DEME, the Belgian marine engineering and dredging group, posted record first-half results for 2026, driven by strong offshore energy activity and improved cash generation as the company transitions toward renewable infrastructure projects.
Turnover rose 2% year-over-year to €2.158 billion, while net profit increased 20% to €215 million. Earnings per share surged to €8.53 from €0.08 in the prior-year period. EBITDA reached €466 million, translating to a 21.6% margin, while operating profit rose to €231 million with a 10.7% margin. Free cash flow rebounded to €231 million, up from €123 million in the first half of 2025 excluding the Havfram acquisition.
The company’s order book stood at €7.135 billion at the end of June, down 5% from €7.521 billion a year earlier, though management highlighted €2.094 billion scheduled for execution in the second half of 2026. DEME’s net financial debt declined to €291 million, and its net debt-to-EBITDA ratio tightened to 0.3x. Total cash holdings increased to €845 million, while capital expenditures totaled €227 million, including the final payment for the Norse Energi vessel.
Revenue growth was led by the offshore energy segment, which generated €1.207 billion, up 6% year-over-year, though its EBITDA margin softened to 27% from 31%. Fleet utilization in offshore energy averaged 18 weeks, down from 23 weeks in the prior period. The dredging and infrastructure segment reported a 2% turnover increase to €967 million, with EBITDA margin recovering to 22% from 12%. The environmental segment saw an 8% decline in turnover to €131 million, with EBITDA margin compressing to 11%.
Geographically, Europe accounted for 60% of turnover, with order book exposure rising to 80% from 76%. The Americas contributed 12% of turnover, while Asia accounted for 9%. DEME’s shares rose 5.52% in pre-market trading to €180.60, extending gains from a 52-week range of €121.20 to €206.25.
