DEME Group (DEME) H2 2024 earnings summary

Executive summary

• Achieved record turnover of €4.1 billion, up 25% year-over-year, with strong growth across all segments and a record orderbook of €8.2 billion, up 8% from last year.

• Net profit surged 77% to €288 million, driven by robust project execution, improved profitability, and favorable financial results.

• Free cash flow reached €729 million, reversing a net financial debt of €512 million to a net cash position of €91 million at year-end.

• Proposed dividend of €3.8 per share, up 81% from 2023, supported by strong results and a solid balance sheet.

• All segments delivered double-digit growth, with Offshore Energy leading.

Financial highlights

• Turnover increased 25% year-over-year to €4.1 billion, with all segments delivering double-digit growth.

• EBITDA rose 28% to €764 million (margin 18.6%), EBIT up 47% to €354 million (margin 8.6%), and net profit margin improved to 7%.

• Working capital improved by €341 million to -€813 million, and free cash flow increased by €667 million to €729 million.

• Cash and cash equivalents grew from €389 million to €853 million year-over-year.

• Net financial position shifted from €512 million debt to €91 million net cash.

Outlook and guidance

• 2025 turnover and EBITDA margin expected to be at least in line with 2024, supported by a strong orderbook and market prospects.

• CapEx for 2025 estimated at €300 million, excluding potential large fleet expansion investments.

• Management remains confident in robust midterm performance despite geopolitical challenges, citing energy transition as a key driver.