Koninklijke BAM Groep (BAMNB) Q4 2025 earnings summary

Executive summary

• Revenue grew 9% to €7.0 billion in 2025, driven by energy transition, transportation, and Dutch residential markets, with all activities contributing positively.

• Adjusted EBITDA increased 20% to €400 million (margin 5.7%), with net result at €211 million and EPS of €0.81.

• Order book remained robust at €13.0 billion, with a focus on sustainable solutions and quality intake.

• 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 and Co-op Live Arena in the UK, were completed.

Financial highlights

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

• Net income reached €211 million, up from €81 million in 2024; EPS increased to €0.81 from €0.31.

• Cash position strengthened to €0.9 billion, with net (debt)/cash at €501 million.

• Return on average capital employed rose to 17.2% from 5.8%.

• Solvency improved to 23.4% from 23.0%.

Outlook and guidance

• Expects further growth in revenue and adjusted EBITDA for 2026.

• Proposes a dividend of €0.30 per share for 2025, a 20% increase over 2024, plus a €40 million share buyback.

• Plans to return €357 million to shareholders from 2023-2026.

• Further share buybacks post-2026 will depend on balance sheet and strategic opportunities.

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