Slides
Page 1
THE WORLD IS OUR PROJECT IR DECK – SEPTEMBER 2025 Carl Vanden Bussche, IR
Page 2
2 Introduction to DEME & its activities Segments update 1 2 Financial & non financials Q&A 3 4 AGENDA
Page 3
3 A GLOBAL MARINE SOLUTION PROVIDER DEME 5,800+ Highly skilled professionals Solid financial performance Maintaining a robust balance sheet 100+ Specialized vessels Experience in more than 90 countries 150 years leadership in marine contracting works Growth trajectory driven by secular underlying trends Market leading in healthy segments with high barriers
Page 4
4 THE WORLD IS OUR PROJECT CREATING SOLUTIONS FOR GLOBAL CHALLENGES Growing population & increasing urbanization Increasing maritime trade Global Climate Change Environmental Challenges
Page 5
5 LEADING IN 4 DIFFERENT SEGMENTS OFFSHORE ENERGY DREDGING & INFRA ENVIRONMENTAL CONCESSIONS Unrivalled track record in construction offshore wind farms and other offshore energy-related infrastructure 145+ years of experience in dredging, land reclamation and marine infrastructure Innovative solutions for soil remediation, brownfield development, environmental dredging and sediment treatment Innovative solutions for soil remediation, brownfield development, environmental dredging and sediment treatment 47% of DEME turnover1 45% of DEME turnover1 8% of DEME turnover1 Contributed 12m euro to DEME’s net profit ² 1. Breakdown compared to the 2024 total turnover of segments 2. Contribution compared to the 2024 group net profit result
Page 6
6 2 SEGMENTS UPDATE
Page 7
OFFSHORE ENERGY
Page 8
8 OFFSHORE ENERGY +15 k MW capacity of installed wind turbines 2bn euros turnover (2024) 432m euros EBITDA (2024) 2000 start offshore wind activities RENEWABLES Offshore wind farms • 350 successfully executed projects • Many world-firsts, including Offshore Foundation Drill, Dual-lane Cable Installation System and Motion Compensated Pile Gripper on floating offshore vessels NON-RENEWABLES & NUCLEAR • Decommissioning & salvaging • Hydrocarbons & nuclear ~85% of Turnover ~15% of turnover KEY FIGURES 20+ dedicated offshore energy vessels Innovation focused with many industry firsts Hedged against future industry movements Leveraging global developments
Page 9
9 Global market leader (technology, track record, market share) +2.5k foundations installed1 FOUNDATIONS Leading market player +5k km of cable installed1 CABLES 20+ years of expertise as market leader +3k turbines installed1 TURBINES PROVIDING FLEXIBLE SOLUTIONS FOR THE MOST DEMANDING OFFSHORE WIND PROJECTS BROAD SERVICE OFFERING ROCK PLACEMENT Commanding 1/3rd of the global rock placement market Leading market player The core service offering is supplemented by four key supportive activities SUBSTATION INSTALLATION MAINTENANCE GEOSCIENCES SUCTION PILE TECHNOLOGY 1. Cumulative figure since year 2000 up to year-end 2021, source: 4C Offshore
Page 10
10 DRIVEN BY CONTINUOUS INVESTMENTS ONE OF THE MOST TECHNOLOGICALLY ADVANCED FLEET ORION • DP3 floating installation vessel • 4,000-ton lifting capacity • Dual-fuel engine • Delivered 2023 GREEN JADE • DP3 floating installation vessel • 5,000-ton lifting capacity • Dual-fuel engine • Delivered 2022 VIKING NEPTUN • Fallpipe vessel • Largest in sector with a payload of 37k tonnes • Delivered 2024 YELLOWSTONE • DP3 cable laying vessel • Two turntables: 4,500-ton and 7,000-ton cable capacity • Built 2015 ; conversion in 2023 FOUNDATIONS CABLES ROCK PLACEMENT
Page 11
11 PERFORMANCE DASHBOARD 2024 OFFSHORE ENERGY 3,261 3,755 4,259 2022 2023 2024 958 1,502 2,055 2022 2023 2024 222 231 432 23% 15% 21% 2022 2023 2024 34 41 47 2022 2023 2024 (in millions of euro) (in millions of euro) (in millions of euro) (in weeks) EBITDA margin FENGMIAO 1 Foundation and offshore substation installation IJMUIDEN VER ALPHA AND NEDERWIEK 1 Cable installation works PRINCESS ELISABETH ISLAND Export cable project ORANJEWIND Inter-array cable and secondary steel NORDLICHT 1 & 2 Transport & Installaton of foundations and scour protection ORDERBOOK TURNOVER EBITDA & MARGIN FLEET UTILIZATION Orderbook reached a record high driven by strong demand, recent expansion of fleet capacity, add- ons to existing projects and addition of new contracts in the APAC region and Europe Revenue exceeded 2 billion euro, reflecting 37% growth, more than doubling in 2 years EBITDA grew 87% driven by strong tu growth and disciplined and effective execution Higher vessel utilization reflecting a 90% occupancy; ‘Yellowstone’ and ‘Karina’ joining the fleet and upgrade for ‘Viking Neptun’
