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FULL-YEAR RESULTS 2025 RECORD PERFORMANCE MARKS 150 YEARS OF DELIVERY LUC VANDENBULCKE & STIJN GAYTANT Thursday, February 26, 2026
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22 AGENDA 1 2 Executive Summary Financial Update 4 5 ESG Outlook 3 Business Update 6 Q&A
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3 EXECUTIVE SUMMARY FY25 RECORD PERFORMANCE MARKS 150 YEARS OF DELIVERY Guiding for a turnover and EBITDA margin in 2026 in line with 2025 Turnover at 4.2 billion euros EBITDA 931 million euros and margin at 22.4%, from 764 million euros and 18.6% in 2024 Order book at 7.6 billion euros compared to 8.2 billion euros in 2024 and 7.5 billion euros at mid-year and 3Q25 Net profit reached 346 million euros Taking delivery of Norse Wind and Norse Energi and set to commence project work in 2026 Proposed dividend of 4.5 euros per share, compared to 3.8 euros a year ago In 2026, DEME celebrates 150 years of marine and environmental engineering - #DEME150
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4 02 FINANCIAL UPDATE 4
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5 INCOME STATEMENT ▪ Order book healthy at 7.6 billion euros ▪ Turnover +1% compared to the previous year and holding firm above 4 billion euros ▪ EBITDA at 931 million euros, up 22% y-o-y, and margin of 22.4% First half non-recurring items essentially immaterial to the full year performance ▪ Higher depreciation vs previous years Due to the accelerated depreciation of an Offshore Energy auxiliary asset and the depreciation of Norse Wind as of 4Q25 ▪ Net profit y-o-y increase of 20% Driven by the increase of operating profitability and more than doubling compared to net profit 2023 FY25 KEY FINANCIAL HIGHLIGHTS (1/2) (in millions of euros) FY25 FY24 FY23 Order book y-o-y growth 7,591 -7% 8,200 +8% 7,582 +22% Turnover y-o-y growth 4,155 +1% 4,101 +25% 3,285 +24% EBITDA Margin 931 22.4% 764 18.6% 596 18.2% Depreciation & impairment -498 -411 -355 EBIT Margin 433 10.4% 354 8.6% 241 7.3% Financial result -21 -9 -23 Current taxes and deferred taxes -100 -90 -50 Net results from JVs and associates 40 40 3 Attributable to non-controlling interests -6 -8 -9 Net profit y-o-y growth 346 +20% 288 +77% 163 +44%
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6 KEY BALANCE SHEET ITEMS ▪ CAPEX amounted to 445 million euros, up from 286 million euros; mainly recurring investments, lifetime extensions and capitalized maintenance and part of the payments related to the further construction of Norse Wind and Norse Energi ▪ FREE CASH FLOW was -394 million euros compared to -414 million euros at the end of the first semester and 729 million euros at the end of last year. Excluding the Havfram acquisition, free cash flow for the year amounted to 342 million euros ▪ NET FINANCIAL DEBT at -391 million euros compared to -418 million euros at the end of the first semester in 2025 and a net cash position of 91 million euros at the end of 2024. Net financial debt-to-EBITDA ratio at 0.4 compared to 0.5 at mid-year FY25 KEY FINANCIAL HIGHLIGHTS (2/2) 1. Operating working capital (+ is receivable, - is payable) is net working capital (current assets less current liabilities), excl uding interest-bearing debt and cash & cash equivalents and financial derivatives related to interest rate swaps, including othe r non- current assets and non-current liabilities (if any) as well as non-current financial derivatives (assets and liabilities), excep t for those related to interest rate swaps. 2. Investments is the amount paid for the acquisition of ‘intangible assets’ and ‘property, plant and equipment’. These investme nts exclude investments in ‘financial fixed assets’. 3. Free cash flow is computed as the sum of cash flow from operating activities and cash flow from investing activities decreased with the cash flow related to lease repayments that are reported in the cash flow from financial activities. 4. Free cash flow excluding the Havfram acquisition reflects an adjustment for the 2025 construction -related payments for Norse Wind and Norse Energi (198 million euro s combined), in addition to the consideration paid to the sellers (538 million euros). (in millions of euros) FY25 FY24 FY23 Operating working capital1 -742 -813 -471 Investments2 445 286 399 Free cash flow3 -394 729 62 Net financial cash (debt) -391 91 -512 Net financial debt over EBITDA 0.4 -0.1 0.9 Total cash 846 853 389
