Robust financial results and focused growth

CEO statement

Atilla Kemal Sağlam, CEO of Ballast Nedam, shares his insights on 2024: “We look back with pride on a successful year in which our company achieved a strong performance. The commitment and dedication of all our colleagues have contributed to this success; we greatly appreciate their efforts and continue to do our best to create a happy working environment for all. Remaining humble, we acknowledge the role of all our construction partners and remain committed to investing in our working relationship going forward. Aware of the need to work very hard in this ever-changing world, we continue to invest in innovation, sustainability, and inclusion for continued growth. We look forward to building on this success in the coming year.”

Operational highlights: In 2024, Ballast Nedam continued to build on its strong foundation, demonstrating adaptability and maintaining focus in the face of evolving challenges. Our strategic focus on operational excellence, selective project acquisition and niche market approach has enabled us to successfully complete several groundbreaking projects, both in our domestic and international markets.

Growth areas: Within our four growth areas — building development & construction, infrastructure, industry, and international — we focus on creating tailored product-market mixes. We achieve this by serving as a platform for our diverse range of specialised companies, helping them grow in their core markets. We view our operations as part of a larger ecosystem, where collaboration with our partners is essential.

Strategic focus: Understanding and utilising our core capabilities is crucial, as this allows us to step outside traditional boundaries and explore new opportunities while understanding and managing the risk profile of projects. By leveraging our strengths, such as our expertise in sustainable construction, lean management, and advanced engineering techniques, we can seamlessly transition between marine and wind projects, or from designing energy-efficient buildings to developing sustainable industrial facilities. This strategy will continue to drive our sustainable growth and innovation.

Flexibility and excellence: By focusing on improving our processes first, we have seen tangible results follow. We constantly work very hard to deliver on our promises and maintain transparency in our actions. This integrity has attracted more partners to join us and collaborate, further strengthening our market position. However, we never take our successes for granted or become complacent. We remain agile and responsive to industry changes, which is essential in the construction business.

Commitment to sustainability: Our dedication to creating a safe and sustainable living environment remains unwavering. In 2024, we achieved significant milestones in our commitment to sustainability, including a remarkable 51.5% reduction in CO₂ emissions for our Dutch activities compared to our baseline year 2019. This reduction was supported by the use of green electricity, our own solar and wind power production, zero-emission construction equipment, and innovative battery solutions.

Financial results 

Key figures 2024

• Revenue: € 1,232.6 million (2023: € 1,112.7 million)
• EBITDA: € 91.5 million (2023: € 57.0 million)
• Net result: € 74.0 million (2023: € 23.7 million)
• Order book: € 3.0 billion (2023: € 1.3 billion)
• Solvency: 35.4% (2023: 30.0%)
• Cash and cash equivalents: € 309.9 million (2023: € 122.9 million)

Ballast Nedam concluded 2024 with strong operational results, aligning with the goals of our midterm business plan. Revenue amounted to € 1,232.6 million, while EBITDA improved to € 91.5 million, resulting in an EBITDA margin of 7.4%. Solid financial indicators, including a working capital ratio of 1.4 and a solvency of 35.4%, highlight Ballast Nedam’s stable financial standing, reflecting our strategic focus on sustainable financial health. The order book remains strong at € 3.0 billion, guaranteeing ongoing project stability and future growth prospects as we continue to innovate and expand our market presence.

2024 Progress and achievements

• Ballast Nedam is committed to keep the projected global warming below 1.5 degrees Celsius and underlines the need to reduce CO₂ emissions and the role it plays in this transition. From 2019 to 2024, Ballast Nedam achieved a reduction of 51.5% in scope 1 (fossil fuels) and scope 2 (electricity and district heating) emissions in its Dutch activities with the ultimate goal of 100% CO₂ reduction by 2030.
  
  
• Ballast Nedam has intensified its focus on circularity and the improvement of the related processes, such as sustainable sourcing and the use of renewable resources. For its Dutch activities, the company achieved a waste intensity of 16.7 tonnes per million euros, meeting the target for 2024. Together with its Dutch waste partners, Ballast Nedam ensured that 98% of all non-hazardous waste is suitable for reuse and recycling.
  
