ABO-Group Environment Half-year results 2025
Ghent, 18 July 2025 – 19.30 hrs Press release / Regulated information
Highlights first half-year 2025
- With sales of 53.6 million euros in the first half, the group achieved 17.7% growth. The 2nd semester 2024 acquisitions were integrated for the first time, with an impact of 9.6%. We also achieved 8.1% organic growth.
- Belgium and France generated a growth of 17.6% and 12.8% respectively (both +2.8 million euros), the Netherlands achieved a growth of 32.5% (+2.4 million euros).
- The Monitoring & Infrastructure division experienced a robust growth of 71.9%/+2.1 million euros whilst the large Environment and Geotechnics divisions increased by 17.3%/3.6 million and 10.8%/2.3 million euros, respectively.
- EBITDA increased from 5.4 million to 5.9 million euros.
- The balance sheet structure remains sound with a solvency ratio of 28% (28.2% as of 31 December 2024) and a debt ratio of 2x EBITDA.
Outlook
- Thanks to the strong performance of the ABO Group’s Geotechnical consulting arm and its Monitoring and Infrastructure companies, the group is maintaining its 2025 revenue target of between €105 million and €110 million. The slowdown in the construction sector and public procurement in Belgium and France is not affecting the ABO Group for the time being.
- During the fourth quarter of 2025, a number of large, recently secured contracts for the ministries of defence and the nuclear waste sector will commence.
- From September 2025 the group will be streamlined even more with a focus on the three countries in which we operate, with the appointment of Alexander De Palmenaer (27) as COO for Belgium and Gijs Vanreusel (35) as COO for the Netherlands with the aim of promoting operational and financial efficiency and knowledge sharing. Both De Palmenaert and Vanresuel have been active within the group for several years. Their appointment shows the organisations’ ambition to put a younger generation at the helm.
Frank De Palmenaer, CEO ABO-Group Environment: “ABO-Group is at a tipping point. The Group’s 30th anniversary marks the start of a new era, in which we are making a permanent transition from small-scale projects to large projects commissioned by 3 new categories of clients: defence, nuclear waste management and mining. This shift has several positive consequences for our organisation.
Most of these assignments are recurring, which helps shield us from the effects of a negative economic climate. For example, we are now virtually immune to the turbulence in the construction sector for the next two to three years.
These large-scale projects also require an adjustment in the way we work, which in turn accelerates the integration of our 25 specialised companies. To support this evolution, we are now appointing a COO for Belgium and one for the Netherlands: Alexander De Palmenaer and Gijs Vanreusel. From now on, they will focus on supporting and developing our Belgian and Dutch entities.
These projects also foster the growth of our employees. Greater challenges broaden their knowledge and deepen their expertise. As a result, we are able to serve our clients even better, with a service offering that is unique within our industry.
Finally, we can also state that this tipping point strengthens ABO-Group’s ability to achieve its societal goals: on the one hand, remediating historical pollution caused by more than two centuries of industrial, technological and nuclear activity. On the other, developing solutions to complex societal challenges such as climate change, the energy transition and geopolitical developments requiring an upgrade of defence infrastructure and new mining capabilities for critical raw materials.
As for our financial targets, our half-year results for 2025 show that we are on track to reach our communicated revenue goal for the year. This comes after having already approached our five-year target of 100 million euros in revenue (originally set for 2025) one year ahead of schedule in 2024.”
| in 000€ | 1H25 | 1H24 | % change | |||
| Revenues | 53 669 | 45 579 | 17.7% | |||
| Total operating income | 56 709 | 46 240 | 22.6% | |||
| EBITDA1 | 5 936 | 5 390 | 10.1% | |||
| EBITDA margin % | 11.1% | 11.8% | – | |||
| Depreciation & amortization | -4 220 | -3 724 | 13.3% | |||
| EBIT | 1 715 | 1 666 | 3.0% | |||
| EBIT margin % | 3.2% | 3.7% | – | |||
| Financial result | – 906 | – 814 | 11.2% | |||
| Profit before tax | 809 | 852 | -5.1% | |||
| Net profit | 226 | 493 | -54.1% | |||
| Total result | 148 | 460 | -67.8% | |||
| Earnings per share for the shareholders | 0.021 | 0.050 | -57.2% | |||
| Net cash flow from operating activities | 5 150 | 1 920 | 168.2% | |||
| in 000€ | 1H25 | FY 2024 | % change | |||
| Total Equity | 28 251 | 27 716 | 1.9% | |||
| Net Financial Debt | 25 569 | 24 704 | 3.5% | |||
| NFS / EBITDA | 2.0x | 2.0x | – | |||
| Fixed assets | 45 054 | 44 913 | 0.3% | |||
| Working Capital | 13 806 | 12 576 | 9.8% | |||
| Balance sheet total | 100 927 | 98 217 | 2.8% |
1 EBITDA defined as operating result before depreciation and amortisation
HY 2025 highlights
Given the slowdown in growth in the construction market and in public procurement, the group managed to achieve organic growth of 3.7 million euros or 8.1%. Combined with the revenue contribution of 4.4 million euros, or 9.6%, through acquisitions in the second half of 2024, being Eco Reest and Demey Infrabureau, group revenue amounts to 53.7 million euros for the first half of 2025. The acquisition of Délo Boringen will not contribute to the results until the 2nd semester. Only the opening balance sheet was included in the consolidation.
