Koninklijke BAM Groep (BAMNB) Q3 2024 TU earnings summary

Executive summary

• Revenue increased by 2% year-over-year in the first nine months of 2024, mainly driven by strong performance in the Netherlands division.

• Adjusted EBITDA reached €203 million with a 4.4% margin, slightly above last year.

• Order book grew by 19% to €11.7 billion, supported by robust order intake in Civil Engineering UK.

• Strategic focus remains on margin over volume, sustainability, and expansion in energy transition and rail infrastructure.

• Third quarter adjusted EBITDA was €76 million, including a €9 million revaluation of the Invesis earnout.

Financial highlights

• Revenue for the first nine months was €4,615 million, up from €4,535 million last year.

• Adjusted EBITDA of €203 million, including a €9 million positive revaluation from the Invesis earnout.

• Liquidity position solid at €457 million at the end of Q3.

• Capital ratio improved to 25.0%, supported by net results and partially offset by share buybacks.

• Trade working capital efficiency stabilized at -11.4%.

Outlook and guidance

• Full-year 2024 outlook reiterated: adjusted EBITDA margin expected within the 4% to 5% strategic range.

• Residential market in the Netherlands expected to remain strong, with positive momentum into 2025 and 2026.

• Home sales in the Netherlands on track to exceed 2023 levels.

• Trade working capital expected to stabilize around -11%, with no significant cash outflows anticipated.