ABO-Group Environment – Results Second half-year 2025 and full year 2025

The company is now at a turning point. In 2025, we took the first steps towards further diversifying our customer profile. This will reduce our future dependence on the cyclical construction sector, which has been one of our main client segments to date. This is a deliberate strategic choice. In difficult times, and it is clear that we are currently facing such conditions worldwide, the construction sector slows down, with a direct and linear impact on the entire supplier ecosystem.

In 2025, we succeeded in entering new end markets with our existing service offering in environment, geotechnics and monitoring & infrastructure. We secured large, multidisciplinary contracts in the nuclear sector, defence and the reinforcement of coastal defence infrastructure. Due to their scale and complexity, these projects extend over several years, providing us with secured income for the years ahead. In addition, these markets are less sensitive to economic cycles, quite the contrary actually. Geopolitical instability and the increasingly tangible effects of climate change are leading to increased investments in defence, mining & quarries and infrastructure, including coastal defence and flood protection.

In particular, the accelerated underground disposal of nuclear waste is a major project that is important for the safety of us all.

In 2025, we invested in collaboration between the different companies and disciplines within the group, as well as across countries. One of our challenges for the coming year will be to adapt our organisation to these multidisciplinary and sometimes international projects, which require a different approach and internal team structure than the projects we have historically delivered.

At the same time, our other challenges remain. We continue to invest in R&D to develop affordable and scalable remediation techniques for PFAS contamination. We are also investing in the digitalisation and automation of work processes through pilot projects in which, for example, we assess where AI can complement the expertise of our specialists and be deployed as a productivity lever.

Our progress is only possible thanks to the dedication of our employees and the trust of our customers and shareholders. Together, we will continue building a sustainable future.”

Business Evolution

11.1% revenue growth, or EUR 10.6 million, driven by both organic growth and acquisitions

In 2025, ABO-Group acquired Délo Boringen, which contributed to revenue from the second half of the year onwards. Together with the full-year effect of the 2024 acquisitions, this represented revenue growth of EUR 7.3 million (+7.5%). The Group’s existing entities delivered growth of EUR 3.9 million (+3.6%).

Turnover per activity

Revenue by activity increased most strongly in the Environment division (+EUR 5.8 million), followed by the Geotechnics division (+EUR 3.3 million) and the Monitoring & Infrastructure division (+EUR 1.5 million).

Growth in the Geotechnics division is almost entirely attributable to France, where activity normalised after a year marked by project delays and unplanned machine maintenance.

The main growth in the Environment division is attributable to the Dutch acquisition of Eco Reest, which accounts for 85% of the growth. At the same time, the environmental field services departments are under pressure due to intense competition from new, smaller entrants to the market.

For the Monitoring & Infrastructure division, the acquisition of Demey Infrabureau represented the largest share of growth. This was complemented by solid growth in Monitoring, driven in part by the award of major contracts, such as Oosterweel Antwerp. Investments were also made with a view to the future through the launch of 3D ICT.

Turnover per Geography

From a geographic perspective, the largest share of revenue growth was generated in France (+EUR 4.0 million), followed by the Netherlands (+EUR 3.9 million) and Belgium (+EUR 2.6 million).

Belgian activities grew by EUR 2.7 million to EUR 36.2 million. The acquisitions completed in 2024, with a full-year effect, and in 2025 accounted for 90% of this increase. The existing Belgian activities grew mainly in Monitoring & Infrastructure and, to a limited extent, in Environment. Within the latter, environmental consulting recorded growth, partly offset by a decline in the environmental field services business.

Revenue from Dutch activities increased by EUR 3.9 million to EUR 21.0 million. This growth was mainly generated by the Environment division (+EUR 3.2 million), where the revenue increase from the Eco Reest acquisition, with a full-year effect, amounting to EUR 4.9 million, was partly offset by a sharp decline in environmental field services, operating in a highly competitive market.

The revenue increase in France was driven by a combination of factors, including the recovery in geotechnical projects (+EUR 3.5 million) after a weak 2024 and slight growth in Environment. The Environment division nevertheless faced a decline in geophysics and environmental field services because the start-up of a major contract was postponed from the fourth quarter of 2025 to early 2026, resulting in machine underutilisation.

Margin and net results evolution

The decline in our EBITDA margin from 12.7% to 11.1% is mainly due to the following factors:

The downturn in the Environment field services departments in Belgium and the Netherlands, driven by increasing competition in straightforward drilling works and the slowdown in the construction market. In France, the postponed start-up of a major contract until early 2026 resulted in underutilisation of the machine fleet.

A negative EBITDA margin in geophysics, where the decline in activity meant that revenue levels were insufficient to cover fixed costs.

A decline in the margin of Geotechnics in the Netherlands and also in Belgium, where 2024 had been a highly exceptional year.

