Ackermans & Van Haaren (ACKB) Q4 2024 earnings summary

Executive summary

• Net result increased by 15% to €460m in 2024, driven by record contributions from DEME and private banking, offsetting real estate sector headwinds.

• DEME achieved over €4bn in turnover for the first time, with a record orderbook and strong cash flow.

• Private Banking assets under management reached €77.7bn, up 19%, with combined net profit up 24%.

• Major acquisition: 33% stake in V.Group, a global ship management leader, for €138.2m.

• Real Estate segment faced headwinds, with Nextensa posting a negative result due to fair value adjustments and asset sales.

Financial highlights

• Net result: €459.9m, up from €399.2m in 2023.

• Consolidated revenue surpassed €6bn, up 16% year-over-year.

• Equity per share rose 9.8% to €161.58; market cap at €6.3bn.

• Net cash position at year-end was €362.4m; gross dividend increased to €3.80 per share.

• Earnings per share rose to €14.07 (basic) from €12.13.

Outlook and guidance

• Net profit expected to increase in 2025, supported by DEME's record orderbook and high client assets at private banks.

• Nextensa to deploy sustainable investment strategy and focus on asset rotation; SIPEF's recent investments to boost palm oil production.

• DEME expects 2025 turnover and EBITDA margin at least in line with 2024; capex around €300m.

• CFE anticipates moderate turnover decrease but net profit close to 2024.

• SIPEF forecasts higher recurring result in 2025 with growing production and stable costs.