Koninklijke Heijmans N.v. · EURONEXT:HEIJM
Koninklijke Heijmans — Investor Day (May 2026)
58 slides from Koninklijke Heijmans's investor day presentation, May 21, 2026
Slide 1: Welcome. Capital Markets Day 21 May 2026
Welcome. Capital Markets Day 21 May 2026
Slide 2: Programme.
Programme. Progress since last the last Capital Markets Day Dutch Construction Sector How Heijmans is positioned 2030 financial targets Wrap up Q&A | All speakers Factory tour
Slide 3: Ahead of plan on strategy 'Together towards 2030'
Ahead of plan on strategy ‘Together towards 2030’. 3
Slide 4: Members of the Executive Leadership Team
Members of the Executive Leadership Team Ton Hillen Gavin van Boekel Roland de Waal Maarten van Duijn CEO CFO Living – Whoon Living – Property development Marc de Vreede Floor Felten Sander Dekker Working Connecting – Connecting – Energy Infrastructure 4
Slide 5: Why we are here today
Why we are here today Structural market Strategy ‘Together towards Entering the next phase. tailwinds. 2030’ delivering results. • Sustained higher than expected • Successful execution of our • Scaling our execution model demand across our markets strategic transition • Introducing new 2030 financia
Slide 6: Key investment highlights
Key investment highlights High structural demand in an attractive Best-in-class risk management combined with Dutch market robust balance sheet and cash flow Demand outpaces supply in key markets, ROCE at 28%, solvency at 33% in 2025 favourable dynamics vs Europe Leading integrated player with stron
Slide 7: Heijmans Value Creation Model
Heijmans Value Creation Model Multi- Strategy Structural ‘Together 2030 stakeholder market tailwinds. towards 2030’. financial targets. approach. • Revenue towards € 4 bln. + Customer End-user Supplier Employe + = • Underlying EBIT es 8–10% Planet Investors Society at large • Dividend: 50% of Top-ti
Slide 8: Progress since the last Capital Markets Day.
Progress since the last Capital Markets Day. Progress sinc e the Last Capital Markets Day
Slide 9: Already outperforming CMD targets
Already outperforming CMD targets Underlying EBITDA- Revenue. margin. 2027 targets as set in last CMD. 7-9% towards € 3 bln. 2025 results. 9.1% € 2.7 bln. 2026 outlook. towards 9.5% around € 3.1 bln. 9
Slide 10: Consistent predictable performance
Consistent predictable performance Revenue Net result Operating cash flow (in € bln.) (in € mln.) (in € mln.) 2.8 272 2.6 130 249 2.1 1.7 1.8 90 60 60 109 110 50 88 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Underlying EBITDA ROCE Solvency % % % 33.8 9.1 29.0 32.9 27.
Slide 11: Consistent shareholder value creation
Consistent shareholder value creation Delivered through strong share price performance and a disciplined dividend policy Share price (€) 100 100 €86.05 2024 CMD 80 80 50% pay-out ratio. 60 In line with dividend policy 60 40 40 20 €9.33 € 110 mln. 20 paid out to shareholders - over results 2024-2025
Slide 12: Delivering on strategy
Delivering on strategy Stronger position in technical services via Hegeman Opening a new plant in Ede for the production of Start of construction of Army Technology Centre for acquisition TenneT high-voltage bays Ministry of Defence Van Gisbergen deal strengthens position in Timber-frame house produ
Slide 13: Dutch Construction sector.
Dutch Construction sector. From European market dynamics to the Dutch construction sector to Heijmans’ positioning The Dutc h Construc tion Sec tor
Slide 14: The Netherlands: an attractive construction market within Europe
The Netherlands: an Annual growth ’25 – ‘30 Above EU average (>2.5%) attractive construction EU average (2.5%) Below EU average <2.5%) market within Europe • The Dutch market outperforms Europe Relatively high growth expected (2.9% per year), combined with highest construction density (€/km2) of all
Slide 15: Strong macro fundamentals drive long-term demand for construction
Strong macro fundamentals drive long-term demand for construction Energy transition Climate change Resilience Growing population Ageing • Defence and housing infrastructure • High- and • High-water medium-voltage protection • Infrastructure shortage • Renovation of grid programme upgrades • New-buil
Slide 16: Market outlook: Housing
Market outlook. Housing market. • Annual demand: ~70–100k homes needed vs. ~60-70k built • Execution bottlenecks: permitting complexity, nitrogen, grid congestion New-build • Fragmented supply market: land control is key homes. • Affordability pressure: government striving for 30% social housing Ren
Slide 17: Market outlook: Non-residential
Market outlook. Non- residential. • Demand supported by public & semi-public investment: (e.g. high-tech clusters ~ € 500 mln. annually; defence real estate ~ € 3 bln. Strengthening Upgrading of annually) of mainports. technical • Execution constrained by regulation, labour (e.g. Schiphol) installat
Slide 18: Market outlook: Infrastructure
Market outlook. Infrastructure. • Strong demand driven by climate adaptation, energy transition & defence: € 6–7 bln. per annum for critical infra Replacement & renewal; ~ € 1 bln. per annum for flood protection renovation of critical • Public spending shifts to national priority programmes infrastr
Slide 19: Market outlook: Energy
Market outlook. Energy. • Large backlog in grid reinforcement: ~ € 9 bln. per annum (energy) + ~ € 2 bln. per annum (hydrogen) Grid reinforcement • Grid congestion is the key constraint for new housing, across electricity and non-residential and economic growth molecules (H₂, heat, • New solutions n
Slide 20: Market challenges create opportunities
Market challenges create opportunities Ecosystem complexity. Regulation and public Labour scarcity. policy. • Increasing ecosystem • Regulatory and permitting • Structural labour scarcity limits complexity and interdependency requirements intensify execution capacity • Integrated, data-driven delive
Slide 21: Heijmans is well positioned.
