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HALF-YEAR RESULTS 2026 STRONG FIRST HALF RESULTS, ON TRACK FOR ANOTHER RECORD YEAR LUC VANDENBULCKE & STIJN GAYTANT Wednesday, August 26, 2026
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22 AGENDA 1 2 Executive Summary Financial Update 4 5 Outlook Q&A 3 Business Update
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3 EXECUTIVE SUMMARY 1H26 STRONG FIRST HALF RESULTS, ON TRACK FOR ANOTHER RECORD YEAR Guiding for 2026 turnover to slightly exceed 2025 and EBITDA margin in line with 2025 Turnover at 2.2 billion euros Order book solid at 7.1 billion euros Net profit reached 215 million euros, up 20% Norse Wind and Norse Energi commenced operations in 1H26; New large TSHD ordered EBITDA 466 million euros and margin at 21.6%
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4 02 FINANCIAL UPDATE 4
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5 INCOME STATEMENT ▪ Order book provides healthy visibility ▪ Turnover +2% compared to the previous year Driven by increases in Offshore Energy and Dredging & Infra ▪ EBITDA at 466 million euros and margin of 21.6% Strong rebound in Dredging & Infra ▪ Depreciation remains at comparable levels vs 2025 Addition of Norse Wind (4Q25) and Norse Energi (1Q26) ▪ Net profit up 20% to 215 million euros Supported by strong operational results and robust contribution from joint ventures and associates 1H26 KEY FINANCIAL HIGHLIGHTS (1/2) (in millions of euros) 1H26 1H25 1H24 Order book y-o-y growth 7,135 -5% 7,521 -1% 7,622 -0% Turnover y-o-y growth 2,158 +2% 2,117 +10% 1,916 +30% EBITDA Margin 466 21.6% 464 21.9% 345 18.0% Depreciation & impairment -235 -241 -195 EBIT Margin 231 10.7% 223 10.6% 150 7.8% Financial result -23 -9 13 Current taxes and deferred taxes -50 -49 -37 Net results from JVs and associates 59 17 19 Attributable to non-controlling interests -2 -4 -4 Net profit y-o-y growth 215 +20% 179 +27% 141 +367%
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6 KEY BALANCE SHEET ITEMS ▪ CapEx amounted to 227 million euros and included the final construction payment for Norse Energi and capitalized maintenance and repairs. Investments in 1H25 were 141 million euros ▪ FREE CASH FLOW rebounded to 231 million euros. For comparison, free cash flow in 1H25 amounted to 123 million euros excluding the Havfram acquisition, and -414 million euros including the acquisition ▪ NET FINANCIAL DEBT decreased to 291 million euros compared to 391 million euros at year-end 2025 or 418 million euros at the end of 1H25 Net financial debt over EBITDA ratio at 0.3 compared to 0.5 a year ago 1H26 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. (in millions of euros) 1H26 FY25 1H25 Operating working capital1 -834 -742 -817 Investments2 227 445 141 Free cash flow3 231 -394 -414 Net financial cash (debt) -291 -391 -418 Net financial debt over EBITDA 0.3 0.4 0.5 Total cash 845 846 709
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7 80% 7% 5% 8% Europe Africa The Americas Asia Middle East ORDER BOOK CONTINUES TO PROVIDE HEALTHY VISIBILITY 1H26 GROUP ORDER BOOK ▪ Order book remains solid at over 7 billion euros even with strong order-to-revenue conversion ▪ Underpinned by sustained demand across all core markets ▪ Europe retained its leading position, representing 80% of the group’s order book ▪ Exposure to the Americas market decreased to 5% (down from 10%) reflecting successful execution of offshore projects and a more subdued order intake environment in the US ▪ Also the Middle-East impacted in light of the regional conflict, leading to timetable shifts ▪ Order book run-off provides mid-term visibility with substantial project volumes for 2H26 ▪ The 2027 volumes are below the exceptional levels reflected in last year’s order book, while volumes for 2028 and beyond remain broadly consistent with previous years 1,309 2,094 2,265 1,467 2H26 FY27 FY28 >FY28 Order book run-off 1. The amount includes the DEME's share in the order book of joint ventures, but excludes that of associates and as such aligns with DEME’s segment reporting. For long-term framework and concession agreements, DEME recognizes in its order book only secured works with a rolling maximum horizon of five years. 