The company posted record revenue of DKK 5.6 billion (€750.4 million), a 12% increase from the previous year. Earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding special items, rose to DKK 318 million (€42.6 million), up from DKK 304.6 million (€40.8 million) in 2023.
Semco attributed the improved results to high-capacity utilisation, efficient project execution, and prudent cost management.
“We continued to pursue our Sustainable Growth strategy in 2024, taking significant strides to grow the Renewables business’ share of group revenue to 65% by 2027,” said chief executive Steen Brødbæk. “Through continued efforts since the launch of the strategy during 2022, we have successfully grown the share of group revenue from Renewables, which exceeded half and reached 58% in 2024.”
Brødbæk added that the growth in renewables was achieved while also expanding the company’s conventional energy business by 27% during the same period. “I am thankful and proud that our dedicated employees are delivering on the strategic goals with such perseverance in years marked by great uncertainty,” he said.
While order intake in 2024 was described as solid, it came in below the record levels of 2023 due to less favourable investment conditions and delays in decision-making within the offshore wind sector. Nevertheless, the company entered 2025 with an order book of DKK 5.9 billion (€790.6 million), with 88% of that linked to renewables.
“We reaffirmed our strategic direction, which enables us to navigate the challenging waters of political and macroeconomic uncertainty, increasing costs and a lack of investment in energy infrastructure,” Brødbæk said.
Looking ahead, Semco Maritime expects to maintain solid profitability in 2025, targeting an EBITDA margin of between 5% and 7% before special items.
