We look back with pride on a strong and successful year. Our ‘Together towards 2030' strategy is delivering visible results. Revenue and margins have improved, and all Heijmans business units have a strong focus on risk management and a predictable contribution to our profitable growth. The fact that we are in such a good position is largely thanks to the dedication, knowledge and commitment of our enthusiastic employees, and to the trust of our principals, clients, suppliers, subcontractors and, of course, our users. That deserves a huge compliment.
Robust financial results
Our financial results for 2025 can certainly be described as robust. Revenue came in at € 2.8 billion (2024: € 2.6 billion) and our underlying EBITDA margin rose to 9.1% (2024: 7.7%). The profitable revenue growth at all of Heijmans’ business units is a source of pride right across the company: Our Living, Working and Connecting operating segments all performed above the expected strategic range (underlying EBITDA margin of 7–9%). We now only take on projects in which we excel and that offer a healthy balance between risk acceptance and earning potential. This principle has clearly contributed to the consecutive years of strong financial performance Heijmans has recorded and to our sustainable growth.
The outlook for the coming years is favourable, with a significantly increased order book of increasingly high quality projects worth € 3.7 billion (including joint ventures). The share of recurring business in our revenue provides an important foundation for this. That is a good sign. We see this reflected in the one-to-one awarding of projects in both the Working and Connecting business areas. Recurring business resulting from long-term client relationships now accounts for 35% of our revenue and is an important foundation of our business philosophy. We remain strongly focused on these activities. These projects vary from renovating and improving the sustainability of existing housing stock, to managing and maintaining technical installations, and carrying out (repair) work on the Netherlands' road and water network. Services in areas such as asset management are also part of this remit. In addition, we see opportunities in both government investment in our armed forces and various activities related to the energy transition.
Progress in our 'Together towards 2030' strategy
In 2025, Heijmans continued to strengthen the cohesion between the five pillars of our ‘Together towards 2030’ strategy: Well-being, Sustainability, Connection, Producibility and Team. This gives direction to our ambition to move beyond tackling social challenges separately, and instead taking an integrated and producible approach. Our focus remains on translating these challenges into concrete solutions that are scalable, feasible in practice and of value to the environment in which we work. We are consciously steering towards business innovation, with close cooperation in the value chain and continuous attention to smart, efficient processes. In this way, we are working smarter and achieving more.
With this approach, we are following a clear strategic route: sustainable, innovative, scalable and firmly embedded in the social context. Together towards 2030’ therefore offers Heijmans a clear long-term course, in which social responsibility and financial results go hand in hand. And by doing this, we will continue to work towards the creation of a healthy living environment: today and with a view to the future.
Safety first
Working safely is always the top priority at Heijmans. The tragic accident at a construction site in Tilburg in 2025, in which a maintenance worker employed by a subcontractor lost his life, affected us all deeply. The machine lift had previously been taken out of service due to an unsafe situation. The accident happened while it was being repaired, and once again underlined how essential it is to remain constantly focused on safety. This applies both within Heijmans and throughout the entire construction sector. That is why our commitment to continuously improving safety remains as strong as ever. Against this backdrop, we continue to focus on measurable improvement. The increase in reporting, including near misses and safe and unsafe situations, reflects growing awareness and engagement among colleagues. By identifying these situations, we can continue to strengthen our safety culture. Our call is therefore: do not look away, but speak up. It is about everyone’s safety.
People make Heijmans
Our employees are highly committed to the company. This is evident from the recent employee engagement survey and from the enthusiasm generated by the Heijmans Family Festival in June 2025, where 4,500 employees and their families demonstrated their pride in and connection with Heijmans. This also enabled us to introduce lots of children to our sector and get them excited about our wonderful company and the construction industry as a whole.
As a listed company, we remain true to our roots as a family business, with people at the heart of everything we do. Despite the tight labour market, we are continuing to expand our workforce, both organically and through targeted acquisitions, which is a testament to both our confidence and our appeal. We are also tapping into new labour potential, for example through our labour market communication campaigns. At the same time, we are investing in diversity and inclusion, including through our learning programme for newcomers that we launched in 2025 in collaboration with the Koning Willem I College.
