Koninklijke BAM Groep nv Q2 2026 Earnings Recap

BAM's first half 2026 results outpaced expectations with an 8.7% stock gain, driven by strong margin expansion and improved profitability across both operating divisions.

Key Takeaways

• Revenue rose 3% to EUR 3.5 billion, supported evenly by the Netherlands and UK/Ireland divisions.
• Adjusted EBITDA surged 36% to EUR 240 million, lifting margins to 6.9% from 5.2% a year ago.
• The Netherlands division saw adjusted EBITDA rise 25% to EUR 138 million, with margin improving to 8.2%, aided by a 35% increase in home sales to 935 units.
• UK & Ireland division's adjusted EBITDA grew 48% to EUR 98 million, reaching a 5.7% margin, bolstered by claims settlements and strong project execution.
• The order book remained healthy at EUR 12.6 billion, supporting continued delivery against a balanced risk-reward approach.