Financial results

Revenue and (underlying) EBITDA

In 2025, revenue rose by 7% to € 2,772 million from € 2,584 million in 2024. Underlying EBITDA increased to € 252 million in 2025 from € 199 million in 2024, taking the underlying EBITDA-margin to 9.1% (2024: 7.7%). All business units contributed to the growth in margin. Living, Working and Connecting performed above the expected strategic range for 2027 (7–9% underlying EBITDA margin).

Living

Living recorded revenue growth of circa 2%. Home sales came in at 3.103 in 2025 (2024: 3.181), a decline of 2%. Underlying EBITDA rose to € 112 million in 2025 from € 89 million in 2024, with an underlying EBITDA margin of 11.1%.

Conditions on the housing market last year were similar to those in 2024: the market remained tight. Home sales were also at a similar level Building projects involving houses that were put up for sale sold out within a short period of time. In all cases, demand far exceeded supply. The situation was different for multi-storey construction, where supply in the market rose sharply thanks to the divestment of homes by institutional investors.

Working

Working saw its revenue increase by 9%. This growth was largely generated by recurring business and was visible in all the geographical regions in which Heijmans service business is active. Underlying EBITDA improved to € 55 million from € 47 million, with an underlying EBITDA-margin of 8.0%. The share of one-to-one projects in the non-residential projects business continued to increase. These projects have a lower risk profile because Heijmans engages with the client at an early stage in the process.

Demand for the management, maintenance and renovation of existing buildings remained high in 2025. As buildings become increasingly smart, digital and complex, demand from our clients is growing faster than supply. In sectors such as healthcare, education and industry, technical complexity plays a role in the demand for renovation. As a result of this growing complexity, clients and investors are faced with high labour and sustainability-related costs, on top of what are frequently complicated renovation processes and legal and regulatory requirements. All while this is not their core business. At Heijmans, we have earned our spurs in this field. As a result, we are seeing an increase in demand for strategic asset management. In addition to the favourable developments in our recurring business, the non-residential projects business is expected to experience even stronger growth in the coming years. This is due in part to the increasing share of projects acquired through one-to-one relationships and pre‐construction collaboration teams, and in part to developments at the Ministry of Defence in the context of the strengthening of the Dutch armed forces. This is reflected in the sharp increase in the order book to € 1,509 million from € 923 million a year earlier.

Connecting

Connecting recorded revenue growth of more than 12%. Underlying EBITDA improved to € 93 million in 2025 from € 70 million in 2024, with an underlying EBITDA-margin of 8.2%. In line with recent years, the continuing diversification of Connecting’s portfolio resulted in strong, profitable growth for this business unit. This growth is largely driven by the expansion of activities related to the energy transition.

The condition of Dutch roads, bridges and viaducts is becoming a cause for concern. 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. Heijmans is well positioned to make a contribution to solving this challenge. Heijmans has built up extensive expertise on this front over the years.

Revenue and (underlying) EBITDA

In 2025, revenue rose by 7% to € 2,772 million from € 2,584 million in 2024. Underlying EBITDA increased to € 252 million in 2025 from € 199 million in 2024, taking the underlying EBITDA-margin to 9.1% (2024: 7.7%). All business units contributed to the growth in margin. Living, Working and Connecting performed above the expected strategic range for 2027 (7–9% underlying EBITDA margin).

At holding level, a remaining balance recorded each year consisting of costs that are not allocated to the business units. In 2025, this balance amounted to € 7 million. This item includes, among other things, the expenses related to the upgrade of the current ERP environment, scheduled for 2026. The underlying EBITDA has been adjusted for a € 3 million impairment of land positions, € 2 million in restructuring costs, and € 1 million in acquisition costs.

Operating result

The operating result (EBIT) for 2025 amounted to € 162 million (2024: € 111 million). Compared with 2024, depreciation and amortisation remained stable at € 62 million.

Pre-tax profit and tax rate

At € 176 million, the pre-tax profit was considerably higher than in the previous year (2024: € 117 million). In 2025, the tax rate was 25.9%, which was higher than in the previous period (2024: 23.1%) and also higher than the nominal rate of 25.8%. The main differences between the effective tax rate and the local Dutch rate was related to the effect of exempted results from associates and non-deductible acquisition costs.