Page 12
12 KEY PROJECTS 2025 OFFSHORE ENERGY E F C E F B D BALTIC POWER (1.2 GW) Inter-array and export cables DIEPPE – LE TRÉPORT (0.5 MW) Pin piles, jackets for 62 turbines; offshore substation and inter-array cables ÎLE D’YEU AND NOIRMOUTIER (0.5 MW) 61 XXL monopiles; deploying drilling technique; jacket and substation HAI LONG (1 GW) 73 jacket foundations, turbines and offshore substation B COASTAL VIRGINIA OFFSHORE WIND (2.6 GW) 176 monopiles; substations; inter-array and export cables DOGGER BANK A, B and C (3.6 GW) Inter-array cables & rock dumping C A WEST WHITE ROSE Dredging campaign for the White Rose oil field operated by Cenovus Energy VINEYARD (0.8 GW) Turbine installation and blade-exchange activities EMPIRE WIND (2.1 GW) Installation of inter-array cables NEARTH NA GAOITHE (0.45 GW) Inter-array and interconnector cables A G G DARWIN PIPELINE DUPLICATION Trenching, pipe pull operations and rock placement works D
Page 13
ILE D’YEU AND NOIRMOUTIER
Page 14
14 MAJOR FRENCH OFFSHORE PROJECT ILE DE YEU ET NOIRMOUTIER FRANCE, LOIR ATLANTIQUE PROJECT CHARACTERISTICS Customer: EMYN (Ocean Winds, Sumitomo corp and La Banque des Territoires and Vendée Energie) Scope includes T&I for 61 foundations and offshore substations Rocky seabed and challenging ocean conditions A +300m euro project Kicked off in 2024 Requires same innovative drilling technology (MODIGA) as applied in Saint Nazaire, further improved and optimized Building track record of French projects: • Saint Nazaire • Ile d’Yeu et Noirmoutier • Fécamp • Dieppe Le Tréport
Page 15
US PROJECTS
Page 16
16 EXECUTION KICKED OFF AS OF 2023 STATUS IN THE US OVERVIEW EAST COAST PROJECTS DEME NOW INVOLVED IN THE FOLLOWING PROJECTS South Fork: cable works; Done in 2023 WE DELIVER: Vineyard Wind 1 (800MW): Monopiles, TP’s, substation & turbines; ongoing, good progress in 2023; more in 2024-2025 Coastal Virginia (2.6GW): Monopiles, substations & cabling works; halfway in 2024 Empire Wind 1: Inter-array-cables; planned to start in 2025
Page 17
HAI LONG
Page 18
18 BUILDING ON OUR PRESENCE IN TAIWAN HAI LONG BUILDING ON OUR PRESENCE IN TAIWAN WITH SOLID TRACK RECORD PROJECT CHARACTERISTICS Projects executed by DEME in Taiwan since 1995 • Strongest track record among Western marine contractors • Executing dredging and reclamation projects since 1995 • Strong partnerships with local contractors and consultants Customer: Hai Long 2/3 Offshore Wind Power Co., Ltd. (NPI, Mitsui, Yushan Energy) 1GW wind farm, 73 turbines Scope includes seabed levelling T&I for foundations, offshore substations and turbines A +300m euro project Kicking off in 1H24, to last till 2026 Partnership approach between DEME and CSBC, (CDWE), leveraging its main installation vessel, ‘Green jade’ Building track record of Taiwanese projects: • Zhong Neng • Hai Long • Greater Changhua • Fengmiao
Page 19
DREDGING & INFRA
Page 20
20 COMPLEMENTED BY INFRA ACTIVITIES IN CORE MARKETS GLOBAL DREDGING POWERHOUSE DREDGING INFRA ACTIVITIES: KEY KPIs: Capital and maintenance dredging Land reclamation Marine aggregates services Coastal protection 15-20% Market share +50 Dredgers 90+ Active countries FOCAL MARKETS: Worldwide ACTIVITIES: KEY KPIs: Inland waterway infrastructure Port construction Bored and immersed tunnels Other marine infrastructure 12 Ongoing projects 8 Immersed tunnel projects executed1 7 Active countries2 FOCAL MARKETS: Europe • State-of-the-art & versatile fleet • Specialist crew and staff • Strong track record and expertise • Tailored offering and collaborations with local economies 2bn euro Turnover (2024) 358m euro EBITDA (2024)
Page 21
21 DRIVEN BY CONTINUOUS INVESTMENTS ONE OF THE MOST TECHNOLOGICALLY ADVANCED FLEET SPARTACUS • Dredges hard soils and in deep waters (>100m) • Size: 15,016 m3 • Delivered 2019 BONNY RIVER • World’s largest CSD • Dual fuel • Size: 44,580 kW total installed power • Delivered 2021 • KNVTS3 Ship of the Year 2018 award • Pioneering dual fuel TSHD • Size: 8,400 m3 • Delivered 2017 SCHELDT RIVER Note: 1. CSD: Cutter Section Dredger; 2. TSHD: Trailing Suction Hopper Dredger; 3. KNVTS is the abbreviation for 'Royal Dutch Association of Technicians in the Shipping Area' AMBIORIX • Operates in heavy soil and rock conditions • Size: 26,100 kW total installed power • Delivered 2012 CUTTER DREDGER HOPPER DREDGER
