DEME Group (DEME) Q2 2025 earnings summary

Executive summary

• Achieved record profitability in H1 2025, with turnover up 10% to over €2.1 billion and EBITDA reaching €464 million (margin 21.9%), mainly driven by Offshore Energy segment growth of 27% year-over-year.

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

• Net profit rose 27% year-over-year to €179 million.

• Acquisition of Havfram in April 2025 for €900 million expanded offshore wind capabilities, with two new vessels scheduled for delivery by end-2025 and early 2026.

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

Financial highlights

• Turnover grew 10% year-over-year to €2.1 billion, with EBITDA up 35% to €464 million (margin 21.9%) and EBIT up 49% to €223 million (margin 10.6%).

• Net profit reached €179 million, up from €141 million a year ago.

• Order book stable at €7.5 billion, with Europe accounting for 76% of the backlog and strong visibility into 2026.

• Earnings per share increased to €7.08 from €5.58.

• Net financial debt at €418 million, with net financial debt/EBITDA ratio at 0.5.

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 deliveries.

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