Heijmans is well positioned. From European market dynamics to the Dutch construction sector to Heijmans’ positioning How Heijmans is positioned.
Slide 22: Our strategy house
Our Creators of the strategy We are healthy living environment. house Our yellow heart We are creators. We add something to the world. We always do so with respect for people, animals and nature. We like to help. We take care of each other and make sure things get done. Now and in the future. The Ne
Slide 23: Heijmans is well positioned to benefit from market trends
Heijmans is well positioned to benefit from market trends Competitive Future-proof The Yellow 1. advantages. 2. operating 3. heart. model. • Integrated segments • From project-based to • How we create value across Living, Working project & process-driven and Connecting • A strong and attractive • In
Slide 24: Competitive advantages.
Competitive advantages. 24
Slide 25: Heijmans well positioned in a fragmented, consolidating market
Heijmans well positioned in a fragmented, Living Working Connecting Energy Cables & Market share consolidating market Ground- sub- level Stacked Private Public Roads Civill Water Rail stations Pipelines Large integrated contractors ~ 25% • The Dutch market is characterised by ten large players, whic
Slide 26: Unique integrated propositions across Living, Working and Connecting
Unique integrated propositions across Living, Example: Technology Centre Leusden Working and Connecting Heijmans delivers a highly complex, future-proof technology centre for Defence. Where Infrastructure provides the foundation and the ground works and Energy supplies an innovative energy solution.
Slide 27: World-class risk management: our disciplined principles
World-class risk management: our disciplined principles • Focus on core competencies • Margin over volume • Risk function as fundamental backbone • Operate in the Netherlands only • Risk/reward trade-off • Prudent accounting • Dare to say no • Hands-on management • Portfolio resilience through the c
Slide 28: Heijmans' proprietary risk approach
Heijmans’ proprietary risk approach 28
Slide 29: Prudent profit accounting
Prudent profit accounting Valid for projects and contracts > € 20 mln. Margin Reported margin › Risks are financially accounted for in 1 3 the P&L at 'impact times likelihood’ Bid margin 1 › No profit will be taken during first 2 20% for large projects or the first 2 years for large service contract
Slide 30: Future-proof operating model.
Future-proof operating model. 30
Slide 31: Shift from project-based to project & process-driven organisation
Shift from project-based to project & process-driven organisation The Our challenge. response. • Keep what is unique for the • Re-inventing the wheel in client and site every project • Standardise repeatable work • Craft-based execution → that does not add meaningful productivity depends on customer
Slide 32: From strategy to execution
Standardisation of processes and working methods From End-to-end property development and construction process strategy to Area design Plot design Product design (buildings) On-site realisation execution Area Volume Project Building Digital realisation Standardised and generators generators configur
Slide 33: Whoon | Lighthouse example within Heijmans
Whoon | Lighthouse example within Heijmans
Slide 34: Whoon: a lighthouse example within Heijmans
Whoon: a lighthouse OOK deze m,inder hoog maken example within Heijmans • Whoon: proven operating model A fixed concept within a fixed process delivers speed, predictability and risk control, while offering customer flexibility • The next step: scale Capturing these learnings beyond one concept or b
Slide 35: Synergy's journey
Synergy’s journey | Heijmans’ approach to fast-track modular design and construction
Slide 36: Synergy drives scalable solutions.
Proven over time • Years in practice across projects and disciplines • Continuous development of reusable solutions Learning system (‘LEGO’-like) • Expanding library of standardised building blocks • Learn, improve, reuse • Applied in both new-build and existing projects Synergy Scalable impact • Fa
Slide 37: The yellow heart.
The yellow heart. 37
Slide 38: Our 'yellow heart' drives value creation
Our ‘yellow heart’ drives value creation • Creators of the healthy living environment • End-to-end responsibility: from development to realisation and long-term management • End-user-focused: designing and building with the user’s perspective • Bringing together disciplines, perspectives and partner
Slide 39: Heijmans: people-driven, strong and attractive
Heijmans: people-driven, strong and attractive Engaged Attractive Continuous Diverse and 1. workforce. 2. employer. 3. development. 4. collaborative teams. . • High employee • Ability to consistently • Strong focus on • Diverse mix of engagement attract new talent learning and disciplines driving (+
Slide 40: 2030 financial targets.
