Half Year 2024 Koninklijke BAM Groep NV Earnings Call Transcript
Key Points
- Koninklijke Bam Groep NV (KBAGF) reported a 6% increase in both adjusted EBITDA and group revenue for the first half of 2024, reaching EUR126 million and EUR3.1 billion respectively.
- The company's order book increased by 12% to EUR11 billion, aligning with its strategic objective to expand in sustainable solutions.
- The Dutch residential market showed improvement, with the sale of 832 homes, significantly higher than the previous year.
- The liquidity position remained solid with a cash position of around EUR450 million, and the company did not utilize its revolving credit facility.
- The Irish division showed substantial improvement, supported by a partial claim recognition for the National Children Hospital project, enhancing overall results.
- The adjusted EBITDA margin guidance for the full year was revised down from 4%-6% to 4%-5%, indicating potential challenges in the second half of the year.
- Significant losses were incurred from the Co-op Live project in Manchester and two school projects in Denmark, impacting overall profitability.
- Construction UK reported an adjusted EBITDA loss of EUR24 million due to project delays and supply chain issues.
- The Fehmarnbelt Tunnel project, expected to be completed in 2030, remains a long-term commitment with potential risks.
- The company continues to face challenges in attracting and retaining staff, with a high number of vacancies remaining unfilled.
Good morning, everyone. I'm Michel Aupers, Investor Relations Manager at Royal BAM Group. Welcome to everyone joining this analyst meeting here in Amsterdam or in the audio webcast. The meeting is hosted by our CEO, Ruud Joosten, and our CFO, Frans den Houter. They will give a short presentation on key points of BAM's results for the first half year 2024. Afterwards, we will take your questions. I draw your attention to the disclaimer here. Ruud, over to you, please.
Thank you, Michel, and good morning, all. This picture shows the recently completed new DSM-firmenich headquarters in Maastricht. This building is the first renovated listed building in the Netherlands, set to become Paris-Proof for its low operational carbon footprint.
Let's start with the key points of the first half year. BAM delivered a solid performance in the first half year of 2024. The adjusted EBITDA increased by
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