Ackermans & Van Haaren (ACKB) Q3 2025 earnings summary

Executive summary

• Core participations delivered excellent Q3 results, with DEME, Delen Private Bank, Bank Van Breda, and SIPEF all on track for record full-year results; Nextensa also increased its contribution and advanced its strategic reorientation.

• Net cash position stood at €437 million as of September 30, 2025.

Financial highlights

• DEME's revenues for the first nine months surpassed €3 billion for the first time, up 3% year-over-year, driven by double-digit growth in Offshore Energy.

• CFE reported a turnover of €768.7 million for the first nine months, down 11.3% year-over-year, with a stable order book and historic low net financial debt.

• Delen Private Bank and Bank Van Breda saw combined client assets rise 8% to €83.9 billion, with Delen's assets under management reaching €73.1 billion, up 9% year-to-date.

• Nextensa's net profit for the first nine months was €35.2 million, up from €20.9 million year-over-year, supported by strategic asset sales and lower financing costs.

• SIPEF's palm oil production rose 28.1% in Q3 and 22.2% year-to-date, with strong market prices and a projected record financial year.

Outlook and guidance

• Full-year 2025 net profit is expected to be at least 15% higher than the previous year.

• DEME expects full-year turnover at least in line with 2024 and a strong year-over-year EBITDA improvement, with an EBITDA margin of 20–22%.

• CFE anticipates a 2025 net result close to 2024 despite lower revenue.

• Delen Private Bank and Bank Van Breda expect record results for 2025.

• Nextensa forecasts lower rental income due to disposals but continued positive like-for-like rental growth and lower financing costs.

• SIPEF projects a group share result between $115–125 million, with investments fully financed by operating cash flows.