Ballast Nedam annual figures 2022: strong increase in revenue and positive results

Ballast Nedam closed 2022 with positive figures and is further strengthening its organisation. Compared to 2021, revenue increased by 37% to over €1.4 billion (2021: €1.0 billion). EBITDA came to €54.2 million (2021: €42.9 million) and the result amounted to €31.7 million (2021: €42.0 million). To further align with current market conditions, the Dutch construction and development company adjusted its strategy in early 2023.

“Our entrepreneurship and operational excellence were central to the growth we experienced in 2022”, says CEO Kemal Sağlam. “Ballast Nedam has been in business for over 145 years. Over the past year, we have strengthened our organisation by focusing on risk management, quality and profitability so that we can add optimal value for our stakeholders. At the same time, we take responsibility for keeping our living environment as healthy and safe as possible. We are a learning organisation and making our business a little better every day."

Key figures 2022

  •  Turnover: € 1,430.8 million (2021: € 1,041.5 million)
  • EBITDA: € 54.2 million (2021: € 42.9 million)
  • Net result: € 31.7 million (2021: € 42.0 million)
  • Order book: € 1.4 billion (2021: € 1.7 billion)
  • Solvency: 24.9% (2021: 24.3%)
  • Cash and cash equivalents: € 171.0 million (2021: € 252.8 million)

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Developments in 2022

  • As safety is a top priority, Ballast Nedam launched a new safety campaign in 2022: Take Care. This campaign focuses on showing genuine care for each other. The campaign is fully visible on Ballast Nedam’s construction sites and offices with posters and banners featuring photos of its own colleagues. The campaign is based on training sessions, safety sprint sessions, and open dialogues on working safely and adopting safe working practices. The aim is that people go to work healthy in the morning and return home safe in the evening.
  • For Ballast Nedam International Projects the year 2022 was exceptionally good. Projects in Guinea and Luxembourg have started and the work in Sri Lanka and Sint Maarten continued. In the coming years, Ballast Nedam International Projects will primarily focus on projects in Africa, the Caribbean and the Nordic countries. Internationally, Ballast Nedam continues to take on large and complex construction projects that match its expertise and international network.
  • Ballast Nedam is back in the wind energy market. In 2021, Ballast Nedam started two new wind turbine installation projects: Windpark Maasvlakte 2 and Windplanblauw. In 2022, Windpark Maasvlakte 2 was completed, and the work on Windplanblauw is proceeding well. Windpark Maasvlakte 2 is a real highlight in our portfolio, as the wind turbines on the soft sea wall have a foundation with monopiles - a first for the wind sector.
  • In 2022, Ballast Nedam Industriebouw was involved in a conflict with general contractor Air Products. Air Products has denied Ballast Nedam and its subcontractors access to project Nitrogen Plant Zuidbroek. Despite the conflict, Ballast Nedam is fully committed to completing its part of the scope and recognises the social importance of this project.
  • In line with its focus on specialised product-market combinations, Ballast Nedam acquired road construction company Mouwrik Waardenburg, which has been added as an independent company to the Ballast Nedam Road Specialties organisational unit. Ballast Nedam also acquired Avenue Building Company Ltd. The company specialises in healthcare construction projects in the UK.


Climate change is forcing the sector to search for low-carbon or carbon-free alternatives, and global depletion of natural resources is putting pressure on the availability and affordability of raw materials. The importance of a more circular and nature-inclusive way of working is therefore high. Last year, Ballast Nedam took further steps to realise its sustainable ambitions. This included reducing CO2 emissions from business activities by 42.2% in 2022 compared to the reference year 2019.


In 2023, Ballast Nedam revised its strategy for its construction activities in the Netherlands. In this adjusted strategy, Ballast Nedam focuses on projects that are well-developed and repetitive in terms of construction methods, where expertise can be (re)applied and risks can be better managed. Ballast Nedam will continue to carry out large projects in the Netherlands, as long as they fall within  this strategy.

In line with its decentralised organisation, at the beginning of 2023 Ballast Nedam decided to execute all future building construction projects within its regional companies and wind down the central business unit Ballast Nedam Building Projects. The employees involved will be redeployed within Ballast Nedam as much as possible.

In 2022, Ballast Nedam and Fluor, as a joint venture ALSÉÉN, signed the contract with Rijkswaterstaat for the widening of the A27 Everdingen-Hooipolder highway. This is a two-phase approach for the design, construction and 15-year maintenance of this section of the A27. For Ballast Nedam, this contract creates medium-term certainty in times of ongoing market uncertainties and it creates business continuity.

Kemal Sağlam concludes: “As we anticipate limited growth in the market in the coming years, operational excellence is of the utmost importance to keep our company healthy and enable it to grow. Operational excellence will help us to improve our activities and manage risks. We focus on regional growth and resilient business units, with possible strategic acquisitions. Our teams are better integrated than ever before and our core values are more deeply embedded in our organisation. With this foundation, we continue to work towards a sustainable and profitable future.”

Read the entire introduction by our CEO
→ Read and download the annual report