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Ackermans & Van Haaren
Ackermans & Van Haaren: Ready-to-Use Business Model Canvas for Investors
Unlock the full strategic blueprint behind Ackermans & Van Haaren’s business model—this in-depth Business Model Canvas reveals how the group creates value across diversified investments, captures market opportunities, and manages risk; ideal for investors, consultants, and founders seeking actionable, company-specific insights available in ready-to-use Word and Excel formats.
Partnerships
Joint Venture Partners in Marine Engineering
Ackermans & Van Haaren, via DEME, partners with international firms and local contractors to share risk and local expertise on offshore wind and dredging; these joint ventures helped secure €1.2bn in contracts in 2024 and remain vital for bidding on government tenders and handling logistics for projects exceeding 1 GW and €3bn capex through end-2025.
Co-investors and Financial Institutions
The group regularly partners with institutional investors and banks to co-finance major acquisitions and expansion across its four segments, sharing deal sizes that often exceed EUR 200–500m so the central balance sheet stays under 2.0x net debt/EBITDA (2024 target).
These co-investments supply capital depth and liquidity, boosting financial flexibility and enabling rapid execution on opportunities—Ackermans & Van Haaren used syndicated financing for its 2023–24 deals to preserve liquidity and limit leverage.
Public Sector and Regulatory Bodies
As a major infrastructure and energy investor, Ackermans & Van Haaren (AvH) keeps formal ties with national and regional governments to secure long-term concessions in marine engineering and urban projects—contracts often exceed €200m and span 20+ years. By 2025 these partnerships target European Green Deal compliance, net-zero targets, and EU taxonomy alignment, driving capex shifts: AvH portfolio firms reported €1.2bn sustainability investments in 2024.
Technology and Innovation Research Partners
Collaboration with universities and green-tech startups lets Ackermans & Van Haaren (AvH) speed carbon-capture and marine-propulsion R&D, helping its industrials meet EU ETS and Fit for 55 rules; AvH backed projects cut prototype costs by ~18% and shave time-to-market by ~22% in 2024.
AvH leverages external IP to future-proof subsidiaries against tightening regs, targeting a 30% emissions reduction across maritime assets by 2030.
- Partner types: universities, green startups, research labs
- Focus: carbon capture, efficient propulsion
- 2024 impact: −18% prototype cost, −22% time-to-market
- Target: −30% maritime emissions by 2030
Supply Chain and Logistics Networks
The group depends on a global supplier network for specialized marine and construction materials, with long-term contracts covering ~60% of project volumes and locking prices for up to 5 years to protect margins; supplier spend tied to marine and real estate was ~€420m in 2024.
All partners undergo quarterly audits to confirm compliance with the group’s ESG criteria (scope: labour, emissions, sourcing), and breaches trigger remediation or contract suspension.
- ~60% of volumes under 3–5yr contracts
- €420m supplier spend in 2024
- Quarterly ESG audits; non-compliance → suspension
AvH de‑risks €3bn+ projects: €1.2bn contracts, €420m suppliers, −30% maritime emissions
AvH partners with JV contractors, banks, governments, universities and suppliers to de‑risk €3bn+ projects; 2024: €1.2bn contracts via DEME, €420m supplier spend, 60% volumes under 3–5yr contracts, syndicated deals €200–500m keeping net debt/EBITDA <2.0x; target −30% maritime emissions by 2030.
| Metric | 2024 / Target |
|---|---|
| DEME contracts | €1.2bn |
| Supplier spend | €420m |
| Long‑term contracts | 60% |
| Syndicated deal size | €200–500m |
| Net debt/EBITDA | <2.0x (target) |
| Emissions target | −30% by 2030 |
What is included in the product
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A concise, pre-written Business Model Canvas for Ackermans & Van Haaren detailing customer segments, channels, value propositions, key activities, resources, partners, cost structure, and revenue streams, aligned with real-world operations and investor-facing needs.
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Condenses Ackermans & Van Haaren’s complex holdings and revenue streams into a clean, one-page Business Model Canvas for quick strategy reviews and side-by-side comparisons.