Living: Long-term solutions for the housing crisis
The Netherlands is seeing a significant housing shortage, and a large number of new homes will be needed every year in the years to come. Policy measures and lengthy procedures have led to delays in recent years, which has left investment and new-builds lagging behind. At the same time, however, it has become clear that there are no easy solutions, which shows that the housing shortage can only be tackled with a long-term vision, coherent choices and a healthy dose of realism.
A decisive, clear and consistent approach is essential here. Greater planning capacity, permits being granted faster, and clarity around nitrogen are prerequisites for picking up the pace. That is why we are asking the authorities and partners to reduce barriers and create room to scale projects up. This can only be achieved with an integrated approach to area development, which looks at housing construction, grid congestion and sustainability goals under one umbrella.
The housing shortage is now significant and extremely urgent after decades of low house-building levels. We are on the eve of a new government. The Netherlands is facing a number of major challenges. With consistent policy and decisive action on the part of the government, I believe that together we can accelerate our progress in that direction. Heijmans is well positioned to make a meaningful contribution to reducing the housing shortage in our country. An integrated approach can provide a solution for the housing market: building what you can build in all segments, which is most effective in suburban areas. This also stimulates mobility within the existing housing stock.
Suburban areas are perfect for sustainable and nature-inclusive construction, including mitigating measures to combat grid congestion. Combined with an increase in planning capacity, a reduction in spatial planning procedures and clarity on the issue of nitrogen emissions, this can get the housing market moving in the right directions.
In addition, we can increase the affordability of housing by scaling up modular and industrial-scale construction. Detailed measures rarely prove cost-effective and often come at the expense of quality. In this light, we must look at STOER (Scrapping Contradictory and Unnecessary Requirements and Regulations). Simplifying the rules will help, but will not solve the problem on the housing market.
At the same time, we see that the housing market is developing unevenly. In 2025, demand for low-rise homes in non-urban areas remains high, while sales of inner-city apartments are more subdued. This underlines the importance of a balanced house building programme, where inner-city and suburban developments complement each other to maintain the pace of construction and respond to various housing needs.
Heijmans is well positioned to make a meaningful contribution to this challenge. Our timber-frame house production facility allows us to build high-quality homes at speed. Together with Whoon and Van Gisbergen, Heijmans has a solid operational stock. The housing market remains an attractive one for Heijmans, and we also see a huge amount of potential for the future.
Working: Increasing demand for services
There is continued demand for the construction and replacement of non-residential buildings. We also see a rise in the sustainable renovation of existing offices. Many of these properties need to be adapted to new needs and requirements, such as energy optimisation and modern ways of working. Heijmans' knowledge, expertise and approach in these areas are well suited to the growing demand and are valued by the market and our customers. That also applies to the technical services we provide to our clients over the long term, too. Our portfolio now extends from asset management to data-driven solutions for real-time monitoring and predicting system failures. An increasing part of the portfolio is made up of one-on-one contracts that are awarded directly.
At the end of 2025, we were able to announce the acquisition of construction company Hegeman. Hegeman gives us additional specialist knowledge and boosts our growth potential, especially in non-residential projects and recurring business. In addition, Hegeman offers conceptual solutions for school buildings.
Connecting: Clearing the backlog
The condition of Dutch roads, bridges and viaducts is becoming a cause for concern. A large part of the infrastructure was built in the post-war period and has been subject to delayed or insufficient maintenance for a long time. At the same time, the intensity and load of use has increased sharply in recent decades. The essential maintenance for this critical infrastructure is facing an increasing backlog. Furthermore, a gridlock may soon be on the horizon for the Netherlands.
Good, safe infrastructure is essential for the accessibility of our country and for the smooth running of the economy. A multi-year investment programme with additional resources will be indispensable in this regard. We endorse the conclusions of the Wennink Report and the State of Infrastructure report from the Dutch Ministry of Public Works and Water Management, which consider infrastructure not as a cost item, but as a national production factor. We have the ability and knowledge. What is needed are stable decisions, consistent management and long-term investments to maintain the accessibility of the Netherlands on a structural level.
Heijmans is well positioned to make a significant contribution to this task. In view of labour market shortages, the use of digital technologies, modular working and industrialisation of road construction is a key step. As an example, we were the first in Europe to introduce the self-propelled electric asphalt roller, an innovation that also contributes to increased safety, lower emissions and more efficient execution.
