Whereas Dutch competitor Boskalis reported that the current geopolitical situation was impacting its revenue, Belgian DEME sees its turnover and net profit increase over the first six months of 2026. Group turnover was EUR 2.2 billion, up two per cent from EUR 2.1 billion a year ago. Net profit increased by twenty per cent to EUR 215 million.
The orderbook stood at 7.1 billion euros. While lower than in preceding quarters due to strong order-to-revenue conversion, it remains robust and continues to reflect sustained demand across the company’s core markets. DEME‘s management now expects 2026 turnover to slightly exceed the 2025 level and EBITDA margin to stay in line with 2025. The company is celebrating its 150-year anniversary this year.
Also read: Boskalis feels impact of geopolitical situation
Record net profit, healthy tendering expected
‘Against a backdrop of evolving market conditions, we delivered for the fourth consecutive half-year period more than EUR 2 billion in turnover and well over EUR 400 million euros in EBITDA while achieving a record net profit of EUR 215 million euros for the first half of 2026. This performance demonstrates the strength of our execution, the dedication of our teams, and the resilience of our diversified business portfolio,’ says Luc Vandenbulcke, CEO of DEME.
He adds: ‘Given our high quality first-half performance and the visibility we have for the remainder of the year, we expect another exceptional year and are raising our guidance. Looking ahead, we continue to see supportive market fundamentals across our core activities and expect healthy tendering activity and a substantial project pipeline to translate into positive orderbook dynamics in the coming months.’
‘While geopolitical developments and auction delays over the last few years may influence the pace of offshore renewable project installations in the near term, we view this as a temporary phase, and are encouraged by the growing evidence of the sector’s next growth phase. Combined with the resilience of our Dredging & Infra activities, this reinforces our confidence in DEME’s long-term growth potential and our ability to continue creating value for all stakeholders,’ concludes Vandenbulcke.
Growth in offshore energy and dredging
Offshore Energy revenues increased by six per cent to a record semester level of EUR 1.2 billion. Continued execution of projects across the US, Taiwan and Europe drove this result.
Dredging & Infra delivered a year-over-year growth of two per cent. A diversified portfolio of maintenance and capital dredging activities worldwide, alongside major infrastructure projects in Europe, supported this growth. Environmental revenues were eight per cent lower compared to the prior year, while the segment continued to advance its long-term projects, primarily in Belgium and the Netherlands.
Also read: DEME orders dredger ready for methanol and autonomous ops
DEME expands fleet
DEME’s investments in the first half of 2026 amounted to 227 million euros, compared to 141 million euros in the prior-year period. Investments in 2026 primarily related to strategic fleet investments, including the final construction payment for Norse Energi, as well as capitalised maintenance and repairs.
The new jack-up offshore transport and installation vessel, Norse Wind, was successfully added to the fleet, and departed for its first assignment in Europe. DEME also took delivery of the sister vessel, Norse Energi, which arrived in Europe in April and commenced operations in the summer.
DEME also announced the construction of a new large 22,000-m3 trailing suction hopper dredger (TSHD), further expanding its dredging fleet. The vessel will support DEME’s long-term competitiveness in capital and maintenance dredging, land reclamation, and offshore seabed preparation, with delivery scheduled for 2029.
Exposure in Middle East limited
In terms of geographic footprint, DEME’s direct operational exposure to the Middle East remained limited, with essentially no operational activity in the Gulf region, apart from its Port of Duqm concession in Oman. This differs from Boskalis, faced lower activity in Asia and the Middle East for its dredging and infrastructure department.
Also read: DEME in oyster reef restoration project in Belgian North Sea
Outlook
Despite global macroeconomic turbulence and ongoing uncertainty, DEME’s management remains confident about its ability to continue delivering robust financial results, supported by a solid orderbook, a strong balance sheet and durable underlying demand fundamentals across its key markets.
For 2026, DEME now expects turnover to slightly exceed the 2025 level and EBITDA margin to stay in line with 2025. CapEx for 2026 remains estimated to be around EUR 450 million, including upgrade, repair and maintenance investments in the fleet, the payment for the completion of Norse Energi and the initial investments related to the recently ordered trailing suction hopper dredger.
Picture by DEME.
