Koninklijke BAM Groep (BAMNB) investor relations material

Deal rationale and strategic fit

• Adds underground power, water and gas infrastructure expertise, positioning the combined business as a leading Dutch energy and water infrastructure provider.

• Combines nationwide coverage, pipelines and trenchless techniques with distribution networks, last-mile connections, civil engineering and delivery capabilities.

• Energy-transition revenue exposure expected to exceed 20%; A.Hak brings ~900 employees and specialist expertise.

• Existing UK infrastructure presence and A.Hak’s specialist services provide a platform for UK growth.

Financial terms and conditions

• Enterprise value of €504 million, financed through existing cash and a committed bridge loan from Rabobank, ING Bank and ABN AMRO.

• A.Hak 2026 outlook: revenue of ~€425 million and adjusted EBITDA margin of ~10%; adjusted EBITDA expected at ~€43 million in 2026 and €65–75 million in the medium term.

• Medium-term EBITDA outlook assumes ~10% top-line growth over ~3 years; free cash flow expected to be accretive from closing in Q1 2027.

• Solvency expected to remain approximately unchanged versus H1 2026; strong net cash and financial flexibility expected to be maintained.

Synergies and expected cost savings

• Market-facing synergies: combined expertise enables larger, more complex programs and integrated delivery from design and engineering through construction and maintenance.

• Greater execution capacity and framework-contract volumes aim to address client capacity constraints; management does not frame the opportunity as cost-driven.