Presentation - Annual results 2025

Annual results 2025

BAM delivers adjusted EBITDA of €400 million in 2025

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Fotografie: Evabloem

Dividend proposal of €0.30 per share and announcement of €40 million share buyback

Ruud Joosten Henri de Pater

CEO CFO

Amsterdam, the Netherlands, 19 February 2026

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Key points 2025 BAM delivers adjusted EBITDA of €400 million in 2025

Dividend proposal of €0.30 per share and announcement of €40 million share buyback

FY 2025 versus FY 2024

• Revenue increased by 9% to €7.0 billion

• Adjusted EBITDA rose by 20% to €400 million (margin of 5.7%)

  	Net result			Adjusted EBITDA margin
  	€211.0m	€82.2m		5.7%	5.2%
  	Net cash (before ROU)			TWC efficiency
  	€792m	€696m		-11.9%	-11.7%
  	Earnings per share			Solvency
  	€0.81	€ 0.31		23.4%	23.0%
  	Dividend			Order book
  	€0.30	€ 0.25		€13.0bn	€13.0bn
  Royal BAM Group nv FY 2025 results

• Net result of €211 million, (2024: €82 million), reflecting earnings per share of €0.81 (2024: €0.31)

• Cash position strengthened to €0.9 billion, underscoring BAM's solid

  liquidity position

• Solvency improved to 23.4% (2024: 23.0%), further reinforcing the

  Group's financial resilience

• Order book remained at high level of €13.0 billion

• Leadership in sustainability confirmed by CDP Climate A rating (7th year)

• Dividend proposal €0.30 per share (2024: €0.25)

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• Announcement €40m share buyback

Shareholder remuneration €240 million returned to shareholders in 2023-2025, and intention for an additional €117 million in 2026

Overview dividend and share buybacks

In € million

0

0

0

140

120

100

80

60

40

20

0

Dividend Share buybacks

• BAM will return circa 55% of net result 2025 to shareholders

  • Dividend proposal of €0.30 over 2025 (2024: €0.25), payout of 37%

    of net income, in line with dividend policy of payout 30-50%

  • Supplemented by a €40 million share buyback, backed by strong

    performance and solid cash position

• Share buybacks executed in recent years lowered the number of shares

  ranked for dividend at year end 2025 by 6.9%

• 2023-2026e: BAM will return €357 million to shareholders

• The buyback of shares beyond 2026 will depend on:

  • Balance sheet structure

  • Strategic opportunities (investments and potential M&A)

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Royal BAM Group nv FY 2025 results

Division Netherlands

Royal BAM Group nv FY 2025 results

Residential development Hart van Nijmegen (AM, Netherlands) 6

Performance Division Netherlands Strong performance of the Division Netherlands, number of homes sold accelerated by 27%

Royal BAM Group nv FY 2025 results

Full-year 2024

• Revenue increased by 8% to €3.5bn

• Adjusted EBITDA €250m, reflecting margin of

  7.2%

• Performance supported by high activity level in non-residential construction

• Home sales accelerated by 27% to 2,354

• Dutch Civil engineering activities continued to deliver strong results

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• Order book increased by 5% supported by all business segments

  Residential development portfolio (NL) Strong growth of residential development pipeline to circa 30,000 homes (including Gebroeders Blokland)

  • In 2025, BAM added circa 5,500 development positions and building rights to the portfolio

    - Includes key projects like Draka, Schapenweide, Stougjeswijk and Park Voorburg

  • Announced acquisition Gebroeders Blokland, adding circa 2,400 homes to portfolio

  • BAM is well positioned at large scale residential development areas, as identified by the Dutch ministry of Housing

  • Total portfolio circa 55% single family homes and circa 45% is apartments

  • 2025: total investment NL property development

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    €614 million 1

    Some key projects secured in 2025

    Park Voorburg - Vught

    New vision for an 80-hectare care estate featuring over 900 homes. Transformation of the historic Zorgpark Voorburg into Park Voorburg. Park Voorburg will become an open residential landscape where well-being takes center stage in every aspect.

    Start construction expected in. 2028-2030

    Stougjeswijk - Oud-Beijerland As part of the GEM consortium (Grondexploitatie Maatschappij), in partnership with the Municipality of

    Hoeksche Waard, circa 2,500 homes will be developed over the coming years.

    Start construction: expected in 2027

    
    
    

    Royal BAM Group nv FY 2025 results

    1 Own and BAM's share in joint venture positions

    Division United Kingdom and Ireland

    Royal BAM Group nv FY 2025 results

    The North Quays Sustainable Transport Bridge, part of the Waterford North Quays Public Infrastructure Project (Ireland) 9

    
    
    Performance Division United Kingdom and Ireland Substantial improvement Construction UK, robust performance Civil engineering UK and Ireland

    (x € million)		Full-year 2025		Full-year 2024
    		Revenue	Adj. EBITDA		Revenue Adj. EBITDA
    Construction UK		1,120	31.1		1,049 -27.4
    Civil engineering UK		1,777	92.2		1,639 103.0
    Ireland		603	37.4		492 46.5
    Other, eliminations and		-67	-0.7		-68 -8.0
    miscellaneous
    Total division UK and		3,4331	160.0		3,112 114.1
    Ireland
    Adjusted EBITDA margin			4.7%		3.7%
    Revenue growth			10%1		-1%
    Adjusted EBITDA growth			40%		-6%
    Trade working capital			-13.6%		-11.1%
    efficiency
    Order book			6,9171		7,181
    Order book growth			-4%		58%

    • Revenue increased by 10%

    • Adjusted EBITDA €160m, reflecting margin of 4.7%

    • Substantial improvement Construction UK

    • Robust performance Civil engineering UK and Ireland, despite strong comparative period 2024

    • Order book remained at high level of €6.9bn, decline

explained by weaker British pound exchange rate

1 The British pound exchange rate had a negative effect of €25 million on revenue and a negative effect of €337 million on order book.

