6.1 Segment information

From 2024 onwards, the segment information will be reported on the basis of the business areas of Living, Working and Connecting. This classification is in line with the changes in how the Group is managed by the Executive Board, which acts as the ‘chief operating decision maker’ (CODM). The comparative figures have been restated in line with this new segment structure to ensure consistency and comparability.

In accordance with the internal reporting to the Executive Board, the Group has identified the following operating segments: Property Development, Residential Building, Van Wanrooij (acquired in 2023), Van Gisbergen (acquired in 2024), Non-residential Building and Infra. After an extensive analysis of the nature of the activities, economic characteristics and clients, it was concluded that Property Development, Residential Building, Van Wanrooij and Van Gisbergen are sufficiently similar to be aggregated as one operational segment: Living.

This aggregation is based on the similarities in the nature of the products and services (construction and property development activities related to homes), economic characteristics (the underlying EBITDA-margins and the number of homes sold as key performance indicators) and clients (private individuals, real estate investors and housing corporations). In addition to this aggregated operational segment, separate disclosure is provided for Working (consisting of the operational segment Non-residential building) and Connecting (consisting of the operational segment Infra). The nature of the products and services with which each reportable segment realises its turnover is explained in more detail in the ‘Our organisation’ chapter of the management report. The segments are primarily managed on the basis of underlying EBITDA.

The segment results include revenues and expenses that can be allocated directly, or indirectly on a reasonable basis, to the segments. Assets and liabilities are also recognised per segment insofar as they are assignable. The segment figures are aligned with the consolidated figures as recognised in the rest of the financial statements.

Condensed statement of profit or loss per business segment

2024

2023

Corporate income taxes charged to the Living segment include the amounts recognised for the fiscal units Van Wanrooij Bouwontwikkeling B.V. and PeVaGis B.V. The corporate income taxes of the fiscal unity Royal Heijmans N.V. are segment-transcending and therefore have not been specifically allocated to one of the reporting segments.

Underlying EBITDA is the operating result before depreciation, including EBITDA of joint ventures, excluding any impairments of property and/or goodwill, restructuring costs, acquisition costs, including retention bonuses and gains or losses on the acquisition/sale of entities. Underlying EBITDA defined in this way is also used as the basis for the calculation of the financial covenants reported to the bank consortium.

Condensed statement of financial position and breakdown per business segment

2024

2023

The unallocated assets consist primarily of deferred tax assets. The unallocated liabilities consist primarily of interest-bearing loans and other non-current financing liabilities, deferred tax liabilities, income tax liabilities and VAT payable.

Given the nature of its activities, the Connecting segment is heavily dependent on contracts from the public sector.

All revenue in 2024 and 2023 was realised in the Netherlands.

The Group’s property, plant and equipment are located in the Netherlands.