Round-up: Skanska, Royal BAM, and WSP’s Q3 performances

Royal BAM on track for 5% margin target

Royal BAM Group reported continued strong performance for the first nine months of 2025, and said it remained on track for an adjusted EBITDA margin of at least 5% for the full year.

Revenue growth remained positive, supported by improved home sales and strong results in non-residential construction across both its Netherlands and UK & Ireland divisions.

The company’s order book held steady at €12.5 billion. In the Netherlands, BAM recorded higher revenue and earnings, buoyed by two major framework wins, including a €600 million deal to future-proof energy and water supply in Limburg for Enexis and Waterleiding Maatschappij Limburg, and a €240 million contract for the renewal and reinforcement of energy supply in North Brabant, also for Enexis. The company also won a maintenance contract for the Zeeland Bridge in partnership with Spie Nederland.

The UK and Ireland division also saw higher revenue, with BAM securing a place on National Grid’s £9 billion High Voltage Direct Current Major Works & Civils Framework.

Chief executive Ruud Joosten said BAM continued to benefit from rising demand in areas such as energy transition, infrastructure, and affordable housing, though uncertainty remains around nitrogen regulations in the Netherlands.

Skanska orders weaken but revenue and profit rise

Skanska workers (Image courtesy of Skanska)

Skanska reported higher revenue and profit for the third quarter of 2025, with operating income rising 13 % year-on-year to SEK 1.4 billion (€128 million) and revenue up 8 % to SEK 43.7 billion (just under €4 billion) on a currency-adjusted basis.

Construction operations remained the main driver, delivering an operating margin of 4.2 % compared with 3.6 % a year earlier. However, new orders totalled SEK 39.9 billion (€3.6 billion), down 17 % in constant currency from a strong comparable quarter, bringing the 12-month book-to-build ratio to 106 %.

Project Development recorded an operating loss of SEK 0.3 billion (€27 million), including SEK 0.7 billion (€64 million) in property-asset impairments, though group return on equity improved to 10 %. Skanska said overall performance reflected resilient margins in construction despite subdued investment activity.

WSP acquisitions drive double-digit growth and stronger margins

Canada-based professional services firm WSP Global reported a robust third quarter, with double-digit gains in revenue, earnings and cash flow underpinned by efficiency improvements and strong North American performance.

Net revenue for the third quarter of 2025 rose 16 % year-on-year to C$3.5 billion (US$2.5 billion), while adjusted EBITDA increased 20 % to C$700 million (US$511 million), lifting the margin to 20.2 %. Adjusted net earnings climbed 32 % to C$369 million (US$269 million).

The firm continued to expand its platform through acquisitions, marking one year since acquiring US-based Power Engineers and completing the purchase of Ricardo in October.

It said its increase in net revenue was attributable to acquisition growth of 10.1% and organic growth of 3.7%.

Its order backlog as at 27 September grew 10.6 % year on year to C$16.4 billion (US$12 billion), equivalent to 10.9 months of revenue.

President and CEO Alexandre L’Heureux said WSP remained “measuredly optimistic” heading into 2026, supported by its diversified business and financial flexibility.

However, during an investors’ call, L’Heureux declined to comment on reports that WSP could be in the frame to acquire rival US-based firm Jacobs.