Page 22
22 PERFORMANCE DASHBOARD FY24 DREDGING & INFRA (in millions of euro) (in millions of euro) (in millions of euro) (in weeks) RAVENNA Extension and modernization of the port facilities GRAND LAHOU Coastal Protection project MALAYSIA Container port expansion and maintenance OOSTERWEEL Iantwerp ring road, including immersed tunnel in the River Scheldt CUXHAVEN Construction of offshore wind terminal ORDERBOOK TURNOVER EBITDA & MARGIN FLEET UTILIZATION Orderbook grew 3% y-o-y with a healthy intake of new projects across various regions Turnover grew 22% y-o-y, approaching two billion euro, driven by strong performance across a range of projects including maintenance, capital dredging and infrastructure work EBITDA grew 20% driven by sustained high activity levels and disciplined project execution Vessel occupancy increased across the fleet driven by strong backlog including recent contract wins 2,616 3,472 3,589 2022 2023 2024 1,524 1,605 1,963 2022 2023 2024 255 298 358 17% 19% 18% 2022 2023 2024 38 38 43 29 27 34 2022 2023 2024 EBITDA margin TSHD 1 CSD 2 LE HAVRE New access channel linking Port 2000 to the outer harbor 1. TSHD: Trailing Suction Hopper Dredger 2. CSD: Cutter Suction Dredger
Page 23
23 KEY PROJECTS IN 2025 DREDGING & INFRA G B A I H OOSTERWEEL Completion of tunnel elements for the Scheldt TunnelC PRINCESS ELISABETH ISLAND Design and construction of the island’s foundations E KIEL CANAL/CUXHAVEN Widening of the Kiel Canal and construction of an offshore terminal in Cuxhaven A ARDERSIER ENERGY TRANSITION FACILITY Deepening and widening of the harbor and access channel B PORT-LA NOUVELLE Port expansion via dredging and construction of terminals GWEST-AFRICA Multiple maintenance- and reclamation works H I EGYPT Continuation of reclamation works for the port of Abu Qir 2 PORT OF OXAGON 2nd phase of capital dredging and construction works E F D FEHMARNBELT TUNNEL Design and construction of tunnel and portal structures F ITALY Port extension works for e.g. Port of Livorno K TAIWAN Dredging works in Taichung and seabed preparation for various projects L INDONESIA Deepening of the access channel of Patimban DC M AUSTRALIA Maintenance dredging projects at ports along the west-coast K L M J J INDIA Port maintenance projects, and maintenance and capital dredging activities N N O N O COSTA RICA Maintenance works for the Atlantic Terminal in the port of Moín URUGUAY Maintenance dredging for the Canal Martin Garcia
Page 24
OOSTERWEEL
Page 25
25 • Extra capacity to cross the river Scheldt • 1.8 km long • 8 tunnel elements constructed in Zeebrugge • Dimensions of a tunnel element: L ≈ 160m B ≈ 41,3m H ≈ 9,9m • Two road tubes, each with3 lanes; a service & evacuation tube and a 6 m wide bicycle tube • Two cut and cover (C&C) tunnels on the embankments of the river Scheldt in Antwerp • Awarded to TM COTU, a JV with DEME, BESIX, Jan De Nul ; Stadsbader ‘SCHELDT TUNNEL & CONSTRUCTION DOCK’ THE OOSTERWEEL CONNECTION
Page 26
26 CONSTRUCTION SITES ‘SCHELDT TUNNEL & CONSTRUCTION DOCK’ Scheldt Tunnel Antwerp Construction Dock Zeebrugge
Page 27
PRINCESS ELISABETH ISLAND
Page 28
28 INDUSTRY-FIRST, ARTIFICIAL ENERGY ISLAND TO BE DEPLOYED BY END 2026 PRINCESS ELISABETH ISLAND PROJECT CHARACTERISTICS Customer: ELIA Contractor: TM EDISON (DEME & JDN) EPCI contract including further design & construction Construction to start early 2024 and expected to last 2.5 years A €+600m project (excluding high voltage infrastructure) First building block of an integrated European offshore electricity grid, bundling the wind farm export cables of the Princess Elisabeth zone & serving as a hub for future interconnectors Combining DEME’s Offshore and Dredging & Infra capabilities
Page 29
ENVIRONMENTAL
Page 30
