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, housing and infrastructure demand, and the Van Wanrooij acquisition.

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

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

• Order book expanded to €3.0 billion, up €400 million year-over-year, supporting future growth.

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

Financial highlights

• Revenue: €1.217 billion in H1 2024, up from €937 million in H1 2023.

• Underlying EBITDA: €91 million (7.5% margin), up from €49 million (5.2%).

• Operating profit: €48 million (3.9% margin), up from 2.5% last year.

• Net profit: €37 million, more than double H1 2023; EPS: €1.39.

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

Outlook and guidance

• 2024 revenue guidance maintained at €2.5 billion.

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

• Net cash position expected by early 2025, ahead of previous 2026 guidance.

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

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