REVENUE PER ACTIVITY
| Activity – in €000 | 1H25 | 1H24 | % change | |||
| Geotechnical | 23 962 | 21 619 | 10.8% | |||
| % total | 44.6% | 47.4% | – | |||
| Environment | 24 660 | 21 024 | 17.3% | |||
| % total | 45.9% | 46.1% | – | |||
| Monitoring & Infrastructure | 5 047 | 2 936 | 71.9% | |||
| % total | 9.4% | 6.4% | – | |||
| Total | 53 669 | 45 579 | 17.7% |
Growth in the Geotechnical division is almost entirely attributable to France where activities normalized following a year of project delays and unforeseen machine maintenance.
The main share of the Environmental Division’s growth is due to the Dutch Eco Reest acquisition, which accounts for 75% of the growth. Moreover, environmental divisions in the field are under pressure as a result of intense competition from small new players entering the market.
The acquisition of Demey Infrabureau represents 79% of the growth of the Monitoring and Infrastructure Division. It is complemented by solid growth in Monitoring, amongst other things as a result of winning major, long-term contracts such as Oosterweel Antwerp and the start-up of GEO-ICT.
REVENUE PER COUNTRY
| Geografical – in €000 | 1H25 | 1H24 | % change | |||
| Belgium | 18 881 | 16 052 | 17.6% | |||
| % total | 35.2% | 35.2% | – | |||
| Netherlands | 9 900 | 7 469 | 32.5% | |||
| % total | 18.4% | 16.4% | – | |||
| France | 24 888 | 22 057 | 12.8% | |||
| % total | 46.4% | 48.4% | – | |||
| Total | 53 669 | 45 579 | 17.7% |
Belgian activities increased by 2.8 million to 18.9 million euros. Acquisitions in 2024 represent 59% of the increase. Existing Belgian activities are increasing mainly in Monitoring & Infrastructure (see above) and in Environment. With respect to the latter, growth has been driven by large framework contracts and increasing consulting assignments despite the slowdown in the construction market.
Sales from Dutch operations grew by 2.4 million euros to 9.9 million euros. This growth is mainly found in the Environmental Division where the revenue from the Eco Reest acquisition is a major contributor. Our Dutch companies are facing a particularly competitive market combined with the switch to larger-scale projects that pose operational challenges.
The revenue increase in France is a combination of, among other things, the recovery in geotechnical orders following a weak 2024, growth in Environment – partially offset by a decline in geophysics – a specific part of geotechnical engineering.
Margin and net results evolution
The decrease in our EBITDA margin from 11.8% to 11.1% is primarily the result of:
- A negative EBITDA margin in geophysics, where the decline in business means that sales levels are insufficient to cover fixed costs.
- A decline in the margin of Geotechnics in the Netherlands and in Belgium where 2024 was a highly exceptional year.
- A decline in fieldwork Environmental Departments in Belgium and the Netherlands due to increasing competition in basic drilling.
Depreciations rose from 3.7 million to 4.2 million euros. However, this section was positively impacted in 1H24 by a reversal of the ABO Logistics provision to the tune of 0.5 million euros. Abstracting this reversal, depreciation would remain virtually unchanged compared to 1H24.
Mainly due to increased financing for acquisitions, the financial loss increased from 0.8 million euros as of 1H24 to 0.9 million euros.
The increase in the tax expenses is mainly due to the tax credit on R&D in France recorded in 1H24, whilst no such credits were accounted for in 1H25. Given the uncertainty of the amount as well as the timing of such benefits, they are only recognized once they have been granted.
As a result of the above-mentioned effects, net profit decreased from 0.5 million euros in 1H24 to 0.2 million euros in 1H25.