30 OFFERING WIDE RANGE OF SERVICES LEADING ENVIRONMENTAL SPECIALIST IN BENELUX • Cleaning and recycling of polluted soils • Broad network of fixed and mobile treatment centres • Proactively creating solutions for contaminated land SOIL REMEDIATION & BROWNFIELD DEVELOPMENT • Fluvial dredging with minimal environmental impact • Frontrunner treatment of sediments • Executing innovative environmental dredging techniques ENVIRONMENTAL DREDGING & SEDIMENT TREATMENT • Offering tailored solutions for high water and flood protection infrastructure • Rehabilitation of old dikes with both infra and soil remediation expertise HIGH WATER PROTECTION 1988 Start of environmental activities 18 Soil and sediment treatment centres (mobile and fixed) Locations Belgium, The Netherlands, France, UK and Norway +3.5m tones Polluted soil and sediments can be treated annually 337m euro Turnover (2024) 44m euro EBITDA (2024) >85% Recovery rate of soils and sediments in projects
Page 31
31 PERFORMANCE DASHBOARD FY24 ENVIRONMENTAL (in millions of euro) (in millions of euro) (in millions of euro) THE NETHERLANDS ORDERBOOK TURNOVER EBITDA & MARGIN Orderbook remains stable with additional projects in the Benelux; exploring opportunities in Italy and the UK Turnover grew 11% to 337 million euro fueled by long-term and complex remediation and high water protection projects across Belgium, the Netherlands, UK and Norway EBITDA margin of 13% (2023 margin included a non-recurring settlement) Launching ‘Cargen’ , an innovative JV , frontrunning with active carbon based water and gas treatment, expanding the portfolio of remediation solutions 313 355 352 2022 2023 2024 206 304 337 2022 2023 2024 25 51 44 12% 17% 13% 2022 2023 2024 BELGIUM EBITDA margin
Page 32
32 KEY PROJECTS IN 2025 ENVIRONMENTAL C A BERGEN Remediation of the Slettebakken landfill contracted by the City of Bergen; >200,000 tons of landfill waste C WILLEBROEK Remediation project for WDP SERAING Large reconversion project of a former Arcelor Mittal site, near Liège FELUY Remediation of former industrial brownfield site B GORINCHEM-WAARDENBURG (GOWA) 23 km dike reinforcement project, part of the National Flood Protection Program MARKEN A multi-year dike reinforcement project, part of the National Flood Protection Program A B BLUE GATE ANTWERP Full-scale development phase of the site MEUSE RIVER Dredging operations and ecosystem restoration OOSTERWEEL Treating PFAS polluted soils
Page 33
CONCESSIONS
Page 34
34 LEVERAGING UNIQUE COMBINATION OF TECHNICAL AND FINANCIAL CAPABILITIES INFRASTRUCTURE DEVELOPER, INVESTOR AND MANAGER ACTIVE IN 4 SECTORS OFFSHORE WIND DREDGING & INFRA DEEP-SEA HARVESTINGGREEN HYDROGEN WITH CLEAR ADDED VALUE Global network to source new project leads and forge successful partnerships Contracting expertise to de-risk project development and construction Market intelligence to provide insights on key technological developments AT A GLANCE Early involvement in the development process Strong additionality with contracting side of DEME Strengthens and diversified DEME’s financial position (through recurring income & return on equity invested) Offers high growth potential in existing and new markets 6 PORTFOLIO PROJECTS In operations or construction (20+ year projects) +3 BN euro Contracting revenue generated by current and historical portfolio for DEME’s contracting segments 8 PIPELINE PROJECTS In the development pipeline +30 Experienced and multi-disciplinary professionals supported by dedicated project teams (in millions of euro) 2024 2023 2022 Net result from associates 12 37 9 AND GENERATING RECURRING INCOME
Page 35
35 LEVERAGING UNIQUE COMBINATION OF TECHNICAL AND FINANCIAL CAPABILITIES CONCESSIONS OFFSHORE WIND DREDGING & INFRA DEEP-SEA HARVESTINGGREEN HYDROGEN • Stakes in Offshore wind with total installed capacity of +1 GW (Rentel, SeaMade) • Advancing on the ScotWind concession project and preparing for upcoming tenders in e.g. Belgium • Involved in marine infrastructure projects • Exploring new opportunities & advancing on the new terminal project for the port of Swinoujscie (Poland) Port La-Nouvelle Blankenburg Cap Duqm • Advancing hydrogen development initiatives • HYPORT® Duqm: Laying the groundwork for green hydrogen development with focus on HYPORT Duqm in Oman • Advancing on a project roadmap aimed at unlocking a dedicated and suitable end-market • Global sea mineral resources • GSR continues to monitor developments around deep-sea mining regulations
Page 36
36 3 FINANCIALS & NON FINANCIALS
Page 37
