DEME Group NV reported record first-half results for 2026 on Tuesday, with turnover rising 2% year-over-year to EUR 2.2 billion, the highest first-half revenue in company history. Net profit increased 20% to EUR 215 million, while earnings per share surged to EUR 8.53 from EUR 0.08 in the same period last year.
EBITDA reached EUR 466 million, representing a margin of 21.6%, up from EUR 453 million in H1 2025. Free cash flow nearly doubled to EUR 231 million, excluding the impact of the Havfram acquisition. The group’s order book stood at EUR 7.1 billion, with EUR 2.1 billion scheduled for execution in the second half of 2026. Net financial debt improved to EUR -291 million, while cash and cash equivalents totaled EUR 845 million at the end of June.
Offshore energy accounted for 52% of total turnover at EUR 1.2 billion, up 6% year-over-year, with EBITDA margin expanding to 27%. Dredging and infrastructure revenue rose 2% to EUR 912 million, with EBITDA margin rebounding to 22% from 12% in the prior-year period. Non-renewable activities contributed just 2% of turnover, down from 9% a year earlier.
Geographically, Europe represented 80% of the order book, while the Americas accounted for 5%, down from 10% in H1 2025. The group’s order book has remained above EUR 7 billion for four consecutive years. Capital expenditures for the first half totaled EUR 227 million, with full-year guidance maintained at approximately EUR 450 million.
DEME’s shares rose 5.52% in pre-market trading to USD 179.60, extending gains after the earnings release. The stock has traded between USD 121.20 and USD 206.25 over the past 52 weeks. Management reaffirmed 2026 guidance, expecting turnover to slightly exceed 2025 levels with EBITDA margins remaining stable. For 2027, revenue is projected to weaken due to the completion of major U.S. offshore wind projects, though profitability is expected to remain robust.
CEO Luc Vandenbulcke highlighted the company’s 150th anniversary and emphasized the operational performance of new assets, stating that the Norse Wind and Norse Energi vessels have entered service and are executing their first projects. CFO Stijn Gaytant noted that first-half revenue surpassed DEME’s total full-year revenue in 2020, attributing margin improvements in dredging and infrastructure to better project execution and higher vessel utilization.