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Royal BAM Group nv FY 2025 results

Financial review

Royal BAM Group nv FY 2025 results

Tennet Borselle Rilland (Civil engineering, Netherlands) 11

Income statement Net result of €211 million, reflecting earnings per share of €0.81

• Adjusted EBITDA increased by 20% to €400m

  • Supported by the performance of both divisions

  • 2024: included €20m earnout and €31m reclassification of

    hedge reserves following agreed divestment of Invesis

• Adjusted items refer to reorganisation costs, result supported by reversal of some impairments

• Effective tax rate of 15% (2024: 6%), supported by revaluation of deferred tax assets

• Net result of €211m, reflecting earnings per share of €0.81 (2024: €0.31)

1. Invesis is BAM's 50 percent stake in the joint venture with PGGM, divestment completed in March 2025

2. Restructurings and pension one-off results.

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Royal BAM Group nv FY 2025 results

Cash flow Strong liquidity position of €0.9bn, trade working capital stabilised

• Strong cash flow from operations of €354 million

• Trade working capital stable

- TWC efficiency at -11.9% (2024: -11.7%), TWC focus in tenders

Royal BAM Group nv FY 2025 results

- Included net investment of €55 million in residential

development positions

• Cash flow from investing €4 million

  • Includes proceeds of €108m from Invesis transaction

  • Regular capital expenditure €83 million

• Cash flow from financing - €198 million

  • Includes € 116 million for dividend and share buyback

  • Lease payments totalled €106 million

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  • Borrowings increased by €24 million

    Royal BAM Group nv FY 2025 results

    Financial position Solvency solid at 23.4% while returning €116 million to shareholders via dividend and buyback

    (x € million)		FY 2025	FY 2024
    Cash position
    		883	763
    Borrowings		-91	-67
    Net cash position (excl. Leases)		792	696
    Lease liabilities		-291	-256
    Net cash (incl. leases)		501	440
    Trade working capital		-1,008	-938
    Shareholder's equity		958	896
    Balance sheet total		4,102	3,891
    Solvency		23.4%	23.0%
    Capital employed		1,456	1,317
    Return on average capital employed		17.2%	5.8%

    • Net cash position increased to €792 million

    • Shareholders equity €62 million higher

      • Net result of €211 million

      • Payment of dividend -€66 million and share buyback

        - €50 million

      • Exchange rate differences - €24 million

      • Post-employment benefit obligations -€11 million

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    • Solvency improved to 23.4% (2024: 23.0%)

Looking ahead

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Royal BAM Group nv FY 2025 results

Deleers, Anderlecht (BAM Kairos, BAM Interbuild, Belgium) 15

Order book and market trends Order book remained at high level of €13.0bn

Order book development (5 year)

In € million

8000

7000

6000

5000

4000

• Orderbook remained at high level of €13.0bn (2024: €13.0bn)

  • Increase of 5% in the division Netherlands

  • Decrease of 4% in the division United Kingdom and Ireland explained

    by British Pound exchange rate (negative effect €337 million)

  • Belgium solid order book maintained

3000

2000

1000

0

Division Netherlands Division United Kingdom

and Ireland

2024 2025

Belgium

• Continued focus on contracts with attractive risk/reward balance and longer-term framework contracts

• Attractive market opportunities driven by energy transition, infrastructure and defence, as well the need for sustainable and affordable homes in the Netherlands.

• Backed by ambitious government plans

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  Royal BAM Group nv FY 2025 results

  Outlook 2026

  • For 2026, BAM expects to deliver further growth in revenue and adjusted EBITDA

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    Royal BAM Group nv FY 2025 results

    17

    
    
    Key points 2025 BAM delivers adjusted EBITDA of €400 million in 2025

    Dividend proposal of €0.30 per share and announcement of €40 million share buyback

    FY 2025 versus FY 2024

    Revenues			Adjusted EBITDA
    €7,040m	€6,455m		€400.3m	€333.3m

    • Revenue increased by 9% to €7.0 billion

    • Adjusted EBITDA rose by 20% to €400 million (margin of 5.7%)

      	Net result			Adjusted EBITDA margin
      	€211.0m	€82.2m		5.7%	5.2%
      	Net cash (before ROU)			TWC efficiency
      	€792m	€696m		-11.9%	-11.7%
      	Earnings per share			Solvency
      	€0.81	€ 0.31		23.4%	23.0%
      	Dividend			Order book
      	€0.30	€ 0.25		€13.0bn	€13.0bn
      Royal BAM Group nv FY 2025 results

    • Net result of €211 million, (2024: €82 million), reflecting earnings per share of €0.81 (2024: €0.31)

    • Cash position strengthened to €0.9 billion, underscoring BAM's solid

      liquidity position

    • Solvency improved to 23.4% (2024: 23.0%), further reinforcing the

      Group's financial resilience

    • Order book remained at high level of €13.0 billion

    • Leadership in sustainability confirmed by CDP Climate A rating (7th year)

    • Dividend proposal €0.30 per share (2024: €0.25)

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    • Announcement €40m share buyback

Contact Michel Aupers (Investor Relations)

Runnenburg 9

3981 AZ Bunnik The Netherlands

PO Box 20

3980 CA Bunnik The Netherlands

+31 (0)30 659 89 88

ir@bam.com https://www.bam.com

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Royal BAM Group nv FY 2025 results

Fotografie: Evabloem