DEME Group NV reported record first-half revenue of €2.2 billion for 2026, up 2% from €2.16 billion in the same period a year earlier, marking the fourth consecutive half-year period above €2 billion. The Brussels-based offshore energy and dredging specialist posted EBITDA of €466 million, a margin of 21.6%, while net profit rose 20% to €215 million from €179 million in H1 2025. Earnings per share reached €8.53, compared with €0.08 a year prior.
The offshore energy segment delivered revenue of €1.2 billion, up 6% year-over-year, with EBITDA of €322 million and a margin of 27%. The dredging and infrastructure segment reported revenue of €912 million, a 2% increase, with EBITDA margins rebounding to 22% from 12% in H1 2025. The environmental segment contributed €131 million in revenue. Group-wide EBIT totaled €231 million, representing a margin of 10.7%, while free cash flow surged 88% to €231 million from €123 million in the prior-year period, excluding acquisition effects.
DEME’s order book stood at €7.1 billion at the end of June, down from €7.6 billion at year-end 2025 and €7.5 billion a year earlier, but remaining above €7 billion for the fourth consecutive year. Europe accounted for 80% of the order book, while the Americas’ share declined to 5% from 10% a year prior. Asia contributed 12% of group turnover, down from 15%, and Africa’s contribution rose to 9%. The group’s net financial debt improved to minus €291 million from minus €418 million in H1 2025, with a net financial debt-to-EBITDA ratio of 0.3, compared with 0.5 at mid-year 2025.
Capital expenditures for H1 2026 totaled €227 million, up from €141 million a year earlier, with full-year 2026 guidance set at about €450 million. The company held cash and cash equivalents of €845 million at the end of June, compared with €709 million a year prior and €846 million at the end of 2025. Operating working capital stood at minus €835 million, roughly 20% of turnover. Current and deferred taxes amounted to minus €50 million, reflecting an effective tax rate of 24%. Contributions from joint ventures and associates totaled €59 million, while dividends paid out reached €130 million.
Chief Executive Officer Luc Vandenbulcke described the period as delivering the strongest first-half top-line performance in company history, noting that DEME is celebrating its 150th anniversary. He highlighted the successful deployment of new offshore assets, including the Norse Wind and Norse Energi, which have entered service and are executing their first projects. Chief Financial Officer Stijn Gaytant emphasized the scale of the achievement, stating that H1 2026 revenue exceeded DEME’s full-year 2020 total.
The group’s stock rose 5.5% in pre-market trading to $179.60, up from the previous close of $170.20, adding approximately $9.40 per share. In real-time trading, the shares were quoted at €181.20, up €11.00 or 6.46%, with a 52-week range of $121.20 to $206.25 and a beta of 0.82. InvestingPro assigned the company a financial health score of 3.16 out of 5, described as "GREAT."
DEME maintained its full-year 2026 outlook, expecting turnover to slightly exceed 2025 levels with EBITDA margins in line with the prior year. Management indicated that 2027 revenue may weaken due to the winding down of large U.S. offshore wind projects and slower new order intake, though profitability and absolute EBITDA are expected to remain robust and broadly aligned with 2025 levels.
