Ruud Joosten, CEO of Royal BAM Group:
‘In the first half-year BAM delivered an adjusted EBITDA of €126 million, a 6% improvement versus the
same period last year. The Group has delivered a solid performance, despite the negative financial impact
from the indoor arena Co-op Live in Manchester and two schools in Denmark. These three projects are
almost completed. The contribution of the division Netherlands was higher compared to the first half-year
2023, driven by the strong demand for homes and good results of Civil engineering. The division United
Kingdom and Ireland performed well with its businesses Civil engineering UK, Ventures and Ireland.
In the next phase of our strategy ‘Building a sustainable tomorrow’ the pillars are ‘Focus, Transform and
Expand’, with sustainability and people as key drivers. In the first half-year, Focus is illustrated in the priority
given to selective multi-asset clients. In the field of Transform, we are developing various residential projects
based on BAM’s Flow concept for wooden homes. Regarding Expand, BAM is growing in grids and EV
charging solutions and we successfully partnered to deliver a critical UK onshore transmission infrastructure
project.
De-risking our portfolio is fundamental in our strategy. We have completed or divested many large lump-
sum projects that do not fit our current risk profile. Silvertown Tunnel (London), National Children’s Hospital
(Dublin) and Cross River Rail (Brisbane) are all over 80% completed and are progressing well. The
Fehmarnbelt Tunnel, in which BAM has a 12.5% interest, is expected to be completed in 2030. We continue
our disciplined contract and risk management approach that focusses on profitability and sustainable
growth. I am pleased with the positive development of BAM’s well diversified order book, which increased
by 12% to €11 billion compared to year-end 2023.
We are confident that our strategy will deliver value to our clients, create development opportunities for our
employees, and generate attractive returns to our shareholders, while BAM actively contributes to more
sustainable and inclusive communities and society. For the full-year 2024, BAM expects to deliver an
adjusted EBITDA margin between 4% and 5%.