Full-year results and Activity and ESG Report 2025 of BESIX Group

In a persistently uncertain economic and geopolitical context, BESIX delivered positive results across most of its activities in 2025, driven by a strict focus on disciplined bidding choices, balanced risk-reward contracts, strong cash visibility and successful diversification, notably through concessions and Public-Private Partnerships (PPPs), which again proved a cornerstone of the Group’s strategy.

The Group recorded a significant 20.6% year-on-year increase in revenue, reaching EUR 4,158 million (vs EUR 3,449 million in 2024). The adjusted EBITDA declined with 6.0% year-on-year to reach EUR 141 million (vs EUR 150 million in 2024), partially due to an adverse foreign exchange impact. After having more than doubled year-on-year between 2023 and 2024, the net income grew by another 7.1% to reach EUR 45 million in 2025.

While the equity reached a total of EUR 786 million, the net cash position (excluding IFRS 16, non-recourse and real estate debt) has recorded another substantial improvement to reach EUR 658 million (+43.8% year-on-year). In addition, BESIX achieved its second-best order book ever at the end of last year of EUR 6.7 billion, following a record 2024. The year-on-year decline is partially due to an adverse foreign exchange impact.

In a demanding market where clients continue to expect fast delivery, high standards, increased multi-stakeholder involvement and greater certainty, while projects themselves are becoming more complex, BESIX Construction remained disciplined and focused on its balanced risk-reward strategy.

In Belgium, the business delivered solid results, supported by strong execution capabilities and growing project scale. Clients increasingly rely on BESIX Construction for large and complex assignments, particularly in infrastructure and industrial projects. The delivery model has evolved to manage mega-projects more effectively, with positive feedback from stakeholders. Highlights include the delivery of the Beveren Tunnel, the KevlinX data centre in Neder-Over-Heembeek, and the new Média Square headquarters for RTBF in Brussels, while BESIX Construction also achieved remarkable progress on the Oosterweel link project in Antwerp, on the Aquafin sludge mono-treatment plant in Ghent, and on the Aerospacelab’s satellite production facility in Charleroi, among others.

The other European markets present a mixed but encouraging picture. The Netherlands continued on the path of a strong recovery after several difficult years; highlights of the year included the delivery of the A16 De Groene Boog project, which encompasses an 11-kilometre extension of the motorway and a tunnel, and the topping out of the POST building in Rotterdam, where BESIX and its partners are transforming a former post office into a multifunctional complex. In France, Italy and Latvia, performance was solid, with steady progress respectively in the building sector (Triangle in Paris, France), in the infrastructure sector (viaducts and tunnels in Valfabbrica and Ancona, Italy), and in rail infrastructure (Rail Baltica Central Station in Riga). By contrast, in Denmark, BESIX Construction faced significant losses in 2025 on the Nordhavn project in Copenhagen, which is notably impacted by unforeseen groundwater and geotechnical conditions.

In the Middle East, demand remains high, but engagement is highly selective. Recent successes in Saudi Arabia demonstrate the value of focusing on technically complex projects where BESIX Construction brings unique expertise. In the UAE, clients are starting to embrace early contractor involvement approaches, which have proven effective in aligning expectations and delivery performance for all stakeholders involved. Oman marked a bold re-entry, with complex works in the port of Sohar progressing on target. In this region, the standout deliveries in 2025 include the Zayed National Museum in Abu Dhabi (UAE) and the marine infrastructure works for the Port of NEOM (Saudi Arabia).

International operations faced challenging conditions in 2025, with Brazil and some markets across Africa experiencing challenges related to unforeseen conditions, delays in projects start-up, and subcontractor performance. Most notably in 2025, BESIX Construction delivered several flagship projects in Northern Africa, including the Grand Egyptian Museum in Cairo, the largest museum ever dedicated to a single civilisation. In Morocco, the Mohammed VI Tower in Rabat, peaking at 250 metres, was completed last year and delivered to the client in early 2026.

Last but not least, in Australia, a focused growth plan allowed BESIX Watpac to deliver strong results again in 2025. The focus on public and semi-public clients, early contractor involvement, two-stage contracts, selection of Tier 1 subcontractors, good industrial relations, and fair contractual frameworks has proven effective, particularly in defence, healthcare and major event-related infrastructure. Major deliveries in 2025 included the Eastwood Private Hospital in Adelaide and the CSL Seqirus cell-based influenza vaccine and antivenom manufacturing facility in Melbourne.

