Mogelijk gemaakt door 
Translate
Translate
FY2025
Q1 2026
May 21, 2026
Out stoty statts in 1876, in Ketkdtiel, the Nethetlands
1888: inftasttuCtute wotks in Belgium
Antwetp, btidge-head to the wotld
Nicolaas van Haaren
Moerdijk Bridge, NL
Fort Belt, Namur region
1928, registered office in House Rieth, Antwerp
Port of Rosario, Argentina
Hendrik Willem Ackermans
AvH's oldest dredging vessel
Deepening the Scheldt River, Antwerp
Port of Reval (now Reval), Russia (now Estonia)
3
Forasol/Foramer, offshore oil infrastructure services
Consolidation in the dredging sector
1994 - Acquisition of privatized SNI/NIM
> Sofinim > Growth Capital
Cement plant, Cernavoda (Romania)
Brickworks plant, Burcht (Belgium)
Post-war reconstruction of infrastructure
1992 : Start partnership Delen family > Private Banking
1997 : Start partnership Bracht family > SIPEF
Eatly diVetsifiCation Post-Wotld Wat II 1984: IPO
MissionInspired by 150 years of entrepreneurship and strong people-oriented family values
Ackermans & van Haaren positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world.
ACTIVE OWNERSHIP LONG-TERM PERSPECTIVE SUSTAINABLE GROWTH
AVH FaCts G FigutesMarket cap (1)
€ 7,693 mio
Share price 31 Dec. 2025
€ 232.0
Net result 2025
€ 592.5 mio
Market cap (3)
€ 8,707 mio
Share price 31 March 2026
€ 262.6
FY2025
Q1∙2026
Equity 2025
€ 5,701 mio
Equity per share (2)
€ 174.45
Increase of equity/share (2)
(vs. 31 Dec 2024)
(incl. Gross dividend of € 3.80 distributed in June 2025)
+10.3%
Net cash 31 Dec. 2025
€ 428.9 mio
Investments Q1-2026
€ 9.9 mio
Net cash 31 March 2026
€ 410.8 mio
Based on share price (closing) of € 232.0 on 31 December 2025
5
Corrected for treasury shares
Based on share price (closing) of on 31 March 2026
John-Eric Bertrand
Co-CEO
Piet Dejonghe
Co-CEO
"We are pleased to share with you a very strong set of results for 2025, highlighted by a 29% year on year increase of our net consolidated profit.
DEME, the Private Banks and SIPEF performed extremely well and post record contributions to our consolidated results. Their strong operational capabilities should allow them to capitalise on a strong orderbook at DEME, an unprecedented high level of total client assets at the Private Banks, and a growing output from maturing palm oil hectares at SIPEF to continue delivering solid results in 2026.
Both DEME and our Private Banks have in addition further reinforced their market positions, respectively through the acquisition of Norwegian offshore wind contractor Havfram, and the continued external growth in the Belgian and Dutch private banking market.
Nextensa has also substantially improved its profitability and accelerated its strategic repositioning by successfully divesting several real-estate assets.
Although some of our participations were not immune to challenging market conditions affecting demand and to currency fluctuations, our Growth capital segment has also shown a strong recovery.
We wish to express our sincere gratitude to our outstanding management teams and employees across all segments. Their unwavering focus on client service and innovation has been instrumental in driving our sustainable growth as we celebrate our 150 years of existence."
6
(February 27, 2026)
ESG supports sustainable long-term value creation across the diversified portfolio of AvH by embedding it in strategy, business culture and operations. This builds resilience through mitigation of risks and unlocking opportunities.
4 ESG key group topics
Responsible shareholder ('G'): sustainable business models with clear policies.
Screening new investments and steering group companies on profitable long-term strategies aligned with AvH's ESG philosophy, i.e. "part of the solution" for societal challenges.
> 90% AuM completed DMA, basis for targets & measurable progress monitored at board level.
