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I am proud of what Van Oord achieved in 2025. Geopolitical volatility and regional conflicts resulted in economic uncertainty that posed challenges to our work. By relying on our strengths, specifically our competence, commitment and confidence, we turned 2025 into a solid year. Both our operational performance and financial results exceeded last year’s results, and we made meaningful progress in preparing Van Oord for a successful future.
Revenue reached EUR 2.6 billion compared with EUR 2.4 billion in 2024. Net profit was EUR 110.0 million, up from EUR 42.5 million in 2024. Our order book remained stable at EUR 4.4 billion. Our Dredging & Infra business recorded revenue of EUR 1,119 million (2024: EUR 1,363 million), performing better than expected due to stable market conditions, especially in the second half of the year. Our Offshore Energy business recorded revenue of EUR 1,471 million (2024: EUR 1,079 million).
Delivering these solid results required strong partnerships, especially under challenging circumstances. Last year, I saw impressive collaboration within Van Oord and with our partners. Teamwork is, however, not the only reason behind our success. Looking back on 2025, I think three strengths stood out.
Competence
To start, our experienced people working with the latest technology helped us deliver strong operational performance across a broad and balanced project portfolio. A significant exception concerned a project in the Baltics, teaching us the valuable lesson of strengthening our collaboration with critical suppliers. Managing risks is an integral part of our everyday work and remains a constant focus, especially in countries that are more prone to geopolitical volatility.
In all 213 projects in almost 40 countries, we demonstrated our competence. In the North Sea, for example, we installed 100 monopile foundations and more than 360 kilometres of cables for the Sofia Offshore Wind Farm. In Canada, we completed West White Rose, one of our most complex seabed intervention projects to date. In our home base of Rotterdam, the A16, one of the busiest motorways in the Netherlands, opened to traffic some eight years after we first began work with our consortium partners. And in the United Kingdom, our subsidiary Mackley started the construction of a major water storage reservoir. From the motorways we drive on and the coastal protection that defends us to the energy and water infrastructure our society relies on, Van Oord does it all, does it everywhere, and does it well.
Beyond enabling us to finish projects in 2025, our competence also helped us in being awarded new ones. In Dubai, we were awarded the Naïa Island reclamation project because our client recognised Van Oord as the right partner to realise their ambitions. In Taiwan, we will install cables for the Fengmiao 1 Offshore Wind Project, after successfully installing similar cables in that region last year. Both projects demonstrate that our high-quality work leads to enduring relationships.
By relying on our strengths, specifically our competence, commitment and confidence, we turned 2025 into a solid year.
Commitment
The second reason for our solid performance in 2025 is our commitment. We are committed to delivering every project on time and within budget, to adding value for our stakeholders, to learning and improving every day, and to persevering, especially in challenging circumstances. Commitment is a mindset and behaviour.
One of our most important commitments is to safety. Although every incident is one too many, in 2025, our Total Recordable Injury Rate (TRIR) went down. This reflects the safety culture that we have built by focusing on awareness, attitudes and behaviours. And the results go beyond decreasing injury numbers. The International Association of Dredging Companies awarded us the 2025 IADC Safety Award for an innovative gasket design that prevents finger injuries. This simple yet effective solution is a direct result of the open and constructive conversations we have about safety at Van Oord.
We are also committed to sustainability, which is embedded in our long-term strategy, our way of working and our equipment. Last year, we christened Boreas, the world's largest and most sustainable offshore wind installation vessel, and Thor, a new water injection dredger. And we invested in two next-generation flexible fallpipe vessels. They all help us to reduce emissions, achieve our net-zero ambitions and offer the most cost-competitive service in our markets. In 2025, Van Oord also became the first marine contractor to have its net-zero, 1.5°C pathway targets approved by the Science Based Targets initiative (SBTi). Finally, we positioned Ocean Health as a separate business line. Ocean Health focuses on the large-scale development of commercially viable coral, mangrove, shellfish, seagrass and seaweed projects.
Confidence
Like I said at the start of this message, 2025 was not an easy year. We saw a lot of volatility and uncertainty across the world. This makes developers more hesitant when it comes to large-scale investments in infrastructure. In such a situation, it is important to have confidence in our markets and in our ability to seize opportunities. Last year, we found new opportunities, for example in military mobility and protecting infrastructure on the bottom of the ocean. This ranges from burying and covering existing cables and pipelines to installing new high-tech ones with sensors.
That brings me to the confidence we have in our strategic ambition to make societies more resilient and sustainable through the ingenious way we work in and around water. The first pillar of this ambition is enhancing the energy transition, which is why I want to mention our giant offshore wind installation vessel Boreas once more. We christened Boreas in June, and it performed outstandingly on its first deployment installing 45 monopile foundations for the Nordseecluster offshore wind farm in the German North Sea. I am equally confident in the second pillar: delivering climate adaptation and sustainable marine infrastructure. This is, for example, why we signed an agreement to acquire BAM's Xbloc activities in 2025. These activities have brought engineering capabilities, technology, intellectual property rights and a dedicated laboratory. This acquisition boosts our capabilities to protect coasts and build sustainable marine infrastructure.
We also have confidence in our organisation, especially after the first steps we took in 2025 to simplify it. We launched a three-year transformation programme to increase organisational effectiveness, improve efficiency and reduce complexity. We introduced Workday, our new digital HR platform that reduces risks and enables growth by standardising our way of working. We also successfully refinanced our revolving credit facility and long-term debt. This provides us with financial resilience and the opportunity to continue investments that are both economically viable and have a positive impact on the world for generations to come.
Looking ahead
No matter how volatile or uncertain the world will look this year, particularly the given current situation in the Middle East, we remain focused on the wellbeing of our people and the projects we are working on. We are ready to seize opportunities with the help of our competent people, our commitment to safety and sustainability, and the confidence we have in our strategy and markets.
As a family-owned business, we pride ourselves on our long-term view, which includes our strategy, our investments and our relationships. Because of this focus on building lasting relationships, we have experienced employees, work in productive consortia, remain a partner of choice for our clients and have the trust of our shareholders. As we continue our transformation, these partnerships will be essential to the success ahead. I thank all our employees and other stakeholders for their contributions in 2025 and look forward to delivering results together in 2026.
Rotterdam, 13 March 2026 On behalf of the Executive Committee, Govert van Oord, CEO
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Report by the Supervisory Board
2025 was a dynamic year for Van Oord. Almost all projects were successfully executed, and we made solid progress to improve the efficiency of our operations, the effectiveness of our processes and our risk management. Still, the year was challenging.