The BESIX Affiliates, the Group’s regional and specialised contractors in the Benelux and France, delivered a strong performance in 2025, with a global net margin in excess of 3%.

Every entity played its part in strengthening the collective performance of the BESIX Affiliates. Jacques Delens advanced major social housing renovations in Brussels and delivered key community projects, including a sports hall in Evere. Wust completed flagship projects such as the Nexova Cybersecurity Centre and a new police station in La Louvière. LuxTP will complete the new headquarters for the Luxembourg Red Cross in 2026, and the company has signed the extension of the Philharmonie Luxembourg, among others. Vanhout moved forward with both public and private projects, including buildings and civil works for the ONE project by INEOS in Antwerp, and the Constructiv office in Brussels. Socogetra made a major contribution to infrastructure renewal in Wallonia and Brussels, including the lines 161 and 124 of the RER. Socogetra’s industrial projects were also significant, including the GO4ZERO project (civil works on a decarbonised cement production facility for Holcim) in Obourg. At the end of the year, the company acquired a 70% stake in Béton Refect SA, a leading player in concrete rehabilitation in Wallonia. BESIX Environment supported the Group’s energy transition by making significant strides on the Hyoffwind large-scale green hydrogen production facility in Zeebrugge. BESIX Unitec delivered major utility network works in Antwerp and secured a new framework agreement with Orange for fibre and coaxial connections. BESIX Infra played a key role in mobility projects such as the Oosterweel link in Antwerp and the Beveren tunnel. Franki Foundations continued to support complex foundation works both in Belgium and abroad, including on the Oosterweel and R4 West and East projects. In September, the company completed the sale of its UK subsidiaries.

After years of steady growth, BESIX RED, the real estate development arm of the Group, is facing one of the most challenging market environments the industry has experienced in decades. Rising inflation, energy, construction, and financing costs, combined with lengthy permitting procedures, continued to put significant pressure on the real estate sector in Europe – and more specifically in Belgium and Luxembourg.  

Within this difficult market environment, BESIX RED reported a lower turnover year-on-year, reflecting the slowdown of development activity across several markets. The result was primarily driven by the office transactions of WellBe in Lisbon, Portugal (27,600 m²), delivered during the summer to Caixa Geral de Depósitos, and PURE – La Madeleine (8,000 m²) in the Lille metropolitan area, sold to Swiss Life Asset Managers France. BESIX RED also inaugurated DUUO I, its first residential development in Lisbon, with most units sold prior to completion. The company’s performance was globally supported by residential sales across several projects in Belgium and Portugal, representing approximately 150 units sold during the year. At year-end, BESIX RED had a development portfolio with a net book value of EUR 475 million, providing a solid foundation. The company further expanded its diversification strategy in the Purpose-Built Student Accommodation (PBSA) segment. In Belgium, BESIX RED launched Agora Campus in Mons, a student housing project secured through a long-term lease agreement with the University of Mons, ensuring stable occupancy and long-term income visibility. BESIX RED also partnered with Promiris to develop a pipeline of approximately 2,000 student housing units in five cities across Portugal and Spain.

In 2025, BESIX Invest advanced several major infrastructure projects across its core markets, reinforcing its role as a long-term partner in public-private partnerships. In Abu Dhabi (UAE), the Business Line reached financial close for the Khalifa City School under the Zayed City Schools PPP Augmentation initiative, to deliver a new campus for more than 3,000 students under an 18-year concession. In Dubai, the Warsan waste-to-energy plant completed its first full year of operations, supplying 220 MW of electricity from municipal solid waste and illustrating the contribution of infrastructure to the region’s energy transition. In Europe, BESIX Invest achieved commercial and financial close for the ViA15 motorway project in The Netherlands, which will close a critical gap in the national road network.

BESIX Invest continued to expand its activities in sustainable and innovative infrastructure. In Belgium, the Group signed an agreement to develop the PIPER‑BW Renewable Energy Hub, led by BESIX Power, supporting its ambitions in renewable energy. At the same time, BESIX Technology underwent a strategic refocus, discontinuing selected participations with limited long‑term prospects. New and continued investments included Mobius Benelux, a circular economy specialist reducing CO₂ emissions through the refurbishment and resale of raised access floor tiles.

