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First half-year 2026 results BAM reports 36% increase in adjusted EBITDA to €240 million Ruud Joosten Henri de Pater CEO CFO Royal BAM Group nv Amsterdam, the Netherlands, 30 July 2026
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Royal BAM Group nv H1 2026 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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Royal BAM Group nv H1 2026 Results 3 A landmark cross-border bridge connectingNorthernIreland and Ireland across CarlingfordLough, improvingconnectivityand supportingregionaleconomicgrowth.
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Royal BAM Group nv H1 2026 Results 4 Key points first half-year 2026 36% increase in Adjusted EBITDA to €240 million in first half -year 2026 • Revenue increased by 3% versus H1 2025 • Adjusted EBITDA was €240m, reflecting a margin of 6.9% (H1 2025: 5.2%) • Net result increased by 25% to €127m, reflecting earnings per share of €0.49 (H1 2025: €0.39) • Cash position strong at €715m (H1 2025 €501m) • Trade working capital efficiency improved to -12.5% (FY 2025: -11.9%) • Solvency at 22.9% (FY 2025: 23.4%) • Order book maintained at high level of €12.6bn, with a clear focus on quality of order intake Revenue €3,494m 2025 H1 €3,380m Net result to shareholders €127m 2025 H1 €102m Earnings per share €0.49 2025 H1 €0.39 Cash position €715m 2025 FY €883m Adjusted EBITDA €240m 2025 H1 €176m Adjusted EBITDA margin 6.9% 2025 H1 5.2% TWC efficiency -12.5% 2025 FY -11.9% Order book €12.6bn 2025 FY €13.0bn
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Royal BAM Group nv H1 2026 Results 5New stairwaysconnectingthe future bus station with the railway station below, improvingpassenger flows at Schiphol'smultimodaltransport hub Division Netherlands
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Royal BAM Group nv H1 2026 Results 6 Performance division Netherlands Strong increase of adjusted EBITDA in the first half -year 2026 • Revenue increased by 3% to €1.7bn • Adjusted EBITDA €138m (H1 2025: €110m), reflecting a margin of 8.2% (H1 2025: 6.7%) • Performance driven by strong operational execution across Construction and Property, with solid contribution from residential construction and property development • Home sales 935 (H1 2025: 692); for the full -year 2026 BAM expects home sales to be approximately in line with 2025 (2,345) • Civil engineering delivered a substantially higher contribution • Order book increased by 7% to €6,0bn versus year -end 2025 (in € million, unless otherwise indicated) H1 2026 H1 2025 Revenue Adj. EBITDA Revenue Adj. EBITDA Construction and Property 1,152 99 1,155 83 Civil engineering 556 39 504 24 Other, eliminations -18 - -20 4 Total division Netherlands 1,690 138 1,639 110 Revenue growth 3% 10% Adjusted EBITDA margin 8.2% 6.7% H1 2026 FY 2025 Order book (in € bn) 6.0 5.6 Order book growth 7% 5% Trade working capital efficiency -9.1% -9.7%
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Royal BAM Group nv H1 2026 Results 7Darlingtonstation expansionfeaturingnew platforms, improvedaccessibilityand enhancedpassenger facilities Division United Kingdom and Ireland
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Royal BAM Group nv H1 2026 Results 8 (in € million) H1 2026 H1 2025 Revenue Adj. EBITDA Revenue Adj. EBITDA Construction UK 551 21 519 8 Civil engineering UK 909 69 919 47 Ireland 322 10 267 16 Other, eliminations -49 -2 -32 -5 Total division UK and Ireland 1,733 98 1,673 66 Revenue growth 1 4% 5% Adjusted EBITDA margin 5.7% 4.0% H1 2026 FY 2025 Order book (in € bn) 6.1 1 6.9 Order book growth 1 -12% -4% Trade working capital efficiency -15.3% -13.6% Performance division United Kingdom and Ireland Adjusted EBITDA increased by 48% in first half -year 2026 • Revenue increased by 4%, supported by sustained high activity levels in Construction UK and Ireland • Adjusted EBITDA increased by 48% to €98m (H1 2025: €66m), reflecting a margin of 5.7% (H1 2025: 4.0%) • Profitability Construction UK further improved • Civil engineering UK continued to perform strongly, supported by some claim settlements and high -quality order book in rail and energy transition -related projects • Ireland included additional costs associated with the delivery of the National Children’s Hospital (NCH) • Order book decreased to €6.1 bn, some substantial project awards expected in the remainder of the year 1 The British pound exchange rate had a €51 million negativeeffect on revenueand a positiveeffect of €74 million on the order book.
