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Results of financial year 2025
Results of financial year results 2025
CFE ONCE AGAIN DEMONSTRATES ITS RESILIENCE IN A DIFFICULT MARKET- Operating income up 40.3% to € 44.9 million
- Net income, Group share of € 33.5 million
- Return on equity 13.5%
- Record operating cash flow: € 113.3 million
- Positive net cash position of € 43.8 million, the highest level in the recent decades
- Proposed dividend of € 0.50 gross per share, an increase of 25% compared with 2024
- Outlook for 2026: net income close to that of 2025
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Key figures
Year ended December 31
(in million €)
2025
2024
Change
Revenue
1,041.6
1,182.2
-11.9%
EBITDA
% of revenue
63.0
6.0%
49.9
4.2%
+26.3%
Operating income (EBIT)
% of revenue
44.9
4.3%
32.0
2.7%
+40.3%
Result for the period - share of the group
% of revenue
33.5
3.2%
24.0
2.0%
+39.6%
Earnings per share (share of the group) (in euro)
1.36
0.97
+40.2%
Year ended December 31
(in million €)
2025
2024
Change
Equity - share of the group
264.0
247.8
+6.5%
Net financial debt
-43.8
41.7
-205.0%
Order book
1,632.6
1,646.3
-0.8%
Raymund Trost, CEO of CFE, said:
2025 was a strong year for CFE as we achieved a 40% increase in operating income and delivered a return on equity of 13.5%. These achievements reflect the resilience of our business model which bears its fruit in a challenging market.
I am very proud of our teams for their solid performance in 2025. Across the Group, they showed incredible expertise, ownership and a strong commitment to operational excellence, with all business segments contributing positively to our performance.
I would also like to draw attention to our safety results, which we have significantly improved over the past year, both in terms of frequency and severity rates, thanks to everyone's efforts and attention.
With a record operational cash-flow and a debt-free balance sheet, we are well positioned to invest in the growth of our businesses and in transformative projects such as Kennedy Park. We will continue to manage risks rigorously, focusing on projects that match our capabilities in our core markets of sustainable buildings, smart industry and the infrastructure needed for tomorrow's energy and mobility, and increase the proportion of recurring revenues in our portfolio.
I want to thank all the men and women of our Group, as well as our clients, suppliers and partners, for their continued trust and commitment to making a change for good.
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General overview
Turnover in 2025 amounted to € 1,041.6 million, down by 11.9% compared with the previous year. The fall in activity was concentrated in the Belgian and Polish construction entities, as well as at MOBIX. The overall economic environment remains difficult.
Operating cash flow1 reached a record high for the second year running: it reached € 113.3 million, up by € 28 million compared with 2024. This strong performance is explained by the level of EBITDA (€ 63 million) and the significant improvement in working capital requirements.
Operating income (EBIT) was € 44.9 million, up by 40.3% compared with 31 December 2024. The contribution from the Construction & Renovation and Real Estate Development segments increased significantly, partially offset by the decline in MOBIX's results.
Net income (group share) was € 33.5 million.
Equity was € 264 million as at 31 December 2025, an increase of 6.5% compared with 31 December 2024. Return on equity (ROE) reached 13.5% (10.1% in 2024).
CFE went from a net financial debt of € 41.7 million as at 31 December 2024 to a net financial surplus of € 43.8 million. This remarkable change can be explained by a record level of operating cash flow.
CFE SA, the group's parent company, and its subsidiaries BPI Real Estate Belgium and BPI Real Estate Luxembourg have a combined total of € 250 million of confirmed bank credit lines, of which € 43 million were used as at 31 December 2025. All the banking covenants have been complied with.
The order book stands at € 1.63 billion, and thereby remains stable compared with 31 December 2024. The situation is varied across the Group's different divisions: the order book is up at VMA but down at Construction & Renovation in Belgium and Poland. The order book of CLE and MOBIX remains stable.
1The operating cash flow is equal to the net cash flow generated from the operating activities as shown in the cash flow statement (page 21)
- Outlook 2026
The medium and long-term outlook for CFE is positive, thanks to its position in growth markets such as renovation and improving the energy performance of existing buildings, the development of infrastructures related to the energy transition, as well as technically complex construction projects in the industrial sector, hospitals, defense, and data centers. By combining its various activities, CFE responds to the increasing market demand for total solutions that cover the entire lifecycle of a project - from development to construction, including multitechnics installations and maintenance.
In 2026, BPI Real Estate will continue to focus on new real estate developments with low permitting risk and strong commercial potential. The company has held its ground well in a real estate market - both residential and office buildings - that remains challenging in the short term, but where the first signs of recovery are visible. The Kennedy Park project (formerly Kronos) in Luxembourg is expected to be a gamechanger for both BPI Real Estate and CFE, due to both the scale and the sustainable ambitions of the project.
VMA has significantly expanded its order book and demonstrates considerable growth potential, particularly in its activities related to building technologies and maintenance, which provide a source of diversified, recurring income. In addition, the combined expertise with MOBIX in energy infrastructures constitutes a growth pillar for the coming years. VMA expects to achieve an increase in revenue and in its results in 2026.
The entities in Construction & Renovation expect a slight increase in their turnover in 2026. The focus will be on the careful selection of new orders and the continuous improvement of operational performance, as well as capitalizing on opportunities in profitable niche markets where their expertise in complex construction projects truly comes into its own.
Overall, CFE expects its net income in 2026 close to that of 2025. The group will seek to make optimal use of its strong cash position to seize new growth opportunities, whilst continuing to adhere to strict risk management.