DEME: Revenue Up 2% in Q1, 2026 Guidance Confirmed
DEME recorded a revenue of 1.016 billion euros in the first quarter of 2026, up 2% from 993 million euros a year earlier. However, the group's order book declined by 3% year-on-year to 7.4 billion euros, indicating a more moderate business momentum compared to the previous year. The management reaffirms its annual guidance, expecting revenue and EBITDA margin in line with 2025, while Norse Wind has started its first mission and Norse Energi was delivered on time and within budget.
Sustained Growth Driven by the Dredging & Infra Segment
Quarterly revenue increased by 2% year-on-year, driven by growth in the Dredging & Infra segment which recorded revenues of 466 million euros, up 9%. Offshore Energy maintained its revenues stable at 527 million euros (-1%), while Environmental fell to 63.8 million euros (-18%), mainly due to project phasing differences. This moderate overall growth reflects sustained fleet utilization and stable demand for dredging and infrastructure services. The Dredging & Infra segment particularly benefited from multi-year maintenance contracts in Europe and the integration of the major Paranaguá port concession project in Brazil, won in the first quarter for a duration of 25 years.
Slight Decline in Order Book, But Robust Pipeline
The total order book of the group stands at 7.4 billion euros, down 3% from the first quarter of 2025 (7.6 billion) and slightly contracted from the end of 2025 (7.59 billion). This erosion reflects a faster conversion of orders into activity than the pace of signing new contracts. The Offshore Energy segment shows an order book of 3.9 billion euros, stable compared to a year earlier but down from the end of 2025, while Dredging & Infra exceeds 3 billion euros. Environmental sees a contraction to 393 million euros. However, management emphasizes that the project pipeline remains healthy, supported by dynamic bid submission activity and the addition of the Brazilian Paranaguá contract.
Norse Wind on First Mission, Norse Energi Delivered: 2026 Guidance Unchanged
In April, DEME received the Norse Energi vessel, delivered on schedule and within budget, and launched the Norse Wind, which has started its first mission. These two jack-up transport and installation units enhance the group's operational capacity for the coming years. For 2026, management reaffirms its guidance calling for revenue and an EBITDA margin in line with 2025 (4.2 billion euros in revenue and 931 million euros in EBITDA achieved last year). Capital investments are projected at about 450 million euros, covering fleet maintenance and upgrades as well as the payment for the delivery of Norse Energi. Management specifies that no additional major expansion capacity is included at this time.
