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Amsterdam, the Netherlands, 16 February 2023 Ruud Joosten Frans den Houter CEO CFO Annual results 2022 BAM delivers adjusted EBITDA of €350 million in 2022, and proposes dividend of €0.15 per share Amsterdam, the Netherlands, 13 February 2025 Ruud Joosten Frans den Houter CEO CFO Annual results 2024 BAM delivers adjusted EBITDA of €333 million in 2024 Dividend proposal of €0.25 per share and announcement of €50 million share buyback
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Royal BAM Group nv FY 2024 results 2 Disclaimer • This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and BAM cannot guarantee the accuracy and completeness of forward-looking statements. • These risks and uncertainties include, but are not limited to, factors affecting the realisation of ambitions and financial expectations, exceptional income and expense items, operational developments and trading conditions, economic, political and foreign exchange developments and changes to IFRS reporting rules. • BAM’s outlook, in line with these forward-looking statements, merely reflects expectations of future results or financial performance and BAM does not make any representation or warranty in that respect. Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties of the markets and environments in which BAM operates. These factors could lead to actual results being materially different from those expected, and BAM does not undertake to publicly update or revise any of these forward-looking statements.
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Fotografie: Evabloem
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Royal BAM Group nv FY 2024 results 4 Key points 2024 BAM delivers adjusted EBITDA of €333 million in 2024 Dividend proposal of €0.25 per share and announcement of €50 million share buyback • Revenue increased by 3% • Adjusted EBITDA of €333m (margin of 5.2%) • Net result of €82m, reflecting earnings per share of €0.31 • Liquidity position remained at €0.8bn, while trade working capital normalised (Net cash before ROU unchanged at €0.7bn) • Solvency remained solid at 23.0% • Order book increased by 33% to €13.0bn (2023: €9.8bn) • Leadership in sustainability confirmed by CDP Climate A rating (6th year) and SBTi validation of enhanced emissions targets and net zero 2050 ambition • Dividend proposal €0.25 per share (2023: €0.20) • Announcement €50m share buyback FY 2024 versus FY 2023 Revenues Adjusted EBITDA €6,455m €6,270m €333.3m €304.3m Net result Adjusted EBITDA margin €82.2m €175.0m 5.2% 4.9% Net cash (before ROU) TWC efficiency €696m €695m -11.7% -13.2% Earnings per share Solvency €0.31 € 0.65 23.0% 23.4% Dividend Order book €0.25 € 0.20 €13.0bn €9.8bn
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Royal BAM Group nv FY 2024 results 5 Strategic development in 2024 Advanced to the next phase of our strategy 2024-2026 Focus, Transform and Expand • Focus: Emphasis on profitability and key clients and divestment remaining 50% of Invesis to PGGM • Transform: Driving innovation with the opening of Flow factory for modular sustainable wooden homes • Expand: Substantial multi-year contract wins in focus areas of energy transition and rail infrastructure, especially in the United Kingdom Sustainability & people • CDP A-list for sixth consecutive year and backing of STBI for enhanced sustainability targets • Launch new and ambitious company-wide safety programme Financials: BAM demonstrates resilience with €92 million returned to shareholders and extension of RCF • 2024: Dividend paid of €0.20 per share plus execution €30 million share buyback • Second extension of revolving credit facility linked to sustainability targets to 2028 (€330 million)
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Royal BAM Group nv FY 2024 results 6 Installation of Flow homes on site Division Netherlands
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Royal BAM Group nv FY 2024 results 7 Performance Division Netherlands All Dutch activities performed strong; results impacted by Danish school projects • Revenue increased by 7% to €3.2bn • Adjusted EBITDA of €161m, reflecting margin of 5.0% • Home sales increased by 11% to 1,854 • Non-residential contribution impacted by cost overruns and the delayed completion of the schools in Denmark ̶ Last school expected to be completed in first-half of 2025 • Civil engineering continued to perform strongly, with a 14% increase of adjusted EBITDA • Order book increased by 9% supported by all business segments (x € million, unless otherwise indicated) Full-year 2024 Full-year 2023 Revenue Result Revenue Result Construction and Property 2,255 85,7 2,072 111.9 Civil engineering 1,005 74,3 964 65.0 Other, eliminations and miscellaneous -29 0,8 -29 2.1 Total division Netherlands 3,231 160,8 3,007 179.0 Adjusted EBITDA margin 5.0% 6.0% Revenue growth 7% 3% Adjusted EBITDA growth -10% 4% Trade working capital efficiency -11.7% -12.0% Order book 5,348 4,917 Order book growth 9% 13%
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Royal BAM Group nv FY 2024 results 8Aberaeron Coastal Defence Scheme Division United Kingdom and Ireland
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Royal BAM Group nv FY 2024 results 9 Performance Division United Kingdom and Ireland Strong contribution Civil Engineering, Ventures and Ireland while Construction UK disappointed • Revenue stable versus FY 2024, higher revenues in Civil engineering UK and lower in Construction UK • Adjusted EBITDA €114m, reflecting margin of 3.7% • Strong performance Civil engineering, Ventures and Ireland • Contribution Construction UK was impacted by project delays and supply chain issues, including a substantial loss for Co-op Live in Manchester • Order book increased by 58% to €7.2bn, mainly driven by civil engineering but also construct and Ireland contributed to growth (x € million) Full-year 2024 Full-year 2023 Revenue Result Revenue Result Construction UK 905 -48.3 1,046 -14.8 Civil engineering UK 1,573 95.5 1,363 77.3 Ventures UK (including property) 310 38.1 323 36.8 Ireland 427 36.8 463 27.6 Other, eliminations and miscellaneous -103 -8.0 -56 -5.4 Total division UK and Ireland 3,1121 114.1 3,139 121.5 Adjusted EBITDA margin 3.7% 3.9% Revenue growth -1%1 0% Adjusted EBITDA growth -6% 49% Trade working capital efficiency -11.1% -13.8% Order book 7,1811 4,533 Order book growth 58% -16% 1 The British pound exchange rate had a positive effect of €78 million on revenue and a positive effect of €262 million on order book.
