Heijmans (HEIJM) H1 2025 earnings summary

Executive summary

• Strong H1 2025 performance with revenue up 8% to €1.31 billion and all segments contributing to profitability and margin improvements.

• Upgraded full-year outlook with underlying EBITDA margin guidance raised to circa 9% and revenue expected around €2.75 billion.

• Net profit rose 59% year-over-year to €59 million, with a solid solvency ratio of 32%.

• Order book stable at €3.0 billion, with increasing quality and profitability.

• Strategic focus on safety, innovation, sustainability, and workforce initiatives, including technical advances and new training programs.

Financial highlights

• Revenue increased to €1.31 billion in H1 2025, up from €1.217 billion in H1 2024.

• Underlying EBITDA rose to €112 million (margin 8.5%), up 23% from €91 million (margin 7.5%) in H1 2024.

• Net profit reached €59 million, up 59% compared to H1 2024.

• Net debt at period end was €40 million, with most free cash flow expected in H2 and a positive net cash position anticipated by year-end.

• Cash dividend payout increased to 50%, with €45 million paid, impacting cash flow seasonality.

Outlook and guidance

• Full-year 2025 turnover expected around €2.75 billion, with underlying EBITDA margin guidance raised to circa 9%.

• Strong order book and market demand support continued growth into 2026 and 2027.

• Focus remains on margin over volume, selective project participation, and risk-reward balance.

• Expectation of a solid positive net cash position by year-end.

• Modular and industrialized construction seen as key to scaling capacity amid labor shortages.