37 KEY FINANCIAL HIGHLIGHTS FY24 (in millions of euro) 2024 2023 2022 Orderbook y-o-y growth 8,200 +8% 7,582 +22% 6,190 +5% Turnover y-o-y growth 4,101 +25% 3,285 +24% 2,655 +6% EBITDA Margin 764 18.6% 596 18.2% 474 17.9% EBIT Margin 354 8.6% 241 7.3% 155 5.8% Net profit 288 163 113 CapEx 286 399 484 Free cash flow 729 62 -80 Net financial cash (debt) 91 -512 -521 Orderbook at unmatched level of 8.2 billion euro, +8% vs 2023 Turnover +25%, surpassing the 4 billion euro mark, all segments contributing to the growth EBITDA, EBIT, Net profit on the rise and growing at a faster rate than turnover CapEx 2024 declined y-o-y In line with the investment guidance for the year ; including capitalized maintenance investments and new fleet additions in the Offshore Energy segment Strong free cash flow Driven by a significant increase in turnover, profitability, improved working capital and lower investment levels From a net financial debt of -512 million euro to a net financial cash position of 91 million euro
Page 38
38 KEY FINANCIAL HIGHLIGHTS 1H25 Order book remains at healthy level of 7.5 billion euros (in millions of euros) 1H25 1H24 1H23 Order book y-o-y growth 7,521 -1% 7,622 -0% 7,654 +36% Turnover y-o-y growth 2,117 +10% 1,916 +30% 1,475 +14% EBITDA Margin 464 21.9% 345 18.0% 222 15.0% Depreciation & impairment -241 -195 -165 EBIT Margin 223 10.6% 150 7.8% 57 3.9% Net profit 179 141 30 Turnover +10%, surpassing the 2 billion euros mark, fueled by solid growth for Offshore Energy EBITDA, EBIT growing at a faster rate than turnover, +35% and +49% y-o-y, respectively Higher depreciation vs 1H24 and 1H23 Driven by the accelerated depreciation of an Offshore Energy tooling and the depreciation of the converted Yellowstone, added to the fleet in 2Q24 Net profit y-o-y increase of 27% Driven by the increase of operating profitability, and partially offset by less favorable financial results (in millions of euros) 1H25 FY24 1H24 Investments2 141 286 167 Free cash flow3 -414 729 278 Net financial cash (debt) -418 91 -352 Strategic acquisition in 1H25 - Havfram Net financial debt-to-EBITDA ratio remained at 0.5, the same level as a year ago CapEx declined y-o-y Excluding the Havfram acquisition, investments amounted to 141 million euros - primarily allocated to lifetime extensions and capitalized maintenance
Page 39
39 ORDER BOOK REMAINS SOLID 1H25 – GROUP ORDER BOOK 4,737 5,620 7,654 7,622 7,521 1H21 1H22 1H23 1H24 1H25 Offshore Energy Dredging & Infra Environmental (in millions of euros) 76% 3% 10% 8% 3% Europe Africa The Americas Asia Middle East 1H25 62%5% 16% 11% 6% 1H24 Order book Geographical breakdown 1,536 1,940 2,486 1,558 2H25 FY26 FY27 >2027 (in millions of euros) Order book run-off Order book remained solid at 7.5 billion euros compared to 7.6 billion euros a year ago and 8.2 billion euros at the end of 2024 Europe retained its leading position, accounting for 76% of the backlog, and growing 20% y-o-y Exposure to the Americas market represents now 10% of the order book, compared to 16% a year ago and 12% at end of 2024, reflecting solid project execution Order book run-off supports our topline guidance for the year and provides near-term visibility Run-off volume for 2H25 in line with a year ago and volumes exceeding 5.5 billion euros for 2026 and beyond Order book includes 530 million euros Havfram orders as well as follow-on contracts and smaller projects 1. The order book amount includes DEME’s share in the order book of joint ventures but excludes that of associates. Contracts are not included in the order book until the agreement with the client is signed. 2. The Asia region covers both Asia and Oceania. 2 1
Page 40
40 SEGMENT BREAKDOWN - GROUP TURNOVER GREW 10% WITH STRONG GROWTH IN OFFSHORE ENERGY 1H25 – GROUP TURNOVER Geographical breakdown 1,063 1,292 1,475 1,916 2,117 1H21 1H22 1H23 1H24 1H25 1,063 1,292 1,475 1,916 2,117 Offshore Energy Dredging & Infra Environmental 53% 8% 22% 15% 2% Europe Africa The Americas Asia Middle East 1H25 66% 8% 9% 11% 6% 1H24 10% growth year-over-year Growth of group turnover driven by Offshore Energy (+27%) reflecting high activity levels and effective project execution The Americas delivered strong growth with effective execution on ongoing offshore projects Europe continues to be DEME’s primary region, with more than 50% of the group’s turnover Turnover doubled over last 5 years 1. Breakdown of segment results based on turnover as per financial statement. Turnover (in millions of euros) (in millions of euros)1 The other contracting segments registered softer y-o-y revenues, mainly due to project phasing and a strong comparison base Asia also robust y-o-y growth supported by projects in Taiwan