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7 ORDER BOOK REMAINS SOLID FY25 GROUP ORDER BOOK ▪ Order book solid at 7.6 billion euros compared to 7.5 billion euros at mid-year and 8.2 billion euros at the end of 2024 ▪ Order book includes 530 million euros Havfram orders as well as new and follow- on contracts ▪ Europe retained its leading position, recording 3% y-o-y growth ▪ Exposure to the Americas market decreased to 7% (down from 12%) reflecting effective project execution on ongoing offshore projects along the US East Coast ▪ Order book run-off provides mid-term visibility and supports our guidance in combination with project pipeline and fleet capacity ▪ Order book run-off with substantial contributions for 2026 and subsequent years, with 2026 volumes in line with last year and volumes for 2027 and beyond exceeding 4 billion euros 3,584 1,986 2,021 FY26 FY27 >FY27 Order book run-off 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. 5,905 6,190 7,582 8,200 7,591 FY21 FY22 FY23 FY24 FY25 Order book Offshore Energy Dredging & Infra Environmental 71% 4% 12% 10% 3% Geographical breakdown FY25 FY24 1 2 (in millions of euros) (in millions of euros) 78% 4% 7% 10% 1% Europe Africa The Americas Asia Middle East
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8 GROUP TURNOVER +1% YEAR-OVER-YEAR AND +4 BILLION EUROS FY25 GROUP TURNOVER ▪ Turnover exceeded 4 billion euros for the second year in a row and up from 2.5 billion euros in 2021 ▪ 1% increase y-o-y ▪ Growth of group turnover driven by Offshore Energy (+4%) reflecting continued high activity levels and effective project execution ▪ Dredging & Infra delivered broadly stable revenues, with a stronger 2H after a slow start of the year; Environmental revenues -19% vs 2024 due to project phasing effects ▪ Europe continues to be DEME’s primary region, accounting for more than 50% of the group’s turnover ▪ The Americas delivered strong growth with effective execution on ongoing offshore projects ▪ Asia also robust y-o-y growth supported by offshore projects in Taiwan and dredging projects across the region 1. Breakdown of segment results based on turnover excluding reconciliation effects 2,511 2,655 3,285 4,101 4,155 FY21 FY22 FY23 FY24 FY25 Turnover Offshore Energy Dredging & Infra Environmental FY25 60%8% 18% 9% 5% Geographical breakdown FY24 49% 45% 6% 0% Segment breakdown Offshore Energy Dredging & Infra Environmental Concessions (in millions of euros) (in millions of euros) FY25 1 54% 9% 20% 14% 3% Europe Africa The Americas Asia Middle East
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9 2,817 3,261 3,755 4,259 4,238 FY21 FY22 FY23 FY24 FY25 Order book 916 958 1,502 2,055 2,134 FY21 FY22 FY23 FY24 FY25 Turnover 171 222 231 432 655 19% 23% 15% 21% 31% FY21 FY22 FY23 FY24 FY25 EBITDA & EBITDA margin EBITDA margin 42 34 41 47 44 FY21 FY22 FY23 FY24 FY25 Fleet utilization rate (in millions of euros) SEGMENT OFFSHORE ENERGY ▪ Order book at 4.2 billion euros; essentially stable y-o-y, supported by new wins, follow- on projects and Havfram integration ▪ Revenue exceeded 2.1 billion euros, reflecting 4% growth y-o-y ▪ 8% of Offshore Energy turnover for activities related to non-renewables ▪ EBITDA grew 52% y-o-y resulting in an EBITDA margin of 30.7% up from 21.0%, reflecting continued disciplined and effective execution ▪ Consistent high utilization at 44 weeks (85%), demonstrating effective vessel planning and sustained activity across projects PERFORMANCE DASHBOARD FY25 (in millions of euros) (in millions of euros)(in millions of euros) (in weeks)
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10 2,833 2,616 3,472 3,589 2,945 FY21 FY22 FY23 FY24 FY25 Order book 1,478 1,524 1,605 1,963 1,952 FY21 FY22 FY23 FY24 FY25 Turnover 306 255 299 358 302 21% 17% 19% 18% 15% FY21 FY22 FY23 FY24 FY25 EBITDA & EBITDA margin EBITDA margin 41 38 38 43 39 25 29 27 34 21 FY21 FY22 FY23 FY24 FY25 Fleet utilization rate TSHD CSD 1. TSHD: Trailing Suction Hopper Dredger 2. CSD: Cutter Suction Dredger SEGMENT DREDGING & INFRA ▪ Order book remained healthy at nearly 3 billion euros but down compared to a strong 2024 comparison base; new wins in Europe and Asia ▪ Turnover essentially stable y-o-y and nearing 2 billion euros ▪ EBITDA margin of 15.5% for the full year, supported by a solid second-half rebound and mitigating the loss impact of a marine infrastructure project accounted for in the first half of 2025 ▪ Lower overall occupancy, mainly for the cutter suction dredgers (CSD), due to temporarily reduced demand in the first half of 2025 with the second half broadly stable year-over-year PERFORMANCE DASHBOARD FY25 (in millions of euros) (in millions of euros) (in millions of euros) (in weeks) 1 2
