Brussels, 13 May 2025 – BESIX Group is pleased to announce its financial results for 2024, reflecting solid performance across all its Business Lines. While the global macroeconomic and geopolitical environment remained volatile in 2024, with continued inflationary pressures as well as high energy and raw material costs, BESIX Group’s strategic focus, efficient cash flow management, and successful diversification allowed it to deliver solid results.
BESIX Group also released its 2024 Activity & ESG Report, which features extensive insight into the company’s strategy, performance and projects. The report is available online at the following address: annualreport.besix.com.
Significant financial growth
The Group recorded a 1.7% year-on-year increase in revenue, reaching EUR 3,449 million (vs EUR 3,391 million in 2023), supported by significant project delivery and improved conditions in key markets. The adjusted EBITDA rose to EUR 150 million, up from EUR 117 million in 2023, and the net income more than doubled year-on-year, reaching EUR 42 million, compared to EUR 18 million in 2023.
While the equity reached a total of EUR 806 million, the net cash position has substantially improved by EUR 283 million to reach EUR 457 million in 2024 (excluding IFRS 16, non-recourse and real estate debt). In addition, BESIX achieved a record order book at the end of last year of EUR 8.2 billion, up by 61% compared with 2023, with improved margins on newly secured projects.
"2024 was a year of consolidation and regular progress across the Group. We are proud of the expertise and dedication shown by our teams and look ahead with confidence and focus."
Johan Beerlandt, Executive Vice-Chairman of BESIX Group
Solid performance across all Business Lines
BESIX Construction delivered significantly improved results compared to the three previous years, driven by a more balanced risk-reward strategy and operational discipline. In Europe, the performance was boosted by a surge in public infrastructure investments, particularly in Belgium and the Netherlands. In Belgium, the company progressed on flagship infrastructure projects such as the R4 West and East, which encompasses the design, construction, financing and maintenance for 30 years, as part of the BRAVO4 consortium, and the Oosterweel link in Antwerp, one of the largest infrastructure and urban planning projects ever undertaken in Europe. In France, BESIX delivered the Saint-Denis Pleyel station, inaugurated by President Macron in time for the 2024 Paris Olympics, while in the Netherlands King Willem-Alexander inaugurated Mediavaert, the new headquarters built by BESIX for DPG Media. The award of the Krammer Locks renovation contract also marked a major milestone for BESIX in the Netherlands. In Latvia, progress on the Rail Baltica Riga Central Station project ramped up again, following the injection of additional European funding.
In the Middle East, progress has been recorded on major projects such as the National Zayed Museum and Guggenheim Museum in Abu Dhabi (UAE), the Port of NEOM and the Aramco Stadium in Saudi Arabia, and the North Field Expansion in Qatar, while the Dubai Waste-to-Energy Plant (UAE) has been commercially handed-over and begun feeding power into the local grid.
In Australia, BESIX Watpac achieved a remarkable turnaround after three challenging years. The business has been positively impacted by significant investments in public healthcare infrastructure. No less than five projects in this field were ongoing or have been delivered in 2024, and one new contract was signed – for the new Shellharbour Hospital. The end of last year was marked by the successful delivery of the Kangaroo Point bridge in Brisbane.
In Africa, BESIX reached financial close on a contract encompassing seven bridges in Gabon, delivering the first footbridge at the end of 2024. Meanwhile, the high-rise Tour F in Abidjan (Ivory Coast) advanced significantly, alongside progress on the Mohammed VI Tower in Rabat (Morocco).
The BESIX Affiliates (the Group’s regional and specialised contractors) delivered a solid performance in 2024, contributing approximately one-third of the Group’s annual turnover and underscoring their essential role in the Group’s overall financial strength and market positioning.
