DEME Group (DEME) H1 2024 earnings summary

Executive summary

• Achieved record H1 2024 results with turnover up 30% year-over-year to €1.9 billion, driven by strong performance and high activity across all segments and geographies.

• Order book remained robust at €7.6 billion, matching peak levels of the last four quarters and providing strong mid-term visibility.

• Free cash flow surged to €278 million from -€178 million a year ago, halving net financial debt to €352 million.

• EBITDA rose 55% to €345 million, with margin up to 18% from 15% in H1 2023.

• Net profit increased to €141 million, up from €30 million a year ago, and full-year turnover outlook was raised.

Financial highlights

• Turnover up 30% year-over-year to €1.92 billion, with double-digit growth in all contracting segments.

• EBITDA at €345 million (+55% y-o-y), EBIT at €150 million (+163% y-o-y), net profit at €141 million (+367% y-o-y).

• Free cash flow positive at €278 million, driven by profitability and lower investments.

• Net financial debt/EBITDA improved to 0.5 from 1.4 a year ago.

• CapEx for H1 2024 was €167 million, mainly for fleet expansion and maintenance.

Outlook and guidance

• Full-year revenue growth outlook raised to around 20%, targeting record turnover for 2024.

• EBITDA margin for 2024 expected to remain comparable to 2023 (around 18%), with mid-term guidance of 16–20%.

• CapEx for 2024 estimated at €300–350 million.

• For the next few years, topline expected to stay in line with 2024 levels, supported by orderbook visibility.