Heijmans (HEIJM) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 increased nearly 16% year-over-year to €1.517 billion, driven by the Hegeman acquisition and strong growth across all segments.

• Underlying EBIT rose 27% to €104 million, with a margin of 6.9% (up 60bps year-over-year), and net profit grew 24% to €73 million.

• Order book expanded 36% year-over-year to €4.1 billion, reflecting strong demand and high-quality projects, especially in the Working segment.

• Net cash position improved to €51 million, reversing net debt of €40 million a year earlier.

• Financial flexibility enhanced with a renewed €210 million Revolving Credit Facility and an additional €150 million acquisition facility.

Financial highlights

• Revenue: €1.517 billion (H1 2025: €1.310 billion), up 16%.

• Underlying EBIT: €104 million (H1 2025: €82 million), margin 6.9%.

• Net profit: €73 million (H1 2025: €59 million), up 24%.

• ROCE: 30.1% (H1 2025: 24.7%).

• Solvency ratio: 31.5% (H1 2025: 32.2%).

Outlook and guidance

• FY 2026 revenue expected around €3.1 billion, with underlying EBIT margin targeted at 7.3%.

• Strategic focus on margin over volume, selective tendering, and transition to a process-driven company by 2030.

• Residential market expected to remain subdued through 2027; growth to come mainly from Working and Connecting segments.

• High-quality order book provides strong visibility; strategy emphasizes execution, growth, and sustainable value creation.