Page 41
41 CONTINUED INVESTMENTS IN STRENGTHENING THE FLEET PAY OFF CAPEX Increased capacity of ‘Viking Neptun’ with installation of a second turntable EVOLUTION OF CAPEX1 441 435 202 282 484 399 286 2018 2019 2020 2021 2022 2023 2024 (in millions of euro) CAPEX HIGHLIGHTS 2024 Maintenance investments in entire DEME fleet Major conversion of Yelllowstone, a pioneering fallpipe vessel, which joined the fleet in 1H24 ‘Karina’ , an offshore survey vessel, added to the fleet and put into operation during 2024 NET BOOK VALUE PROPERTY , PLANT & EQUIPMENT 2,468 million euro (compared to 2,582 million euro for 2023) 1. Excluding investments in financial fixed assets
Page 42
42 COMPLEMENTARY SEGMENTS RESULT IN DIVERSIFIED SOURCES OF INCOME FY24 – SEGMENTS (in millions of euro) 2024 2023 2024 2023 2024 2023 Turnover1 Y-o-y growth 2,055 +37% 1,502 1,963 +22% 1,605 337 +11% 304 EBITDA Margin 432 21% 231 15% 358 18% 298 19% 44 13% 51 17% EBIT2 Margin 259 13% 102 7% 118 6% 73 5% 32 9% 41 14% OFFSHORE ENERGY DREDGING & INFRA ENVIRONMENTAL (in millions of euro) Since start Value of projects at closing (Debt & Equity) ca. 7,200 Own equity invested ca. 240 Contracting revenue generated ca. 3,000 CONCESSIONS (in millions of euro) 2024 2023 Net result from associates 12 37 1. The reconciliation between the segment turnover and the turnover as per financial statements refers to the turnover of joint ventures. They are consolidated according to the proportionate method in the segment reporting but according to the equity consolidation method in the financial statements 2. EBIT before DEME’s share in the result of joint ventures and associates
Page 43
43 COMPLEMENTARY SEGMENTS CONTRIBUTE TO A BALANCED AND DIVERSIFIED REVENUE STREAM 1H25 – SEGMENTS (in millions of euros) 1H25 1H24 1H25 1H24 1H25 1H24 Turnover1 Y-o-y growth 1,141 +27% 898 948 -4% 992 142 -19% 175 EBITDA Margin 358 31% 164 18% 117 12% 189 19% 22 15% 23 13% EBIT2 Margin 232 20% 80 9% 0 0% 77 8% 16 11% 18 10% OFFSHORE ENERGY DREDGING & INFRA ENVIRONMENTAL (in millions of euros) Since start Value of projects at closing (Debt & Equity) ca. 7,200 Own equity Invested ca. 240 Contracting revenue generated ca. 3,000 CONCESSIONS (in millions of euros) 1H25 1H24 Net result from associates 5 11 1. The table represents the total turnover per segment. The reconciliation between the segment turnover and the turnover as pe r financial statements refers to the turnover of joint ventures. They are consolidated according to the proportionate method in the segment reporting but according to the equity consolidation met hod in the financial statements 2. EBIT before DEME’s share in the result of joint ventures and associates
Page 44
44 UPDATE ON PROFESS ESG (in %) 2024 2023 2022 EU Taxonomy - Turnover Eligible activities 45% 42% 29% Aligned activities 42% 33% 26% EU Taxonomy - CapEx Aligned activities 46% 49% 52% 42% of DEME’s turnover is EU taxonomy aligned, up from 33%, driven by strong growth in 2024 offshore wind projects and the inclusion of DEME’s environmental activities, such as remediation of contaminated sites and treatment centers Improvement to 30% reduction of greenhouse gas from 27% two years ago and further narrowing the gap towards the 40% target by 2030 Low-carbon fuel consumption decreased to 6% of total fuel usage mainly due to non-generalized adoption of alternative fuels and limited availability of low-carbon alternatives in the main regions of operations DEME’s employee force expanded to a headcount of 5,822, marking a 5% increase y-o-y; Significant investments and focus on retaining and attracting talent to support DEME’s mid and long term growth Worldwide LTIFR shows another notable y-o-y improvement and better than target of 0.20, reflecting the effect of various underlying initiatives to drive improvements (in % of total volume) 2024 2023 2022 Reduction of GHG-intensity1 30% - 27% Low carbon fuels2 6% 10% 6% ENVIRONMENTAL 2024 2023 2022 Headcount 5,822 5,555 5,207 Worldwide LTIFR3 0.10 0.19 0.23 SOCIAL & GOVERNANCE 1. GHG-intensity is a measurement of greenhouse gas (GHG) emissions per dredged cubic meter or installed megawatt using 2008 as the baseline year ; GHG intensity was not assessed nor audited for the year 2023. 2. Low carbon fuels combine the fuels for which the CO2 emissions are lower compared to conventional fuel (marine gas oil). This category includes fuels such as LNG (Liquified Natural Gas) and blended bio -fuels. 3. The Worldwide Lost Time Injury Frequency Rate (Worldwide LTIFR) is the metric reflecting accidents of employees, taking into account a risk-based method that combines the risk level rate and injury rate
