The Dutch dredging company Boskalis achieved its strongest result to date in 2025. The two largest divisions in particular contributed to this.
Turnover of € 4.5 billion was slightly higher than the already strong previous year. As early as August, Boskalis saw a clearly positive trend, which continued for the remainder of 2025. Growth was primarily driven by successful project completions in the Offshore Energy and Towage & Salvage divisions. Growth in the Towage & Salvage division is mainly due to the acquisition of the remaining 50% of the shares in Smit Lamnalco at the end of 2024. Adjusted for consolidation and currency effects, revenue remained stable year-on-year.
The company’s EBITDA increased to € 1.3 billion. It should be noted that there was no extraordinary income or expenses in 2025, while EBITDA in the previous year was increased by extraordinary income of € 148 million. The operating result (EBIT adjusted for exceptional items) rose by 13.3% to € 886 million.
Boskalis generated a net profit for the year of € 775 million. In the previous year, net profit amounted to € 781 million, including the extraordinary profit of € 143 million. At € 7 billion, the specialist shipping company’s order backlog was slightly higher than at the end of 2024.
Financially most successful year in the company’s history
“2025 was an exceptional year for Boskalis in many respects,” said CEO Theo Baartmans. “Thanks to an exceptionally strong performance in all three divisions, high fleet utilization and outstanding project results, we achieved record sales of € 4.5 billion and a historically high EBITDA of over € 1.3 billion. This makes 2025 the most financially successful year in the long history of our company. In a world characterized by geopolitical turbulence and uncertainty, this is a significant success that was only possible thanks to the commitment, professionalism and team spirit of our more than 11,000 employees. They deserve great praise for this!”
In the area of dredging and inland infrastructure, the CEO referred to several major projects, including the expansion of the port of Oxagon in Saudi Arabia and the Pulau Tekong polder in Singapore. This “typically Dutch invention” is an excellent export product and has enabled Boskalis to create climate-resistant new land while using fewer sand resources.
Boskalis has also been able to expand its market presence in the Netherlands itself, both in the execution and acquisition of new projects, such as the reinforcement of the IJsselmeer dyke to protect a large part of the hinterland from flooding.
The company is also making a contribution to the global energy transition. “We have now been involved in the development of 175 wind farms worldwide,” said Baartmans. “Last year, we were again involved in the installation of foundation piles and cables for various offshore wind farms in the US and Europe. With the transportation and installation of the DolWin 5 offshore converter platform, we successfully completed a multi-faceted project to support the German offshore wind farm Borkum Riffgrund 3. This complex project has once again demonstrated the particular strengths of Boskalis: Innovation, a versatile fleet and close cooperation between our various business units.”
Rising costs for projects
Looking to the future, Boskalis expects increasing geopolitical tensions, trade restrictions and rising costs. This will affect the willingness to invest in large infrastructure projects, which is why the 2025 result is exceptional and will not be achieved again this year.
“Nevertheless, given the order backlog and the current situation, we assume that we will continue to be successful in the future,” said Baartmans. “We remain cautiously optimistic about 2026.”
Based on the company’s strategy, which focuses on the construction and maintenance of maritime infrastructure, as well as its relevance to important societal challenges such as the energy transition and the development of solutions to combat climate change, the medium and long-term outlook for Boskalis is favorable.
Concerned view of the Middle East
“The latest developments in the Middle East are causing considerable uncertainty,” the CEO explained. “Although it is currently relatively quiet in the Persian Gulf in terms of projects, we have many colleagues in the region. The unrest and the limited opportunities to leave the region make this a particularly difficult time for them and their families. Safety is a top priority at Boskalis and goes far beyond our vessels and projects; wherever possible, we are providing remote support and assistance to our colleagues.”