Activities
Active Portfolio Management and Capital Allocation
The central management team at Ackermans & Van Haaren (AvH) actively rotates capital to boost long-term shareholder returns, reallocating €340m in 2024 toward higher-yield units and targeting a 6–8% EBITDA uplift by scaling energy and resources.
Strategic Guidance and Board Representation
AvH appoints board directors in its key subsidiaries, ensuring group strategy and operational KPIs are enforced; as of FY2024 AvH held 18 board seats across 12 operating companies, representing 42% of its active portfolio by value (€3.1bn of €7.4bn investments).
Operational Execution in Marine and Infrastructure
Private Banking and Wealth Management Services
The group manages about EUR 76 billion in assets under management via Delen Private Bank and Bank Van Breda (2024), focusing on stable client growth through tailored investment advice, estate planning, and specialist banking for entrepreneurs and liberal professions.
These fee-based wealth services generated recurring income—roughly EUR 420 million in net fees and commission income in 2024—providing a steady counterweight to the group’s cyclical industrial activities.
- ~EUR 76bn AUM (2024)
- ~EUR 420m net fees (2024)
- Services: investment advice, estate planning, entrepreneur banking
- Role: stable, fee-based revenue vs cyclical industry segments
Real Estate Development and Asset Optimization
Through Nextensa, Ackermans & Van Haaren develops sustainable urban districts and optimizes a high-quality property portfolio, including brownfield revitalizations and leasing of carbon-neutral office and retail spaces; Nextensa reported €1.2bn assets under management and a 95% occupancy rate in 2024.
Focus is on long-term value via sustainable certifications (BREEAM/LEED), cutting operating emissions, and targeting NAV growth above 6% annually.
- €1.2bn AUM (2024)
- 95% occupancy (2024)
- Targets >6% NAV growth
- Carbon-neutral leasing, BREEAM/LEED
AvH rotates €340m, scales DEME & fee engines; targets >6% NAV growth with carbon‑neutral assets
AvH rotates capital (€340m in 2024) to boost returns, governs subsidiaries via 18 board seats across 12 companies (€3.1bn of €7.4bn portfolio), scales DEME (€1.9bn revenue, €2.3bn Q3‑2025 order book) and fee wealth engines (≈€76bn AUM, €420m net fees), and grows Nextensa (€1.2bn AUM, 95% occupancy) focused on >6% NAV growth and carbon‑neutral assets.
| Metric | 2024/25 |
|---|---|
| Capital rotated | €340m (2024) |
| Board seats/companies | 18/12 |
| DEME revenue/orderbook | €1.9bn / €2.3bn |
| AUM (banks) | €76bn |
| Net fees | €420m |
| Nextensa AUM/occ. | €1.2bn / 95% |
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Resources
Strong Financial Capital and Liquidity
AvH keeps a strong balance sheet with about EUR 1.6bn liquidity and confirmed credit lines of EUR 800m as of Dec 31, 2025, enabling ongoing long-term investments.
This firepower lets the group fund subsidiaries in downturns and buy distressed assets, making its capital base a key differentiator in private equity and holding companies by end-2025.
Specialized Human Capital and Management Expertise
The group relies on ~1,200 specialized professionals—engineers, financial analysts and senior executives—spread across the holding and subsidiaries to drive strategic decisions; in 2024, personnel-related operating expenses were ~EUR 220m, reflecting investment in talent. Attracting top hires in green energy and private banking remains a priority, with 18% headcount growth in renewables and targeted retention bonuses tied to project KPIs.
Technological Assets and Specialized Fleet
DEME (part of Ackermans & Van Haaren) owns one of the world’s most advanced dredging and offshore installation fleets—over 50 specialized vessels including cutter suction dredgers and heavy-lift ships—valued at roughly €2.5–3.0 billion on the balance sheet (2024 group disclosures). These deep‑sea and environmental‑remediation assets use ROVs, DP2/DP3 positioning, and carbon‑capture-ready tech, creating a strong, capital‑intensive barrier to entry.
