Koninklijke BAM Groep (BAMNB) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA rose 40% to €176M with a 5.2% margin, driven by strong performance across all divisions and a robust €12.9B order book.

• Net income increased 85% to €102M, nearly doubling EPS to €0.39 year-over-year.

• Revenue grew 7% to €3.4B, with both divisions contributing.

• Liquidity position solid at €501M; solvency ratio stable at 23%.

• Strategic progress included investments in Dutch residential property, UK simplification, and a joint venture in UK nuclear energy.

Financial highlights

• Adjusted EBITDA margin improved to 5.2% from 4.0% year-over-year.

• Trade working capital efficiency improved to -12.3% from -11.7% at 2024 year-end.

• Cash flow from operations was €151M, with €266M invested in working capital, mainly for residential development.

• Return on average capital employed at 9.1%.

• Net cash position before lease liabilities at €408M.

Outlook and guidance

• Full-year 2025 adjusted EBITDA margin expected to be at least 5%, an upgrade from previous outlook.

• Full-year tax rate expected between 10% and 14%.

• Market demand anticipated to remain robust across core geographies, with opportunities in energy transition, infrastructure, defense, and housing.

• Management remains cautiously optimistic due to political and market uncertainties, especially in the Netherlands.