Group Performance - Group turnover grew 10% year-over-year to 2.1 billion euros, driven by continued strong growth in Offshore Energy [3] - EBITDA increased 35% to a record level of 464 million euros, or 21.9% of turnover, up from 345 million euros, or 18.0% of turnover, for the first half of 2024 [3] - Net profit increased 27%, reaching 179 million euros, compared to 141 million euros a year ago [3] Strategic Developments - DEME acquired Havfram, a Norwegian offshore wind contractor, reinforcing its ambition to expand in the offshore wind energy market and strengthening its competitive edge in turbine and foundation installations [3] - The two Havfram vessels under construction are on schedule for delivery - one at the end of 2025 and the other in early 2026 [3] Future Outlook - Order book stood at 7.5 billion euros as of June 30, 2025, including the Havfram order book, compared to 7.6 billion euros a year ago [3] - Management reaffirms its expectation that full-year turnover will be at least in line with 2024 and now anticipates full-year EBITDA margin to slightly exceed 20% [3]

Group 1 - The company reported a solid start to the year with group turnover reaching 993 million euros, reflecting a 10% increase compared to 900 million euros a year ago [3] - The order book remains healthy at 7.6 billion euros, slightly up from 7.5 billion euros a year ago, excluding the order book from Havfram [3] - Management has reaffirmed guidance for the year, expecting turnover and EBITDA margin to be at least in line with last year's performance [3] Group 2 - Subsequent to the quarter end, the company acquired Havfram, a Norwegian offshore wind contractor, which supports its ambition to expand in the offshore wind energy market [3] - The acquisition is expected to bolster the company's competitive edge in turbine and foundation installations [3]

Core Points - DEME has successfully completed the acquisition of Havfram, an international offshore wind contractor based in Norway [1] - The acquisition was announced on April 9, 2025, and is valued at approximately 900 million euros [1] - All customary closing conditions for the transaction have been met [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating wind turbine project and the termination of a major solar component procurement by China Power Construction [6][7]. - The Australian government's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive installation growth [7]. Summary by Sections Wind Power - The commencement of the 16MW floating wind turbine project by Three Gorges marks a significant milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. - Key companies to watch include Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market shows upward momentum [7][16]. Solar Power - China Power Construction's termination of a 51GW solar component procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar equipment index decreased by 9.56%, with the current PE_TTM valuation around 29.99 times [4]. - Companies of interest include Longi Green Energy and Tongwei Co., as the solar sector faces potential short-term demand weakness post-May 31 [7][16]. Energy Storage & Hydrogen - The Australian Labor Party's proposed AUD 2.3 billion subsidy for home energy storage systems aims to lower costs by 30%, potentially facilitating the installation of over 1 million new batteries by 2030 [7]. - The energy storage index dropped by 9.04%, with a current PE_TTM of 23.9 times, indicating a strong growth outlook for the sector [4]. - Key players in the energy storage market include Sungrow Power Supply and Shuneng Electric, while the hydrogen sector sees interest in companies like Huagong Huaneng and Yihua Tong [7][16].