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 bandwidth of 7%-9%.

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

• Significant progress in sustainability, safety, and workforce development, including a 30% reduction in Scope 1 and 2 emissions and successful integration of newcomers into the workforce; recognized for sustainability and reporting excellence, winning multiple industry awards.

• Order book remains stable at €2.8 billion, supporting a positive outlook for 2025.

Financial highlights

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

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

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

• Net debt position at year-end was €10 million after full repayment of acquisition financing.

• Solvency increased to 34%, with return on capital employed at 19%.

Outlook and guidance

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

• Expects continued growth in recurring business, energy transition projects, and renovation/maintenance work.

• Housing market demand remains strong despite regulatory and permitting challenges; limited impact expected from recent nitrogen ruling.

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

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