Safety performance in 2025 reflected both sustained commitment and clear areas requiring further improvement. During the year, three fatal accidents occurred: two involving members of the Group’s own workforce and one involving a subcontractor. These tragic events underline that achieving consistent safety outcomes across all activities remains a critical challenge.

In response, BESIX reinforced the deployment of its health and safety strategy throughout 2025, with particular focus on BESIX Construction and BESIX Affiliates, the two Business Lines with the highest exposure to operational risk. Targeted improvement plans were launched to strengthen leadership accountability, preventive behaviours and subcontractor engagement. Safety performance management evolved towards a greater emphasis on leading indicators, supported by increased Management Safety Walks, an expanded network of BE SAFE Ambassadors and strengthened Life‑Saving Rules based on field‑level risk analysis. Subcontractor integration was further enhanced by aligning partners with the Group’s safety standards through training and shared tools. While these measures are not yet fully reflected in the 2025 safety performance of the Group, they are designed to deliver sustainable improvements and support BESIX’s long‑term ambition of zero fatalities, as demonstrated by an improvement in the work-related accident rate in the final quarter of 2025.

BESIX is closely monitoring the situation in the Middle East and neighbouring areas. Teams in the region are continuing their activities under carefully managed conditions, in close coordination with local partners and authorities. Their safety and well-being remain our highest priority. In a limited number of locations, BESIX has taken precautionary measures, including temporary adjustments to certain operations, based on local developments.

The company has been operating in the region since 1966. Its activities span major infrastructure, building and marine projects, delivered by local and international colleagues who live and work in these countries and are an integral part of its organisation. Since the 1960s, the company has navigated through many challenging times the Gulf region went through, with professionalism, resilience and solidarity.

This year, BESIX Construction will continue to prioritise quality growth, disciplined risk management and operational excellence in a market environment that is expected to remain demanding. Supported by a strong order book, an improved risk-reward balance and more mature delivery models, the Business Line has entered the year with solid fundamentals. The focus will remain on selective project acquisition, collaborative client relationships and predictable project execution, while closely monitoring geopolitical developments, particularly in the Middle East, with the safety and well-being of local teams as the primary concern. Major deliveries in 2026 will include the Guggenheim Abu Dhabi Museum (UAE), the Aramco Stadium in Saudi Arabia, the Portonave marine infrastructure in Navegantes (Brazil), the GO4ZERO decarbonised cement production facility in Belgium, and Woolworths Sydney Chilled and Fresh Distribution Centre (Australia). In the first quarter of the year, BESIX Watpac delivered the landmark One New Zealand Stadium in Christchurch, with a seating capacity of 30,000, which marks the company’s first major project in the country. Finally, BESIX has recently restarted major marine works in Mozambique, including one of the world’s longest jetty structures.

With a solid order book of contracts with healthy margins, the BESIX Affiliates are well positioned for continued growth in 2026. The focus will be on delivering integrated solutions through a strengthened one-stop shop model approach, and enhanced collaboration across entities. This positioning is expected to support sustainable performance and reinforce the Affiliates’ contribution to the Group’s overall value creation.

As financing conditions remain constrained and investment activity cautious across several European markets, BESIX RED anticipates that the real estate environment will continue to be challenging in 2026. In this context, the Business Line will maintain a strong focus on operational discipline, prudent capital allocation and selective portfolio management, while advancing key developments across its core markets. Several flagship residential, office and mixed‑use projects are expected to progress through construction or commercialisation, supporting the gradual maturation of the development pipeline despite adverse market conditions.

Finally, BESIX Invest will continue to focus on further enhancing the financial performance of its existing assets, and on the delivery of projects still under construction in Belgium, The Netherlands and the UAE. In Belgium, a strong pipeline of large civil and infrastructure projects, particularly in Flanders, provides a favourable outlook, complemented by additional prospects in public-private partnerships for building projects. In the Middle East, while project timing remains less predictable amid geopolitical uncertainty, confidence remains high that the BOOT model will continue to be used, notably in Abu Dhabi. BESIX Power will remain primarily focused on Europe, while actively assessing opportunities to expand its renewable energy activities beyond its current geographic footprint.