13-02-2026 07:18

Heijmans records strong and successful year, laying foundation for continued profitable growth

Full year results 2025

Highlights

Revenue increases to € 2.8 billion (2024: € 2.6 billion).

Underlying EBITDA of € 252 million; margin at 9.1%. (2024: EBITDA € 199 million; 7.7%).

Profit after tax of € 130 million; proposed dividend € 2.37 per share (50%; cash pay-out).

Net cash position stood at € 58 million (2024: € 10 million net debt).

ROCE rises to 27.9% (2024: 19.2%).

Home sales: 3.103 homes (2024: 3.181).

Order book rises to € 3.7 billion (2024: € 2.8 billion).

Outlook for 2026: underlying EBITDA-margin approaching 9.5% with revenue of around € 3.1 billion.

Capital Markets Day scheduled for 21 May 2026

Ton Hillen, CEO Heijmans

“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."

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 Netherlands is a 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.”

The outlook for the coming years is favourable, with a significantly increased order book of increasingly high quality projects worth € 3.7 billion. 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.

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 will be able to accelerate our progress in that direction. Through intensive cooperation between market players, the government and politics as a whole, we can take concrete steps forward and build a stronger Netherlands: together, it is possible.

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. And suburban areas are perfect for sustainable and nature-inclusive construction, including mitigating measures to combat grid congestion. This requires an integrated approach.

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. Given our position in the housing market and the need for housing, there are already plenty of opportunities, but it could be so much better. That is why, as market parties, we must join forces with the new cabinet and the political system as a whole.

Financial calendar 2026

29 April - General Meeting of Shareholders
8 May - Q1 trading update
21 May - Capital Markets Day
24 July - Publication half year results
30 October - Q3 trading update

Download full press release here, including results and developments per segment

Press release Annual Year results 2025