Result after tax and proposed dividend

The result after tax (also referred to as net profit) for the full year 2025 amounted to € 130 million, which was 45% higher than in 2024. Heijmans proposes to make a cash dividend of € 2.37 per share available for the 2025 reporting year. This dividend proposal is in line with the proposed dividend policy.

Order book

Compared with year-end 2024, the order book had increased to € 3.7 billion at year-end 2025 (including € 182 million in joint ventures). At the underlying level, the order book for Living had increased to € 1.1 billion. The order book for Working rose sharply to stand at € 1.5 billion. The portfolio of non-residential projects in particular increased significantly, partly due to the order intake for the construction of a new data centre, the Physics building project for Delft University of Technology and the TCL project for the Ministry of Defence, the last of which was accepted in the third quarter. Finally, the order book for Connecting rose to € 1.1 billion.

In 2025, Heijmans acquired five projects worth more than € 50 million. These comprised four projects for Working and one project for Connecting.

We use the following definition for the order book: The order book consists of the total of the outstanding part of the work in progress and the projects yet to be executed as at the balance sheet date. Projects and contracts are only included in the order book if there is a high degree of certainty that these assignments will be executed and will therefore generate revenue for the Group or joint ventures. Criteria for this include verbal or written orders received, the achievement of a minimum sales percentage for residential projects, a high degree of certainty regarding permits to be received, and, in the case of framework contracts, only officially awarded sub-contracts.

Cash flow

In 2025, the cash flow came in at a total of € 85 million. This cash flow can be broken down into operating cash flow of € 272 million, investing cash flow of -€ 103 million and financing cash flow of -€ 85 million. Driven by the good results in the financial year, in combination with a positive working capital effect, the operating cash flow was strongly positive. The most important elements of the investing cash flow included investments in fixed assets (-€ 44 million) and the acquisition of Hegeman (-€ 25 million). Cash flow from financing activities included the dividend payment for the 2024 financial year (-€ 45 million) and the repayment portion of lease payments (-€ 39 million).

Capital and financing

The condensed balance sheet per 31 December 2025 based on capital employed can be specified as follows:

Solvency fell to a level of 32.9% in 2025 (2024: 33.8%). 33.8%). This is mainly driven by the cash dividend payment of € 45 million for the 2024 financial year.

Financing: equity

In the year under review, Heijmans’ equity increased by € 85 million to € 548 million, from € 463 million the previous year. Profit after tax rose to € 130 million. In addition, equity declined by € 45 million as a result of the distribution of a cash dividend for the 2024 financial year.

Invested capital: working capital

Working capital stood at € -135 million at year-end 2025 (2024: € -21 million). In line with recent years, the development of the working capital showed fewer significant fluctuations. Working capital requirements are largely project-specific and related to clients’ payment schedules. In 2025, Heijmans used the existing Revolving Credit Facility to absorb these fluctuations.

Inventory position property development

Working capital requirements in the property development activities are largely determined by the inventory position, including unsold homes and land in preparation and under construction (including development and building rights). The inventory position of property development on the balance sheet remained virtually unchanged compared with 2024, at a total of € 360 million (2024: € 358 million).

Living’s strategic land positions declined by € 20 million to € 213 million in 2025. Unsold homes and land in preparation and under construction (including development and building rights) rose by € 23 million to € 148 million. The ‘completed and unsold’ inventory amounted to 12 homes and 3 commercial units at the end of 2025 (2024: five homes).

In addition to ownership positions, Living’s potential work backlog also consists of development positions, which are classified as ‘off-balance sheet obligations’ in the financial statements. In this category, unconditional obligations rose by € 21 million to € 43 million in 2025. Contingent liabilities rose to € 413 million in 2025, from €328 million the previous year. The increase of € 85 million shows that Heijmans is making specific investments in expanding the number of land positions. For the so-called contingent liabilities, the ultimate purchase of land and thus the development position is related to the fulfilment of the conditions attached to these commitments, such as obtaining an environmental permit or achieving a certain pre-sale percentage. Heijmans has a significant influence on the pace at which these conditions are fulfilled and thus on the development process.

Financing: net cash

The Group's net debt position changed during the financial year to a net cash position of € 58 million at year-end 2025 from a net debt of € 10 million at year-end 2024.