Semco Maritime maintained the momentum of recent years and delivered stronger growth than initially anticipated with revenue increasing 12% to a record level of DKK 5.6 billion and earnings reaching DKK 318 million following high-capacity utilization, efficient project execution and prudent cost management. The Group is well-positioned to seize opportunities in evolving markets and continue the positive development in the coming years.
“We continued to pursue our Sustainable Growth strategy in 2024, taking significant strides to grow the Renewables business’ share of group revenue to 65% by 2027. Through continued efforts since the launch of the strategy during 2022, we have successfully grown the share of group revenue from Renewables, which exceeded half and reached 58% in 2024. More notably, we have done so while still growing the Conventional energy business by 27% in the same period. I am thankful and proud that our dedicated employees are delivering on the strategic goals with such perseverance in years marked by great uncertainty,” says CEO Steen Brødbæk.
The order intake was solid in 2024, albeit below the exceptionally high level in 2023 as anticipated and due to less attractive investment conditions and protracted decision-making in the offshore wind space. Against that backdrop, Semco Maritime entered 2025 with an order book of DKK 5.9 billion with Renewables accounting for 88% and Conventional energy for 12%.
”We reaffirmed our strategic direction, which enables us to navigate the challenging waters of political and macroeconomic uncertainty, increasing costs and a lack of investment in energy infrastructure. While our Renewables business is gaining ground and accommodating the tectonic changes in global energy markets, we are recalibrating and evolving our conventional offering to support the energy transition,” says Steen Brødbæk
Semco Maritime expects to continue the positive business performance in 2025 on the back of strong progress and the good financial results delivered in recent years. Revenue is expected to be within a 10% range around the exceptionally high level in 2024, which was positively impacted by Semco Maritime taking over demanding additional work for a cooperation partner to assist a mutual customer. The additional work will add less to revenue and have a less detrimental impact on earnings in 2025, and the underlying business is thus expected to generate moderate growth despite expected challenges in Conventional energy. Semco Maritime expects to deliver solid profitability in 2025 and reach a profit margin (EBITDA) of 5-7% before special items. The guidance for 2025 is subject to significant uncertainty due to political opposition to renewable energy projects in the US, and with continued macroeconomic volatility dampening investments and affecting the renewable energy sector. In addition, continued geopolitical unrest and armed conflicts entail, among other things, energy price volatility and challenges to the supply of goods and logistics, leading to considerable fluctuations in costs and low visibility.