Climate change ('E'): reduction of greenhouse gas (GHG) emission intensity.
>90% of AuM have a GHG reduction strategy towards 2030, with scope 1 and 2 intensity decreasing.
Transition and physical climate risks qualitatively assessed for the first time.
EU Taxonomy: turnover alignment increased to 38% (2024: 34%). 70% aligned CapEx (2024: 38%), reflecting important strategic investments in 2025 including DEME's acquisition of Havfram.
Energy transition ('E'): providing solutions against global warming.
>80% of AuM have defined plans contributing to the energy transition relating to products, services or internal operations.
Talent management ('S'): attracting & retaining talent for sustainable business models.
>80% of AuM have relevant talent strategies and employee engagement frameworks .
Growth capital
Integration ESG factors into different business models
Active in various sectors
SIPEF
Sustainable RSPO palm oil production, high relative rating on ESG indices
Sagar Cements
Focus on energy efficiency, circular and renewable energy
Nextensa
Sustainable buildings and urban (re)development
7%
10%
18%
Shareholders' equity AvH
33%
32%
DEME
Offshore wind: global leading contractor, 144 MWh concessions
Environmental remediation, use of renewable energies
Strong innovation focus
CFE
Sustainable and innovative construction
Energy efficient buildings
Rail infrastructure
Top Employer approach
DEEP C Holding
Integration ESG factors in port development
Alternative for global supply chain risks
Delen Private Bank
Responsible investment policy
Business culture focused on high client satisfaction (NPS)
Bank Van Breda
Safe Haven: high solvency, high client satisfaction level, …
Strong business culture (Great Place to Work, …)
Consolidated gtoup tesult(in € mio) | 2025 | 2024 | 2023 |
Marine Engineering & Contracting | 241.9 | 201.8 | 128.5 |
Private Banking | 287.4 | 258.5 | 208.7 |
Real Estate | 23.5 | -6.4 | 15.6 |
Energy & Resources | 41.3 | 20.6 | 24.6 |
Contribution from core segments | 594.1 | 474.5 | 377.4 |
Growth Capital | 26.3 | -8.6 | 10.9 |
AvH & Subholdings | -22.0 | -9.9 | -14.8 |
Consolidated group result before capital gains | 598.3 | 456.1 | 373.5 |
Net capital gains/losses | -5.8 | 3.8 | 25.7 |
Consolidated group result | 592.5 | 459.9 | 399.2 |
Consolidated balance sheet AvH group
(in € mio) | 2025 | 2024 2023 |
Shareholders' equity (group share) | 5,701.1 | 5,278.2 4,914.0 |
Net cash AvH & subholdings | 428.9 | 362.4 517.5 |
Key figures per share
(in €) | 2025 | 2024 2023 |
Number of shares (#) | 33,157,750 | 33,157,750 33,496,904 |
Net result ¹ | 18.14 | 14.07 12.13 |
Gross dividend | 4.6 | 3.8 3.4 |
Equity ¹ | 174,5 | 161.6 150.2 |
Stock price: highest | 235.6 | 193.1 165.2 |
lowest | 179.4 | 153.2 136.8 |
close | 232.0 | 190.5 158.8 |
(in € mio) | 2025 | 2024 2023 |
Investments | 87.2 | 245.9 95.6 |
- Follow-up investments | 67.3 | 100.2 72.3 |
- New participations | 19.9 | 145.7 23.3 |
Divestments | -2.4 | -15.6 -67.8 |
Investments
New investments in:
Venturi II (commitment of $ 20 mio ).
VKC Nuts (€ 19,9 mio, 16.6% direct stake, 18.2% beneficial including Venturi).
Increase of participations in listed portfolio companies:
Nextensa (€ 22.3 mio; +5.4%).
SIPEF (€ 8.2 mio; +1.1%).
Camlin Fine Sciences (€ 4.6 mio; +1.0%).