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11 PERFORMANCE DASHBOARD FY25 SEGMENT ENVIRONMENTAL ▪ Order book up 16% and surpassing 400 million euros driven by new awards in Belgium and the Netherlands ▪ Turnover of 272 million euros with work on long-term and complex remediation and high water protection projects in Belgium and the Netherlands ▪ Compared to 2024, a decline of 19% mainly due to project phasing ▪ EBITDA margin of 14.7%, up from 12.9% a year ago ▪ Continued capacity expansion through upgraded soil treatment centers and scaling of the Cargen active carbon solution 255 313 355 352 408 FY21 FY22 FY23 FY24 FY25 Order book 166 206 304 337 272 FY21 FY22 FY23 FY24 FY25 Turnover 17 25 51 44 40 10% 12% 17% 13% 15% FY21 FY22 FY23 FY24 FY25 EBITDA & EBITDA margin EBITDA margin (in millions of euros) (in millions of euros) (in millions of euros and %)
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12 11.1 9.3 37.4 12.5 14.4 FY21 FY22 FY23 FY24 FY25 Net result from associates PERFORMANCE DASHBOARD FY25 SEGMENT CONCESSIONS ▪ Net result from associates of 14 million euros compared to 12 million euros in 2024 ▪ As in the prior year, wind production was on the soft side, partly offset by stronger port concession activity ▪ Concessions remained involved in operational wind farms in Belgium ▪ Streamlined ScotWind concession portfolio, exiting the Ayre project (floating) and strengthening the stake in Bowdun (1 GW, bottom-fixed) ▪ Continuing to manage and further develop the participations in the portfolio including Port-La Nouvelle (France) and Port of Duqm (Oman) ▪ Provisional sales agreement regarding DEME’s stake in Blankenburg Tunnel project, with closing expected in 1H26 ▪ Auction win for a 25-year concession for the Port of Paranaguá (Brazil) (in millions of euros)
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13 03 BUSINESS UPDATE
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14 OFFSHORE ENERGY Our segments OFFSHORE ENERGY
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15 15 KEY PROJECTS IN 2025-2026 OFFSHORE ENERGY HAI LONG (1 GW) 73 jacket foundations, turbines and offshore substation GREATER CHANGHUA (920 MW) Seabed preparation and scour protection for the offshore substation DARWIN PIPELINE DUPLICATION Trenching, pipe pull operations and rock placement works G H WEST WHITE ROSE Dredging campaign for the White Rose oil field operated by Cenovus Energy COASTAL VIRGINIA OFFSHORE WIND (2.6 GW) 176 monopiles; substations, inter-array and export cables VINEYARD WIND 1 (800 MW) Turbine installation and blade-exchange activities EMPIRE WIND (2.1 GW) Installation of inter-array cables A B IJMUIDEN VER ALPHA & NEDERWIEK 1 (4 GW) Cable installation, landfall, rock placement, dredging, and marine infrastructure works ORANJEWIND (800 MW) Installation of inter-array cables DIEPPE – LE TRÉPORT (500 MW) Pin piles, jackets for 62 turbines, offshore substation and inter-array cables ÎLE D’YEU AND NOIRMOUTIER (500 MW) 61 XXL monopiles, deploying drilling technique, jacket and substation DOGGER BANK A, B and C (3.6 GW) Inter-array cables and rock dumping NEARTH NA GAOITHE (500 MW) Inter-array and interconnector cables LOGGS Decommissioning campaigns BALTIC POWER (1.2 GW) Landfall drills, inter-array and export cables C D E F A B G H F C D E
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16 Coastal Virginia 176 monopiles, substations, inter- array and export cables United States OFFSHORE ENERGY
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17 Île d’Yeu and Noirmoutier 61 XXL monopiles, jacket and substation France OFFSHORE ENERGY
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18 Hai Long 73 jacket foundations, turbines and offshore substation Taiwan OFFSHORE ENERGY
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19 Our segments DREDGING & INFRA
