Fiscal performance and division results
For VDL Groep, 2025 was a year marked by an earnings recovery despite a slight decline in total revenue. Combined annual revenue amounted to 4.064 billion euros, a 5% decrease compared to 4.281 billion euros in 2024. This was primarily due to a downturn in the semiconductor sector and falling automotive revenue at VDL Nedcar. However, net income rose significantly by 83%, climbing from 66 million euros to 121 million euros. Performance varied across the company’s divisions; while the Supplies division saw a 7% revenue drop, the Finished Products division grew by 18% to 935 million euros. The Buses division, which merged VDL Bus & Coach and Van Hool into VDL Bus Group, saw revenue grow by 6%, though it currently operates at a loss.
Executive perspective and acquisitions
Willem van der Leegte, CEO of VDL Groep, stated that the revenue and earnings for 2025 developed in line with the company’s expectations. He noted that it is encouraging to see that strategic steps are resulting in improved profitability. Van der Leegte highlighted that despite geopolitical uncertainties, the company is bolstered by a strong underlying trend in its order book. This is further supported by the acquisition of companies like VDL Agrobotics, which focuses on food tech and AI, and VDL Sintecs, a specialist in high-end electronics. These moves, alongside a strategic partnership with the Ministry of Defence to scale up national production capacity in Born, underline VDL’s commitment to strengthening the European manufacturing industry.
Outlook for 2026 and record order backlog
Growth is expected in 2026 for both revenue and earnings, with the most significant increase anticipated in the second half of the year. The company’s order backlog, which fell slightly in 2025, has since surged by 12% to reach a record 2.082 billion euros as of March 2026. The Buses division is already fully booked for the year, focusing on deliveries in the Netherlands, Belgium, Germany, and France. In early 2026, VDL also expanded further by acquiring the Flemish firm Limoco, a specialist in industrial ventilation. While the impact of instability in the Middle East remains difficult to assess, VDL’s diverse activities in high-tech, energy, and infra-tech position the group to reduce dependencies on other parts of the world.
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