Follow-up investments in Growth Capital portfolio, including: € 13.3 mio India & South-East Asia and € 7.0 mio Life Sciences.
Divestments: cash proceeds of € 2.4 mio, mainly related to additional income following the sale of the former Van Laere-site in
EConomiC footptint of the AVH gtoup (2025)Pro forma group personnel (1)
Pro forma consolidated turnover
(1)
Equity (group share)
Contribution to AvH result
10,559
3,928
24,931
8,825
1,577
42
1
1,023
1,010
1,025
1,817
€ 5,701 mio
399
577
264
23
€ 7,674 mio
5,257
1,883
41 -2
23
242
€ 592.5 mio
287
MARINE ENGINEERING & CONTRACTINGGROWTH CAPITAL
From € 50 mio market cap at IPO in 1984 to € 7.7 bn in 2025 (1)
1984-2025
(CAGR since IPO)
+ 12.7%
Total shareholder return
+ 12.7%
Equity & dividend
Last 5 years (CAGR)
+15.0%
Total shareholder return
+12.1%
Equity & dividend
The long-term partner of choice of family businesses and management teams to help build high-performing |
market leaders and contribute to a more sustainable world |
250
200
150
100
50
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
EǪUITY PER SHARE AvH SHARE PRICE
26 FEB 2026
€ 2G8.00
31 MAR 2026
€ 262.60
6 MAY 2026
€ 2G6.40
30 SEP 2025
€ 218.00
31 DEC 2025
€ 232.00
1 JAN; 2025
€ 1G3.40
30 JUN 2025
€ 217.00
"The board of directors is confident in the strategic positioning of AvH's core participations and the robustness of the portfolio. The strong orderbook at DEME, the record levels of assets under management at the Private Banks and a further growth of SIPEF's production will support the results also in 2026. Strong balance sheets in the participations and the net cash of 428.9 million euros at the level of AvH position the group for further growth. Despite volatility in the markets and ongoing geopolitical uncertainty, the board of directors expects the net profit of 2026 to be roughly in line with the record result of 2025."
February 27, 2026
"Despite the global macroeconomic and geopolitical uncertainties, AvH confirms its earlier guidance that net profit of 2026 is expected to be roughly in line with the record result of 2025."
May 21, 2026
16
Growth Capital
DEME
Group
CFE Deep C Holding
Green Offshore
ConttaCting62% 62% 81% 81%
DEME, Hai Long offshore wind farm
18
MARINE ENGINEERING & CONTRACTING
(in € mio) | 2025 | 2024 | 2023 |
DEME Group | 212.6 | 176.5 | 98.6 |
CFE (excl. DEEP C Holding, Green Offshore) | 15.6 | 8.4 | 6.8 |
DEEP C Holding | 8.5 | 10.3 | 7.1 |
Green Offshore | 5.2 | 6.6 | 16.0 |
Total | 241.9 | 201.8 | 128.5 |
DEME Gtoup
One of the largest and most diversified dredging and marine engineering companies in the world.