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. 5,620 7,654 7,622 7,521 7,135 1H22 1H23 1H24 1H25 1H26 Order book Offshore Energy Dredging & Infra Environmental 76% 3% 10% 8% 3% Geographical breakdown 1H26 1H25 1 2 (in millions of euros) (in millions of euros)
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8 GROUP TURNOVER +2% YEAR-OVER-YEAR 1H26 GROUP TURNOVER ▪ Record first-half turnover of nearly 2.2 billion euros, up 2% year-on-year ▪ Continued strong growth in Offshore Energy with turnover +6% y-o-y ▪ A 2% increase in Dredging & Infra ▪ Lower Environmental turnover more than offset by strong performance in other segments ▪ Europe continues to be DEME’s primary region, representing 60% of group turnover ▪ Turnover in the Americas region declined as anticipated, reflecting the completion of offshore energy projects along the US East Coast ▪ Asia turnover lower compared to a strong prior year period 1. Breakdown of segment results based on turnover excluding reconciliation effects 1,292 1,475 1,916 2,117 2,158 1H22 1H23 1H24 1H25 1H26 Turnover Offshore Energy Dredging & Infra Environmental 1H26 53% 8% 22% 15% 2% Geographical breakdown 1H25 52%42% 6% Segment breakdown Offshore Energy Dredging & Infra Environmental Concessions (in millions of euros) 1H26 1 60% 9% 16% 12% 3% Europe Africa The Americas Asia Middle East
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9 2,608 3,892 4,003 4,125 3,689 1H22 1H23 1H24 1H25 1H26 Order book 472 658 898 1,141 1,207 1H22 1H23 1H24 1H25 1H26 Turnover 100 79 164 358 322 21% 12% 18% 31% 27% 1H22 1H23 1H24 1H25 1H26 EBITDA & EBITDA margin EBITDA margin 18 17 24 23 18 1H22 1H23 1H24 1H25 1H26 Fleet utilization rate (in millions of euros) SEGMENT OFFSHORE ENERGY ▪ Order book at 3.7 billion euros; moderating from the 24-25 record levels due to strong order-to- revenue conversion and timing of new offshore renewables investments temporarily lagging ▪ New contracts include Zeevonk (NL) and Katagami (JP) ▪ Turnover at record level of 1.2 billion euros ▪ 2% of Offshore Energy turnover for activities related to non-renewables ▪ EBITDA margin remained at a high 27%, underpinned by continued disciplined project execution ▪ Prior first half benefited from one-off cancellation and gain on sale ▪ Fleet utilization reflects fleet entry of Norse Wind and Norse Energi, relocation of Orion and Sea Installer from US East Coast to Europe as well as scheduled repairs of other vessels PERFORMANCE DASHBOARD 1H26 (in millions of euros) (in millions of euros)(in millions of euros) (in weeks)
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10 2,703 3,436 3,290 3,074 3,109 1H22 1H23 1H24 1H25 1H26 Order book 747 716 992 948 967 1H22 1H23 1H24 1H25 1H26 Turnover 95 102 189 117 212 13% 14% 19% 12% 22% 1H22 1H23 1H24 1H25 1H26 EBITDA & EBITDA margin EBITDA margin 20 19 22 19 21 17 6 22 9 16 1H22 1H23 1H24 1H25 1H26 Fleet utilization rate TSHD CSD 1. TSHD: Trailing Suction Hopper Dredger 2. CSD: Cutter Suction Dredger SEGMENT DREDGING & INFRA ▪ Order book remained robust at over 3 billion euros reflecting sustained tender activity and diversified pipeline of opportunities ▪ Key contracts include Paranaguá (BR), ports in Tunisia, India, Indonesia and West-Africa ▪ Turnover increase 2% y-o-y supported by resilient market demand and robust fleet utilization ▪ EBITDA margin rebounded to 22% compared to 12% a year ago driven by solid execution and vessel occupancy ▪ 1H25 impacted by a project loss on a marine infrastructure project ▪ Fleet utilization improved y-o-y particularly for the cutter suction dredger fleet PERFORMANCE DASHBOARD 1H26 (in millions of euros) (in millions of euros) (in millions of euros) (in weeks) 1 2