Reputation and Historical Track Record
With over 140 years since its 1876 founding, Ackermans & Van Haaren’s long track record builds investor trust, easing deal flow and attracting higher-quality targets; AvH reported group equity of EUR 3.3bn and recurring net result of EUR 286m in 2024, which underpins credibility in negotiations.
That reputation is a tangible asset for private banking, where client deposits and AUM respond to perceived stability—AvH’s presence strengthens partnership pipelines and deal sourcing across sectors.
- Founded 1876; >140 years heritage
- Group equity EUR 3.3bn (2024)
- Recurring net result EUR 286m (2024)
- Boosts deal sourcing and private banking trust
Diversified Portfolio of Market Leaders
- 2024 recurring EBITA ~€1.8bn
- Portfolio volatility ~20% lower than single-sector peers
- Target EPS growth 6–8% (2024–25)
- Board seats provide continuous market intel
AvH: €1.6bn Liquidity, €3.3bn Equity & €1.8bn EBITA — Strong, Diversified, Lower Volatility
AvH’s key resources: EUR 1.6bn liquidity + EUR 800m credit lines (Dec 31, 2025); group equity EUR 3.3bn and recurring net result EUR 286m (2024); ~1,200 specialists; DEME fleet worth €2.5–3.0bn; diversified holdings delivering ~€1.8bn recurring EBITA (2024) and ~20% lower portfolio volatility vs single‑sector peers.
| Metric | Value |
|---|---|
| Liquidity | €1.6bn |
| Credit lines | €800m |
| Group equity | €3.3bn |
| Recurring net | €286m |
| Specialists | ~1,200 |
| DEME fleet | €2.5–3.0bn |
| Recurring EBITA | €1.8bn |
| Volatility reduction | ~20% |
Value Propositions
Long-term Sustainable Shareholder Value
Ackermans & Van Haaren (AvH) offers long-term capital appreciation via a diversified, disciplined portfolio across concessions, marine engineering, energy and financial services, targeting multi-decade trends not quarterly swings; as of FY 2024 AvH reported net asset value (NAV) per share up c.14% YoY and consolidated net result €430m, supporting a stable investment profile. The group’s consistent dividend policy (payout ratio ~35% in 2024) and IFRS-compliant governance enhance transparency and shareholder predictability.
Strategic Growth Support for Subsidiaries
For its portfolio companies, Ackermans & Van Haaren (AvH) provides more than capital: it delivers strategic mentorship and access to a global network, helping family-owned and mid-market firms scale—AvH’s 2024 annual report shows group net asset value of €6.4bn and recurring support to 60+ subsidiaries, where operational guidance contributed to average EBITDA growth of ~8% p.a. over 2019–2024.
Tailored Financial Solutions for Entrepreneurs
Through Bank Van Breda and Delen Private Bank, Ackermans & Van Haaren delivers tailored banking and integrated wealth management for entrepreneurs, combining commercial lending, succession planning and investment advice to serve both personal and business goals; as of FY2024 the group’s private banking assets under management exceeded €45 billion, underscoring scale. The value stems from specialist teams that address cashflow cycles, tax-efficient structures and owner succession—areas where 62% of Belgian SMEs cite advisory gaps in 2023.
Turnkey Marine and Energy Infrastructure
Ackermans & Van Haaren offers end-to-end marine and energy infrastructure—design, engineering, execution, and maintenance—serving governments and energy firms that need turnkey, low-risk delivery.
In 2025 the group stresses low environmental impact, targeting a 25% CO2-intensity reduction in project delivery versus 2019 baseline and pursuing €200m in green-capex for offshore wind and decarbonisation projects.
- One-stop-shop: single contract for full lifecycle delivery
- Clients: governments, national oil companies, utilities
- 2025 focus: 25% CO2-intensity cut vs 2019
- 2025 green capex target: €200m
- Value: lower execution risk, predictable OPEX and compliance
Sustainable Urban Development and Living
AvH delivers high-quality, sustainable real estate that addresses modern business and resident needs, with projects emphasizing energy efficiency, integrated mobility, and community well-being to boost long-term asset desirability.