Socogetra recorded a strong year across construction, quarrying, and industrial sectors, while BESIX Infra achieved record production at its asphalt plant in the Netherlands and secured major contracts. Despite a slowdown in the fibre network deployment, BESIX Unitec benefited from the positive impact of its new subsidiary Reditec and recent commercial wins in the Netherlands. Franki Foundations performed well in Belgium, France, and the Netherlands, while navigating continued challenges in the UK. Vanhout posted a strong recovery, with some subsidiaries undergoing strategic repositioning. Jacques Delens exceeded targets, driven by renovation works, and Wust maintained stable operations. LuxTP outperformed expectations despite difficult market conditions in Luxembourg. Finally BESIX Environment continued its growth in the water sector and expanded into new areas such as green hydrogen production, notably through its landmark Hyoffwind project in Zeebrugge.
The Group’s comprehensive and integrated service proposition continued to deliver value on complex projects. Synergies were evident in the Beveren Tunnel and Oosterweel developments, which involved multiple entities including BESIX, BESIX Infra, BESIX Unitec, Franki Foundations, and Vanhout. Project ONE is another example, with affiliates Vanhout and Franki Foundations helping to build this advanced and sustainable ethane cracker in Antwerp for client INEOS.
In 2024, the real estate market remained under pressure, facing persistent geopolitical uncertainty and economic difficulties such as inflation, high construction and energy costs, elevated interest rates, and supply chain disruptions. Significant delays in building permits added operational challenges across Europe. Within this complex environment, the BESIX Real Estate Development team managed to navigate the headwinds and deliver commendable results, demonstrating resilience and focus.
The company secured key office transactions, including the sale of WellBe, a high-quality sustainable office project (27,600 m²) in Lisbon developed with Atenor, to Caixa Geral de Depósitos, Portugal’s largest bank. Another major achievement was the sale of PURE – La Madeleine, an ambitious, sustainable 8,000 m² office development in Lille, to investor Swiss Life Asset Managers France. Residential sales also contributed to the company’s performance, with nearly 100 units sold across the portfolio.
On the ESG front, BESIX RED made significant progress with the launch of its first ESG Impact Report, outlining performance metrics, initiatives and achievements from January 2023 to June 2024, and ensuring its developments align with European standards, including the Corporate Sustainability Reporting Directive (CSRD).
In 2024, BESIX Invest reaffirmed its expertise and leadership in the field of public-private partnerships (PPPs) by successfully winning and closing multiple large infrastructure and sustainability-focused contracts across Europe and the Middle East. A key achievement in the first half of the year was the financial close of the R4 West and East project in Ghent, Belgium (see above). BESIX Invest also reached financial close of a cutting-edge incineration plant in the port of Ghent. Developed in consortium with Indaver, the facility is designed to recover energy from sewage sludge produced by four million residents and will be operated and maintained through 2046 for the client, Aquafin.
Internationally, BESIX marked another major PPP milestone with the inauguration of the Zayed City Schools in Abu Dhabi, the UAE’s first PPP in school infrastructure. BESIX, together with Plenary Group, managed every phase of the project, from financing and design to construction, and will also provide long-term facility management. This followed the successful commercial and financial close of the Khalifa University Accommodation project, which includes a 23-year concession to design, build, finance, and maintain 3,260 high-quality student rooms and communal facilities. In addition, at the start of this year, financial close has also been achieved for the Zayed City Schools PPP Augmentation, which will deliver a new campus for 3,380 students under an 18-year operational agreement. In the field of waste-to-energy, the Dubai-based plant, one of the largest of its kind, has entered full operation. The facility now processes 5,666 tonnes of municipal waste daily, generating clean electricity for approximately 135,000 homes.
Last year, BESIX Invest’s new business ventures team won their first major tender, partnering up with PerPetum Energy and Rebel Development to develop, build, finance, operate, and maintain renewable energy facilities – wind, solar, and floating solar PV installations – at the sites of De Watergroep, the largest water company in Flanders, which will produce about 92 GWh by 2030. This service will supply De Watergroep with 100% of its annual electricity needs through a 25-year power purchase agreement.
Strategic update and focus on sustainability
In 2024, the Strategic and Executive Committee updated the Group’s strategic direction to reflect a fast-changing global landscape. The new corporate purpose – "We take on today’s boldest challenges to build a lasting legacy" – is supported by clear strategic priorities that will guide BESIX’s growth and resilience.
