DEME Group (DEME) Q2 2026 earnings summary

Executive summary

• Turnover reached €2.2 billion in H1 2026, up 2% year-over-year, with Offshore Energy revenues at a record €1.2 billion (+6%) and Dredging & Infra up 2%.

• EBITDA was €466 million (21.6% margin), and net profit rose 20% to €215 million, marking a record result.

• Order book stood at €7.1 billion, providing strong visibility despite a slight year-over-year decline.

• Offshore Energy and Dredging & Infra segments drove growth, with new vessels Norse Wind and Norse Energi entering service and a new large dredger ordered.

• Raised full-year 2026 guidance, expecting turnover to exceed 2025 and EBITDA margin to remain stable.

Financial highlights

• Turnover up 2% year-over-year to nearly €2.2 billion, driven by Offshore Energy (+6%) and Dredging & Infra (+2%).

• EBITDA margin stable at 21.6%; EBIT increased 3% to €231 million (10.7% of turnover).

• Net financial debt decreased to €291 million, with a net financial debt/EBITDA ratio of 0.3.

• Free cash flow rebounded to €231 million, and cash and cash equivalents at €845 million as of June 2026.

• Earnings per share rose to €8.53 (+20% year-over-year).

Outlook and guidance

• 2026 turnover expected to slightly exceed 2025, with EBITDA margin in line with prior year.

• CapEx for 2026 estimated at €450 million, including fleet upgrades and new vessel investments.

• 2027 profitability expected to remain strong, with EBITDA broadly in line with 2025 despite a slightly lower topline.

• Market fundamentals and project pipeline support confidence in future performance.