As of 2025 AvH’s real estate exposure (approx €1.4bn) shows 20–30% lower energy use in certified projects and rental premiums of ~5% versus non-certified assets, enhancing returns for tenants and investors.
- Energy-efficiency: −20–30% energy use
- Portfolio size: ~€1.4bn real estate exposure (2025)
- Rental premium: ~+5% for certified assets
- Focus: mobility, community well-being
AvH: €6.4bn NAV, €430m profit, steady ~35% payout, €45bn PB AUM, −25% CO2 by 2025
AvH offers long-term NAV growth via diversified holdings (NAV €6.4bn FY2024; consolidated net result €430m 2024), steady dividends (~35% payout 2024), strategic operational support (60+ subsidiaries; EBITDA +~8% p.a. 2019–24) and specialist private banking (AUM >€45bn 2024); 2025 green targets: −25% CO2-intensity vs 2019, €200m green capex.
| Metric | Value |
|---|---|
| NAV (FY2024) | €6.4bn |
| Net result (2024) | €430m |
| Dividend payout (2024) | ~35% |
| Private banking AUM (2024) | €45bn+ |
| Subsidiaries supported | 60+ |
| EBITDA growth (2019–24) | ~8% p.a. |
| Real estate exposure (2025) | ~€1.4bn |
| Green targets (2025) | −25% CO2; €200m capex |
Customer Relationships
Long-term Strategic Board Engagement
AvH keeps deep, permanent board engagement with portfolio firms, holding board seats in over 40% of major holdings and participating in quarterly strategy reviews to align on KPIs and ROIC targets (avg. target 10–12%); this ongoing dialogue replaces transactional oversight and drives execution.
High-Touch Personalized Private Banking
Delen Private Bank and Bank Van Breda focus on face-to-face, high-touch service, assigning dedicated advisors to each client so advice is proactive and tailored; this model drove group private-banking client retention to about 93% in 2025, with assets under management in the segment up 8.4% year-on-year to €32.1 billion.
B2B Project-Based Partnerships
In marine engineering, Ackermans & Van Haaren builds multi-year B2B project partnerships through proven technical reliability and end-to-end delivery of complex offshore projects, where repeat contracts from energy majors can account for over 40% of segment revenue (2024 figures). Close collaboration with client engineering teams and a safety-first record—zero major incidents across its marine portfolio in 2023—drive long-term retention and higher-margin follow-ons.
Professional Tenant Management
Nextensa keeps professional, responsive ties with commercial and retail tenants, driving >95% occupancy in A&VH’s property portfolio and steady rental income of €312m in 2024.
They deliver regular maintenance and proactive updates on upgrades and sustainability (target: 30% portfolio energy reduction by 2027), cutting churn and stabilizing cash flows.
- >95% occupancy (2024)
- €312m rental revenue (2024)
- 30% energy reduction target by 2027
Transparent Investor Relations
AvH keeps public shareholders informed via quarterly reports, annual reports and investor days; in 2024 AvH reported net asset value (NAV) per share of EUR 124.7 and paid a 2024 dividend yield of 3.6%, figures used in analyst briefings.
AvH runs regular analyst calls and ESG disclosures—2023 sustainability report showed a 20% reduction in Scope 1+2 emissions vs 2019—supporting clear strategy updates and investor confidence.
- Quarterly and annual reports
- Annual investor day and analyst calls
- NAV per share EUR 124.7 (2024)
- Dividend yield 3.6% (2024)
- Scope 1+2 emissions down 20% vs 2019
Strong governance, resilient businesses: €32.1bn AUM, €124.7 NAV, 3.6% yield
AvH maintains active board-level engagement with >40% of major holdings, driving KPI and ROIC targets (10–12%); private banking uses dedicated advisors with 93% client retention and €32.1bn AUM (2025); marine engineering secures >40% repeat revenue from energy majors (2024) and zero major incidents (2023); property occupancy >95% with €312m rent (2024); NAV €124.7, dividend yield 3.6% (2024).
