Boskalis concluded the first half of 2026 with what it regarded as a solid performance in a market environment characterised by geopolitical uncertainty and a lackluster investment appetite on the part of clients in several regions to award projects.
Boskalis' revenue amounted to €1.9 billion (US$2.2 billion), a decrease compared to a strong first half of 2025, when revenue of €2.35 billion (US$2.75 billion) was posted.
Gross operating profit amounted to €553 million (US$647 million) (H1 2025: €748 million~US$875 million), while net profit was €275 million (US$322 million) (H1 2025: €426 million~US$498 million).
Boskalis' orderbook stood at €6.8 billion (US$8 billion) at the end of June 2026. The company said that although slightly below the level at year-end 2025, the orderbook provides a solid foundation for the remainder of 2026.
In dredging and inland infrastructure, the main contribution came from a broad range of projects in the Far East, coastal protection work in Africa, several large projects in Western Europe and a substantial portfolio of activities in the domestic Dutch market.
The overall performance was affected by lower utilisation of the dredging fleet, mainly as a result of disruptions related to the situation in the Middle East and delays in the award of new projects.
The offshore energy division delivered a strong contribution, driven by good project execution and favourable results on a number of major projects, including offshore wind projects. Also, the marine services segment had a strong half-year with numerous impressive transport contracts.
Towage and salvage had a slow half-year, primarily reflecting a quiet half-year for salvage with a limited number of emergency response contracts.
"The first half of 2026 took place against a backdrop of ongoing geopolitical uncertainty, particularly in the Middle East," said Theo Baartmans, CEO of Boskalis. "Despite these challenging circumstances, we delivered a solid result driven by strong operational performance and the commitment and expertise of our more than 11,000 colleagues worldwide."
Baartmans remarked that despite solid performance, the decline in results and lower utilisation of the fleet illustrate that Boskalis is not immune to the effects of geopolitical developments. Also, the willingness of governments and private clients to commit to new infrastructure investments continues to be impacted by the macroeconomic uncertainties.
"Nevertheless, based on the projects in execution and work in the order book, we remain positive about the remainder of the year and barring unforeseen circumstances, expect a stable [gross operating profit] level relative to the first half of 2026."
