In 2025, revenue grew to EUR 2,590 million (2024: EUR 2,442 million). Net profit improved to EUR 110 million (2024: EUR 43 million), supported by a stronger operating profit. EBITDA increased to EUR 403 million (2024: EUR 290 million). Also, operational cash flow rose significantly to EUR 632 million (2024: EUR 195 million), moving the company from a net debt position to a net cash position of EUR 42 million at year-end (2024: net debt EUR 237 million).

In the Dredging & Infra business unit, revenue decreased to EUR 1,119 million (2024: EUR 1,363 million) while profitability remained strong. Major projects such as Constanta Beaches (Romania), Naïa Island (United Arab Emirates), various maintenance works and dyke reinforcements, and many other projects contributed to this performance. At 38 weeks, utilisation of the trailing suction hopper dredgers in 2025 was in line with last year (2024: 38 weeks). Utilisation of the cutter suction dredgers decreased to 18 weeks (2024: 38 weeks).

In the Offshore Energy business unit, revenue rose to EUR 1,471 million (2024: EUR 1,079 million) and profitability improved despite challenges related to an offshore wind project. Major projects executed in 2025 were Greater Changhua 2 export cables (Taiwan), Sofia Offshore Wind Farm (United Kingdom), Nordseecluster (Germany) and Golfinho LNG (Mozambique). The utilisation of offshore wind equipment increased to 30 weeks (2024: 26 weeks), including the Boreas as from Q3 onwards. Utilisation of the flexible fallpipe vessels remained high at 44 weeks (2024: 45 weeks).

Financial position and cash flow

The company’s financial position strengthened in 2025, with equity remaining solid and solvency stable. Operational cash flow increased to EUR 632 million (2024: EUR 195 million) due to improved results and a favourable development of working capital. Investing cash flow of EUR -314 million (2024: EUR -219 million) was driven by ongoing strategic investments, mainly the completion of the Boreas new build. Financing cash flow reflected the dividend payout and an inflow from a net increase in loans. Overall, the net cash flow drove the transition to a net cash position of EUR 42 million (2024: net debt EUR 237 million), which is well within the terms of our credit facilities.

Order book

The order book at year-end 2025 totalled EUR 4,428 million (2024: EUR 4,276 million). Dredging & Infra secured the major Naïa Island project (which commenced in 2025) long-term maintenance contracts in Canada, Brazil and elsewhere, and a broad range of smaller and medium-sized awards. Awards for Offshore Energy included the major Norfolk offshore wind project (United Kingdom), along with several large seabed intervention projects. The composition of the order book remains balanced between both business units.

Return on capital employed

Return on capital employed at year-end 2025 increased to 10.3% compared to 2024 (7.1%) driven by higher profitability, while capital employed also increased due to a higher cash position.