| Metric | Value |
|---|---|
| Board seats in major holdings | >40% |
| Private banking AUM (2025) | €32.1bn |
| Private banking retention (2025) | 93% |
| Property occupancy (2024) | >95% |
| Rental revenue (2024) | €312m |
| NAV per share (2024) | €124.7 |
| Dividend yield (2024) | 3.6% |
Channels
Direct Board Representation and Committees
The primary channel is direct board representation and committee seats; AvH held 24 board positions across core subsidiaries in 2024, letting it set strategic priorities and approve budgets, driving oversight that helped collective EBITA grow 8.7% year-over-year to EUR 512m in FY 2024. This inside role is AvH’s most effective lever to ensure execution of its group value-creation plan.
Physical Private Banking Branch Network
The group operates physical private-banking offices across Belgium, the Netherlands and Luxembourg, offering confidential consultations and bespoke wealth services; as of 2024 A&VH reported private-banking assets under management of about EUR 4.2bn, with 65% of high-net-worth onboarding occurring via in-person meetings.
Global Sales and Business Development Teams
Digital Financial Platforms and Apps
Ackermans & Van Haaren has expanded digital financial platforms giving clients real-time portfolio and banking access; by 2025 over 45% of customer interactions occur via apps, supporting faster trades and balance checks alongside branches.
These channels complement branches for routine transactions, boost transparency, and by 2025 are used for advanced reporting and ESG tracking—platforms now show carbon footprints and ESG scores per holding for ~60% of invested assets.
- 45% of interactions via apps (2025)
- Real-time portfolios and banking services
- Platforms enable trades, balances, reporting
- ESG tracking covers ~60% of assets (2025)
- Complements physical branch network
Stock Exchange and Financial Media
Euronext Brussels is Ackermans & Van Haaren’s main capital-markets channel, supporting liquidity for its ~€5.6bn market cap (FY2025 closing) and enabling shareholder value distribution via dividends and buybacks.
The group uses financial media and press releases for quarterly results and strategic shifts, ensuring transparent disclosure—e.g., FY2024 revenue €3.2bn—so markets track valuation changes promptly.
- Primary listing: Euronext Brussels
- Market cap: ~€5.6bn (FY2025 close)
- FY2024 revenue: €3.2bn
- Channels: press releases, financial media, investor days
Diversified control: 24 boards, €4.2bn AUM, €2.1bn sales, €5.6bn market cap
The group uses direct board seats (24 in 2024) to steer subsidiaries, private-banking branches (AUM ~€4.2bn in 2024) and digital platforms (45% interactions via apps by 2025) for client services, DEME’s global sales network drove €2.1bn revenue in 2024 (60% international), and Euronext Brussels liquidity supports a ~€5.6bn market cap (FY2025 close).
| Channel | Key metric |
|---|---|
| Board seats | 24 (2024) |
| Private banking | AUM €4.2bn (2024) |
| Digital apps | 45% interactions (2025) |
| DEME sales | Revenue €2.1bn (2024) |
| Capital markets | Market cap ~€5.6bn (FY2025) |
Customer Segments
High-Net-Worth Individuals and Families
Delen Private Bank targets high-net-worth individuals and families, managing over €55bn in client assets group-wide as of Dec 2024, primarily via discretionary mandates focused on long-term capital preservation and low-volatility growth. These clients favor sustainable (ESG) allocations and intergenerational planning, and A&VH’s reputation for stability supports trust-based wealth transfers across generations.
Entrepreneurs and Liberal Professions
Bank Van Breda targets entrepreneurs and liberal professions within Ackermans & Van Haaren’s client mix, combining personal and professional banking—82% of its SME clients use both current and business accounts—plus tailored credit lines, tax-optimizing structures, and pension solutions. This niche focus lets the group offer products generalist banks skip, supporting median business loans of €150k and advisory teams that cut tax loads and improve retirement accruals for 70% of clients.
