong project execution across the two largest divisions – Dredging & Inland Infra and Offshore Energy. Growth within Towage & Salvage is largely explained by the acquisition of the remaining fifty per cent share of Smit Lamnalco in late 2024.
Also read: Boskalis lands cable contract for Gennaker Offshore Wind Farm
Cautiously positive about 2026
Theo Baartmans, CEO of Boskalis: ‘Within Dredging & Inland Infra we completed major projects such as the expansion of the port of Oxagon in Saudi Arabia and the Pulau Tekong polder in Singapore. This Dutch polder concept allows climate-resilient land creation while using less sand. In the Netherlands we also secured and executed major projects, including reinforcement of the IJsselmeer dike.’
Boskalis also continued its contribution to the energy transition, having now been involved in the development of 175 wind farms worldwide. Last year the company installed foundation piles and cables for offshore wind farms in the US and Europe, and completed the transport and installation of the DolWin5 offshore converter platform for the Borkum Riffgrund 3 project.
Looking ahead, Baartmans noted that geopolitical tensions, trade restrictions and rising costs are affecting investment in large infrastructure projects. While the 2025 result was exceptional, Boskalis remains cautiously positive about 2026, supported by its order book and long-term demand for maritime infrastructure, energy-transition projects and climate-adaptation solutions.
Recent developments in the Middle East are creating uncertainty. Although activity in the Persian Gulf is currently limited, Boskalis has many employees in the region and is providing remote support where possible, with safety remaining the company’s top priority.
Also read: Boskalis’ Seapiper makes European debut
Dredging and Inland Infra
In the Dredging and Inland Infra division, revenue amounted to EUR 1.9 billion (2024: EUR 2.2 billion). The trailing suction hopper dredgers were utilised for an average of 32 weeks, predominantly on projects in Asia and the Middle East; the subsea rock installation vessels were very busy (49 weeks), whilst the utilisation of the cutters was significantly lower (21 weeks) compared to last year.
From a revenue perspective, Europe was Boskalis’ largest region in 2025. In the Netherlands, the company worked on major projects including Meanderende Maas, the Zuidasdok OVT project, the A2 motorway expansion between Het Vonderen and Kerensheide, and the Markermeerdijken. The company also carried out coastal protection works in Zeeland and on the Ameland.
In Belgium, Boskalis continued work on the Europa Terminal and the Antwerp Ring Road. Other notable projects in the UK, Germany, and the Nordics included the Southsea Coastal Defence Scheme, dredging works for ports, offshore wind-related unexploded ordnance removal, and the completed Fehmarnbelt Tunnel project.
Outside Europe, major projects were underway in Saudi Arabia, the United Arab Emirates, the Philippines, Singapore, Taiwan and Australia. Several multi-year projects were completed in 2025, including the Pulau Tekong polder development.
Seabed Intervention also contributed strongly, particularly to energy transition projects in Taiwan, the US and Europe. In addition, Boskalis completed dredging and rock installation works for Porthos, which will store CO2 in depleted gas fields beneath the North Sea.
Offshore energy
Revenue in the Offshore Energy division increased by nine per cent to EUR 2.1 billion in 2025, with around 55 per cent linked to offshore wind projects and higher fleet utilisation than the year before.
Heavy Marine Transport and Marine Services delivered strong performances, with several notable transports by the recently widened BOKA Vanguard. The Black Marlin and Blue Marlin worked on the Greater Changhua 2 Offshore Wind Farm, while the Blue Marlin transported the FPU Scarabeo 5 to Angola.
Marine Survey and Subsea Services faced a weaker second half due to a slowdown in offshore wind activity. Meanwhile, the Contracting cluster had a strong year, with crane vessels installing piles off the East Coast of the US and later working on the Baltic Power Offshore Wind Farm, while Subsea Cables supported projects including Borkum Riffgrund 3 Offshore Wind Farm and Godewind 3 Offshore Wind Farm.
Also read: Boskalis’ Boka Vanguard becomes even wider
Towage and Salvage
Towage & Salvage generated combined revenue of EUR 0.4 billion in 2025, up from EUR 0.2 billion in 2024. Towage activities grew following Boskalis’ full acquisition of Smit Lamnalco in late 2024, consolidating its long-term contracts in the Middle East, West Africa, and Australia. In September 2025, Smit Lamnalco’s operations in Australia and Papua New Guinea were sold, while a ten-year ExxonMobil contract in Guyana was secured, including investment in four advanced offshore support vessels.
Salvage had a slightly quieter year, but executed several high-profile projects. These included the North Sea oil tanker Stena Immaculate, separating the bulk carrier Glengyle in Vietnam, and refloating the burning ASL Bauhinia in the Middle East, preventing environmental damage and safely towing it to Jebel Ali, UAE.
Also read: Boskalis performs ‘quadruple tow’ to Australia
Order book and new vessels
As of year-end, the order book amounted to EUR 7 billion, fractionally higher than at the end of 2024. Year-on-year, the Dredging & Inland Infra order book increased on the back of a strong order intake in the Netherlands, which was offset by a decrease within the Offshore Energy division. With the well-filled order book, the expectations for 2026 are reasonably positive.
In 2025, a total amount of EUR 564 million was invested in property, plant and equipment. Within the Dredging & Inland Infra division, the largest investments were related to the Seaway and the Windpiper. The Seaway is a new 31,000-m3 trailing suction hopper dredger, which is currently under construction at the IHC Krimpen-yard in the Netherlands. The Windpiper was acquired late 2024. Following its conversion, it will enter service in 2026 as the largest subsea rock installation vessel in the industry with a capacity of 45,500 metric tonnes.
The Offshore Energy division acquired a number of vessels, the largest of which was the Offshore Subsea Construction Vessel BOKA Spearfish.
Picture: Crane vessel Bokalift 1 in wind farm (photo by Boskalis).
Also read: IHC launches Boskalis’ new 31,000-m3 dredger
