Summary: Boskalis reported a record annual EBITDA of €1,336 million for fiscal year 2025, with revenue rising 2% and mixed throughput across its divisions. Despite the strong headline numbers, the company cautioned that it does not expect the 2026 performance to reach the levels achieved in 2025 because of heightened geopolitical tensions, trade restrictions and rising costs that are weighing on investment appetite for large infrastructure projects.
Boskalis recorded a 3% increase in EBITDA for fiscal year 2025, bringing the total to €1,336 million. When adjusting for an exceptional gain of €148 million that was recorded in fiscal year 2024, the company said EBITDA rose 16% year-on-year. The firm reported an overall EBITDA margin of 29.7% for the year; excluding the prior year exceptional gain, that margin represented an improvement of 350 basis points.
Top-line revenues increased by 2% over the period. The performance was uneven across business units: Offshore Energy delivered 5% growth, Towage reported a doubling of its performance, while Dredging & Infra contracted by 14%. Boskalis said the gains in Offshore Energy and Towage helped to offset the reduction in Dredging & Infra.
Looking ahead to fiscal year 2026, Boskalis issued a cautionary outlook. The company said it does not expect to match its record 2025 results. Management pointed to several factors influencing that view - increased geopolitical tensions, the imposition of trade restrictions and broadly rising costs - all of which the company said are dampening investor appetite for major infrastructure development. The company also singled out recent developments in the Middle East as a source of considerable uncertainty.
For context, DEME, a Dutch competitor, reported its own set of results for fiscal year 2025. DEME posted a 22% increase in EBITDA to €930.5 million on turnover of €4,154.7 million, a 1% rise. DEME said its EBITDA margin improved by 375 basis points to 22.4% and that it expects to match its 2025 results in the current year.
The juxtaposition of Boskalis and DEME highlights divergence in both scale and near-term expectations within the sector. Boskalis delivered a higher absolute EBITDA and margin improvement but has explicitly warned that external geopolitical and economic pressures could constrain investment and activity in 2026. DEME achieved substantial year-on-year margin expansion and has a more sanguine near-term outlook, expecting to hold 2025 levels.
Key takeaways:
- Boskalis posted record EBITDA of €1,336 million in 2025, a 3% increase, or 16% excluding a prior exceptional gain.
- Revenue rose 2% with Offshore Energy up 5% and Towage doubling its performance, offsetting a 14% fall in Dredging & Infra.
- Boskalis warned 2026 results are unlikely to match 2025 due to geopolitical tensions, trade restrictions and rising costs; DEME reported €930.5 million EBITDA and expects to match 2025 results.
Sectors affected: Shipping, offshore energy, dredging and infrastructure markets are directly implicated by the companies' results and outlooks.