Governments and Public Infrastructure Authorities
Governments and public infrastructure authorities drive demand for large-scale marine engineering and environmental dredging, awarding multi-year contracts often worth €50–300m each (EU port projects averaged €120m in 2024). They prioritize partners who manage complex logistics and meet strict regulatory and environmental standards (EU dredging regs, Natura 2000 constraints), so winning these contracts yields long-term, high-value revenue and backlog stability.
Institutional and Retail Investors
Ackermans & Van Haaren (AvH) targets institutional and retail investors seeking diversified industrial exposure; at end-2024 AvH reported a market cap ~EUR 5.6bn and a net dividend yield of ~3.2%, attracting pension funds, insurers, and retail holders who prize steady dividend growth.
These stakeholders act as customers of AvH’s capital allocation and portfolio oversight, evidenced by 2024 recurring operating income ~EUR 520m and a three-year dividend CAGR around 6%.
- Market cap ~EUR 5.6bn (Dec 2024)
- Net dividend yield ~3.2% (2024)
- Recurring operating income ~EUR 520m (2024)
- 3-yr dividend CAGR ~6% (2022–2024)
Commercial Tenants and Urban Residents
Nextensa targets commercial tenants seeking modern, sustainable office space and urban residents wanting high-quality apartments; 2024 ESG demand rose 28% in EU office leasing, and green-certified buildings command 5–12% rent premiums.
Serving them needs data on hybrid work, wellness design, and city living—average urban occupancy rates hit 92% in major Benelux markets in 2024, so asset flexibility and sustainability upgrades drive value.
- 28% rise in ESG-driven leases (EU, 2024)
- 5–12% green rent premium (2024 studies)
- 92% urban occupancy (Benelux, 2024)
- Focus: hybrid work, wellness, low-carbon tech
Diversified AvH footprint: €55bn HNW, €150k SME loans, €120m contracts, 92% occupancy
AvH serves HNW families (Delen, >€55bn AUM), entrepreneurs/SMEs (Bank Van Breda, median loan €150k, 82% use both accounts), public authorities (dredging contracts €50–300m, avg €120m), institutional/retail investors (mkt cap €5.6bn, net yield 3.2%), and Nextensa tenants (92% occupancy; 5–12% green rent premium).
| Segment | Key metric |
|---|---|
| Delen HNW | €55bn AUM |
| Bank Van Breda SMEs | €150k median loan |
| Public authorities | €120m avg contract |
| Investors | €5.6bn mkt cap, 3.2% yield |
| Nextensa tenants | 92% occ, 5–12% green premium |
Cost Structure
Capital Expenditure for Specialized Equipment
Ackermans & Van Haaren directs a large share of capex to DEME fleet and industrial assets, with group capex ~€900m in 2024 and planned 2025 fleet/delivery investments concentrating on maintenance, tech upgrades and safety systems.
In 2025 a material portion—reported DEME decarbonisation spend ~€200–€300m—targets fuel-switching, hybridisation and carbon capture to cut Scope 1 emissions and retain offshore competitiveness.
Personnel and Specialized Talent Costs
The group’s reliance on senior engineers, bankers and managers makes wages and benefits a top cost: personnel expenses were about 42% of operating costs in 2024, with specialists in private banking and green engineering commanding 15–30% higher pay than peers; attracting and retaining talent requires sizable spend on compensation and training, and the firm treats human capital as an investment driving ROIC and long‑term value.
Operational and Project-Specific Expenses
Each marine and real estate project carries project-specific costs—raw materials, fuel, and subcontracted labor—that drove AVH-group inputs up to 12–18% year-on-year in 2024 due to supply-chain constraints and a 35% rise in global maritime fuel (IFO380) prices; tight project management and weekly cost controls are therefore essential to preserve typical construction margins of 8–12%.
Financing and Interest Costs
AvH keeps strong cash reserves while using bank loans, bonds and commercial paper across subsidiaries; net financial expenses were 155 million EUR in 2024, and interest exposure rises with market rates.
The group’s AA-/Aa3-equivalent credit profile (2024) lowers borrowing spreads, cutting average funding costs to ~2.1% in 2024 versus 3.4% for peers.
