Ackermans & Van Haaren Says On Track To Record At Least 15% Annual Earnigns Growth

Ackermans & Van Haaren said in a nine-month trading update it now expects net profit for full-year 2025 to increase at least 15% year-on-year, driven by record performances at DEME, Delen Private Bank, Bank Van Breda and SIPEF and a stronger contribution from Nextensa. DEME posted nine-month turnover of €3.10 billion versus €2.99 billion a year ago and reiterates full-year turnover at least in line with 2024 with a materially higher EBITDA and a 20–22% margin; combined client assets at Delen and Van Breda rose to €83.91 billion from €72.73 billion; Nextensa’s net profit rose to €35.2 million (from €20.9 million) though rental income fell to €43.8 million (from €53.4 million) and is expected to be lower for the year due to a disposal program. SIPEF increased oil production to 325,624 tons (from 266,502) and Ackermans projects SIPEF contribution of $115–125 million; shares closed up 0.37% at €217.60 in Brussels.

Analysis

Ackermans & Van Haaren's nine-month trading update raises full-year 2025 net profit guidance to at least +15% year-on-year, citing record trajectories at DEME, Delen Private Bank, Bank Van Breda and SIPEF and a stronger contribution from Nextensa. This consolidated guidance is supported by specific operational data points reported for the first nine months.

DEME reported turnover of €3.10 billion versus €2.99 billion a year ago and reiterated full-year turnover at least in line with 2024 while forecasting a material year-on-year EBITDA improvement and an EBITDA margin target of 20–22%, which implies margin-led profit growth even if revenue is flat. The margin target is the principal driver of incremental group profitability and therefore execution risk on margin delivery is a key sensitivity to the guidance.

Banking operations showed meaningful scale expansion with combined client assets at Delen and Van Breda rising to €83.91 billion from €72.73 billion, which supports fee and asset-management income trajectories but requires monitoring for conversion to revenue. Nextensa's net profit increased to €35.2 million from €20.9 million despite rental income slipping to €43.8 million from €53.4 million and being guided lower for the year due to a disposal programme, while SIPEF increased production to 325,624 tons from 266,502 and is forecast to contribute $115–125 million on elevated palm-oil prices.

Market reaction to the update was muted with ACKB.BR closing +0.37% at €217.60, reflecting a moderately positive sentiment but also limited immediate re-rating; primary risks remain execution of DEME margin expansion, the effects of Nextensa's disposals on recurring income, and commodity-price volatility affecting SIPEF contribution.

Key Decisions for Investors

• Consider a selective overweight to Ackermans & Van Haaren to capture the firm’s guided >15% net profit expansion, but size positions conservatively until DEME reports confirmed quarter-on-quarter EBITDA and margin improvement
• Monitor Nextensa closely for updates on the disposal programme and rental-income trends; avoid overpaying for recurring cash-flow expectations until post-disposal rental trajectory is clear
• Manage exposure to SIPEF-related commodity risk by hedging or keeping position sizes limited given palm oil price volatility and the $115–125m contribution sensitivity
• Track conversion of Delen and Bank Van Breda client-asset growth into fee and net-income metrics; consider adding exposure if subsequent quarters show consistent revenue/fee uplift