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DEME Group: 2023 Half Year Results

Posted on August 30, 2023


‒ Orderbook at 7.7 billion euro, up 36% compared to H1 2022, reflecting continued healthy demand and strong market positioning across all segments
‒ Group turnover grew 14% year-over-year to 1.5 billion euro, with growth in the Offshore Energy and Environmental segments
‒ EBITDA amounted to 222 million euro, or 15.0% of sales, up from 191 million euro or 14.8% in the first half of 2022
‒ Net profit was 30 million euro, down from 39 million euro a year ago, primarily due to negative exchange rate results
‒ Capital expenditure amounted to 216 million euro, compared to 226 million euro for the first half in 2022, reflecting continued investments in DEME’s fleet

During the first half of 2023, while we continued our fight against climate change, we once again demonstrated strong and consistent performance including sizeable additions to our orderbook, geographical expansions in the US and Asia, further investment in our fleet, and the continuation of several long-term growth initiatives. With important projects in start-up phase in the first half of the year, we delivered results consistent with our goal of ensuring a sustainable profitable long-term future for DEME. On the basis of the growth of our orderbook and turnover for the first semester, combined with an adequate level of profitability, we are reaffirming our guidance for the full year.



The first half of 2023 for DEME was characterised by solid growth of the orderbook, turnover, and EBITDA, despite having several large-scale projects in the Offshore Energy segment in start-up phase.
The orderbook grew to nearly 7.7 billion euro, driven by new projects in all contracting segments, with
each one reaching a record level, a strong testament to DEME’s cogent positioning.

Turnover grew from 1.3 billion euro in the first half of 2022 to almost 1.5 billion euro in the first half of
2023. Turnover in the Dredging & Infra segment decreased slightly (-4%), while turnover in the Offshore
Energy and Environmental segments saw significant increases of 40% and 58% respectively.

Offshore Energy is gradually converting its growing orderbook to turnover while continuing the operational execution of projects in the US and Taiwan as it expands geographically. Dredging & Infra delivered on a mix of projects globally including maintenance and capital dredging works and continued work on major infrastructural projects. Environmental continued its long-term projects in Belgium, France and the Netherlands.


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