Boskalis reported a significant contraction in profitability for the first half of 2026, with net profit falling 35% year-on-year to EUR 275 million, down from EUR 426 million in the same period last year. Revenue declined 19% to EUR 1,902 million, reflecting challenging market conditions characterized by geopolitical uncertainty and subdued client investment appetite across several regions.

The downturn was most pronounced in the Dredging & Inland Infra division, where lower fleet utilization impacted earnings. Geopolitical tensions in the Middle East disrupted operations, leading to extremely low utilization of cutter suction dredgers and reduced occupancy for hopper dredgers and subsea rock installation vessels compared to the exceptionally high levels recorded in H1 2025. Activity levels in Asia also underperformed expectations.

In contrast, the Offshore Energy division delivered a strong performance despite a year-on-year decline in revenue and earnings against an exceptionally strong prior period. The Contracting cluster benefited from excellent project execution on major offshore wind projects, while Subsea Cables performed well supported by ongoing installation activities in Europe and North America. However, the Services cluster saw results below the prior year’s peak, particularly in Marine Survey and Heavy Marine Transport, which were affected by unrest in the Middle East.

Towage & Salvage operations remained stable, with Smit Lamnalco securing contract extensions including a renewal in Gabon. Adjusted for the deconsolidation of Australian and Papua New Guinean activities sold in Q3 2025, revenue was virtually stable. Salvage activities remained quiet with limited emergency response contracts, though results benefited from customary settlements on previously completed projects.

What the Numbers Show

EBITDA margin contracted significantly alongside the revenue decline. With EBITDA falling 26% to EUR 553 million against a 19% revenue drop to EUR 1,902 million, the operating leverage worked against the company during this period. The EBITDA margin stood at approximately 29.1% in H1 2026 (EUR 553 million / EUR 1,902 million), compared to 31.9% in H1 2025 (EUR 748 million / EUR 2,345 million), indicating that fixed costs were less effectively absorbed by the lower revenue base.

Balance Sheet and Order Book

Boskalis maintained a strong financial position, closing the period with a net cash position of EUR 862 million, including lease liabilities, up from EUR 565 million at the end of June 2025. The solvency ratio stood at 56.9%. Available financing capacity amounted to approximately EUR 1.4 billion.

The order book decreased slightly to EUR 6,757 million as of June 30, 2026, from EUR 7,004 million at the end of 2025. This reduction was driven by the Offshore Energy division as large projects moved into execution, partially offset by growth in the Dredging & Inland Infra division following new awards such as the Luleå port deepening project in Sweden.

*Order book comparison is against H1 2025 figure provided in source table; year-end 2025 order book was EUR 7,004 million.

Boskalis and Van Oord have secured a EUR 500 million contract to expand the Port of Luleå in Sweden, a move aimed at supporting the region's green industrial transition. The contract, awarded by the Swedish Maritime Administration and the Port of Luleå, will be split equally between the two companies. The project is part of the broader Malmporten initiative designed to strengthen Luleå's role as a key logistics hub for fossil-free steel and sustainable energy production in Norrbotten.

The joint venture will deepen the port's fairway and harbor basin to allow vessels with a draft of up to 14.7 meters and a cargo capacity of 85,000 tons. This represents a significant increase from the current capacity of 45,000 tons. The expansion is expected to improve operational efficiency and reduce emissions per ton of transported cargo, aligning with the growing demand for raw material exports and renewable fuels from northern Sweden and Finland.

Project execution is scheduled to commence in the spring of 2027 and will be conducted during ice-free seasons. The works are set to be completed before mid-August 2030. The scope involves dredging approximately 14 million cubic meters of material, including sand, silt, clay, moraine soils, boulders, and fresh rock. A portion of the dredged material will be reused for land reclamation to facilitate the development of a new deepwater port area.

A specialized fleet of equipment will be deployed, including trailing suction hopper dredgers, backhoe dredgers, grab dredgers, and drill & blast platforms. Environmental protection measures are a central focus of the project. Mitigation strategies will include the use of silt screens, bubble curtains, environmental buckets, turbidity monitoring, and innovative dredging techniques to minimize the ecological impact.

Boskalis and Van Oord have previous experience in the region, having completed preparatory dredging works in Luleå in 2024. Those activities involved the removal of approximately 1.5 million cubic meters of sediment, hard moraine soils, and large boulders. The new contract leverages this familiarity with the specific geological conditions of the northern Gulf of Bothnia.