VDL reports 5% revenue decline in 2025 as net income rises 83%, bus division grows but remains loss-making

VDL Group reported a 5% decrease in revenue for 2025, totaling €4.064 billion, compared to €4.281 billion in 2024. Despite this drop, the company saw a substantial 83% increase in net income, which rose to €121 million from €66 million in the previous year. The group’s order backlog decreased by 6% to €1.855 billion in 2025, “but has since grown by 12 percent and stands at a record 2.082 billion euros in week 11 of 2026”, VDL states.

The company’s bus and coach divisions, in particular, showed signs of growth, with the Buses division experiencing a 6% increase in revenue, reaching €538 million. This growth came alongside the merger of VDL Bus & Coach and Van Hool into the newly formed VDL Bus Group.

VDL bus division: growing but still loss-making

VDL Group’s total revenue in 2025 amounted to €4.064 billion, down 5% from the previous year’s €4.281 billion. The downturn can be attributed to a slowdown in the high-tech (semiconductor) sector and a decline in automotive revenue from VDL Nedcar. However, the company posted a remarkable 83% increase in net income, rising from €66 million in 2024 to €121 million in 2025.

The Buses division of VDL Group marked a pivotal year in 2025, with revenue growth of 6%, reaching €538 million. In 2024 the turnover of VDL bus division had increased by 67%: from €304 million in 2023 to €509 million. However, the group still points out that the division “is operating at a loss“.

One of the most significant changes was the merger of VDL Bus & Coach and Van Hool, resulting in the creation of VDL Bus Group. This consolidation formed a unified organization under two established brands: VDL and Van Hool.

The merger enabled VDL to scale up the production of its fully electric buses, notably the VDL Citea, with production concentrated in Roeselare. “The order book for 2026 is fully booked, with deliveries in the focus markets of Germany, the Netherlands, Belgium, and France”, the group states. The order book is said as standing at 611 million euros.

The coach sector also saw substantial growth in 2025. It was the first full year under the VDL Bus Group umbrella for Van Hool, which strengthened its position with new European contracts and a stable foundation in the North American market. Notably, in Macedonia, Van Hool began producing vehicles for both European and U.S. markets.

VDL Group has also been active in forging strategic partnerships to support its growth. A notable development is the company’s collaboration with the Ministry of Defense to enhance national and European defense production capacities.

VDL to launch a hub for sustainable mobility in Born

VDL’s site in Born is undergoing development in collaboration with local authorities to focus on sustainable mobility, battery systems, high-tech manufacturing, and defense. VDL aims to transform the Born site into a high-quality, autonomous production hub, with the support of a strategic partnership with the Ministry of Defense to enhance national production capacity. VDL also expanded its portfolio with two acquisitions in 2025: Crux Agribotics, now VDL Agrobotics, which specializes in smart robotics for food tech, and Sintecs, a high-end electronics company. Additionally, in early 2026, VDL acquired Limoco, a company specializing in industrial ventilation systems, further strengthening its position in key growth markets.

In 2025, VDL Group’s Supplies division experienced a 7% decline in revenue, falling to €2.591 billion from €2.795 billion in 2024. While the division saw strong performance in growth markets such as food tech, infra tech, and energy, core sectors like high tech and mobility faced delays. However, the division remains profitable, with a strategic global presence that mitigates the impact of geopolitical challenges. A notable recovery began in the fall of 2025, with increased orders from the semiconductor industry. The Supplies division’s order book stands at €890 million. Meanwhile, the Finished Products division saw significant growth, with revenue rising 18% to €935 million, driven by diverse activities and a strong order backlog of €546 million.

VDL looks ahead to 2026

VDL Groep is optimistic about its prospects for 2026, expecting growth in both revenue and earnings, particularly in the second half of the year. However, these projections are subject to uncertainties surrounding geopolitical instability, especially in the Middle East. If tensions continue, they could lead to higher costs, potentially affecting the company’s performance.

Despite these risks, VDL Groep’s order book remains strong, exceeding €2 billion, positioning the company well across a variety of growth markets, including high-tech, mobility, energy, food tech, infra tech, and defense.

Willem van der Leegte, CEO of VDL Groep, states: “Revenue and earnings in 2025 developed in line with our expectations: although revenue declined slightly, earnings nevertheless recovered. It is encouraging that the steps we are taking are resulting in improved profitability. Despite uncertainties regarding the actual impact of geopolitical developments, we anticipate that the first half of 2026 will continue the trend seen in 2025, and we expect the second half of 2026 to be characterized by growth. This forecast is supported, among other things, by the strong underlying trend in our order book.”