Report
DEME Good set of 1H25 results but impacted by some non-recurring elements
We maintain our positive stance (Buy € 175 TP) as after a good set of 1H25 results, DEME indicated that its operations remain robust and they still expect full-year turnover to be at least in line with FY24 and now anticipate FY25 EBITDA margin to slightly exceed 20% (was before at least in line with FY24). FY25 CapEx remains forecasted at +/- €300m, excluding the expenditures for the Havfram acquisition and the completion and delivery of its two vessels, which will significantly boost DEME's sustainable operational capacity. DEME indicated that the integration is progressing well and the construction of two next-generation wind turbine installation vessels are on schedule for delivery in 4Q25 and early 2026, with first projects starting in 1H26.
Underlying
DEME GROUP NV
Provider
KBC Securities
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Guy Sips
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