Heijmans raises its 2026 margin target to 7.5%, order book at €4 billion
The Dutch construction group maintained its revenue forecast and reported a year-on-year increase in its order book, while its housing sales continue to decline. According to management, its infrastructure, energy and non-residential building activities are benefiting from still-growing demand.
Profitability target raised, revenue expectation unchanged
On 30 October 2026, Heijmans published a business update for the third quarter, accompanied by an upward revision of its annual outlook. The group now targets an underlying EBIT margin of around 7.5% for 2026, whereas it had previously expected a margin approaching 7.3%.
The revenue target remains set at approximately €3.1 billion. The revision therefore concerns expected profitability rather than volumes, in line with the position defended by management: selecting projects that match the group's expertise and placing margin ahead of volume.
The order book stands at €4.0 billion, compared with €3.3 billion in 2025, and the group indicates that the quality of its orders is improving. This level exceeds the expected revenue for the full 2026 financial year.
Chief Executive Officer Ton Hillen attributes the revision to the evolution of the group's activities, which gives it confidence for the end of the financial year. He credits the overall performance to the distribution of activities across three divisions: Living (housing), Working (non-residential building and technical services) and Connecting (infrastructure and energy).
The CEO recalls that the group remains committed to its “Together towards 2030” strategy and to the choices made in recent years. In his view, this selectivity strengthens Heijmans' resilience and supports its profitability.
Housing sales down, recurring revenues up in non-residential construction
The Living division sold 2,085 homes from the beginning of the year through October, compared with 2,313 over the same period in 2025. The group states that this decline was anticipated.
Heijmans attributes it to several constraints: congestion of the electricity grid, complexity of permit procedures, rising mortgage rates and the reluctance of institutional investors to finance new developments. For 2027, the group expects the number of homes sold to remain under pressure.
The market is evolving unevenly: detached houses in peri-urban areas continue to sell quickly, as in the Nieuw Boekhorst project in Voorhout, where the group uses industrialised construction methods. The urban Atlas site in Rotterdam and the Bellevue site in Utrecht are progressing, as is the Pannenschuur district in Oisterwijk.
The Working division is performing in line with the group's expectations. Major projects, including the physics building at Delft University of Technology, are on schedule, and demand for management, maintenance and environmental performance upgrades of existing buildings continues to rise.
The new construction partnership with Eindhoven Airport is helping to increase the share of recurring revenues in the division. Heijmans also launched production at its Modulekracht site in Dordrecht on 30 October 2026, dedicated to assembling prefabricated technical installation modules for buildings.
According to the group, this prefabrication makes it possible to deploy scarce specialised technicians more efficiently and to standardise the construction process, making it safer and more predictable.
Infrastructure and electricity grid: contract extended and projects underway
The Connecting division relies on a significant investment programme in infrastructure and energy supply. The Dutch Ministry of Infrastructure and Water Management recently clarified the priority of maintenance, replacement and renovation projects, which, according to the group, improves visibility and confirms the role left to market players.
The order book was strengthened by the three-year extension of a performance contract for the maintenance of waterways in the east of the Netherlands. Heijmans also completed work on the Lauwersmeerdijk dike and began construction of a high-voltage substation in Hoogeveen, in addition to those planned in Meppel and Zwolle.
The group will convene its shareholders at an extraordinary general meeting on 4 November 2026 to appoint a new member of the supervisory board. Its 2026 annual results will be published on 19 February 2027.
