DEME's first half profit surges on strong offshore energy performance

Belgian dredging and marine engineering group DEME has reported a strong first half for 2025, with a 27 per cent rise in net profit driven by significant growth in its offshore energy division. The company's revenue and profitability both saw double-digit increases, leading to an upward revision of its full-year profit guidance.

For the six months ending June 30, the group posted a turnover of €2.1 billion ($2.26 billion), a ten per cent increase from the €1.9 billion recorded in the first half of 2024. This top-line growth, combined with improved margins, helped lift net profit to €179 million from €141 million in the prior-year period. The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 35 per cent to a record €464 million.

The strong results were primarily fuelled by the offshore energy segment, which saw its revenue climb by 27 per cent. In contrast, the dredging and infra segment recorded a four per cent drop in revenue and a reduction in its profit margin, which the company said was, "largely due to adverse results on a marine infrastructure project in Belgium."

Chief Executive Luc Vandenbulcke commented, "I’m really pleased with our outstanding group results. I want to thank the DEME team for their sustained strong operational performance across projects worldwide."

During the period, DEME completed the strategic acquisition of Havfram, a Norwegian offshore wind contractor, to strengthen its position in the market. Looking ahead, the company reaffirmed its full-year turnover guidance to be at least in line with 2024 and raised its profitability outlook, now anticipating a full-year EBITDA margin to "slightly exceed 20 per cent."