The dredging and infrastructure markets were relatively stable in 2025. The tender volume showed an uptick towards the end of the year. Market access restrictions remained, negatively impacting our ability to expand our market share in parts of the world. However, we did not see a further escalation.

In the Netherlands, Rijkswaterstaat resumed the ViA15 project. This Design, Build, Finance & Maintain contract, originally awarded in 2020, was updated and signed in 2025. Nevertheless, conditions in the Dutch infrastructure market remain challenging. Outside the Netherlands, we observe stable activity levels.

Performance

2025 was a rewarding year for the Dredging & Infra business unit despite lower revenue than in 2024, which was an exceptional year. A large and steady volume of projects contributed to a strong operating result. These included numerous smaller and medium-scale capital dredging and maintenance dredging projects. Examples are port expansion projects in Poland and Namibia, and long-term maintenance programmes in the United Kingdom, Germany and India. These projects leverage our core competencies and provide long-term continuity.

The number and size of awards in 2025 strengthened the order book, which was well filled at the end of the year. The hit rate of tenders awarded demonstrates our competitiveness in the market.

The delay in several large Middle East dredging projects coming to the market resulted in lower fleet utilisation, especially of our large dredging equipment. This adversely impacted equipment results. These market dynamics make it challenging to secure projects with appropriate margins.

Awarded projects

Van Oord was selected to carry out a large-scale land reclamation project in Dubai, United Arab Emirates. The development of Naïa Island follows similar Van Oord landmark projects in the area, including Palm Jumeirah and The World. Van Oord is responsible for the reclamation of more than 28 million cubic metres of sand. The scope also includes extensive ground improvement, rock installation and marine infrastructure works such as quay walls and culverts.

Long-term maintenance dredging programmes remain a cornerstone of our portfolio. In 2025, the Vancouver Fraser Port Authority granted Van Oord and its joint venture partner a long-term agreement to provide maintenance dredging services for the Fraser River navigation channel. The Fraser River is a critical transport artery for Canada, and annual dredging will keep the river safe and accessible for deep-sea vessels. It is also an important waterway for local communities, including indigenous groups, residents and recreational users. The project incorporates strict marine mammal protection zones and non-dredging windows. The joint venture will deploy biofuel-powered dredging equipment to reduce CO₂ emissions.

We also secured a maintenance dredging contract in Rio Grande do Sul, Brazil. The scope involves restoring the depth of the port's access channel to safely accommodate large cargo vessels. The award marks the continuation of our long-standing presence in Brazil, an important market in which we have been active for more than 45 years.

In the Netherlands, The Zuiderzeeland Water Board awarded Van Oord and its consortium partner the contract to reinforce the IJsselmeerdijk. The reinforcement of the dyke, spanning more than 17 kilometres, will protect the low-lying polders of Flevoland against high water levels in Lake IJsselmeer. In addition to flood safety, the project scope prioritises emission reduction measures, circular reuse of materials from the existing dyke construction, and biodiversity enhancements.

In addition, we secured beach replenishment contracts along the Dutch coast, from Heemskerk to Goeree Westkop and Noord-Beveland. These contracts are part of the Coastline Care Programme of Rijkswaterstaat. Trailing suction hopper dredger Vox Apolonia completed the replenishment works in Noord-Beveland using 100% bio-LNG fuel. The use of bio-LNG results in a significant reduction in CO₂ emissions.

Ongoing and completed projects

In Romania, we continued our coastal protection works at Constanta, constructing defence structures to shield the coast against erosion and flooding and to enhance tourism in the area. Other climate adaptation projects in 2025 included the Tiel-Waardenburg dyke reinforcement project, which is being carried out with zero-emission equipment.

Major milestones included the completion of the A16 motorway project, carried out by the De Groene Boog consortium. The extended highway opened to traffic in October 2025. Van Oord remains connected to the project, as the contract includes a 20-year maintenance period. Similarly, the Afsluitdijk renovation project continued. Our presence at the Afsluitdijk in 2025 also included the construction of the world's first Fish Migration River, commissioned by the Province of Fryslân. The scope included the development of an estuary as well as the construction of a dam separating the Wadden Sea from the Lake IJsselmeer.

Other developments

Van Oord reached an agreement with BAM to acquire their Xbloc business. Xblocs are innovative concrete armour units used in the construction of breakwaters. The acquisition fits our strategic focus on scaling our marine infrastructure activities worldwide. The innovative design of the blocks requires less concrete, thereby reducing emissions. The Xblocs can also be produced locally, stimulating regional economies.

The International Association of Dredging Companies (IADC) awarded Van Oord the IADC Safety Award 2025. We received the award for designing a new type of paper gasket that seals steel reclamation pipes. The new design allows workers to keep their hands clear of the pipelines during connection, substantially reducing the risk of finger injuries.

The second WattHub charging plaza, of which Van Oord is a shareholder, opened in November 2025 on the Maasvlakte in Rotterdam, the Netherlands, increasing the availability of fast charging infrastructure for freight transport and heavy construction equipment. This expansion directly supports our ability to execute projects with zero-emission equipment. Located in the Prinses Amaliahaven, the charging plaza offers 30 fast charging points, including DC fast chargers up to 400 kW and AC Powerlock fast chargers up to 250 kW, for charging shipping and construction vessels.

The Christiaan-P, a crane vessel owned by our subsidiary Paans Van Oord, successfully completed an emission-free dredging pilot in the Port of Dordrecht, the Netherlands. The vessel was retrofitted with electric motors and an electric crane powered by mobile battery systems. The pilot was conducted with ZEDHub (Zero Emission Dredging Hub) to advance the decarbonisation of the dredging industry.

Outlook

We will continue to implement our strategy with a focus on climate adaptation and sustainable marine infrastructure. Maintaining a balanced portfolio of small-, medium-, and large-scale projects with a healthy risk-reward ratio remains a priority. We anticipate that our growth will continue gradually, and will be supported by strong fundamentals in the dredging and infrastructure markets. These include the need for climate adaptation, growing demand for maritime transport, coastal urbanisation and rising energy demand. Regional variations are anticipated, with lower activity levels in the Far East offset by high activity levels in the Middle East and Europe. We maintain a positive outlook while closely monitoring market dynamics and regional developments.

Tiel-Waardenburg dyke reinforcement

19.4

kilometres of dyke reinforcement in the Netherlands

100,000+

electric operating hours, resulting in a reduction of 7,600 tonnes of CO₂ emissions

1.2

million m³ of clay used

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