Papendrecht, 5 March 2026 — Boskalis reported 2025 revenue of EUR 4.5 billion, with EBITDA of EUR 1.3 billion and net profit of EUR 775 million. Operating Result (EBIT adjusted for exceptional items) rose 13.3% to EUR 886 million. The order book stood at EUR 7.0 billion at year-end.
Revenue increased versus 2024, supported by contributions from Offshore Energy and Towage & Salvage. The company noted that, adjusted for (de)consolidation and currency effects, revenue was stable year on year. EBITDA was reported at EUR 1.3 billion with no exceptional gains or losses in 2025, while the 2024 EBITDA had included an exceptional gain of EUR 148 million. Net profit edged down from EUR 781 million in 2024, which included an exceptional gain of EUR 143 million.
The performance reflected project execution in Dredging & Inland Infra and Offshore Energy. Growth in Towage & Salvage was largely linked to the acquisition of the remaining 50% stake in Smit Lamnalco in late 2024.
In Dredging & Inland Infra, revenue was EUR 1.9 billion (2024: EUR 2.2 billion). In Offshore Energy, revenue increased 9% to EUR 2.1 billion (2024: EUR 2.0 billion), with around 55% related to offshore wind projects. The company reported a higher overall division performance and fleet utilization versus 2024.
Total investment in property, plant and equipment was EUR 564 million in 2025. Key items included the Seaway, a new 31,000 m³ trailing suction hopper dredger under construction in the Netherlands, and the Windpiper, acquired late 2024 and scheduled to enter service in 2026 after conversion as a subsea rock installation vessel with a 45,500 t capacity. Offshore Energy also acquired vessels, including the Offshore Subsea Construction Vessel BOKA Spearfish.
Boskalis reported cash of EUR 1.4 billion and debt of EUR 281 million, resulting in a net financial position of EUR 1.1 billion. Available financing capacity, including (undrawn) bank facilities, was EUR 1.8 billion, and solvency increased to 57.0%. The company stated that the 2025 result was exceptional and would not be matched in 2026, while remaining cautiously positive based on the order book, noting uncertainty linked to recent developments in the Middle East.
