Koninklijke BAM Groep (BAMNB) Q4 2024 earnings summary

Executive summary

• Adjusted EBITDA reached €333 million in 2024, with a margin of 5.2%, up 10% year-over-year, and revenue grew 3% to €6.5 billion.

• Order book surged 33% to €13 billion, reflecting strong project wins and market demand.

• Net result was €82 million, with EPS of €0.31, impacted by a €107 million non-cash impairment from the Invesis divestment.

• Dividend proposal increased by 25% to €0.25 per share, with a €50 million share buyback announced.

• Sustainability leadership reaffirmed with CDP Climate A rating and SBTI validation for net zero 2050 targets.

Financial highlights

• Liquidity position stable at €0.8 billion; solvency at 23.0%.

• Trade working capital efficiency at -11.7%; cash flow from operations €284 million.

• Return on average capital employed was 5.8%, down from 13.7% in 2023.

• Net cash before ROU stable at €696 million; net (debt)/cash €440 million.

• Dividend and buyback returned €92 million to shareholders in 2024.

Outlook and guidance

• 2025 adjusted EBITDA margin expected around 5%, mid-point of 4–6% strategic range.

• Market outlook positive in Netherlands, UK, and Ireland, with strong demand in residential, energy, and infrastructure.

• Order book quality and selective tendering remain priorities; further margin expansion possible as legacy projects conclude.