2030 financial targets.
Slide 41: Financial targets 2030
Revenue towards € 4 bln. Underlying EBIT-margin 8–10% Financial targets Dividend: 50% of net result in cash 2030. 41
Slide 42: Introducing a new key performance metric: underlying EBIT
Introducing a new key performance metric: OOK deze m,inder hoog maken underlying EBIT • Industrialisation leads to higher investment in plant & equipment • Widely used across European construction sector • Under IFRS 18, Operating result (EBIT) becomes the clearer, more comparable operating metric 4
Slide 43: Underlying EBIT definition
Introducing a new key performance metric. Underlying EBIT definition. € mln. 2024 2025 Revenue 2,584 2,772 Underlying EBIT equals: EBIT 111 162 Earnings Before Interest and Taxes Joint Venture results (EBIT) 12 19 (EBIT) M&A related expenses 6 1 Adjusted for: M&A related amortisation 4 0 + Joint Ven
Slide 44: Revenue.
Revenue development ’25-’30 € in bln. Revenue. Projects Infra Energy Recurring Business 4.0 Hegeman Key drivers: • In Living moderate growth is expected, not anticipating an unlock in the housing market as 2.8 catalyst 2.6 • Hegeman acquisition boosting absolute growth in Working and recurring busin
Slide 45: Underlying EBIT.
Underlying EBIT-margin development ’25-’30 Underlying EBIT. 8-10% Key drivers: • Cost Efficiency: project and process driven operating model leads to higher productivity 6.6% • Business climate: demand structurally outpacing supply • Operational leverage: revenue growth leads to 5.2% indirect cost p
Slide 46: Orderbook supports revenue and margin outlook.
Orderbook quality development (2021 Year-end indexed at 100) Orderbook supports 130 revenue and margin 120 outlook. 110 100 90 Orderbook end of Q1 2026 € 4.1 bln. 80 70 Hard prospects end of Q1 2026 € 3.1 bln. 60 50 Total € 7.2 bln. 2021 2022 2023 2024 2025 The orderbook consists of the total of the
Slide 47: Restating the business segments.
Restating the business segments. 47
Slide 48: Living.
Living. 2025 Revenue € 1,012 mln. / Underlying EBIT 96 mln. | 9.5% +24% +38 % Revenue Underlying EBIT 9.5 In mln. € % Value drivers 1,012 7.1 10% • Second largest landbank in NL with 994 5.9 819 ~40.000 positions • Control over the value chain: 25% landbank, development, engineering and execution co
Slide 49: Working.
Working. 2025 Revenue € 690 mln. / Underlying EBIT € 46 mln. | 6.7% +29% +34% Revenue Underlying EBIT In mln. € % Value drivers 6.7 690 635 5.6 • Long-term relationships with large 535 5.0 30% customers (public and private) • High recurring business growth, resulting in a € 500 mln. business segment
Slide 50: Connecting.
Connecting. 2025 Revenue € 1,122 mln. / Underlying EBIT € 57 mln. | 5.1% +40% +54% Revenue Underlying EBIT In mln. € 1,122 % 997 5.1 Value drivers 25% 25% 800 4.1 • Replacement and maintenance of 3.2 ageing critical infrastructure • Increasing focus on resilience, including NATO spending target 10%
Slide 51: Connecting: Segment highlight Energy
Connecting. Segment highlight: Energy Value drivers • Growing future revenue in medium and high voltage already in framework 25% 25% 20% contracts • Unique capability: licensed to execute 45% high voltage projects 10% • Market demand for new energy 15% solutions enables cross-segment synergies 35% R
Slide 52: Clear path to value creation towards 2030.
Clear path to value creation towards 2030. 52
Slide 53: Capital allocation strategy.
1. Strong balance sheet Capital • Healthy net cash position • Liquidity for business / seasonality allocation OOK deze m,inder hoog maken 2. Invest to grow strategy. In line with strategic priorities: • Digitalisation, modularisation, industrialisation • Landbank • Electrical equipment and machinery
Slide 54: Wrap up.
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Slide 55: Heijmans Value Creation Model
Heijmans Value Creation Model Multi- Strategy Structural ‘Together 2030 stakeholder market tailwinds. towards 2030’. financial targets. approach. • Revenue towards € 4 bln. + Customer End-user Supplier Employe + = • Underlying EBIT es 8–10% Planet Investors Society at large • Dividend: 50% of Top-ti
Slide 56: Slide 56
Slide 57: Appendix.
Appendix. 57
Slide 58: Contracting units provide the group with capital.
Contracting units Negative WC Landbank CAPEX CAPEX provide the group with capital. Landbank investment Benefit of combination of Heijmans business units: • Working and Connecting business models typically have negative working capital • Negative working capital is used for landbank Negative investme