Key points relating to balance sheet and cash flow
ABO-Group achieved a sound cash flow from operating activities of 5.2 million euros in 1H25, up 3.2 million euros from 1H24. Efforts with respect to working capital contributed to this increase to the tune of 2.5 million euros.
Net financial debt increased from 24.7 million euros at the end of 2024 to 25.6 million as of 1H25. The annualized debt ratio thus increases from 2.03 to 2.14 and remains healthy.
The balance sheet total as of 1H25 is 100.9 million euros, an increase of 2.7 million euros as per the end of 2024. In terms of assets the increase is mainly found in goodwill (acquisition Délo Boringen), trade receivables and other current assets, offset by the decrease in cash and cash equivalents. On the liabilities side, the increase in other short-term debt and long-term financial debt is partially offset by the decrease in short-term financial debt.
The full consolidated income statement and balance sheet, statement of changes in equity and consolidated cash flow statement are included below.
Outlook
We observe that in the second half of 2025, the slowdown in the construction sector is becoming more pronounced, which is affecting the number of orders coming from that sector. However, this is precisely the semester where several large projects that we secured are starting up and for which we are currently organizing ourselves.
Over the past years, ABO-Group has acquired specialized niche players, giving us all the necessary expertise and the capacity to participate in the largest projects. These projects relate to military reinvestments in infrastructure, the disposal of nuclear waste and the development of the mining sector under the ‘Critical Raw Materials Act’, aimed at making Europe more self-sufficient in terms of raw materials.
Ongoing geopolitical turbulence is making ABO-Group increasingly resilient to economic cycles, supporting our expectations for continued growth in 2026 and 2027.
Financial calendar
- Publication of financial results 2H205 and FY 2025: 27 March 2026
- Publication 2025 annual report: 24 April 2026
- General Shareholders’ Meeting: 27 May 2026
Statement regarding the fair presentation of the interim condensed consolidated financial information and the fair overview of the interim report
Frank De Palmenaer, CEO, declares that, to his knowledge, the interim condensed consolidated financial information for the six-month period ending 30 June 2025, which was prepared in accordance with IAS 34 “Interim Financial Reporting” as approved by the European Union, gives a true and fair impression of the assets, the financial position and the results of the company and the companies incorporated in the consolidation. The interim report gives a fair overview of the most significant events and key transactions with related parties that have taken place during the first six months of the financial year and their impact on the interim condensed financial information, as well as a description of the main risks and uncertainties for the remaining months of the financial year.
About ABO-Group Environment
Founded in 1995 as a consultancy for soil research, ABO-Group has grown into an international engineering firm specializing in all aspects of the environment and soil: quality, reuse and remediation, geotechnics and monitoring, ecology, and cultural heritage.
ABO-Group operates through its various semi-independent subsidiaries in Belgium, France and the Netherlands. With more than 800 experts, the group has the technology, expertise and scale to deliver comprehensive solutions for the most challenging projects. For customers
in construction, infrastructure, mining and raw materials, energy and water; from assessment and design to execution and maintenance of various assets.
ABO-Group Environment is listed on EURONEXT Brussels and EURONEXT Paris.
For a more detailed description of the activities of ABO-Group Environment, visit www.abo-group.eu.