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11 PERFORMANCE DASHBOARD 1H26 SEGMENT ENVIRONMENTAL ▪ Order book up 5% supported by recent contract awards in Belgium and the Netherlands ▪ Turnover of 131 million euros, an 8% decline y-o-y mainly due to project phasing ▪ Supported by long-term remediation and flood protection projects in Belgium, the Netherlands and Italy ▪ EBITDA margin of 11%, down from 15% a year ago, mainly due to project phasing ▪ Continued capacity expansion through upgraded soil treatment centers and ramping up volumes for the CARGEN active carbon solution 309 326 329 322 337 1H22 1H23 1H24 1H25 1H26 Order book 91 143 175 142 131 1H22 1H23 1H24 1H25 1H26 Turnover 12 32 23 22 15 13% 23% 13% 15% 11% 1H22 1H23 1H24 1H25 1H26 EBITDA & EBITDA margin EBITDA margin (in millions of euros) (in millions of euros) (in millions of euros)
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12 3 18 11 5 10 1H22 1H23 1H24 1H25 1H26 Net result from associates PERFORMANCE DASHBOARD 1H26 SEGMENT CONCESSIONS ▪ Net result from associates of 10 million euros compared to 5 million euros a year ago ▪ As in the prior year, wind production was on the soft side, while port concessions continued to provide a recurring contribution ▪ Concessions remained involved in operational wind farms in Belgium and advanced the Bowdun concession project (Scotland) ▪ DEME signed the 25-year concession project for the Port of Paranaguá (Brazil) ▪ Concluded the sale of DEME’s stake in Blankenburg Tunnel project ▪ Port of Duqm (Oman) impacted at the start of the conflict in the Gulf region but offloading and transport activities continued to progress and expand ▪ At Port-La Nouvelle (France), the civil construction works were completed, and the new commercial deep-sea berth and liquid terminal welcomed the first ships ▪ GSR signed MOU with Japan-based DORD aimed at a pilot mining test ▪ For HYPORT Duqm, OQAE and DEME have an agreement in place to take over bp’s stake (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 2026 OFFSHORE ENERGY HAI LONG (1 GW) 73 jacket foundations, turbines and offshore substation FENGMIAO 1 (500 MW) Transport and installation of 33 jackets, 99 pin piles and the offshore substation G COASTAL VIRGINIA OFFSHORE WIND (2.6 GW) 176 monopiles; substations, inter-array and export cables A A G E B C D F IJMUIDEN VER ALPHA & NEDERWIEK 1 (4 GW) Cable installation, landfall, rock placement, dredging, and marine infrastructure works DIEPPE – LE TRÉPORT (500 MW) Pin piles, jackets for 62 turbines, offshore substation and inter-array cables NORDSEECLUSTER A (660 MW) Installation of turbines WINDANKER (315 MW) Installation of turbines NORDLICHT I (980 MW) Transport and installation of 112 foundations and scour protection DOGGER BANK C (1.2 GW) Inter-array cables and protection BALTIC POWER (960 MW) Landfall drills, inter-array and export cables B C D E F
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16 Nordlicht I Foundation and TP installation Germany OFFSHORE ENERGY
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17 Nordseecluster A Turbine installation Germany OFFSHORE ENERGY
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18 Dieppe-Le Tréport 62 jacket foundations are now in place France OFFSHORE ENERGY
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19 Fengmiao 1 Installation of 99 pin piles and offshore substation Taiwan OFFSHORE ENERGY
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20 Our segments DREDGING & INFRA
