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Arcadis (ARCAD) investor relations material
Arcadis Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary30 Oct, 2025
Executive summary
Net revenues reached €936 million in Q3 2025, marking a return to 1.0% organic growth year-over-year, with margin expansion and strong demand in North America and Europe, especially in Energy, Water, Climate, and Technology sectors.
Strategic focus on high-growth sectors is driving portfolio shift, higher margin projects, and ongoing repositioning for future growth.
Large Mobility projects in North America and Europe continued to ramp up, supporting growth.
Cautious outlook for the UK due to economic uncertainty and delayed public spending, despite recent contract wins and policy clarity.
Ongoing strategic initiatives focus on accelerating profitable growth, operational efficiency, and robust cash generation.
Financial highlights
Operating EBITA margin expanded to 11.6% from 11.4% in Q3 2024, reflecting improved solutions mix, cost discipline, and rightsizing.
Free cash flow for the quarter was €80 million, down from €134 million in Q3 2024, impacted by higher working capital from project milestone delays and ERP rollout issues.
Net working capital increased to 14.0% of annualized gross revenues (Q3'24: 12.7%), with Days Sales Outstanding rising to 73 days from 67.
Net debt increased to €978 million (FY'24: €739 million), within target range, due to dividend, acquisitions, share buyback, and working capital needs.
Sizable negative FX impact of about €40 million from U.S. dollar translation.
Outlook and guidance
Focus remains on accelerating profitable growth, enhancing operational efficiency, and driving cash generation, with mid to high single-digit organic net revenue growth targeted for 2026.
Margin expansion remains a focus, with investments in automation, AI, and sales force to drive efficiency and growth.
Investments in 2025 expected to be materially lower in 2026, supporting further margin improvement.
Cautious on UK outlook due to upcoming budget and subdued economic conditions; most revenue expected later in 2026.
2026 financial targets include 12.5% operating EBITA margin, Net Debt/Operating EBITDA of 1.5-2.5x, and a 30-40% dividend payout ratio.
Detail NWC reduction plan and impact.
Outlook for order intake growth?
Strategy for Places segment organic growth?
Oracle ERP impact on Q3 cash flow
UK revenue recovery timeline and drivers
CFO's value creation plan details
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Q4 202519 Feb, 2026
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Frequently asked questions
Arcadis NV is a global design, engineering, and consulting firm specializing in sustainability and infrastructure solutions. The company provides services in areas such as urban development, water management, environmental restoration, and transportation systems. Its offerings include project management, architectural design, engineering, and consultancy to clients in both the public and private sectors. Arcadis focuses on delivering solutions that enhance quality of life and address challenges related to urbanization, climate change, and digital transformation. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Amsterdam.
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