Royal IHC expects to return to net profitability in 2026 after significantly improving its financial position and growing its order book during 2025. According to the Dutch shipbuilder’s annual report, revenue increased to EUR 487.2 million, while the net loss narrowed to EUR 24.9 million, compared with EUR 33.4 million a year earlier.
The company’s order book rose by 37.5 per cent to EUR 546.3 million, while order intake jumped 66 per cent to EUR 638.9 million. Royal IHC expects this growth to continue into 2026 and 2027.
The company has also strengthened its financing position. Earlier this month, it signed an agreement extending its Export Credit Agency (ECA)-backed guarantee facilities until 2030, bringing its total guarantee capacity to around EUR 430 million. A separate ECA facility supports the construction of two trailing suction hopper dredgers in Vietnam.
Also read: Royal IHC sells refurbished Beaver 45 to Zane Energy
Dredging market
The dredging market remained a key growth driver. Construction of the 31,000-m3 trailing suction hopper dredger for Boskalis at Royal IHC’s Krimpen aan den IJssel yard is progressing towards delivery in 2026, while additional trailing suction hopper dredgers are being built at partner yards abroad.
During 2025, the company also secured orders for new hopper dredgers and reported continued strong demand for its Beaver cutter suction dredgers, particularly large ones. In addition, Royal IHC signed a contract with a US shipyard to supply the design, engineering and dredging equipment for a Beagle 8 Mk2 trailing suction hopper dredger.
Also read: CVM orders Easydredge dredger at Royal IHC
Offshore energy and mining
In the offshore market, Royal IHC supported the installation and commissioning of two pipelay vessels while expanding its position in the growing subsea cable sector. During the year, the company secured contracts for two cable-lay vessels equipped with its cable-lay and burial systems, including jetting ploughs, launch and recovery systems and integrated cable-lay spreads. It also delivered trenching equipment, modular cable-lay systems and concept studies for future cable-lay vessels.
The global mining market remained under pressure throughout 2025. Despite being well positioned for a variety of projects, many opportunities were delayed. As a result, expected order intake for several projects shifted into the back end of 2025 and beyond. However, the company did end 2025 with a record order book and project pipeline in the mining segment. For most of the delayed projects, the preferred position as selected vendor remained in place.
Defence business
Defence is becoming an increasingly important pillar of Royal IHC’s business. The company confirmed its role as a key Dutch subcontractor to France’s Naval Group for the construction of the Royal Netherlands Navy’s ORKA-class submarines, with the first deliveries planned for 2034.
Royal IHC is also involved in programmes to replace Dutch naval support vessels, continues to carry out maintenance and mid-life upgrades for the Royal Netherlands Navy. At the naval base in Den Helder IHC Defence is setting up a service point to improve service delivery to DMI (Directie Materiële Instandhouding), the maintenance organisation of the Dutch Navy.
IHC Defence is performing various Research and Innovation projects for the Dutch navy through Command Material and IT (COMMIT) and various Dutch and European Defence Innovation initiatives. IHC’s focus is on high sea state and complex material handling, launch and recovery systems and safeguarding critical underwater infrastructure.
Also read: IHC and Demcon team up on maritime autonomy
Return to profitability in 2026
The company said it will continue to focus on operational excellence, profitable growth and technological innovation over the coming years. In its current forecast, the company expects an improvement in its net result compared to 2025 and anticipates a return to profitability in 2026, with moderate growth in absolute terms thereafter.
Picture by Royal IHC.
Also read: Royal IHC on the road to recovery as order book fills
