Heijmans (HEIJM) H2 2024 earnings summary

Executive summary

• Achieved strong financial and operational performance in 2024, with revenue up 22% to €2.6 billion and underlying EBITDA up 35% to €199 million; all business divisions contributed to growth and operated within the strategic EBITDA margin range of 7%-9%.

• Net profit increased by 50% year-over-year to €90 million, and share price rose 160% in 2024, the highest among Amsterdam-listed shares.

• Recognized for sustainability and reporting excellence, winning multiple industry awards and advancing initiatives with a 30% reduction in scope 1 and 2 emissions.

• Workforce expanded, including employment of 60 refugees and a new labor market campaign, with continued hiring despite a tight labor market.

• Net debt reduced to €10 million from €137 million, with full repayment of Van Wanrooij acquisition financing ahead of schedule and improved solvency to 34%.

Financial highlights

• Revenue grew by 22% to nearly €2.6 billion, driven partly by the full-year effect of the Van Wanrooij acquisition.

• Underlying EBITDA reached €199 million (7.7% margin), up €52 million from 2023.

• Net profit reached €90 million, up 50% year-over-year; EPS at €3.31.

• Order book stable at €2.8 billion, with €1.6 billion for 2025 and €1.2 billion for later years.

• Dividend proposal of €1.64 per share, an increase of over 80% from 2023, with a new policy targeting 50% payout of net profit.

Outlook and guidance

• 2025 revenue expected to approach €2.75 billion, with underlying EBITDA margin targeted at minimum 8.0%.

• Anticipates positive net cash position in Q1 2025, one year ahead of plan.

• Continued growth anticipated in recurring business, energy transition, and high-water protection programs.

• Focus remains on margin improvement, risk-reward balance, and selectivity in project acquisition.

• CapEx (excluding land bank) guided at around €40 million for 2025-2026.