DEME Although 3Q was weaker y/y another record year is taking shape

As 3Q25 turnover was € 980.9m (-9% y/y also impacted by a strong comparison base), 9M25 turnover surpassed €3bn, still a 3% y/y increase.


Although y/y all segments had lower revenues in 3Q (-6% for Dredging & Intra, -12.7% for Offshore Energy, -16.3% for Environmental), DEME indicated that the YtD performance is fuelled by a double-digit YtD growth in the Offshore Energy segment which more than offset softer topline results in other segments compared to strong prior year revenues. Given this 9M25 performance, DEME's management reiterates its expectations that FY25 turnover will be at least in line with FY24 and forecasts a strong y/y EBITDA improvement, with the EBITDA margin in the range of 20% to 22%.


We maintain our Buy rating and 175 Target Price.