With the symbolic milestone of € 2 billion reached for the first time, John Cockerill’s 2025 order entries are at the highest level ever recorded, surpassing the previous record of € 1.7 billion set in 2024. The Defense Business, with more than € 1.1 billion of orders recorded in 2025, made a strong contribution to this result.
The 2025 turnover amounted to € 1.6 billion, continuing the steady growth since 2021. As in the case of order entries, the integration of Arquus contributes significantly to this growth. The efforts undertaken across all of John Cockerill’s businesses are bearing fruit: for the first time in many years, all activities posted a balanced or positive result before depreciation, with the exception of hydrogen, the development of which still requires substantial investment.
Following on from the 2024 financial year – which followed a negative year in 2023 – operating income before depreciation and amortization remained positive in 2025, reaching € 49 million in accordance with the budget and the John Cockerill 2025 recovery plan. This amount includes the loss in the Hydrogen Business, which, while lower than in 2024, was still significant at – € 58 million. This Business is expected to break even in 2028. Excluding Hydrogen, EBITDA amounted to € 107 million.
The 2025 financial year also benefited from the solid performance of the Defense and Energy Business, with the other Business showing slight gains. It should be noted that an exceptional and technical result was recorded, related to the first consolidation of McPhy’s assets.
As in previous years, John Cockerill’s net cash position remains very positive at the end of 2025, with € 386 million net of short-term cash drawdowns. A receivables discounting system was maintained in 2025 to accelerate the financing of Arquus’s operating cycle, for an amount of € 235 million. However, the situation of European cash pooling — not financed by the Defense Business — requires constant vigilance. In addition, a € 116 million fundraising round was carried out for the Hydrogen Business, in particular to support its strategic investments.
The various cash flow projections confirm the ability of the Group and its subsidiaries to maintain a satisfactory level of liquidity, subject, however, to the fulfillment of the orders entered in the budget.
The data presented are:
– published according to the IFRS (International Financial Reporting Standards) accounting standards, allowing homogeneous consolidation of the accounts of the Group over its entire scope, as well as readability and international comprehension of its performance.
– since 2015, those of the Consortium, constituted of all the activity sectors of the Group, as well as its real estate activity.