Royal Heijmans reiterates outlook for 2026

Highlights

• Heijmans reiterates its outlook for the full -year 2026: Revenue of approximately € 3.1 billion; underlying EBITDA margin approaching 9.5%. 

• Order book of € 4.1 billion, growing and of high quality (Q1 2025: € 2.9 billion); 

• Number of homes sold in line with last year: 935 (Q1 2025: 939);

• Capital Markets Day to be held on 21 May.

Ton Hillen, CEO Heijmans

“Our Living (new window), Working (new window), and Connecting (new window) business segments have started 2026 in line with our expectations. As a result, the outlook presented in our recently released Annual results (new window) remains unchanged. We expect revenue to increase this year to a level of around € 3.1 billion, with our underlying EBITDA margin approaching 9.5%. Trends in the segments in which we operate remain positive. It is certainly encouraging that the national government recently announced a number of action-oriented initiatives to stimulate the housing market. At the same time, implementing these measures will be challenging. The overloaded energy grid and the financing challenges faced by investors and housing associations also remain issues that need to be addressed. At Heijmans, we want to continue working on solutions, such as grid-conscious construction.” 

Geopolitical developments

Over the past few weeks, we have seen growing uncertainty around the world (and in global trade), primarily due to the situation in the Middle East. As a result, prices of various raw materials are fluctuating. The impact on Heijmans is manageable. Volatility is now more of a given rather than incidental, and Heijmans continuously anticipates this. These fluctuations have had virtually no impact on ongoing projects, as we have largely completed procurement for these and prices are either indexed or fixed. We use forward contracts for some raw materials, which means prices are fixed for the longer term. In addition, we have reached contractual indexation agreements with clients regarding future price impacts due to unforeseen circumstances, such as geopolitical situations. However, the current situation clearly shows that a transition to a more circular use of raw materials will be necessary, as this will also reduce dependence on primary raw materials. Heijmans is a leading player on this front, thanks to the implementation of the sustainability pillar of our strategy ‘Together towards 2030’ (new window). 

Living, Working, Connecting

Order intake remained strong in the first quarter across our three business segments. In the Living segment, we secured a contract from the Student Housing Foundation (SSH) for Ginkgo (new window) in Utrecht, a student housing complex for over 480 students, which is currently under development and will help meet the inner-city housing challenge. Heijmans has also started construction on the INCK (new window) project in Eindhoven, which involves the development of hundreds of homes, with the support of both the Woonbedrijf housing association and the municipality itself.

In Heijmans’ Working segment, demand for maintenance activities remained consistently high, underscoring once again that this segment is largely driven by repeat clients and recurring business, giving Heijmans a stable basis for revenue growth. Several larger projects in the Working segment are on schedule, including the construction of the new terminal at Eindhoven Airport.

In the Connecting segment, Heijmans has taken a number of significant steps on new and existing projects on the energy and water safety infrastructure fronts, including TenneT’s new 380 kV high-voltage substation (new window) in Boxmeer and the reinforcement (new window) of approximately 20 kilometres of dikes along the Overijsselse Vecht river, in partnership with other parties, as part of the Dutch government’s Flood Protection Programme.

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