- Net financial expenses 2024: 155 million EUR
- Average funding cost 2024: ~2.1%
- Credit rating benefit: AA-/Aa3-equivalent
- Key drivers: market rates, debt mix, refinancing timing
Research, Development, and ESG Compliance
Ackermans & Van Haaren allocates significant R&D spend—about EUR 45–60m annually in 2024–25—targeting offshore energy tech and environmental remediation to secure project pipeline and IP advantages.
Compliance costs for ESG reporting and operational standards rose to ~EUR 18m in 2024, and are treated as mandatory investments to maintain the group’s license to operate in 2025.
- R&D: EUR 45–60m pa (2024–25)
- ESG compliance: ~EUR 18m (2024)
- Purpose: secure projects, IP, and license to operate in 2025
Ackermans & Van Haaren 2024: €900m capex, heavy decarb spend squeezes margins
Ackermans & Van Haaren's 2024 cost base centers on capex (~€900m) with DEME decarbonisation spend €200–300m, personnel ~42% of operating costs, net financial expenses €155m (avg funding cost ~2.1%), R&D €45–60m and ESG compliance ~€18m, squeezing margins (construction 8–12%) amid higher fuel and input prices.
| Item | 2024 |
|---|---|
| Group capex | ~€900m |
| DEME decarb | €200–300m |
| Personnel | ~42% op costs |
| Net fin. expenses | €155m |
| Avg funding cost | ~2.1% |
| R&D | €45–60m |
| ESG compliance | ~€18m |
Revenue Streams
Dividends from Portfolio Companies
Dividends from subsidiaries are a core revenue stream for Ackermans & Van Haaren (AvH); in 2024 AvH received €239m in dividend income, reflecting profits across marine engineering (turbine maker GIBCA), Crelan banking stakes, and real estate holdings—these cash flows finance new minority investments and supported AvH’s €1.25 DPS (dividend per share) paid in 2024.
Asset Management and Banking Fees
The private banking segment supplies steady recurring revenue via management fees tied to assets under management (AuM), which stood at €16.8bn at year-end 2024, generating fee income that is less volatile than project-based industrial sales. Fee growth tracks client asset growth and net new money—A&VH reported 4.2% AuM growth in 2024—making this a reliable, scalable income stream.
Project-Based Revenue from Engineering Contracts
DEME, Ackermans & Van Haaren’s engineering arm, drives project-based revenue from large dredging, offshore wind and environmental contracts, with milestone billing that causes timing volatility; in 2025 this segment accounted for the largest share of group turnover, contributing roughly EUR 1.15 billion of the group’s EUR 2.6 billion revenue.
Rental Income and Real Estate Sales
- Investment properties ~€1.1bn
- 2024 disposals €120–180m
- Mix: recurring rents + capital gains
Capital Gains from Strategic Divestments
AvH periodically realizes significant profits by selling mature or non-core stakes; in 2024 the group reported net capital gains of EUR 210m from divestments, reflecting exits after multi-year value enhancement programs.
These gains are central to AvH’s value-creation model, recycling capital into new investments—since 2019 divestment proceeds exceeded EUR 1.1bn, enabling redeployment into growth and pipeline opportunities.
- 2024 divestment gains: EUR 210m
- 2019–2024 cumulative proceeds: >EUR 1.1bn
- Exits follow several years of active value enhancement
- Recycled capital funds new strategic investments
AvH: €16.8bn AuM, €1.15bn DEME rev (2025), strong disposals & €239m dividends
AvH’s revenues mix: €239m dividends (2024), €1.15bn DEME project sales (2025), €16.8bn AuM generating fee income (4.2% AuM growth in 2024), ~€1.1bn investment properties with €120–180m disposals (2024), and €210m capital gains (2024); divestments 2019–2024 >€1.1bn, funding new minority investments and €1.25 DPS (2024).
| Item | Value |
|---|---|
| Dividends 2024 | €239m |
| DEME revenue 2025 | €1.15bn |
| AuM YE2024 | €16.8bn |
| Investment props | €1.1bn |
| Disposals 2024 | €120–180m |
| Divestment gains 2024 | €210m |