Boskalis Calls First Half 'Solid' Despite Geopolitical Drag on New Projects
Revenue fell to EUR1.90bn as clients held back on new work, though the order book stayed near EUR6.8bn.
Boskalis says its first six months of 2026 were 'solid' despite an environment in which geopolitical uncertainty, particularly in the Middle East, left some clients reluctant to award new projects.
Chief executive Theo Baartmans said the period took place against a backdrop of ongoing uncertainty but that the company still delivered a solid result on strong operational performance. The offshore energy division did the heavy lifting: activity across offshore wind and oil and gas generated what the company called excellent project results, with transport, cable installation and marine services activities supporting the divisional performance.
The dredging and inland infrastructure division had a tougher half. Activity levels in Asia and the Middle East ran lower than anticipated and fleet utilisation suffered as a result. Boskalis still secured new work, including the Luleå port development project in Sweden and extensions to long-term UK contracts, but Baartmans acknowledged the division's market conditions were more challenging than the group as a whole. Domestically, climate adaptation, flood protection and infrastructure renewal continued to generate opportunities, though he flagged that funding for such investments has become increasingly difficult to secure.
The headline numbers show the strain: first-half revenue came to EUR1.90 billion ($2.2 billion), down from what the company itself described as an exceptionally strong EUR2.35 billion ($2.75 billion) a year earlier. EBITDA fell to EUR553 million ($645 million) from EUR748 million ($875 million), and net profit dropped to EUR275 million ($320 million) from EUR426 million ($498 million). The order book stood at EUR6.8 billion ($7.95 billion) at the end of June, slightly below year-end 2025 but, in the company's own framing, a solid foundation for the remainder of the year.
Baartmans was direct about what the numbers show: the decline in results and lower utilisation demonstrate that Boskalis is not immune to geopolitical effects, and government and private willingness to commit to new infrastructure spending remains subject to macroeconomic uncertainty. Barring unforeseen circumstances, the company said it expects EBITDA for the full year to come in stable relative to the first half.
