Heijmans (HEIJM) H1 2024 earnings summary

Executive summary

• Revenue increased 30% year-over-year to €1.217 billion in H1 2024, driven by strong organic growth, acquisitions, and robust demand in housing and infrastructure.

• Underlying EBITDA rose to €91 million (margin 7.5%), up from €49 million (margin 5.2%) in H1 2023, reflecting improved margins and operational efficiency.

• Net profit more than doubled to €37 million compared to €18 million in H1 2023; EPS reached €1.39 versus €0.77.

• Order book expanded to €3.0 billion, up €400 million from H1 2023, supporting future growth.

• Accelerated repayment of acquisition financing and raised full-year outlook for underlying EBITDA margin.

Financial highlights

• Operating profit increased to €48 million, with a margin of 3.9% versus 2.5% last year.

• Depreciation and write-offs rose to €28 million, including €3 million amortization from Van Wanrooij's order book.

• Result from joint ventures increased from €2 million to €5 million, partly due to Van Wanrooij associates.

• Net debt reduced to €92 million, with accelerated €35 million loan repayment and solvency improved to 31%.

• Dividend payout increased to 50% of profit, now fully in cash.

Outlook and guidance

• Revenue guidance for 2024 remains at approximately €2.5 billion.

• Underlying EBITDA margin guidance raised from at least 6.5% to approximately 7.5% for 2024.

• Net cash position now expected in early 2025, a year ahead of previous guidance.

• Order book quality and margin development prioritized over volume growth; multi-year EBITDA margin target of 7–9% by 2027.

• Order book expected to remain strong, supporting positive outlook.