DEME > Norse Wind
DEME
(in € mio) | 2025 | 2024 | 2023 |
Turnover | 4,154.7 | 4,101.2 | 3,285.4 |
EBITDA | 930.5 | 764.2 | 596.5 |
EBIT | 432.8 | 353.6 | 241.3 |
Net result | 346.3 | 288.2 | 162.8 |
Shareholders' equity | 2,363.8 | 2,117.8 | 1,910.5 |
Net financial position | -391.3 | 91.1 | -512.2 |
Total assets | 6,203.6 | 5,475.6 | 4,760.1 |
Capex | 445.0(1) | 286.4 | 398.9 |
# personnel | 5,984 | 5,706 | 5,333 |
Excluding the acquisition of Havfram
Solid start to the year with group turnover up 2% y-o-y
Order book remains at a healthy level
Management reaffirms guidance for the year for turnover and EBITDA margin in line with 2025
DEME's new offshore transport and installation vessel Norse Wind commenced its first assignment, while Norse Energi was delivered on schedule and within budget
DEME
22
Solid order book at 7.6 billion euros compared to 7.5 billion euros at mid-year and 8.2 million euros at the end of 2024
▪ 2025: 1% increase y-o-y
23
Complementaty segments Conttibute to a balanCed and diVetsified teVenue stteamDEME
OFFSHORE ENERGY DREDGING G INFRA ENVIRONMENTAL CONCESSIONS
(in millions of euros) | FY25 | FY24 | FY25 | FY24 | FY25 | FY24 |
Turnover1 Y-o-y growth | 2,134 +4% | 2,055 | 1,652 -1% | 1,663 | 272 -16% | 337 |
EBITDA Margin | 655 31% | 432 21% | 302 15% | 358 18% | 40 15% | 44 13% |
EBIT2 Margin | 368 16% | 256 13% | 58 3% | 118 6% | 28 10% | 32 6% |
(in millions of euros) | Since start |
Value of projects at closing (Debt G Equity) | ca. 7,200 |
Own equity Invested | ca. 240 |
Contracting revenue generated | ca. 3,030 |
(in millions of euros) | FY25 | FY24 |
Net result from associates | 14 | 12 |
DEME
Source: TGS Market Overview Report Q4 2025 (incl. China)
Dtedging G Infta - PetfotmanCe dashboatd 202529
DEME30
Port-La Nouvelle
Concession remained involved in operational wind farms in Belgium (C-Power, Rentel, SeaMade)
Streamlined Scotwind concession portfolio, exiting the Ayre project (floating) and strengthening the stake in Bowdun (1GW, bottom-fixed)
Auction win for a 25-year concession for the Port of Paranagudá (Brazil), operations starting as from 2026
DEME
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
45.0%
AvH shareholding
1990
1991
1992
1993
1994
39.5%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
TURNOVER
2019
2020
2021
2022
2023
2024
EQUITY
35
2025
CFE
A listed Belgian multi-disciplinary group active in:
Real Estate Development (BPI)
Multitechnics
Construction & Renovation and investing in
Port development (DEEP C 50%)
Offshore wind farms (Green Offshore 50%)
ZIN - Brussels
CFE > Rout Lens > Esch-sur-Alzette > G.D.Luxembourg
CFE
(in € mio) | 2025 | 2024 | 2023 |
Turnover | 1,041.6 | 1,182.2 | 1,248.5 |
Net result ¹ | 33.5 | 24.0 | 22.8 |
Shareholders' equity | 264.0 | 247.8 | 236.8 |
Net financial position | 43.8 | -41.7 | -93.3 |
# personnel | 2,606 | 2,775 | 2,914 |
As reported by CFE. i.e. including contribution from DEEP C Holding (€ 5.2 mio 2025, € 6.4 mio 2024, € 4.4 mio 2023) and from Green Offshore (€ 3.2 mio 2025, € 4.1 mio 2024, € 9.9
mio 2023).
These contributions are presented separately further in this presentation.
Key figutesTurnover | Operational result¹ | Net result | Order book | |||||||
(in € mio) | Q1-26 | Q1-25 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Real estate development | 13.7 | 16.7 | 76.7 | 125.7 | 14.5 | 8.5 | 12.0 | 8.0 | 220.0 | 256.0 |
Multitechnics | 83.0 | 68.5 | 301.4 | 304.3 | 9.2 | 10.2 | 6.0 | 6.3 | 338.1 | 286.9 |
Construction & Renovation | 173.0 | 179.6 | 683.4 | 788.5 | 19.3 | 8.3 | 16.5 | 10.6 | 1,286.3 | 1,343.5 |
Investments & Holding (incl. eliminations) | -3.0 | -3.4 | -20.0 | -36.3 | 1.8 | 5.1 | -1.0 | -1.0 | -211.8 | -240.1 |
Total | 266.7 | 261.4 | 1,041.6 | 1,182.2 | 44.9 | 32.0 | 33.5 | 24.0 | 1,632.6 | 1,646.3 |
CFE
Highlights Q1-2026
CFE Group Q1 turnover +2% y-o-y: 21% increase for Multitechnics, partly offset by weaker Q1 turnover in Real Estate Development and Construction & Renovation
Positive net cash position of €48.3 million on 31 March 2026 (up €140 million since 31 March 2025)
Result from operating activities/EBIT + share of result of equity methods
Highlights 2025 (1/2)CFE
Turnover: anticipated decrease (-12% YoY), mainly related to Construction & Renovation in Belgium and Poland, and to MOBIX.
