Heijmans (HEIJM) H2 2025 earnings summary

Executive summary

• 2025 delivered strong financial results and strategic progress, with revenue and margins improving across all business units despite market and political challenges.

• Workforce grew by 8% to 6,100 employees, reflecting employer attractiveness.

• Order book increased to €3.7 billion, with 35% of revenue from recurring business, providing a solid foundation for future growth.

• Strategic focus on well-being, sustainability, connection, producibility, and team, driving integrated business innovations and scalable solutions.

• Safety culture improved, though a fatal accident underscored ongoing risks and the need for vigilance.

Financial highlights

• Revenue rose 7% year-over-year to just under €2.8 billion, up nearly €200 million from 2024.

• Underlying EBITDA increased 27% to €252.2 million (9.1% margin), up 140 basis points and €53 million from 2024.

• Net profit after tax was €130 million, up 45% from €90 million in 2024; proposed dividend of €2.37 per share (50% payout).

• Net cash position at year-end was €58 million; total cash flow €85 million.

• ROCE improved to 27.9% (2024: 19.2%).

Outlook and guidance

• Revenue for 2026 expected at €3.1 billion, including Hegeman acquisition.

• Underlying EBITDA margin targeted to grow towards 9.5% in 2026, above the 7%-9% range previously set for 2027.

• Continued focus on selective tendering, risk management, and margin over volume.

• Housing sales expected to remain stable or slightly decline in 2026 due to market disruptions.

• Capital Markets Day scheduled for 21 May 2026 to provide further strategic insights.