DEME They Came, Dredged/Drilled, Delivered — Standing Still Isn't in the Manual

DEME is a world leader in the specialised fields of dredging, marine infrastructure, solutions for the offshore energy market, and environmental works. DEME can build on exactly 150 years of know-how and experience and has fostered a pioneering approach throughout its history, being a front runner in innovation and new technologies.
We raise our Target Price —from € 230 to € 240, in line with our DCF—after updating our model to reflect higher FY26E and outer-year EBITDA margins. Recall that FY25 EBITDA increased by 22% y/y to a strong €930.5m (KBCSe: € 871.6m), delivering an impressive 22.4% margin on the back of robust performance in Offshore Energy. Dredging & Infra recovered in 2H25, while Environmental also improved its margin.
We welcome DEME's indication of sustained structural demand driven by offshore renewables, climate-adaptation needs and infrastructure investment. For FY26, DEME guides for turnover and margins broadly in line with FY25, prompting our upward revisions to profitability forecasts.