Royal BAM Group has recorded adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €203m ($261.7m), translating to a 4.4% margin in the first nine months of 2024.
The company's revenue grew by 2%, primarily driven by its Netherlands division, where residential activities saw significant improvement.
Home sales surged to 1,233, up from 863 in the previous year, indicating a trajectory to surpass the 2023 total of 1,670 homes sold.
Belgium operations, particularly in Antwerp with the completion of the Rubenshuis museum entrance by BAM Interbuild, performed satisfactorily.
In the third quarter, adjusted EBITDA was €76m, which included €9m for the revaluation of the earnout for Invesis.
BAM's financial stability was evident with a cash position of €457m and an improved capital ratio of 25.0%. The trade working capital efficiency remained stable at -11.4%.
The order book showed a 19% increase, bolstered by strong order intake in Civil Engineering UK, reaching €11.7bn.
In the UK and Ireland division, Civil Engineering UK reported strong results due to high activity levels while Ventures and Ireland maintained solid performances. However, Construction UK faced challenges with project delays and supply chain issues.
Despite these hurdles, the full-year outlook for 2024 remains positive, with BAM expecting an adjusted EBITDA margin between 4% and 5%.
BAM is a construction entity that focuses on designing, building, and maintaining high-quality, sustainable structures and infrastructure.
The company, employing approximately 13,250 individuals, is committed to reducing the carbon footprint of the built environment and enhancing social value.
Operating through two divisions, Netherlands, and UK and the Republic of Ireland, as well as in Belgium and with its public-private business Invesis, BAM serves both public and private-sector clients.
Royal BAM Group chief executive officer Ruud Joosten said: "I am pleased that we made further progress with our strategy ‘Building a sustainable tomorrow’, based on Focus, Transform and Expand, with sustainability and people as key drivers.
"Our expansion in the energy transition and rail infrastructure markets is illustrated by some major multiyear project wins in Civil Engineering UK; the Orkney-Caithness link project (energy transmission) and the Transpennine route upgrade (rail infrastructure).”