EBITDA: margin improved from 4.2% (2024) to 6.0% (2025), resulting in a 26% growth of nominal EBITDA despite decrease of turnover.
Operational result: +40% YoY to € 44.9 mio.
Orderbook remains stable at € 1.6 bio (in Multitechnics: + 26% YoY).
Net Financial Position: surplus of € 43.8 mio thanks to the record operating cash flow.
Return On Equity 13.5%.
REAL ESTATE DEVELOPMENT (BPI)
Total real estate portfolio down 14% since year-end 2024 to €
220 mio.
Net result +50% (€ 12.0 mio)
Profit margin on apartments in Poland.
Capital gains related to sale of 40% stake Piano Forte in Poland, sale of Brouck'R office building to National Lottery and sales of John Martin's project in Antwerp.
Belgium: on-going commercialization project Brouck'R in Brussels. Good progress on EQ office building in EU district.
GDLuxembourg: Mertert project is progressing well (over 90% of apartments sold). Poland: >85% commercialization for Chmielna project in Warsaw and Cavalia project in Poznan + acquisition of office tower in Warsaw for reconversion to residential use.
MULTITECHNICS (VMA, MOBIX)
Turnover: overall stable (€ 301 mio), but mixed view
VMA turnover +5%, mainly due to work for data centers and hospitals, while Industrial Automation (automative sectors) faced considerable decline.
MOBIX turnover -15%, mainly due to slow business in railway sector, but growth for public infrastructure works in Wallonia.
Net result: € 6.0 mio in 2025 (€ 6.3 mio in 2024).
39
Order book is up 18% vs year-end 2024 and stands at € 338.1 mio which is entirely attributable to VMA.
Highlights 2025 (2/2)CFE
CONSTRUCTION & RENOVATION (Belgium, Poland, Luxembourg)
Turnover: -13% decrease YoY
Belgium: 13% decrease in turnover as major projects have been completed, especially in Brussels region and Wallonia, with robust activity in Antwerp region (Oosterweel, Ineos One, SD Worx HQ, 'Nieuw Zuid').
Luxembourg: 38% growth after 2 years of market contraction. Trend is expected to continue (major projects for PWC HQ, Red Cross, residential buildings Rout Lens…).
Poland: 35% decline in turnover less favourable market conditions in logistics and office sectors.
Net result: from € 10.6 mio (2024) to € 16.5 mio (2025), supported by transaction concerning the ZIN project in Brussels, disposal of LTS production units and significant lower number of loss-making projects.
40
Order book: 4% decrease compared to year-end 2024 at € 1.3 bio (significant new contracts: EQ building in Brussels, Permeke building in Antwerp for Matexi, renovation of Newton office building in Brussels for AG Real Estate, …).
OUTLOOK
Medium/Long-term outlook remains positive as CFE is well positioned in growth markets (renovation, energy performance in buildings, infrastructure for energy transition, complex projects in sectors like industry, hospitals, defence, datacenters).
Through the combination of its various activities, CFE is responding to growing market demand for solutions covering the entire project life cycle - from development to construction, including multi-technical installations and maintenance.
CFE expects that the net income in 2026 should be close to that of 2025. CFE will seek to leverage its strong cash position to seize new growth opportunities, while continuing to manage risk rigorously.