Amortisation of acquired customer relationships increased from EUR 0.9 million to EUR 1.2 million due to the full-year effect of the 2024 acquisitions as well as the 2025 acquisition. Other depreciation, impairment losses and provisions increased from EUR 6.3 million to EUR 7.2 million. In 2024, this item was positively affected by a reversal of the ABO Logistics provision amounting to EUR 0.5 million. Excluding this reversal, depreciation would have increased by EUR 0.3 million compared with 2024.

Mainly due to the reduction in financial debt, the financial cost decreased from EUR 2.0 million in 2024 to EUR 1.7 million.

The tax expense did not decline in proportion to the decrease in profit before tax, mainly due to lower recognition of deferred tax assets on tax losses and the absence of research and development tax credits in France.

As a result of the above effects, net profit declined from EUR 1.9 million in 2024 to EUR 0.8 million in 2025.

Highlights of balance sheet and cash flow

In 2025, ABO-Group generated a solid cash flow from operating activities of EUR 12.2 million, an increase of EUR 4.4 million compared with 2024. Efforts in working capital management contributed EUR 4.9 million to this increase.

Net financial debt decreased from EUR 24.7 million at year-end 2024 to EUR 22.2 million at year-end 2025, partly due to the reduction in lease liabilities and investment loans. As a result, the leverage ratio declined from 2.03 to 1.89.

Under the headings ‘other current assets’ and ‘other current liabilities’, a receivable and, respectively, a liability of EUR 2.7 million have been recognised related to a legal proceeding involving the company. In this respect, we refer to our 2024 annual report (point 2.26 of the notes to the financial statements: Risks), the 2025 half-year figures (section 2 of the notes to the half-year figures: Other risks), and the press release of 23 February 2026.

The full consolidated income statement and balance sheet, statement of changes in equity, and consolidated cash flow statement are included below.

Outlook

Diversification, regulation and scarce engineering capacity

We are proud of the path we set out on in 2025, in which we succeeded not only in serving our traditional client groups such as the construction sector, but also in opening the door to new sectors and markets. This necessary diversification will provide us with greater long-term stability in the future. Despite the challenges in the market, we expect revenue to grow further in 2026 to around 110 million euro.

In France, we were able to demonstrate the value of our knowledge and expertise in geotechnics, environment and monitoring & infrastructure within the defence, nuclear and mining & quarrying sectors.

In the Netherlands, the strict enforcement of environmental regulations is creating many opportunities in the context of major infrastructure projects for, among others, Rijkswaterstaat, the railways and the closure of gas fields in Groningen that have been in operation for decades.

Over the coming years, where operationally feasible, we plan to reduce the number of companies in order to improve their management. Moreover, our focus lies in taking recovery measures on our environmental fieldwork companies

Improved measurement and analysis methods are leading to a growing understanding of the nature and volume of PFAS compounds and their impact on people and the environment. This is translating into a higher number of parameters to be investigated and analysed in soil and water samples, resulting in high-capacity utilisation across the sector.

In addition to the many opportunities ahead, we also see bottlenecks that could hamper our future growth. In each of our markets, there is a growing shortage of engineering talent. This development poses a challenge both for our clients and for us as a service provider. ABO-Group is addressing this issue proactively by collaborating with universities on the one hand, while also supporting innovative engineering student projects on the other. One example is the Ghent University Sailing project, which is taking part in the Monaco Energy Boat Challenge with a sustainable, autonomous vessel.

Auditor’s statement

The auditor, Forvis Mazars Bedrijfsrevisoren BV, represented by Jurgen Ostyn, confirmed that their audit procedures, which have been substantially completed, have not revealed any significant adjustments to the consolidated income statement, consolidated comprehensive income, consolidated balance sheet, consolidated statement of changes in equity, and consolidated cash flow statement included in this press release. The auditor also confirmed that the financial information reported in this press release is, in all material respects, consistent with the accounts from which it was derived.

Financial calendar

24/04/2026: Publication of annual report 2025 and invitation to the Annual General Meeting

27/05/2026: Annual General Meeting

17/09/2026: Publication of half-year results 2026

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 environment and soil: quality, reuse and remediation, geotechnics and monitoring, ecology, and cultural heritage.

ABO-Group operates through its semi-independent subsidiaries in Belgium, France, and the Netherlands. With more than 850 experts, the group offers the technology, expertise, and scale to deliver comprehensive solutions for the most challenging projects. Its clients span industries such as construction, infrastructure, mining and raw materials, energy, and water, covering every stage from assessment and design to execution and maintenance.

ABO-Group Environment is listed on EURONEXT Brussels and EURONEXT Paris.
For a more detailed description of ABO-Group Environment’s activities, visit www.abo-group.eu.

For more information

Els De Keukelaere
CFO ABO-Group Environment nv
els.dekeukelaere@abo-group.eu
T: +32 (0)475 327 766

This press release is available on our website. https://www.abo-group.eu/

Disclaimer
This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. ABO-Group is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. ABO-Group disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by ABO-Group.

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