Koninklijke BAM Groep (BAMNB) Q4 2025 earnings summary

Executive summary

• Revenue grew 9% to over €7 billion in 2025, with strong performance across all divisions and a robust order book of €13 billion maintained at high quality levels.

• Adjusted EBITDA rose 20% to €400 million, with margin improving from 5.2% to 5.7% year-over-year, and net income increased to €211 million with EPS at €0.81.

• Dividend proposal of €0.30 per share and €40 million share buyback, returning about 55% of net income to shareholders.

• Major legacy projects, including the final school in Denmark, Co-op Live Arena, and Silvertown Tunnel, were completed, reducing risk from the legacy portfolio.

• Sustainability leadership reaffirmed with a seventh consecutive CDP Climate A rating and continued investment in safety and people.

Financial highlights

• Adjusted EBITDA margin improved to 5.7% from 5.2% year-over-year.

• Net result reached €211 million, up from the prior year, with EPS at €0.81 versus €0.31.

• Cash position increased to €0.9 billion; net cash after loans and leases at €501 million.

• Solvency improved to 23.4% from 23.0%, and return on average capital employed rose to 17.2%.

• Trade working capital efficiency stable at -11.9%.

Outlook and guidance

• Expects further growth in revenue and Adjusted EBITDA for 2026, with continued focus on disciplined contract and risk management.

• Medium-term targets to be updated by early 2026, following the completion of the current three-year strategic cycle.

• Robust demand anticipated across markets, with opportunities in energy transition, infrastructure, and housing.