Ackermans & Van Haaren (ACKB) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 reached €273.2 million, a 36% year-over-year increase, driven by strong performances in all core participations including DEME, Delen Private Bank, Bank Van Breda, and SIPEF, with Growth Capital also improving.

• DEME, Delen Private Bank, Bank Van Breda, and SIPEF posted record or significantly improved results, while Nextensa showed notable profitability gains.

• All core segments and Growth Capital improved contributions despite volatile markets and geopolitical uncertainties.

• The group maintained a positive net cash position of €431 million and increased shareholders' equity to €5.36 billion.

• DEME and Private Banks further strengthened market positions through strategic acquisitions and external growth.

Financial highlights

• Market capitalization stood at €7,195 million as of June 30, 2025, with equity per share at €163.89, up 3.8% from December 2024.

• Consolidated revenue for H1 2025 was €3.03 billion, up from €2.89 billion in H1 2024.

• Net cash position was €431 million.

• EPS for H1 2025 was €8.36, up from €6.13 in H1 2024.

• Gross dividend distributed in June 2025 was €3.80 per share.

Outlook and guidance

• Full-year 2025 consolidated net profit is projected to grow by at least 15% compared to 2024, reflecting confidence in continued strong performance across segments.

• DEME expects full-year turnover at least in line with 2024, EBITDA margin to slightly exceed 20%, and CapEx around €300 million (excluding Havfram acquisition).

• SIPEF anticipates a significantly higher FY2025 result and is on track for a record year with higher CPO production and prices.

• DEME raised its full-year profitability outlook.

• CFE maintains guidance for a moderate revenue decline in 2025 but expects net income to remain comparable to 2024.