DEME Group (DEME) H2 2024 earnings summary

Executive summary

• Achieved record turnover of €4.1 billion in 2024, up 25% year-over-year, with all segments contributing double-digit growth 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 and improved profitability.

• Free cash flow reached €729 million, reversing 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, reflecting robust financial performance.

• Order book provides strong visibility for future revenue, equivalent to twice the 2024 turnover.

Financial highlights

• EBITDA grew 28% to €764 million, with an EBITDA margin of 18.6%.

• EBIT increased 47% to €354 million, with a margin of 8.6% (up from 7.3% in 2023).

• Working capital improved by €341 million to -€813 million, aligning with historical averages.

• CapEx was €286 million, down from €399 million in 2023, mainly for fleet expansion and maintenance.

• Cash and cash equivalents rose to €853 million from €389 million at end-2023.

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.