For more information:
Frank De Palmenaer
CEO ABO-Group Environment nv
frank.depalmenaer@abo-group.eu
T: +32 (0)496 59 88 88
Consolidated interim income statement (unaudited)
| For the 6 months ending 30 June | ||||||
| in 000€ | Note | 2025 | 2024 | |||
| Revenue | 53 669 | 45 579 | ||||
| Other operating income | 2 | 3 040 | 661 | |||
| Total operating income | 56 709 | 46 240 | ||||
| Purchases of materials | -8 452 | -5 928 | ||||
| Services and other goods | -14 497 | -13 465 | ||||
| Employee benefit expense | -24 561 | -20 821 | ||||
| Depreciations and amortizations | 6 | -4 220 | -3 724 | |||
| Other operating charges | 2 | -3 264 | -636 | |||
| Operating profit | 1 715 | 1 666 | ||||
| Financial charges | -949 | -882 | ||||
| Financial income | 43 | 66 | ||||
| Profit before tax | 809 | 852 | ||||
| Tax | 4 | -583 | -359 | |||
| Net profit | 226 | 493 | ||||
| Net profit (loss) attributable to the | ||||||
| shareholders of the parent company | 149 | 460 | ||||
| Minority interests | 77 | 33 | ||||
| Earnings per share for the shareholders | ||||||
| Basic and diluted | 0.021 | 0.05 | ||||
| Weighted average shares (basic earnings per share) | 10 569 | 10 569 | ||||
| Weighted average shares with impact of dilution | 10 569 | 10 569 | ||||
Interim segment split – Revenue (unaudited)
| Geografical – in €000 | 1H25 | 1H24 | % change | |||
| Belgium | 18 881 | 16 052 | 17.6% | |||
| % total | 35.2% | 35.2% | – | |||
| Netherlands | 9 900 | 7 469 | 32.5% | |||
| % total | 18.4% | 16.4% | – | |||
| France | 24 888 | 22 057 | 12.8% | |||
| % total | 46.4% | 48.4% | – | |||
| Total | 53 669 | 45 579 | 17.7% |
| Activity – in €000 | 1H25 | 1H24 | % change | |||
| Geotechnical | 23 962 | 21 619 | 10.8% | |||
| % total | 44.6% | 47.4% | – | |||
| Environment | 24 660 | 21 024 | 17.3% | |||
| % total | 45.9% | 46.1% | – | |||
| Monitoring & Infrastructure | 5 047 | 2 936 | 71.9% | |||
| % total | 9.4% | 6.4% | – | |||
| Total | 53 669 | 45 579 | 17.7% |
Consolidated interim total result (unaudited)
| For the 6 months ending 30 June | ||||
| in 000€ | 2025 | 2024 | ||
| Net profit | 226 | 493 | ||
| Other comprehensive income – not transferable to the income statement | ||||
| Revaluation of buildings | − | -83 | ||
| Impact taxes | − | 21 | ||
| Other comprehensive income, net of tax | − | -62 | ||
| Total profit after tax | 226 | 431 | ||
| Total result attributable to the | ||||
| shareholders of the parent company | 149 | 398 | ||
| Minority interests | 77 | 33 | ||
Consolidated interim balance sheet (unaudited)
| 30 June | 31 December | |||||
| in 000€ | Note | 2025 | 2024 | |||
| Non-current assets | ||||||
| Goodwill | 5 | 3 066 | 2 043 | |||
| Intangible assets | 6 | 8 190 | 8 700 | |||
| Property, plant and equipment | 6 | 32 056 | 32 371 | |||
| Investments in associated companies | 135 | 135 | ||||
| Deferred tax assets | 809 | 825 | ||||
| Other financial assets | 799 | 839 | ||||
| Total non-current assets | 45 055 | 44 913 | ||||
| Current assets | ||||||
| Inventories | 1 485 | 1 354 | ||||
| Contract assets | 7 | 9 009 | 9 618 | |||
| Trade receivables | 26 155 | 25 205 | ||||
| Other current assets | 2 | 6 831 | 3 693 | |||
| Cash and cash equivalents | 8 | 12 392 | 13 434 | |||
| Total current assets | 55 872 | 53 304 | ||||
| Total assets | 100 927 | 98 217 |
| 30 June | 31 December | |||||
| in 000€ | Note | 2025 | 2024 | |||
| Total Equity | ||||||
| Share Capital | 2 870 | 2 870 | ||||
| Consolidated reserves | 19 176 | 18 871 | ||||
| Non-realised results | 4 024 | 4 099 | ||||
| Equity attributable to the shareholders of the group | 26 070 | 25 840 | ||||
| Minority interest | 2 181 | 1 876 | ||||
| Total Equity | 9 | 28 251 | 27 716 | |||
| Non-current liabilities | ||||||
| Financial debts | 10 | 17 492 | 16 328 | |||
| Deferred tax liabilities | 2 977 | 3 110 | ||||
| Provisions | 1 151 | 1 139 | ||||
| Other non-current liabilities | 913 | 820 | ||||
| Total non-current liabilities | 22 533 | 21 397 | ||||
| Current liabilities | ||||||
| Financial debts | 10 | 20 469 | 21 810 | |||
| Trade payables | 9 278 | 9 207 | ||||
| Tax liabilities | 2 109 | 1 716 | ||||
