Half Year 2026 DEME Group NV Earnings Call Transcript
Key Points
- Record first half turnover of EUR2.2 billion and record EBITDA of EUR466 million, with a 21.6% margin.
- Net profit increased 20% to EUR215 million, with earnings per share rising to EUR8.53.
- Dredging & Infra segment EBITDA margin rebounded to 22% from 12% a year ago, driven by improved project execution and higher vessel utilization.
- New offshore assets Norse Wind and Norse Energi have entered service and are executing their first projects, reinforcing market position.
- Strong balance sheet with net financial debt reduced to EUR291 million and a low leverage ratio of 0.3x EBITDA.
- Order book declined to EUR7.1 billion from EUR7.5 billion a year ago, with lower visibility for 2027 volumes.
- Offshore Energy EBITDA fell EUR36 million year-over-year, partly due to a one-off cancellation fee and asset sale gain in the prior year.
- Fleet utilization in Offshore Energy dropped to 70% (18.2 weeks) due to new vessel mobilizations, relocations, and scheduled repairs.
- Environmental segment revenue and EBITDA margin declined to EUR131 million and 11%, respectively, due to project phasing.
- Geopolitical uncertainty, particularly in the Middle East and US, is delaying investment decisions and limiting order intake in those regions.
Good morning, ladies and gentlemen. I am Carl Vanden Bussche, Head of Investor relations, and it is my pleasure to welcome you to DEME's half-year 2026 earnings call and webcast titled Strong First Half Results, On Track for Another Record Year.
Joining me today are DEME's Chief Executive Officer, Luc Vandenbulcke; and our Chief Financial Officer, Stijn Gaytant. Both Luc and Stijn will take you through the presentation, which will be visible on screen during the webcast.
Slide 2 briefly outlines the agenda. Luc will kick it off with the exec summary, and Stijn and Luc will then take you through the group's financial performance and the results of our four segments. We will also highlight several key projects before Luc will then conclude with the outlook. After the presentation, we will open the floor for any questions you may have.
So without further delay, I'll hand it over here to Luc for the exec summary.
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