Half Year 2026 Koninklijke BAM Groep NV Earnings Call Transcript
Key Points
- Strong financial performance with revenue up 3% to EUR3.5 billion and adjusted EBITDA up 36% to EUR240 million, with margin improving to 6.9%.
- Net result increased by 25% to EUR127 million, with earnings per share rising to EUR0.49.
- Robust financial position with a cash position of EUR715 million and solvency at 22.9%.
- Order book remains high at EUR12.6 billion, with Dutch order book up 7% to EUR6 billion.
- Strategic progress in residential development and defense projects, including acquisitions and land positions in the Netherlands.
- Strong performance in UK and Ireland with adjusted EBITDA up 48% to EUR98 million, despite some project costs.
- Positive market outlook supported by energy transition, infrastructure investment, and defense spending.
- Improved trade working capital efficiency to minus 12.5% from minus 11.9% at year-end 2025.
- Reported a tragic fatality of a subcontractor's employee at a site in May, highlighting safety concerns.
- UK and Ireland order book decreased to EUR6.1 billion due to timing of major civil project awards.
- Additional costs related to the delivery of the National Children's Hospital in Ireland impacted results.
- Effective tax rate increased to 18% from 10% in the prior year, reducing net result.
- Working capital outflow of EUR150 million in the first half, reflecting seasonal patterns and investments.
- Cash flow from investing activities was negative at EUR110 million, including acquisitions and capex.
- Solvency slightly decreased to 22.9% from full-year 2025 due to shareholder distributions.
- Uncertainty in the Netherlands regarding grid connection constraints and broader market conditions.
Welcome to the Royal BAM Group first half-year results 2026. (Operator Instructions)
I will now hand over to Michel Aupers to begin the presentation.
Good morning, everyone, and welcome to the Royal BAM Group conference call. My name is Michel Aupers, Investor Relations Manager. Iâm pleased to have you with us today. The meeting is hosted by our CEO, Ruud Joosten; and our CFO, Henri de Pater, who will take you through the key highlights of BAMâs first-half 2026 results. The presentation slides are available on our website. After their remarks, we will take your questions. I would like to draw your attention to the disclaimer shown here.
Ruud, over to you, please.
Thank you, Michel, and good morning all. On the cover slide, on this slide, you see the construction of the Narrow Water Bridge, the landmark infrastructure project linking
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