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Royal BAM Group nv FY 2024 results 10 BAM Kilsyth office, United Kingdom Financial review
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Royal BAM Group nv FY 2024 results 11 Income statement Net result of €82 million, reflecting earnings per share of €0.31 • Adjusted EBITDA increased by 10% to €333m, including €20m earnout for successfully securing new projects and €31m reclassification of hedge reserves following agreed divestment of Invesis • Adjusted items refer to reorganisation costs in both divisions • Net result impacted by €107m non-cash impairment related to Invesis • Low effective tax rate of 6%, due to yearly revaluation of deferred tax assets and lowered by future tax benefits arising from the liquidation of operations • Net result of €82m, reflecting earnings per share of €0.31 • Shareholder remuneration: dividend proposal €0.25 per share and €50m share buyback (x € million) FY 2024 FY 2023 Division Netherlands 160.8 179.0 Division United Kingdom and Ireland 114.1 121.5 Germany, Belgium and International 6.4 11.4 Invesis 1 29.8 2.6 Eliminations and miscellaneous 22.3 -10.2 Total adjusted EBITDA 333.3 304.3 Adjusted items 2 -12.2 -9.6 Depreciation and amortisation -127.8 -121.3 Impairments -114.5 -2.7 Finance result 8.5 12.9 Result before tax 87.4 183.6 Income tax -5.2 -8.6 Non-controlling interest 0.0 0.0 Net result attributable to shareholders 82.2 175.0 1 Invesis is BAM‘s 50 percent stake in the joint venture with PGGM; 2 Restructurings and pension one-off results.
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Royal BAM Group nv FY 2024 results 12 Cash flow Liquidity position remained at €0.8bn while trade working capital normalised • Cash flow from operations further improved • Trade working capital bottomed out in H2 2024 - TWC efficiency at -11.7% (mid-year 2024: -11.3%) - Clear TWC focus in tenders • Cash flow from investing -€108m, with focus on sustainable, digital and modular solutions • Cash flow from financing includes €26m dividend in cash, €66m buyback of shares and €86m lease payments • Liquidity position remained at €0.8bn • Cash proceeds of Invesis divestment (circa €105m) will be received in two tranches in 2025 (x € million) FY 2024 FY 2023 Cash flow from operations 284 276 Cash flow from working capital 3 -99 Provisions and pensions -30 -71 Cash flow from Operating Activities 257 106 Cash flow from Investing Activities -108 -91 Cash flow from Financing Activities -172 -109 Increase/decrease in cash position -23 -94 Cash and cash equivalents beginning period 757 841 Change in assets and liabilities held for sale - Exchange rate differences, other changes 29 10 Cash and cash equivalents 763 757
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Royal BAM Group nv FY 2024 results 13 Financial position Solvency solid at 23.0% while returning €92 million to shareholders via dividend and buyback • Net cash position in line with 2023 • Shareholders equity slightly decreased - Payment of dividend (-26m) and share buyback (-€66m) - Release of Invesis hedge reserves (-30m) - Post-employment benefit obligations (-13m) • Solvency remained solid at 23.0% (2023: 23.4%) • The financial resilience further improved by securing second extension of €330 million revolving credit facility by one year to November 2028 (x € million) FY 2024 FY 2023 Cash position 763 757 Borrowings -67 -62 Net cash position (excl. Leases) 696 695 Lease liabilities (IFRS 16 impact) -256 -234 Net cash (incl. leases) 440 461 Trade working capital -938 -822 Shareholder's equity 869 921 Balance sheet total 3,891 3,932 Solvency 23.0% 23.4% Capital employed 1,317 1,346 Return on average capital employed 5.8% 13.7%
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Royal BAM Group nv FY 2024 results 14 Entrance Rubenshuis, Antwerp Looking ahead