| Social liabilities | 8 323 | 8 134 | ||||
| VAT payables | 4 279 | 4 295 | ||||
| Other current liabilities | 2 | 5 685 | 3 942 | |||
| Total current liabilities | 50 143 | 49 104 | ||||
| Total shareholders’ equity and liabilities | 100 927 | 98 217 |
Consolidated statement of changes in equity (unaudited)
| Attributable to the shareholders of the group | ||||||||||||
| in 000€ | Capital | Consolidated reserves | Non-realised results | Total | Minority interest | Total Equity | ||||||
| On 1 January 2024 | 3 863 | 16 882 | 4 246 | 24 991 | 839 | 25 830 | ||||||
| Net profit | − | 460 | − | 460 | 33 | 493 | ||||||
| Non-realised results | − | − | -62 | -62 | − | -62 | ||||||
| Total result | − | 460 | -62 | 398 | 33 | 431 | ||||||
| Transfer of depreciation of property, plant and equipment | − | 123 | -123 | − | − | − | ||||||
| Non-exercise of put option Geosonda BV | − | -83 | − | -83 | 230 | 147 | ||||||
| On 30 June 2024 | 3 863 | 17 382 | 4 061 | 25 306 | 1 102 | 26 409 | ||||||
| On 1 January 2025 | 2 870 | 18 871 | 4 099 | 25 840 | 1 876 | 27 716 | ||||||
| Net profit | − | 149 | − | 149 | 77 | 226 | ||||||
| Total result | 149 | − | 149 | 77 | 226 | |||||||
| Transfer of depreciation of property, plant and equiment | − | 75 | -75 | − | − | − | ||||||
| Non exercising put option Geosonda BV | − | 133 | − | 133 | 228 | 361 | ||||||
| Minority interest Délo Boringen BV | − | − | − | − | 273 | 273 | ||||||
| Put option minority interest Délo Boringen BV | − | -52 | − | -52 | -273 | -325 | ||||||
| On 30 June 2025 | 2 870 | 19 176 | 4 024 | 26 070 | 2 181 | 28 251 | ||||||
Consolidated cash flow statement (unaudited)
| For the 6 months ending 30 June | ||||||
| in 000€ | Note | 2025 | 2024 | |||
| Operating activities | ||||||
| Net profit | 226 | 493 | ||||
| Non-cash costs and operating adjustments | ||||||
| Depreciation of tangible fixed assets | 6 | 3 377 | 3 281 | |||
| Depreciation of intangible fixed assets | 6 | 629 | 443 | |||
| Loss (profit) on sale of tangible fixed assets | 6 | -17 | 57 | |||
| Fair value adjustments | 21 | 70 | ||||
| Movements in provisions | 59 | -628 | ||||
| Movements in impairments on customers | 169 | 160 | ||||
| Financial revenue | -43 | -60 | ||||
| Financial charges | 949 | 882 | ||||
| Badwill arising from business combinations | − | -17 | ||||
| Share in the profit of associated companies | − | -2 | ||||
| Deferred tax expenses (income) | -116 | -83 | ||||
| Tax expenses | 699 | 442 | ||||
| Others | 30 | 38 | ||||
| Changes to the working capital | ||||||
| Increase in other financial fixed assets, trade receivables and other short-term assets | -2 804 | 1 567 | ||||
| Decrease/ (increase) in stocks and contract assets | 649 | -2 503 | ||||
| Increase /(decrease) in trade payables and other debts | 2 653 | -1 088 | ||||
| Cash flow from operating activities before interest and taxes | 6 481 | 3 052 | ||||
| Interest received | 23 | 59 | ||||
| Taxes paid | -1 354 | -1 191 | ||||
| Net cash flow from operating activities | 5 150 | 1 920 | ||||
| For the 6 months ending 30 June | ||||||
| in 000€ | Note | 2025 | 2024 | |||
| Investment activities | ||||||
| Investments in tangible fixed assets | 6 | -1 957 | -2 547 | |||
| Investments in intangible fixed assets | 6 | -115 | -155 | |||
| Sales of tangible fixed assets | 31 | -21 | ||||
| Acquisition of subsidiary | 5 | -749 | -269 | |||
| Income from financial assets | − | 10 | ||||
| Payment of deferred compensation | 11 | -188 | − | |||
| Net cash flow (used in) from investing activities | -2 978 | -2 982 | ||||
| Financing activities | ||||||
| Income from loans | 10 | 3 595 | 1 690 | |||
| Repayment of loans | 10 | -3 481 | -3 282 | |||
| Repayment of lease debts | 10 | -1 527 | -1 475 | |||
| Interest paid | -683 | -591 | ||||
| Capital decrease | 9 | -994 | -994 | |||
| Other financial costs | -124 | -201 | ||||
| Net cash flow from financing activities | -3 214 | -4 853 | ||||
| Net increase in cash and cash equivalents | -1 042 | -5 915 | ||||
| Cash and cash equivalents at the beginning of the year | 13 434 | 13 968 | ||||
| Cash and cash equivalents at the end of the year | 12 392 | 8 053 | ||||
Attachment
