Annual report 2024

Letter of the CEO and Chairman

2024 proved to be an outstanding year for DEME. All four of our segments – Offshore Energy, Dredging & Infra, Environmental and Concessions – did very well, reflected in robust financial results. Turnover and profitability have both shown double-digit growth for the full year, and fueled by a very strong cash flow, we reversed the net financial debt position into a positive net cash position further solidifying DEME’s financial strength. Given this terrific set of results, DEME is well able to navigate the future and continue to deliver on our strategic plans for a sustainable business.

This level of performance is only made possible due to our exceptional employees and their determination, ingenuity and
efforts to go above and beyond. Supported by nearly 150 years of marine engineering expertise, DEME is indeed in top form, and we are gearing up to celebrating this special anniversary in a year from now.
Unrivalled experience allows us to take on the most complex projects on the globe and the well-being of our employees is always our focus. Our rigorous QHSE standards ensure that these challenging projects are being carried out safely.

Unrivalled experience allows us to take on the most complex projects on the globe and the well-being of our employees is always our focus.

Luc Vandenbulcke

CEO DEME Group NV

Deme in numbers 2024

Almost 150 years of knowhow and experience
Over 5,800 highly skilled employees
A fleet of 100+ vessels
Experience in more than 90 countries
42% EU Taxonomy aligned turnover
729 million euro free cash flow

KEY FIGURES

As per 31 December 2024

ORDERBOOK 8.2 billion euro
TURNOVER 4.1 billion euro
EBITDA 764 million euro
NET PROFIT 288 million euro
NET FINANCIAL CASH 91 million euro
DIVIDEND 3.8 euro

Outstanding 2024 results with strong increases in turnover and profit, positive net cash, unmatched orderbook. Over the past two years, the DEME team has transformed this company, growing from 2.7 billion euro turnover and 474 million euro EBITDA in 2022 to 4.1 billion euro turnover and 764 million euro EBITDA.

Luc Vandenbulcke

CEO DEME Group NV

Key figures evolution

Highlights 2024

Reinforcing rock placement capabilities with ‘Yellowstone’

Boasting an enormous payload of 37,000 tons, ‘Yellowstone’ is the world’s largest DP2 fallpipe vessel. The vessel is equipped with cutting-edge environmental technology.

Strengthening our leadership in subsea cable installation

DEME secured cable installation contracts for the IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems, the OranjeWind offshore wind farm, and for the Princess Elisabeth Island, the world’s first energy island.

Three major marine infrastructure projects complete

Representing some of the largest infrastructure projects in the Netherlands, the RijnlandRoute, Blankenburg Connection and Nieuwe Sluis Terneuzen are all successfully accomplished, showcasing the strong synergies between DEME’s dredging and infra expertise.

First caissons for Princess Elisabeth Island

DEME is making progress with the construction of the caissons for the world’s first artificial energy island. The first caissons are scheduled to be immersed in the Belgian North Sea in 2025.

Revitalizing brownfield sites

Working in a public-private partnership, DEME will remediate and redevelop a former site from a steel and mining company in Seraing in Belgium, giving it a valuable new purpose. Meanwhile, the Bowling brownfield project in Scotland has been successfully completed.

Progress at Fehmarnbelt tunnel

Custom-built pontoons for the construction of the Fehmarnbelt tunnel have arrived on site. These impressive structures will play a vital role in immersing the 89 tunnel elements that form the 18-kilometer connection between Denmark and Germany.

DEME team expands to more than 5,800 worldwide

More than 400 new employees have joined DEME as the company continues to attract top talent to support its ongoing growth.

bp becomes partner at HYPORT Duqm

Leading energy company bp joins forces with DEME at its flagship HYPORT Duqm green hydrogen project and becomes an equity partner and operator, acquiring a 49% stake.

Reinforcing PFAS treatment capabilities

Capacity to handle PFAS pollution is boosted at several of DEME’s treatment centers. Cargen, a new joint venture, is specialized in activated carbon and filter solutions.

New climate-neutral DEME campus takes shape

With ambitions to become climate-neutral by 2050, the new DEME campus is taking shape. The ‘Lookout’ pavilion, an immersive VIP visitor center, opened in November.

Successful installation campaigns with ‘Green Jade’ in Taiwan

Offshore installation vessel ‘Green Jade’ successfully completed two installation campaigns in Taiwan for the Zhong Neng and Hai Long offshore wind farms, further solidifying DEME’s expertise in the region’s renewable energy sector.

Coastal Virginia Offshore Wind installation campaign underway

Offshore installation vessel ‘Orion’ is making progress on foundation installation at the Coastal Virginia Offshore Wind project in the US. DEME’s scope also includes cable installation and scour protection, highlighting our expertise in integrated offshore solutions.

Activity report of segments 2024

DEME has evolved into a global provider of sustainable marine solutions, structured into four distinct segments, each serving a specific market and operating with its own unique assets, revenue model, and growth strategies.

Offshore Energy

Offshore Energy delivered an exceptional performance in 2024, with turnover and EBITDA growing two-fold since 2022. Turnover exceeded 2 billion euro, reflecting a 37% growth for the year, following a remarkable 57% growth in 2023. Driven by disciplined and effective project execution the EBITDA margin grew to 21.0%, fueling an 87% increase in nominal EBITDA.

Dredging & Infra

Dredging & Infra reported a turnover of almost 2 billion euro, marking a 22% increase from the previous year. Orderbook remains steady at 3.6 billion euro, driven by demand across various regions. Driven by sustained high activity levels and disciplined project execution, EBITDA grew by 20%, resulting in a solid EBITDA margin of 18.3%, compared to 18.6% in 2023.

Environmental

The Environmental segment achieved double digit turnover growth compared to last year. EBITDA for 2024 was 44 million euro, with an EBITDA margin of 12.9%, down from 16.8% a year ago. EBITDA in 2023 included a non-recurring settlement on a completed project in the Netherlands. Orderbook stood at 352 million euro from 355 million euro a year ago.

Concessions

The Concessions segment associates delivered a net result of 12 million euro, down from 37 million euro a year ago. The second half of 2024 experienced softer wind production compared to both the first half of the year and 2023, which had benefitted from higher electricity prices and new legislation in Belgium.

Sustainability journey 2024

At DEME, it is our ambition to fundamentally contribute to sustainable solutions for the global environmental, societal and economic challenges facing our world today. While addressing these challenges, we continually strive to improve the sustainability of our own operations. This has led to our two-dimensional strategy for sustainable performance – we aim to ‘Explore’ and to ‘Excel’. This strategy will help us to create sustainable value for our clients, DEME and society.