DEME Group (DEME) Q3 2025 TU earnings summary

Executive summary

• Nine-month turnover exceeded €3 billion, up 3% year-over-year, with a record order book of €7.5 billion, a 5% increase from last year.

• Management expects full-year turnover at least in line with 2024 and a strong year-over-year EBITDA improvement, targeting a 20–22% EBITDA margin.

• Delivery of the new offshore installation vessel Norse Wind in October, with operations to start in H1 2026; further fleet expansion announced.

Financial highlights

• Group turnover for the first nine months reached €3.1 billion, a 3% increase year-over-year.

• Offshore Energy segment turnover grew 11% year-to-date, offsetting declines in other segments.

• Q3 turnover was €980.9 million, down 9% from Q3 2024.

• Order book at €7.5 billion, up 5% year-over-year, with Offshore Energy and Dredging & Infra at over €4 billion and €3 billion, respectively.

Outlook and guidance

• Full-year turnover expected to match or exceed 2024, with a strong EBITDA margin of 20–22%.

• Full-year CapEx forecasted at €300 million, excluding €900 million for the Havfram acquisition and vessel deliveries.