Sustainability remains central to the Group’s operations. BESIX has made strong progress in aligning with the EU’s Corporate Sustainability Reporting Directive (CSRD) and has retained the highest Level 5 Certification on the CO₂ Performance Ladder across European operations. The Group has also been honoured with the SDG Pioneer Certificate in 2024, recognising its commitment to the UN's Sustainable Development Goals.
In 2024, BESIX’s engineering teams intensified their focus on sustainable design, helping clients reduce the environmental footprint of new developments. Several projects have now adopted life-cycle CO₂ analysis at the design stage, strengthening BESIX’s role as a partner in low-carbon construction. Examples include the decarbonised cement production facility in Obourg for Holcim, a sewage sludge processing installation for client Aquafin, and the green hydrogen production facility in Zeebrugge for Hyoffwind.
"Our integrated model, combined with our deep local market knowledge, allows us to consistently deliver smart, value-driven solutions tailored to each client’s needs."
Pierre Sironval, CEO of BESIX Group
Commitment to people and safety
Recognising the complex and high-risk nature of its work, BESIX is intensifying its focus on safety. The Group is committed to fostering a culture where safety is second nature, taking full ownership across all levels. In 2024, the Group has further expanded the adoption of the OASIS platform, which tracks real-time safety performance across global operations. BESIX also maintained its IOSH accreditation and expanded its BE SAFE ambassador network.
In line with its growth, BESIX welcomed over 1,500 new employees across its global operations in 2024. With a continued focus on talent development, BESIX expanded its learning and leadership programmes, preparing the next generation of technical and operational leaders. The 2024 employee engagement survey showed another rise in positive sentiment among employees, and BESIX was once again named a Top Employer for the sixth consecutive year.
Outlook for 2025
Looking ahead, BESIX can count on a healthy and diversified pipeline of projects with an adequate risk-reward balance. With the global economy still facing inflationary and geopolitical pressure, the Group will focus on improving its margins in construction activities and sustaining a strong balance sheet. While PPPs and concessions will continue to generate recurring revenue, the Group remains cautious in its approach to real estate activities in 2025, expecting to secure permits for several significant projects across Europe.
BESIX Construction should continue to reap the benefits from its positioning as preferred delivery partner, especially for fast track and/or high quality industrial infrastructures such as data centres and green production facilities. Major projects which should be delivered this year include the renovation of BNP Paribas Fortis’ ‘The Hive’ building and RTBF’s new head office (Belgium), the improvement and expansion of the port of NEOM (Saudi Arabia), as well as several data centres in Belgium and Australia. Moreover, the company has recently received approval in relation to the infrastructure PPP project A12/A15 Ressen-Oudbroeken (ViA15) in the Netherlands, following a lengthy seven-year legal process. It has also celebrated its return in Oman where it has signed a contract for the design and construction of an LNG jetty in Sohar.
The BESIX Affiliates will continue to build on their healthy order book, adapting their comprehensive and integrated service proposition with the evolving market conditions, focusing on value creation for their clients and synergies with other Group entities.
BESIX RED expects to secure permits for several significant projects across Europe and launch their commercialisation (O’Vert in Ghent, Le Côté Verre and Tilia in Namur, Parc Septfontaines in Luxembourg, Parque Oriente in Lisbon…).
Finally, BESIX Invest’s exceptional growth in 2024 is unlikely to be repeated, but the existing project portfolio is expected to continue to deliver strong results, and some interesting prospects carry the potential of new deal closings in 2025. PPPs will continue to be a widely used method for tendering large and complex projects by public authorities in BESIX Invest’s three home markets, with good visibility on an attractive pipeline of new projects, mainly in Belgium and the UAE.
2024 Activity & ESG Report
BESIX Group released its 2024 Activity & ESG Report, which details the Group’s performance from last year and highlights projects across its four Business Lines. It also shares extensive information about the Group’s ESG initiatives and strategic priorities. Discover it now at the following address: annualreport.besix.com. The company also values feedback on this report so please take a few minutes to answer our online survey.