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20 20 KEY PROJECTS IN 2025-2026 DREDGING & INFRA A B C D M N O WEST AFRICA Multiple maintenance- and reclamation works B EGYPT Continuation of reclamation works for the port of Abu Qir 2 SAUDI ARABIA 2nd phase of capital dredging and construction works C D INDIA Port maintenance projects, and maintenance and capital dredging activities INDONESIA Deepening of the access channel of Patimban AUSTRALIA Maintenance dredging projects at ports along the West Coast M N O URUGUAY Maintenance dredging for the Canal Martin Garcia A E I J F G K H L ARDERSIER ENERGY TRANSITION FACILITY Deepening and widening of the harbor and access channel PORT-LA NOUVELLE Port expansion via dredging and construction of terminals LE HAVRE Creating a new access channel La Chatière OOSTERWEEL Immersion of tunnel elements for the Scheldt Tunnel PRINCESS ELISABETH ISLAND Design and construction of the island’s foundations KIEL CANAL/CUXHAVEN Widening of the Kiel Canal and construction of an offshore terminal in Cuxhaven FEHMARNBELT TUNNEL Design and construction of tunnel and portal structures SPAIN Restoration of three beaches along the Valencian coastline ITALY Port extension for e.g. Livorno and marine works in Bagnoli GREECE Dredging works in the Port of Alexandroupolis E F G H J K L I
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21 Ardersier Energy Transition Facility Deepening and widening of the harbor and access channel Scotland DREDGING & INFRA
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22 Princess Elisabeth Island Design & construction of the island’s foundations Belgium DREDGING & INFRA
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23 Abu Qir Continuation of reclamation works for the port of Abu Qir 2 Egypt DREDGING & INFRA
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24 Our segments ENVIRONMENTAL
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25 25 KEY PROJECTS IN 2025-2026 ENVIRONMENTAL A B C OOSTERWEEL Cleaning PFAS polluted soils SERAING Large reconversion project of a former ArcelorMittal site, near Liège MEUSE RIVER Dredging operations and ecosystem restoration WDP WILLEBROEK Cleaning up old landfill site BASF FELUY Remediation of former industrial brownfield site A AMSTERDAM AIRPORT SCHIPHOL Construction and multi-year exploitation of a soil treatment center for PFAS polluted soils LEKDIJK Dike reinforcement MARKEN A multi-year dike reinforcement project, part of the National Flood Protection Program CENTRAL NETHERLANDS Water Framework Directive measures aimed at improving water quality B BERGEN Remediation of the Slettebakken landfill contracted by the City of Bergen, >200,000 tons of landfill waste C
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26 BASF Feluy Remediation of a former industrial brownfield site Belgium ENVIRONMENTAL
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27 Cargen Activated carbon filter units at RC Den Helder The Netherlands ENVIRONMENTAL
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28 Our segments CONCESSIONS
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29 29 KEY PROJECTS IN 2025-2026 CONCESSIONS A B C D E A BRAZIL Port of Paranaguá: operation, maintenance, and expansion of the marine access channel E OMAN Port of Duqm and HYPORT Duqm SCOTWIND Development of Bowdun Offshore Wind Farm (1 GW) FRANCE Port-La Nouvelle BELGIUM Operating SeaMade, Rentel and C-Power wind farms B C D
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30 ScotWind Bowdun Offshore Wind Farm, suited for fixed-foundation turbines Scotland CONCESSIONS
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31 Paranaguá A 25-year concession contract to operate, maintain, and expand the marine access channel Brazil CONCESSIONS
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32 04 ESG 32