Page 45
45 AN 81% INCREASE IN GROSS DIVIDEND DIVIDEND In line with DEME’s dividend policy, targeted to a pay-out ratio of 33% of the group’s net profit, the Board of Directors will propose to the General Assembly a gross dividend of 3.8 euro per share, marking an 81% increase compared to last year. Subject to the approval of the General Assembly, the dividend payment date is proposed to be set at 30 May 2025.
Page 46
46 OUTLOOK 2025 This slide includes forward-looking statements which, although based on assumptions that the Company considers reasonable, are subject to risks and uncertainties which could cause events or conditions to materially differ from those expressed or implied by the forward -looking statements. The Company confirms that the outlook has been compiled and prepared on a basis which is ( i) comparable with the historical financial information and (ii) consistent with the Company’s accounting policies. Based on a solid first half performance and taking into account the outlook for the second half of the year, DEME’s management expects full-year turnover to be at least in line with 2024 full-year EBITDA margin to slightly exceed 20% and reaffirms full-year CapEx at approximately 300 million euros, excluding the expenditures for the Havfram acquisition “Our long-term vision and continued focus on innovation are clearly paying off. Given this strong first half-year performance, we are reaffirming our topline guidance and are raising our profitability outlook for the year. ”
Page 47
47 ACQUIRING HAVFRAM STRATEGIC ACQUISITION, ENHANCING DEME’S COMPETITIVE POSITION This slide includes forward-looking statements which, although based on assumptions that the Company considers reasonable, are subject to risks and uncertainties which could cause events or conditions to materially differ from those expressed or implied by the forward -looking statements. The Company confirms that the outlook has been compiled and prepared on a basis which is ( i) comparable with the historical financial information and (ii) consistent with the Company’s accounting policies. The Norse Wind newbuild project has reached a significant milestone with the successful completion of its full height jacking test in August. Havfram, a Norwegian offshore wind infrastructure company, building two next-gen offshore wind installation vessels. • Vessels expected to be delivered in 4Q25 and early 2026 and to become operational in the course of 2026 ; equipped to install the next generation of turbines and foundations • Orderbook of 530 million euro, including some of the world’s largest offshore wind farms • 50 seasoned people Strategic acquisition • Complementing DEME’s offshore fleet and expertise • Strengthening DEME’s leadership and competitive positioning in both turbine and foundation installations • Enhancing operational flexibility, interchangeability • Aggregated transactional value of ~900m euro
Page 48
48
Page 49
49 Trading update Q3 2025 Full-year results 2025 Trading update Q1 2026 Annual General Meeting November 13, 2025 February 26, 2026 May 13, 2026 May 20, 2026 FINANCIAL CALENDAR Half-year results 2026 August 26, 2026
Page 50
THANK YOU For more information vanden.bussche.carl@deme-group.com
Page 51
APPENDIX
Page 52
52
Page 53
53 PERFORMANCE DASHBOARD 1H25 OFFSHORE ENERGY 3,892 4,003 4,125 1H23 1H24 1H25 658 898 1,141 1H23 1H24 1H25 79 164 358 12% 18% 31% 1H23 1H24 1H25 17 24 23 1H23 1H24 1H25 (in millions of euros) (in millions of euros) (in millions of euros) (in weeks) EBITDA margin ORDER BOOK TURNOVER EBITDA & EBITDA MARGIN FLEET UTILIZATION RATE Order book reached 4.1 billion euros, up from 4.0 billion euros, including the addition of Havfram order book, add-ons to existing projects and addition of smaller new contracts Revenue exceeded 1 billion euros, reflecting 27% growth, almost doubling in 2 years EBITDA grew 118% driven by strong turnover growth and disciplined and effective execution Effective vessel planning and good utilization @ 23 weeks, in line with last year
