Koninklijke BAM Groep (BAMNB) Q1 2025 earnings summary

Executive summary

• Solid start to 2025 with revenue and adjusted EBITDA growth in both Netherlands and UK/Ireland divisions compared to Q1 2024.

• Order book increased to €13.3 billion from €13.0 billion at end of 2024, reflecting focus on quality over volume.

• Divestment of 50% stake in Invesis completed, with €105 million proceeds to be received in 2025.

• Share buyback of €50 million to commence on 12 May 2025 as part of capital allocation strategy.

• Inclusion in AMX (Midcap) index of Euronext Amsterdam at end of March 2025.

Financial highlights

• Adjusted EBITDA margin target of around 5% for full year 2025 reiterated.

• Revenues increased in both Netherlands and UK/Ireland divisions year-over-year.

• Solvency strengthened and cash position remained robust compared to year-end 2024.

• Trade working capital efficiency maintained at year-end 2024 levels.

Outlook and guidance

• Expectation to deliver adjusted EBITDA margin of around 5% for 2025, in line with strategic target range for 2024-2026.

• Market demand expected to remain robust, with opportunities in decarbonisation, infrastructure, and sustainable housing.

• Uncertainties persist regarding interest rates, nitrogen policy in the Netherlands, and political environment.