Koninklijke BAM Groep (BAMNB) Q3 2025 TU earnings summary

Executive summary

• Strong performance continued in the third quarter, with positive revenue trends from the first half sustained.

• Adjusted EBITDA margin of at least 5% for the full year 2025 reiterated.

• Home sales improved in the third quarter, with full-year sales expected to exceed 2024 levels.

• Order book maintained at €12.5 billion, supported by disciplined contract and risk management.

• Strategy focuses on sustainable growth through Focus, Transform, and Expand pillars.

Financial highlights

• Solvency improved and cash position remains robust.

• Trade working capital became slightly less negative compared to mid-year 2025.

Outlook and guidance

• Adjusted EBITDA margin of at least 5% for full-year 2025 reiterated.

• Demand in core markets expected to remain robust, with opportunities in energy transition, infrastructure, defense, and housing.