Jan De Nul posted record revenue of four billion euro in 2024, where in 2023 it was just under three billion euro. At 777 million euro, EBITDA is also up 27 percent. Net profit is up 38 per cent, to 409 million euro.
Jan Neckebroeck, CFO at Jan De Nul: “Jan De Nul can report a fantastic year in terms of results, despite geopolitical tensions and economic uncertainties. This gives us confidence for the future, as global tensions, reinforced with growing protectionism, continue into 2025.”
Growth across divisions
Dredging and offshore energy projects account for 77 per cent of Jan De Nul’s turnover. The construction of offshore wind farms and the installation of submarine cables to bring green energy ashore are on the rise. Jan De Nul’s dredging activities also continue to do well, including the construction of new ports in Spain, Senegal and India.
The company’s various construction and redevelopment projects account for 23 per cent of its turnover. Examples include the Oosterweel link, the new traffic complex near Brussels Airport and the energy island in the Belgian North Sea.
Jan Neckebroeck: “We can be proud that all our divisions are helping to support the strong increase in turnover. Moreover, with 302 projects in 35 countries, we realize this turnover on all continents. Our biggest market is still Europe with 42 per cent, but Asia and the Middle East also account for 34 per cent and the Americas provide 20 per cent of our turnover.”
Negative net debt and major investments
At the end of 2024, the order book stood at 9.55 billion euros—once again a record, giving the company confidence for the future. This is also reflected in the major investments Jan De Nul made in 2024. The company again ordered an extra-large vessel to install subsea cables; a first plug-in hybrid dredger and it is strongly committed to the electrification of its onshore machinery.
Jan Neckebroeck, CFO, Jan De Nul. (Image credit: Jan De Nul)
Jan Neckebroeck: “Despite all our investments, we can present a negative net debt. This financial strength is important for our company, as it allows us to further invest in the most innovative fleet and progressive land equipment.”
Renewed green funding
To finance its operations, Jan De Nul concluded a green loan agreement with a consortium of five banks on 17 January 2025. This represents a renewal of the green syndicated loan already set up in 2019.
The green loan was structured according to the ‘Green Loan Principles’ as drafted by the Loan Market Association, which is the industry association in which banks, lawyers and other financial parties are represented. Its aim is to promote investment in green projects by providing banks and companies with guidelines around the characteristics of a green loan. With a term of seven years, Jan De Nul thus secures a stable funding base. In addition to this 400 million euro green loan, a long-term revolving credit facility for 250 million euro was also placed with the same consortium of banks.
8,801 employees
Jan De Nul employed 8,801 employees at the end of 2024. All of whom may call themselves ‘World Builders’ since 6 January 2025, as Jan De Nul started the year with a new brand identity that puts employees at the center.
Jan Neckebroeck: “This company is ready for the future. And this is largely thanks to our 8,801 World Builders. The Can-Do mentality, the drive to keep innovating, to bring every project to a successful conclusion, no matter how difficult or complex. That is where our greatest strength lies.”
