DEME Group (DEME) Q4 2025 earnings summary

Executive summary

• Achieved record turnover of EUR 4.20 billion in 2025, up 1% year-over-year, with EBITDA of EUR 931 million (22.4% margin), nearly double since 2022, and net profit of EUR 346 million, a 20% increase.

• Order book ended at EUR 7.6 billion, reflecting strong commercial momentum, new contracts, and the integration of Havfram.

• Strategic acquisition and integration of Havfram, adding two advanced offshore wind vessels, Norse Wind and Norse Energi, to expand offshore wind capabilities.

• Proposed dividend of EUR 4.5 per share, up 18% year-over-year, maintaining a 33% payout ratio.

• Celebrating 150th anniversary in 2026, highlighting historical achievements.

Financial highlights

• Turnover of EUR 4.15 billion (+1% year-over-year), maintaining above EUR 4 billion for the second consecutive year.

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

• EBIT at EUR 433 million (10.4% margin), up from EUR 354 million (8.6%).

• Free cash flow at -EUR 394 million, but would have been EUR 342 million excluding Havfram acquisition.

• Net financial debt at -EUR 391 million; net financial debt/EBITDA ratio of 0.4.

Outlook and guidance

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

• CapEx guidance for 2026 is around EUR 450 million, including fleet upgrades and remaining payments for Norse Energi.

• Board proposes a dividend of EUR 4.5 per share, up 18% year-over-year, maintaining a 33% payout ratio.

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