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21 21 KEY PROJECTS IN 2026 DREDGING & INFRA A B C L M WEST AFRICA Multiple maintenance and reclamation works A EGYPT Continuation of reclamation works for the port of Abu Qir 2 SAUDI ARABIA 2nd phase of capital dredging and construction works B C INDIA Port maintenance projects, and maintenance and capital dredging activities INDONESIA Deepening of the access channel of Patimban L M D H I E F J G K LONDON GATEWAY Maintenance dredging of the access channel to London Gateway Port 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 Thessaloniki D E F G I J K H
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22 Princess Elisabeth Island 23 caissons are now in place Belgium DREDGING & INFRA
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23 Fehmarnbelt 3 tunnel elements immersed Denmark- Germany DREDGING & INFRA
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24 Bagnoli-Coroglio Marine works for the 38th America’s Cup Italy DREDGING & INFRA and ENVIRONMENTAL
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25 A new 22,000 m³ trailing suction hopper dredger DREDGING & INFRA
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26 Our segments ENVIRONMENTAL
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27 27 KEY PROJECTS IN 2026 ENVIRONMENTAL A B OOSTERWEEL Cleaning PFAS polluted soils SERAING Large reconversion project of a former ArcelorMittal site, near Liège MEUSE RIVER Dredging operations and ecosystem restoration 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 GOWA & LEKDIJK Dike reinforcement projects PORT OF ROTTERDAM Sand supply contract CENTRAL NETHERLANDS Water Framework Directive measures aimed at improving water quality B
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28 Feluy Remediation former brownfield Belgium ENVIRONMENTAL
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29 Marken Dike reinforcement project The Netherlands ENVIRONMENTAL
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30 Our segments CONCESSIONS
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31 31 KEY PROJECTS IN 2026 CONCESSIONS A B C D E E OMAN Port of Duqm and HYPORT Duqm BOWDUN Development of Bowdun Offshore Wind Farm (1 GW) FRANCE Port-La Nouvelle BELGIUM Operating SeaMade, Rentel and C-Power wind farms B C D A BRAZIL Port of Paranaguá: operation, maintenance, and expansion of the marine access channel
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32 Port-La Nouvelle A first vessel berthing the new liquid bulk terminal France CONCESSIONS
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33 04 OUTLOOK
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34 ▪ For 2026, DEME’s management now expects ▪ Turnover to slightly exceed the 2025 level and EBITDA margin to stay in line with 2025. ▪ CapEx remains estimated around 450 million euros, including upgrade, repair and maintenance investments in the fleet, the payment for the completion of Norse Energi and the initial investments related to the recently ordered trailing suction hopper dredger. This guidance excludes potential further large capacity expansion to support long-term growth opportunities. ▪ For 2027, based on the visibility we have today, we expect to maintain strong profitability, supported by disciplined project selection, profitable volumes and continued operational excellence, with EBITDA broadly in line with 2025, despite a somewhat lower topline. OUTLOOK
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35 CELEBRATING 150 YEARS https://150yearsofdeme.com/
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36 05 Q&A
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37 FINANCIAL CALENDAR Trading update Q1 2027 November 17, 2026 February 22, 2027 May 13, 2027 Full-year results 2026 Trading update Q3 2026 Half-year results 2027 August 25, 2027 Annual General Meeting May 19, 2027 Trading update Q3 2027 November 17, 2027
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For more information, please contact Vanden.bussche.carl@deme-group.com FOR MORE INFORMATION
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39 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