Royal Heijmans records strong first half and raises outlook 2025

Highlights H1 2025

• Revenue rises to € 1.310 billion (H1 2024: € 1.217 billion).

• Underlying EBITDA increases to €112 million; margin 8.5% (H1 2024: €91 million; margin 7.5%).

• Order book stable at € 3.0 billion (same as H1 2024) and of increasing quality.

• Number of homes sold slightly higher: 1,634 (H1 2024: 1,587 homes).

• Heijmans raises FY 2025 outlook for underlying EBITDA-margin to circa 9.0% (was at least 8.0%).

• Concrete steps taken in ‘Together towards 2030’.

Ton Hillen, CEO Heijmans

“The first half of this year showed that all Royal Heijmans business segments are performing strongly, with margins improving significantly thanks to our consistent focus on the principle of ‘margin over volume’. Heijmans is therefore performing at the upper end of the strategic range set for 2027. Growth within our Working business area was primarily driven by the larger share of recurring business in total revenue.
I am proud of Heijmans’ work for Schiphol airport, where we are completely renovating the Buitenveldertbaan runway with military precision, including new drainage and cabling. We will complete that project at the end of September. Good infrastructure is the backbone of our society and economy. The maintenance backlog on our country’s roads, bridges and viaducts is considerable and currently exceeds the available budgets. If we want to prevent the Netherlands from grinding to a halt, good infrastructure is essential. This will require additional government funding.
For the housing market, the motto for the time being remains ‘build what you can build’. Housing will only become more affordable if we increase supply and encourage and facilitate modular construction or industrial-scale production. If the acceleration measures are implemented, Heijmans is well positioned to increase housing production.”

“If we want to prevent the Netherlands from grinding to a halt, good infrastructure is essential.”

Outlook 2025: margins continue to improve

Despite increased global instability and political uncertainty following the fall of the cabinet led by Prime Minister Dick Schoof, we remain positive about the future. The strong performance in the first half of 2025 lays a solid foundation for Heijmans’ results for the full year. All segments continued to improve their underlying EBITDA-margin, supported by the ongoing positive development in the quality of the order book. That gives us sufficient confidence to raise the outlook for the full year to an underlying EBITDA-margin of circa 9.0%. Heijmans reiterates its revenue outlook for 2025 of € 2.75 billion. We are making solid progress on our ‘Together towards 2030’ strategy and we have taken concrete steps on the Well-being, Sustainability, Connection, Producibility and Team strategic pillars. At the same time, Heijmans continues to invest in a robust organisation that is predictable and is helping us to create the conditions for future growth.

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