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Royal BAM Group nv H1 2026 Results 9 Financial review A distinctiveresidentialtower delivering103 apartmentsas part of the transformationof Amsterdam'sformer prison site into a sustainableurban neighbourhood
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Royal BAM Group nv H1 2026 Results 10 Income statement Adjusted EBITDA of €240 million (+36%), and net result of €127 million (+25%) in first half -year 2026 • Adjusted EBITDA increased by 36% to €240m from €176m, driven by a 3% revenue increase and an increase of adjusted EBITDA margin to 6.9% in H1 2026 (H1 2025: 5.2%) • Both divisions contributed to the increase of profitability • Effective tax rate of 18% in H1 2026 (H1 2025: 10%), lower tax rate H1 2025 due to higher revaluation of deferred tax assets • Net result of €127m (+25%), reflecting earnings per share of €0.49 (H1 2025 €0.39) 1 Restructuring costs and pension one-off results. 2 Impairments and reversal of impairments relate to subsidiaries, joint ventures and associates. (in € million) H1 2026 H1 2025 Division Netherlands 138 110 Division United Kingdom and Ireland 98 66 Germany, Belgium and International 3 1 Eliminations and miscellaneous -1 -1 Total adjusted EBITDA 240 176 Adjustment items 1 -6 -4 Depreciation and amortisation -89 -71 Impairments and reversal of impairments2 4 4 Finance result 6 8 Result before tax 155 113 Income tax -28 -11 Non-controlling interest 0 0 Net result attributable to shareholders 127 102
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Royal BAM Group nv H1 2026 Results 11 Cash flow Cash and cash equivalents of €715 million (30 June 2026) • Cash and cash equivalents totalled €715m • Cash flow from operations of €211m • Cash flow from working capital development €150m negative ̶ Reflecting the normal seasonal pattern, while TWC efficiency improved slightly to -12.5% (FY 2025: -11.9%) ̶ And includes €61m net investment in development positions (H1 2025: €90m) • Cash flow from investing activities at -€110m, included Gebroeders Blokland acquisition (€59m) capital expenditure (€35m) and investments in joint ventures • Cash flow from financing of -€135m includes cash outflow of €77m for dividend and €32m for share buyback 1 Based on the IFRS cash flow statement. (in € million) H1 20261 H1 20251 Cash flow from operations 211 151 Working capital -150 -266 Provisions and pensions 7 -20 Net cash flow from operating activities 68 -135 Net cash flow from investing activities -110 - Net cash flow from financing activities -135 -111 Increase/decrease in cash position -177 -246 Cash and cash equivalents beginning period 883 763 Exchange rate differences, other changes 9 -16 Cash and cash equivalents 715 501
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Royal BAM Group nv H1 2026 Results 12 Financial position Solid liquidity position and solvency • Net cash position lower versus year -end 2025 ̶ Reflects normal seasonal pattern • Trade working capital efficiency improved to -12.5% (FY 2025: -11.9%) • Solvency at 22.9% (FY 2025: 23.4%) ̶ Included dividend payment €77m ̶ Buy back of shares €34m (in € million, unless otherwise indicated) H1 2026 FY 2025 H1 2025 Liquidity position 715 883 501 Interest-bearing debt -119 -91 -93 Net cash position (excl. leases) 596 792 408 Lease liabilities -296 -291 -255 Net cash (incl. leases) 300 501 153 Trade working capital -946 -1,008 -807 Trade working capital efficiency -12.5% -11.9% -12.3% Shareholders’ equity 979 958 886 Balance sheet total 4,277 4,102 3,846 Solvency 22.9% 23.4% 23.0% Return on average capital employed 19.2% 17.2% 9.1%
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Royal BAM Group nv H1 2026 Results 13 The Hague Police Headquarters, bringing2,200 law enforcementofficers and staff togetherin a flexible and sustainableworkplace Looking ahead
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Royal BAM Group nv H1 2026 Results 14 Order book and market trends Order book maintained at high level of €12.6bn • Order book maintained at high level of €12.6bn - Increase of 7% in the division Netherlands, driven by strategic project wins and development acquisitions - Decrease of 12% in the division United Kingdom and Ireland, new educational projects added to the order backlog, some substantial civil project awards are expected in the remainder of the year - Belgium solid order book maintained • Continued focus on contracts with attractive risk/reward balance and longer-term framework contracts • Attractive market opportunities driven by energy transition, infrastructure and defence, as well as the need for homes in the Netherlands. • Backed by ambitious government plans Order book development (In € million) 0 1000 2000 3000 4000 5000 6000 7000 8000 Division Netherlands Division United Kingdom and Ireland Belgium 2025 H1 2026
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Royal BAM Group nv H1 2026 Results 15 Outlook 2026 • BAM expects to deliver an adjusted EBITDA margin of at least 6.5%
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Royal BAM Group nv H1 2026 Results 16 Key points first half-year 2026 36% increase in Adjusted EBITDA to €240 million in first half -year 2026 • Revenue increased by 3% versus H1 2025 • Adjusted EBITDA was €240m, reflecting a margin of 6.9% (H1 2025: 5.2%) • Net result increased by 25% to €127m, reflecting earnings per share of €0.49 (H1 2025: €0.39) • Cash position strong at €715m (H1 2025 €501m) • Trade working capital efficiency improved to -12.5% (FY 2025: -11.9%) • Solvency at 22.9% (FY 2025: 23.4%) • Order book maintained at high level of €12.6bn, with a clear focus on quality of order intake Revenue €3,494m 2025 H1 €3,380m Net result to shareholders €127m 2025 H1 €102m Earnings per share €0.49 2025 H1 €0.39 Cash position €715m 2025 FY €883m Adjusted EBITDA €240m 2025 H1 €176m Adjusted EBITDA margin 6.9% 2025 H1 5.2% TWC efficiency -12.5% 2025 FY -11.9% Order book €12.6bn 2025 FY €13.0bn
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Royal BAM Group nv H1 2026 Results 17 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