Page 54
54 PERFORMANCE DASHBOARD 1H25 DREDGING & INFRA (in millions of euros) (in millions of euros) (in millions of euros) (in weeks) ORDER BOOK TURNOVER EBITDA & EBITDA MARGIN FLEET UTILIZATION RATE Order book -7% compared to last year; remains healthy at over 3 billion euros and with continued strong tender activity Turnover relatively stable compared to a strong 1H24 on the back of sustained capital and maintenance dredging works globally and marine infrastructure works in Europe EBITDA margin declined to 12% largely due to adverse results on a marine infrastructure project Lower occupation y-o-y for the hoppers due to scheduled dockings and notable lower cutter utilization, reflecting temporarily soft demand 3,436 3,290 3,074 1H23 1H24 1H25 716 992 948 1H23 1H24 1H25 102 189 117 14% 19% 12% 1H23 1H24 1H25 19 22 19 6 22 9 1H23 1H24 1H25 EBITDA margin TSHD 1 CSD 2 1. TSHD: Trailing Suction Hopper Dredger 2. CSD: Cutter Suction Dredger
Page 55
55 PERFORMANCE DASHBOARD 1H25 ENVIRONMENTAL (in millions of euros) (in millions of euros) (in millions of euros) ORDER BOOK TURNOVER EBITDA & EBITDA MARGIN Order book remains stable with projects in the Benelux; exploring opportunities in Italy and the UK Turnover of 142 million euros with work on long- term and complex remediation and high water protection projects in Belgium and the Netherlands EBITDA margin of 15%, up from 13% a year ago Expanding treatment capacity in Belgium and the Netherlands Making progress with the Cargen joint venture, deploying filter technology in initial projects 326 329 322 1H23 1H24 1H25 143 175 142 1H23 1H24 1H25 32 23 22 23% 13% 15% 1H23 1H24 1H25 EBITDA margin
Page 56
56 The Information and any opinions contained therein are provided as at the date of the presentation and are subject to change without notice. In giving this presentation, DEME does not undertake any obligation to provide the recipient with access to any additional information or to update the Information, or to correct any inaccuracies in the Information, including any data or forward-looking statements. The Information contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to DEME’s business and markets. Unless otherwise indicated, such information is based on DEME’s analysis of multiple sources such as industry publications, market research and other publicly available information. Such information has been accurately reproduced and, as far as DEME is aware and able to ascertain, no facts have been omitted which would render the reproduced information provided inaccurate or misleading. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but there is no guarantee of the accuracy or completeness of such data. While DEME reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, DEME has not verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Information come from DEME’s own internal research and estimates based on the knowledge and experience of DEME’s management in the markets in which DEME operates. While DEME reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information may include statements that are, or may be deemed to be, “forward-looking statements” . These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes” , “estimates” , “plans” , “projects” , “anticipates” , “expects” , “intends” , “targets” , “may” , “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Past performance of DEME cannot be relied on as a guide to future performance. Any forward-looking statements reflect DEME’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to DEME’s business, results of operations, financial position, liquidity, prospects, growth or strategies, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in DEME’s records (and those of its affiliates) and other data available from third parties. Although DEME believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of DEME and its affiliates or the industry to differ materially from those results expressed or implied in the Information by such forwardlooking statements. No representation is made that any forward-looking statements will come to pass or that any forecast result will be achieved. As a result, undue influence should not be placed on any forward-looking statement. Forward-looking statements speak only as of the date they are made. DISCLAIMER