DEME : 2023 Half Year Report

REPORTYEAR

(3) The Group'sHALForderbook is is not yet accounted for as associates.

(4) The reconciliation between consolidated according to the

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TABLE OF

CONTENTS

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HIGHLIGHTS

Financial & non-financial key figures Financial key figures by segment Group performance

Executive summary

Outlook

Financial figures

Operating segments

ESG progress

Environmental

Social

Governance

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HALF YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statement of Income

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Condensed Consolidated Statement of Cash Flows

Consolidated Statement of Changes in Equity

Segment Reporting

Description of operating segments

Financial information of operating segments

Shareholder Structure and Share Capital Corporate Information Earnings and Dividend per Share

General Policies and Changes in the current reporting period

Basis of preparation

Seasonal nature of the business

Judgments and estimates

Risks and uncertainties

Changes in the consolidation scope

Foreign currencies

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One time recognition of deferred income for the operational offshore wind farms resulting from the implementation of new legislation in Belgium Gain on the sale of 'Groenewind' amounts to 12 million euro

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PRELIMINARY REMARK

This Half Year Report includes the interim condensed consolidated financial statements for DEME Group NV and its subsidiaries (together the DEME Group) that are prepared in accordance with the International Financial Reporting Standards (IFRS) as of 30 June 2023 and for the six-month period then ended.

These interim financial statements have been prepared in accordance with IAS 34 interim financial reporting and should be read in conjunction with the Group's Annual Report as of 31 December 2022.

The Half Year Report includes the 'Consolidated Statement of Financial Position and (Comprehensive) Income', 'Condensed Consolidated Statement of Cash Flows', 'Consolidated Statement of Changes in Equity', 'Segment Reporting' and a selection of explanatory notes.

Both the Group's Half Year Report 2023 and the Annual Report 2022 are available in

English and in Dutch and can be downloaded from the website www.deme-group.com.

Explanatory Notes to the Consolidated Financial Statements

Note (1)	Turnover and orderbook
Note (2)	Other operating income and expenses
Note (3)	Current taxes and deferred taxes
Note (4)	Intangible assets
Note (5)	Goodwill
Note (6)	Property, plant and equipment
Note (7)	Right-of-use assets
Note (8)	Inventories
Note (9)	Trade and other operating receivables
Note (10)	Assets held for sale
Note (11)	Interest-bearing debt and net financial debt
Note (12)	Financial risk management and financial derivatives
Note (13)	Contingent assets and liabilities
Note (14)	Rights and commitments not reflected in the balance sheet
Note (15)	Related party disclosures
Note (16)	Events after the reporting period

Management Declaration

Independent Auditor's Report

Glossary and definition of alternative performance measures

1. The Group's orderbook is the contract value of assignments acquired as of 30 June (Half Year reporting), and 31 December (Full Year reporting) but that is not yet accounted for as turnover because of non-completion. The orderbook also includes the Group's share in the orderbook of joint ventures, but not of associates.
2. The reconciliation between the segment turnover and the turnover as per financial statements refers to the turnover of joint ventures. They are consolidated according to the proportionate method in the segment reporting but according to the equity consolidation method in the financial statements.

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FINANCIAL & NON-FINANCIAL KEY FIGURES

(Full Year (FY) and Half Year (1H) figures)

		1H23	1H22	FY22
FINANCIAL KEY FIGURES (in millions of euro)
Turnover		1,475.4	1,291.7	2,654.7
EBITDA		221.9	191.3	473.9
Depreciation and Impairment		164.8	151.2	318.7
EBIT		57.1	40.1	155.2
Net result from joint ventures and associates		2.7	7.1	15.8
Net result share of the Group		30.2	39.5	112.7
Orderbook		7,654.0	5,620.0	6,190.0
Shareholders' equity (excl. non-controlling interests)		1,805.6	1,639.9	1,753.9
Net financial debt		-715.2	-573.7	-520.5
Total cash		309.4	675.2	522.3
Operating working capital		-411.0	-399.0	-506.2
Balance sheet total		4,614.0	4,581.9	4,509.8
Investments		216.0	226.3	483.9
Earnings per share (in euro)		1.19	1.56	4.45
Dividend for the year per share (in euro)		N/A	N/A	1.5
NON-FINANCIAL KEY FIGURES (in weeks)
Fleet utilisation rate of Trailing Suction Hopper Dredgers		18.6	19.6	38.3
Fleet utilisation rate of Cutter Suction Dredgers		6.4	16.5	29.3
Fleet utilisation rate of Offshore equipment		17.1	18.1	33.6

All definitions for alternative performance measures (APMs) or acronyms used in this report are available in the Glossary.

DEME HALF YEAR REPORT 2023	5

FINANCIAL KEY FIGURES BY SEGMENT

(in millions of euro)

(Full Year (FY) and Half Year (1H) figures)

	1H23	1H22	FY22
Turnover	1,475.4	1,291.7	2,654.7
Offshore Energy	657.8	471.5	957.8
Dredging & Infra	716.2	746.5	1,524.3
Environmental	143.3	90.7	206.3
Concessions	2.6	0.2	2.2
Reconciliation	-44.5	-17.2	-35.9
EBITDA	221.9	191.3	473.9
Offshore Energy	79.1	100.3	221.9
Dredging & Infra	102.1	94.6	254.9
Environmental	32.5	12.2	25.0
Concessions	-6.8	-6.9	-12.7
Reconciliation	15.0	-8.9	-15.2
EBIT	57.1	40.1	155.2
Offshore Energy	20.0	52.8	117.1
Dredging & Infra	-1.2	-7.5	44.9
Environmental	27.6	8.2	16.5
Concessions	-6.8	-7.0	-12.7
Reconciliation	17.5	-6.4	-10.6
Net result from joint ventures and associates	2.7	7.1	15.8
Offshore Energy	0.0	0.0	0.0
Dredging & Infra	0.2	0.0	0.1
Environmental	0.4	0.4	0.5
Concessions	18.3	3.2	9.3
Reconciliation	-16.2	3.5	5.9
Orderbook	7,654.0	5,620.0	6,190.0
Offshore Energy	3,892.4	2,608.1	3,260.9
Dredging & Infra	3,436.0	2,702.6	2,615.7
Environmental	325.6	309.3	313.4
Concessions	-	-	-