Compagnie d'Entreprises CFE (CFEB) H1 2025 earnings summary

Executive summary

• Delivered solid performance and maintained a strong balance sheet despite challenging macroeconomic conditions, driven by talent development, selective bidding, and operational excellence.

• Operating margin increased sharply year-over-year, with net income up 79% to €7.5 million despite a challenging economic context.

• Revenue declined 9.1% to €545.8 million, mainly due to lower activity in Belgian and Polish construction and at MOBIX.

• Net financial debt decreased 67% year-over-year, reaching a record low for a half-year closing.

• The order book grew 4% since December 2024, with VMA's order book up 45%.

Financial highlights

• Revenue for 1HY2025 was €545.8 million, down 9.1% year-over-year.

• EBIT reached €11.5 million, up from €4.6 million in 1HY2024.

• Net income was €7.5 million, compared to €4.2 million in 1HY2024.

• EBITDA stable at €21.7 million (4.0% of revenue).

• Order book stood at €1,711.9 million, up from €1,646.3 million at FY2024.

Outlook and guidance

• Forecasts a moderate revenue decline in 2025 but expects net income to remain comparable to 2024, barring exceptional events.

• BPI Real Estate net income expected to be stable; VMA operating income to grow; MOBIX to remain under pressure; Construction & Renovation revenue to stabilize in 2HY2025.

• Deep C net income should exceed 2024 (excluding FX); Green Offshore contribution expected to be lower due to weather.

• 2025 outlook confirmed: moderate revenue decline expected, but net income to remain comparable to 2024.