DEME Group (DEME) H1 2025 earnings summary

Executive summary

• Achieved record profitability in H1 2025, with turnover up 10% year-over-year to over €2.1 billion and EBITDA margin rising to 21.9% from 18.0%, mainly driven by Offshore Energy segment growth of 27%.

• Offshore Energy was the main growth driver, with strong demand, high fleet utilization, and effective project execution across the US, Taiwan, and Europe.

• Completed strategic acquisition of Havfram for €900 million, expanding offshore wind capabilities and adding two wind turbine installation vessels scheduled for delivery end-2025 and early 2026.

• Order book remained robust at €7.5 billion, including Havfram's orders and strong visibility into 2026 and beyond.

• Management raised full-year EBITDA margin guidance to slightly exceed 20%.

Financial highlights

• EBITDA increased 35% year-over-year to €464 million (margin 21.9%), EBIT rose 49% to €223 million (margin 10.6%), and net profit climbed 27% to €179 million.

• Earnings per share reached €7.08, up from €5.58 in 1H24.

• Order book stable at €7.5 billion, with Europe accounting for 76% of the backlog.

• Net financial debt at -€418 million; net financial debt/EBITDA ratio at 0.5.

• Free cash flow excluding Havfram was €123 million positive; including Havfram, it was -€414 million.

Outlook and guidance

• Management expects full-year turnover to be at least in line with 2024 and full-year EBITDA margin to slightly exceed 20%.

• Full-year CapEx forecasted at approximately €300 million, excluding Havfram acquisition and vessel completions.

• No major concerns about the order book for 2026, with strong tendering activity and healthy pipeline.