Royal BAM confirms EBITDA margin of at least 6.5%, order book stable at €13bn
Royal BAM Group confirmed on 5 November 2026 its target of an adjusted EBITDA margin of at least 6.5% for the full year 2026. The group relies on an order book maintained at €13.0 billion after the first nine months, a level to be compared with the €7.0 billion in revenue generated in 2025.
This business update is essentially qualitative. It reports year-on-year increases in revenue and adjusted EBITDA in both of the group's divisions. It comes as BAM began restructuring its portfolio in October, with a planned acquisition, a stake acquisition and a disposal in the Netherlands.
Revenue and adjusted EBITDA up in both divisions
The Netherlands division recorded revenue and adjusted EBITDA higher than in the first nine months of 2025, driven by the Construction and Development and Civil Engineering activities. The UK and Ireland division shows the same trend: in the United Kingdom, the Construction and Civil Engineering activities led to a significant improvement in results, according to the group.
Chief Executive Officer Ruud Joosten attributes this development to commercial selectivity: “Our positive results were driven by selective growth in attractive and in-demand market segments, such as infrastructure for energy, water and rail, education, healthcare and defence.” He also highlights strict discipline in tendering and costs.
Financially, commercial working capital developed favourably, driven by the UK and Ireland division. The group's solvency improved compared with mid-2026, and the cash position remained robust, according to the press release.
Order book stable in the Netherlands, up in the UK and Ireland
The €13.0 billion order book is not progressing uniformly. In the Netherlands, it remained at the level recorded in the second quarter of 2026.
In particular, the division won in the third quarter the construction of 437 intermediate rental homes in the Schinkelkwartier district of Amsterdam, as well as a TenneT contract for a 380 kV high-voltage line between Woerden and Diemen.
In the UK and Ireland, the order book increased compared with mid-2026, thanks to contracts awarded notably by SSE, the UK Department for Education and the Irish Department of Education. The group also cites the £40 billion investment programme planned by National Grid in the United Kingdom.
Two factors temper this development. In Ireland, additional costs linked to the delivery of the National Children's Hospital weighed on third-quarter results. In the Netherlands, housing sales held up despite signs of slowdown in certain segments of the residential market. In Belgium, activities grew in a competitive market.
The acquisition of A.Hak refocuses BAM on Dutch underground networks
In early October, BAM agreed to acquire A.Hak, a specialist in underground networks, on the basis of an enterprise value of €504m. Completion is expected in the first quarter of 2027. The group also announced a 40% stake in Van Leeuwen Sleufloze Technieken, with the aim of broadening its energy and water offering in the Netherlands.
Conversely, BAM agreed to sell Schakel & Schrale, its historic building restoration business. This activity is expected to generate revenue of around €18m in 2026, with completion expected by the same deadline. The impact of this disposal therefore remains limited relative to the size of the group.
According to Ruud Joosten, visibility on results “continues to improve,” with a growing number of clients, particularly in energy and civil engineering, opting for framework agreements and longer-term partnerships.
BAM's 2026 annual results will be published on 18 February 2027, and the group will present its 2027-2029 strategy at an investor day on 22 March 2027.
The target of an adjusted EBITDA margin of at least 6.5% for 2026 is thus confirmed before the integration of A.Hak, whose completion is still expected at the beginning of next year.