Contributing to the Netherlands' security and resilience
The changing security landscape in Europe calls for stronger armed forces and modern real estate for the military. We are playing our part by contributing our knowledge and innovative power to improving the military infrastructure at the new Commandopost Vastgoed and projects such as the Army Technology Centre in Leusden. In addition, we fulfil our social responsibility by giving employees who are military reservists the time to do so. We encourage staff to sign up to the armed forces reserves through shared employership, and signed a covenant in 2025 to support this principle.
Solutions for grid congestion
The energy transition requires electrification to be accelerated as well as a robust electricity grid. It is only with innovation, collaboration and clear coordination that we can make the energy supply future-proof. We use innovations such as battery storage, temporary energy systems and grid-conscious construction methods in our projects, including in the INCK area development in Eindhoven. In addition, Heijmans supports TenneT and regional grid operators in expanding and updating the high-voltage and medium-voltage grid, while Heijmans also contributes ideas for smarter, faster and low-CO2e solutions.
On behalf of TenneT, Heijmans will manufacture at least 480 modules for high-voltage installations in the new Krachtveld factory in Ede over the next five years. This industrial approach is focused on producibility and is around 30% faster than traditional on-site construction, and will play a role in accelerating the expansion of the electricity grid. The grid is at capacity across almost all of the Netherlands due to the rapidly increasing demand.
Heijmans also plays an active role in the area of sustainable heat supply. As an example, we have won tenders for integrated heating systems in area developments such as Utrecht Papendorp Noord and Groenewoud, where we are responsible for the design, implementation and operation. In addition, we are working with the municipality of 's-Hertogenbosch on a sustainable heat network in De Groote Wielen and are implementing a sustainable heat supply for the Binckhorst district in The Hague.
The role of water
Water plays an increasingly important role in our work. Climate change is increasing extreme weather events, which is impacting water quality, water safety and the availability of water. Heijmans uses its knowledge to make cities and areas climate-resilient, including by updating drinking water networks and collecting and reusing rainwater in local environments. In area developments, we contribute to the transition from an outdated to an adaptive city, where water, greenery and soil are given more space, such as in the redevelopment of the former De Kuil parking deck in Rotterdam into a green urban district. In projects such as the Provinciehuis Overijssel and Eindhoven Airport, we have used water buffers for flushing toilets and cleaning glass to create substantial savings in water consumption. We are also implementing an increasing number of measures in our new-builds and renovations to reduce water use. Our approach often also contributes to biodiversity, as was the case when reinforcing the Lekdijk to bring water safety, quality of life and development of nature together.
Our challenge in society
As creators of a healthy living environment, we want to make a lasting positive impact. Everything we do must be good for people, but not at the expense of the planet. In 2025, we took concrete steps by commissioning the first mobile charging bay for zero-emission construction equipment.
However, our impact goes beyond CO₂e reduction alone: it also relates to affordability, livelihood security and social well-being. After all, sustainable interventions can improve health and living conditions in vulnerable neighbourhoods in particular. A good example of this is our approach in the Zuidwest district of The Hague. This integrated approach has also been recognised by the environment in which we operate, as shown by winning the CSRD award for sustainable reporting. In order to scale up our ambitions and make a lasting impact, clear decisions and consistent government policies are essential to building a future-proof Netherlands together.
Outlook for 2026
Heijmans expects the strong financial performance to continue in 2026. We expect revenue to continue to grow this year to around € 3.1 billion, with an underlying EBITDA margin approaching 9.5%. Our order book, currently worth € 3.7 billion, has grown strongly and is of increasingly high quality. We continue to carefully select projects in which we can and want to participate. At the heart of this are a sound balance between risk appetite and earning capacity, as well as sufficient capacity and outstanding quality. It goes without saying that we also look at the added value we can deliver in areas where Heijmans has undisputed expertise. Our 'Together towards 2030' strategy keeps us focused and future-proof in that regard. To provide more insight into all of these aspects, Heijmans will be hosting a Capital Markets Day on 21 May of this year.
We remain committed to creating a healthy living environment in which people can live, work and connect in comfort, and where nature is protected and improved. We will do so together with all Heijmans employees, and in close collaboration with our clients, suppliers, subcontractors, partners and users. In 2026, too, we will remain true to our promise: Together, it's possible!
Ton Hillen
CEO, Royal Heijmans N.V.
20 February 2026