KEY FIGURES 2025
Revenue: EUR 4.5 billion(2024: EUR 4.4 billion)
EBITDA: EUR 1.3 billion(2024: EUR 1.3 billion)
Operating Result: EUR 886 million(2024: EUR 782 million)
Net profit: EUR 775 million(2024: EUR 781 million)
Order book: EUR 7.0 billion(2024: EUR 7.0 billion)
Royal Boskalis B.V. (Boskalis) in 2025 posted a strong financial performance once again. The full-year group revenue, EBITDA, and year-end orderbook were all slightly higher than the all-time highs in 2024.
Revenue amounted to EUR 4.5 billion, an increase compared to 2024, with growth contributions from both the Offshore Energy and Towage & Salvage divisions. Adjusted for (de)consolidation and currency effects, the year-on-year revenue was stable.
EBITDA increased to EUR 1.3 billion. There were no exceptional gains or losses in 2025, whilst the 2024 EBITDA was elevated by an exceptional gain of EUR 148 million.
The Operating Result (EBIT adjusted for exceptional items) increased by 13.3% to EUR 886 million.
The net profit amounted to EUR 775 million. The 2024 net profit amounted to EUR 781 million which included an exceptional gain of EUR 143 million.
The good performance reflects strong project execution across the two largest divisions, Dredging & Inland Infra and Offshore Energy. Growth within Towage & Salvage is largely explained by the acquisition of the remaining 50% share of Smit Lamnalco in late 2024.
The order book was fractionally higher at EUR 7,0 billion compared to the end of 2024.
Theo Baartmans, CEO Boskalis:
"2025 was an extraordinary year for Boskalis in many respects. With an exceptionally strong performance across all three divisions, a high utilization of the fleet and outstanding project results, we achieved record revenue of EUR 4.5 billion and a historically high EBITDA of over EUR 1.3 billion. This makes 2025 financially the most successful year in the long history of our wonderful company. In a world characterized by geopolitical turmoil and uncertainty, this is a major achievement, made possible only by the dedication, professionalism and teamwork of our more than 11,000 employees. They deserve a huge compliment for this! Within Dredging & Inland Infra, we completed several major projects, including the expansion of the port of Oxagon in Saudi Arabia and the Pulau Tekong polder in Singapore. This typical Dutch invention is a fine export product, and made it possible for us to create climate change resilient new land whilst using less sand resources. And speaking of the Netherlands, we have also been very successful in our home market over the past year, both in the execution and acquisition of new high-profile projects, such as the reinforcement of the IJsselmeer dike to protect a large part of the hinterland against high water. We also continue to make an important contribution to the global energy transition. We have now been involved in the development of 175 wind farms worldwide. Last year, we were once again busy installing foundation piles and cables for various offshore wind farms in the US and Europe. With the transport and installation of the DolWin 5 offshore converter platform, we successfully completed a multifaceted project in support of the German offshore wind farm Borkum Riffgrund 3. This complex project once again demonstrated Boskalis' unique strengths, combining innovation, a versatile fleet, and close cooperation across our various business units.
As for the outlook, we see that increased geopolitical tensions, trade restrictions and rising costs are affecting the appetite to invest in large infrastructure developments. The 2025 result was exceptional and will not be matched this year; however, based on the order book and taking into account the current situation in the Middle East, we remain cautiously positive about 2026. Based on our strategy focused on the construction and maintenance of maritime infrastructure, as well as our relevance to major societal challenges, such as advancing the energy transition and providing solutions in response to climate change, the medium and long-term outlook for Boskalis is favorable.
Recent developments in the Middle East are causing considerable uncertainty. Although it is currently relatively quiet in terms of projects in the Persian Gulf, we have many colleagues in the region. The unrest and limited opportunities to leave the region make this period particularly difficult for them and their families. Safety is a top priority at Boskalis that extends beyond our vessels and projects; where possible, we are offering remote support and care to our colleagues."
DIVISIONAL DEVELOPMENTS
DREDGING & INLAND INFRAIn the Dredging & Inland Infra division, revenue amounted to EUR 1.9 billion (2024: ...
