Creating value amid difficult market conditions

Revenue stabilised at a record-high level of DKK 5.6 billion in 2025 following several years of strong growth, and Semco Maritime consolidated profitability with EBITDA before special items of DKK 292 million and a strong margin of 5.2% compared to DKK 318 million and 5.6% in 2024. Activity remained high throughout 2025, and the solid results were in line with expectations for the year and driven by good operational performance.

“Our efforts to raise the share of Group revenue from Renewables to 65% by 2027 continued, and we surpassed the strategic target ahead of schedule as our Renewables business generated 67% of Group revenue in 2025 compared to 58% in 2024. This is an important milestone for us as it underlines our ability to adapt to the dynamic conditions in global energy markets and execute our strategy in a highly volatile environment,” says CEO Steen Brødbæk.

The Group's order intake increased by 26% to DKK 6.4 billion in 2025 after securing several significant contract signings despite caution among politicians, developers and investors in the industry. The order book grew by 14% to DKK 6.7 billion and provides a solid foundation for maintaining a good activity level and delivering continued progress.

“We navigated the increasingly unstable investment climate in the renewables sector by sharpening the focus on offshore wind service assignments and other areas characterised by greater resilience to political uncertainty. We therefore supplemented recent years’ gradual shift from conventional energy to power-to-x, energy infrastructure and other projects related to the green energy transition with efforts to establish Semco Maritime as a key player in the defence sector. I am amazed by the ability of our dedicated employees to adapt to new market challenges and opportunities to continue building a stronger company. Their professionalism, flexibility and entrepreneurship provide a strong sense of pride and confidence in the future,” says Steen Brødbæk.

Semco Maritime expects to consolidate the positive developments realised in recent years with solid business performance and financial results in 2026. The Renewables business is expected to retain its momentum and a high activity level with strong contributions from new multi-year offshore wind service agreements in particular. Conventional energy is expected to remain relatively stable with a slightly higher contribution from rig maintenance and upgrades after years of low activity. 2026 revenue is expected to be within a 10% range around the high level reported in 2025 based mainly on expected growth in Renewables and despite continued uncertainty and low visibility. Profitability is expected to remain solid in 2026 with a projected profit margin (EBITDA) of 5-7% before special items. The guidance for 2026 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.

Key figures and financial ratios, Semco Maritime A/S

Read annual report 2025