Strong 2025 first-half results for Royal BAM

A Royal BAM Group construction site in Europe. Image: Adobe Stock

Royal BAM posted adjusted EBITDA of €176 million (US$206 million) on €3.4 billion ($4 billion) in revenue, with margins improving to 5.2% from 4% a year earlier.

Net profit jumped 85% to €102 million ($120 million), while the company’s order book held steady at €12.9 billion ($15 billion).

Cash flow from operations was €151 million ($177 million), though seasonal working capital effects and residential land investment contributed to a €246 million ($288 million) reduction in net cash.

Citing improved profitability in the Netherlands, the UK, and Ireland, BAM upgraded its full-year outlook, now expecting an adjusted EBITDA margin of at least 5%.

In a statement, CEO Ruud Joosten said, “The higher contribution of the division Netherlands was driven by the non-residential construction activities, supported by a high production level.

“In the division United Kingdom and Ireland, Construction UK returned to profitability and recently BAM finalised the Co-op Live [arena] project [in Manchester, England]. Civil engineering UK and Ireland continued to perform strongly.”

In the Netherlands, adjusted EBITDA rose 58% to €110 million ($129 million), driven by strong activity in non-residential construction. BAM sold 692 homes in the period and expects to exceed last year’s total of 1,854 units by year-end. The division’s order book declined slightly to €5 billion ($5.9 billion).

In the UK and Ireland, adjusted EBITDA increased to €66 million ($77 million), up from €51 million ($60 million) in H1 2024.

Looking ahead, BAM said market conditions remain favourable across energy, infrastructure, defence, and housing, though regulatory uncertainty around nitrogen emissions in the Netherlands continues to pose a risk.

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