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33 FY25 ESG (1/2) Aligned turnover continues to increase ▪ Offshore Energy further strengthens its contribution to group’s turnover ▪ Dredging & Infra delivering efficient and sustainable infrastructure solutions ▪ Environmental activities included since 2024 Taxonomy eligible and aligned Capital Expenditure grew with Norse Wind and Norse Energi investments qualified as taxonomy eligible and aligned ▪ GHG Intensity calculated and verified every two years ▪ Low-carbon fuel consumption decreased to 5-6% in 2024 and 2025 mainly due to limited industry-wide adoption of low-carbon alternatives and restricted availability in key operation regions ▪ Towards the most efficient fleet in the sector: Norse Wind and Norse Energi joining the fleet in 2026 ▪ Advanced energy management systems and shore power capabilities, reducing fuel consumption and minimal emissions operations in ports ▪ Designed to adopt future fuels ▪ Launch of a shore power project in Flushing ENVIRONMENTAL Greenhouse Gas footprint & Energy management (in % of total volume) FY25 FY24 FY23 FY22 Reduction of GHG Intensity ** 30 ** 27 Low-carbon fuels 5.5 5.8 10.2 6.0 28 29 42 45 52 24 26 33 42 47 FY21 FY22 FY23 FY24 FY25 EU Taxonomy Turnover Eligible Aligned 32 52 49 47 79 32 52 49 46 78 FY21 FY22 FY23 FY24 FY25 EU Taxonomy CapEx Eligible Aligned 1. External verification by independent third party, other than our statutory auditor 1 (in %) (in %)
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34 FY25 ESG (2/2) ▪ DEME’s workforce had grown to nearly 6,000 employees in 2025, a 3% increase compared to the previous year ▪ In 2025, DEME continued investing in attracting and retaining talent and the HR team was honored with the “HR Ambassador” award ▪ DEME remains committed to safety, focusing on Key Safety Performance Indicators, incident reporting, inspections and initiatives such as Safety Week, Safety Success stories, ... with a focus in 2025 on “think before you lift” ▪ Worldwide LTIFR for 2025 remained below the target level of 0.20 at 0.18 in 2025 SOCIAL & SAFETY 5,090 5,207 5,555 5,822 5,984 FY21 FY22 FY23 FY24 FY25 Headcount 0.19 0.23 0.19 0.10 0.18 FY21 FY22 FY23 FY24 FY25 Safety (in headcount) (in worldwide LTIFR )
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35 05 OUTLOOK & DIVIDEND
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36 ▪ FOR 2026, and considering the current project schedules in the backlog, the pipeline of new opportunities, and fleet capacity, DEME’s management expects ▪ Turnover and EBITDA margin to be in line with 2025 ▪ CapEx to be around 450 million euros, including upgrade, repair and maintenance investments in the fleet and the remaining payment for the completion of Norse Energi and before potential further large capacity expansion to support longer term growth opportunities ▪ For the mid-term and despite current geopolitical challenges, DEME’s management remains confident that it is well positioned to continue delivering robust performances, supported by a solid order book, a strong balance sheet and enduring underlying demand fundamentals. OUTLOOK
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37 ▪ 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 a gross dividend of 4.5 euros per share to the General Assembly, marking an 18% increase compared to last year. ▪ Subject to the approval of the General Assembly, the dividend payment date is proposed to be set at May 29, 2026. DIVIDEND 1.5 2.1 3.8 4.5 1.2% 1.9% 2.8% 3.2% FY22 FY23 FY24 FY25 Dividend Gross yield (in euros)
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38 Looking ahead to 2026: NORSE WIND & NORSE ENERGI
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39 Looking ahead to 2026: CELEBRATING 150 YEARS https://150yearsofdeme.com/
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40 06 Q&A
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41 FINANCIAL CALENDAR Annual General Meeting March 27, 2026 May 13, 2026 May 20, 2026 Trading update Q1 2026 Annual Report 2025 Half-year results 2026 August 26, 2026 Dividend payment date May 29, 2026 Trading update Q3 2026 November 17, 2026
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For more information, please contact Vanden.bussche.carl@deme-group.com FOR MORE INFORMATION
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43 This presentation contains proprietary and/or confidential information. Any disclosure, copying, distribution or use of this information/the ideas incorporated is strictly prohibited. This information is not to be considered as a representation of any kind. Any intellectual and industrial property rights and any copyrights with regard to this presentation, and the information therein, shall remain the sole property of DEME Group. DISCLAIMER