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Royal BAM Group nv FY 2024 results 15 Order book and market trends Order book increased by €3.2bn (+33%) to €13 billion • Substantial increase of order backlog to €13.0bn (2023: €9.8bn) - Increase of 7% in the division Netherlands - Increase of 58% in the division United Kingdom and Ireland • Continued focus on contracts with attractive risk/reward balance • Demand in our markets remains robust, although uncertainty regarding interest rates, Dutch nitrogen situation and political unrest persist • Attractive market opportunities driven by demand for decarbonisation, infrastructure, and sustainable and affordable housing, areas where we have demonstrated market-leading capabilities. • Attracting and retaining employees remains a top priority for our company Order book development 0 1000 2000 3000 4000 5000 6000 7000 8000 Division Netherlands Division United Kingdom and Ireland Belgium FY 2023 FY 2024
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Royal BAM Group nv FY 2024 results 16 Outlook 2025 • For 2025, BAM expects to deliver an adjusted EBITDA margin of around 5%, which is in the middle of the target range for the strategic period 2024-2026 New electric roadbuilding machine, BAM Infra Netherlands Other picture Replace picture
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Royal BAM Group nv FY 2024 results 17 Key points 2024 BAM delivers adjusted EBITDA of €333 million in 2024 Dividend proposal of €0.25 per share and announcement of €50 million share buyback • Revenue increased by 3% • Adjusted EBITDA of €333m (margin of 5.2%) • Net result of €82m, reflecting earnings per share of €0.31 • Liquidity position remained at €0.8bn, while trade working capital normalised (Net cash before ROU unchanged at €0.7bn) • Solvency remained solid at 23.0% • Order book increased by 33% to €13.0bn (2023: €9.8bn) • Leadership in sustainability confirmed by CDP Climate A rating (6th year) and SBTi validation of enhanced emissions targets and net zero 2050 ambition • Dividend proposal €0.25 per share (2023: €0.20) • Announcement €50m share buyback FY 2024 versus FY 2023 Revenues Adjusted EBITDA €6,455m €6,270m €333.3m €304.3m Net result Adjusted EBITDA margin €82.2m €175.0m 5.2% 4.9% Net cash (before ROU) TWC efficiency €696m €695m -11.7% -13.2% Earnings per share Solvency €0.31 € 0.65 23.0% 23.4% Dividend Order book €0.25 € 0.20 €13.0bn €9.8bn
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Royal BAM Group nv FY 2024 results 18 Annex: Performance on half-year basis Revenue / Adjusted EBITDA Full year 2024 H2 2024 H1 2024 Full year 2023 H2 2023 H1 2023 EUR x 1 m Division Netherlands Revenue Construction and Property 1 2.255 1.192 1.063 2.072 1.110 962 Civil engineering 1.005 559 446 964 564 400 Other including eliminations (29) (14) (15) (29) (15) (14) Total division Netherlands 3.231 1.737 1.494 3.007 1.659 1.348 Adjusted EBITDA Construction and Property 1 85,7 45,2 40,5 111,9 82,8 29,1 Civil engineering 74,3 45,3 29,0 65,0 36,5 28,5 Other including eliminations 0,8 0,4 0,4 2,1 4,6 (2,5) Total division Netherlands 160,8 90,9 69,9 179,0 123,9 55,1 Division United Kingdom and Ireland Revenue Construction UK 905 437 468 1.046 548 498 Civil engineering UK 1.573 815 758 1.363 715 648 Ventures UK (including property) 310 158 152 323 124 199 Ireland (construction, property, civil engineering) 427 169 258 463 217 246 Other including eliminations (103) (53) (50) (56) (24) (32) Total division United Kingdom and Ireland 3.112 1.526 1.586 3.139 1.580 1.559 Adjusted EBITDA Construction UK (48,3) (24,7) (23,6) (14,8) (30,3) 15,5 Civil engineering UK 95,5 52,7 42,8 77,3 60,4 16,9 Ventures UK (including property) 38,1 22,6 15,5 36,8 13,1 23,7 Ireland (construction, property, civil engineering) 36,8 21,5 15,3 27,6 18,4 9,2 Other including eliminations (8,0) (8,7) 0,7 (5,4) (3,0) (2,4) Total division United Kingdom and Ireland 114,1 63,4 50,7 121,5 58,6 62,9
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Royal BAM Group nv FY 2024 results 19 Contact Michel Aupers (Investor Relations) Runnenburg 9 3981 AZ Bunnik The Netherlands PO Box 20 3980 CA Bunnik The Netherlands +31 (0)30 659 89 88 ir@bam.com www.bam.com
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