  
• Overall, the safety performance in 2024 exceeded targets. The number of incidents per worked hour (IF and TRIFR) has decreased. On an international level, the company realised major achievements as IF and TRIFR decreased by more than half compared to 2023. As an extension of the Take Care programme, Ballast Nedam initiated a mental health and well-being programme, Building Balance, in 2024.
  
  
• In 2024, Ballast Nedam accomplished two strategic acquisitions. The acquisition of Hurks Groep, effective from January 27, 2025, to the Building Netherlands business line is expected to strengthen the company’s regional position in utility and residential construction, particularly in the southern and mid regions of the Netherlands. Additionally, Ekinetix has joined the Industry business line. This consultancy and engineering company specialises in the upscaling of hydrogen and CO₂ capture, which will further solidify Ballast Nedam’s position in the energy transition market.
  
  
• Ballast Nedam’s business unit Heddes has increased the share of modular projects in the company’s portfolio. In 2024, the largest modular construction project in the Netherlands, Waldorp Four, with 1,171 modular-built houses, commenced.
  
  
• Start of the highly sustainable urban development and construction project, Cartesius Utrecht. In December, the Nicoya building reached its highest point.
  
  
• Completion of the highly innovative laundry facility for Nedlin Healthcare, built according to the sustainable BREEAM Outstanding standard.
  
  
• Repair and restoration of the collapsed retaining wall at Vief Köp, Maastricht.
  
  
• In infrastructure, as part of the BAAK consortium, Ballast Nedam completed the complex A24 Blankenburg DBFM project, which opened for traffic on December 7: a new motorway connecting the A20 near Vlaardingen with the A15 near Rozenburg including the Hollandtunnel and immersed Maasdeltatunnel.
  
  
• Start of execution of the A27 motorway project: improvement of 40 kilometres of motorway between Everdingen and Hooipolder.
  
  
• Renovation of the A73 tunnels (Roertunnel and Tunnel Swalmen): replacement & renovation and renewal of tunnel systems.
  
  
• Dyke reinforcement of Rijnkade Arnhem, using almost exclusively electric equipment.
  
  
• The start of the immersed tunnelling project Khor Al Zubair in Basrah, Iraq: immersion of 10 tunnel elements.
  
  
• Opening of the completely renewed terminal of Princess Juliana International Airport on St Maarten, after its destruction by hurricane Irma.
  
  
• Koole Tankstorage Botlek, Rotterdam: fabrication and installation of modular pipe bridges for a new tank terminal for storage of vegetable oils.

Note: for more details, figures, and project highlights see our Annual Report 2024.

Outlook 2025

At Ballast Nedam, we continuously challenge ourselves to improve and adapt to changing market conditions. In the Dutch market, we anticipate sustained but limited growth in the short term. Despite urbanisation, lower interest rates, higher cost predictability, and improved investor confidence boosting housing demand, the housing construction market remains pressured by legislation, labour shortages, and network congestion. Our building construction companies and development group continue to find novel solutions and contribute positively to the ambitions in the Dutch housing market. We will also increase our capabilities on renovation and maintenance projects, further strengthening our commitment to a sustainable future.

In the Dutch infrastructure market, large projects are stagnant with limited growth opportunities. We have therefore restructured our infra division into four product-market mixes to better adapt to market demands, focusing on large infrastructure projects, regional infra and specialisms, infra technology solutions and the marine and wind market, including immersed tunnelling worldwide.

Our industrial group targets the Rotterdam and Antwerp areas, where the market is anticipated to grow in 2025. We aim to achieve reduced energy costs, including hydrogen in the energy mix, and enhancing infrastructure connectivity. To support this growth, we have also invested in an engineering company specialising in hydrogen systems.

Internationally, the Caribbean and Africa will remain our focus areas in 2025. We are also developing new markets in Eastern Europe and Asia for future growth opportunities.

To conclude

Mr Sağlam concludes: “Building on 2024’s success, we are poised to achieve even greater milestones in the coming years. Our focus will remain on developing our human capital and building upon our capabilities while fostering strong partnerships. I am confident that our dedicated team of more than 3,000 professionals will continue to drive our success through their commitment, ownership, and entrepreneurial spirit.

Our future goals are ambitious. We aim to drive sustainable growth, innovate in our projects, and continue delivering exceptional value to our clients. With our strategic vision, innovative approach, and unwavering commitment to sustainability, Ballast Nedam will continue to thrive and make a positive impact on the world around us.”