DEME Group (DEME) Q4 2025 earnings summary

Executive summary

• Achieved record turnover of €4.2 billion in 2025, up 1% year-over-year, with EBITDA of €931 million (22.4% margin), nearly double since 2022.

• Net profit rose 20% to €346 million, with an 8.3% margin; proposed dividend of €4.5 per share, up 18% year-over-year.

• Order book ended at €7.6 billion, reflecting strong commercial momentum and integration of Havfram.

• Strategic acquisition and integration of Havfram, adding two advanced offshore wind vessels and expanding sector presence.

• Celebrating 150th anniversary in 2026.

Financial highlights

• Turnover for 2025 was €4.15 billion (+1%), maintaining above €4 billion for the second consecutive year.

• EBITDA of €931 million (+22%), margin 22.4%, up from 18.6% in 2024.

• EBIT reached €433 million (10.4% margin), up from €354 million (8.6%).

• Free cash flow was -€394 million, but excluding Havfram, would have been €342 million.

• Net financial debt at -€391 million; net financial debt/EBITDA ratio: 0.4.

Outlook and guidance

• 2026 turnover and EBITDA margin expected to be in line with 2025 levels.

• CapEx for 2026 estimated at €450 million, including fleet upgrades and final Norse Energi payment.

• Board proposes a 33% payout ratio, with an 18% dividend increase.

• Management confident in robust mid-term performance, supported by a solid order book and strong balance sheet.