BAM reports €281 million adjusted EBITDA in first nine months, reiterates 2022 outlook
First nine months 2022 trading update
Royal BAM Group nv reports for the first nine months of 2022 an adjusted EBITDA of €281 million, including a non-operational book profit of €52 million on the Wayss & Freytag transaction which was completed in September. BAM’s operational performance in the third quarter was held back by inflation and supply chain constraints. The cash position remains solid and the capital ratio improved to over 21 per cent. BAM reiterates its outlook to deliver an adjusted EBITDA margin of at least 4 per cent for the full-year 2022, excluding the result on the Wayss & Freytag divestment. BAM expects to propose a dividend over 2022.
- Revenue increased in first nine months by 3% in Netherlands, United Kingdom and Ireland; total revenue declined by 8% to €4.9 billion due to divestments;
- Adjusted EBITDA of €281 million in first nine months (adjusted EBITDA margin of 5.7%); adjusted EBITDA margin excluding €52 million book profit on Wayss & Freytag was 4.7%;
- Adjusted EBITDA of €99 million in third quarter, including result on Wayss & Freytag transaction;
- Solid order book of €10.0 billion (H1: €12.2 billion), reduced by €1.2 billion due to divestment Ways & Freytag and €600 million in UK highways, mainly following government review of regional roads development programme;
- Liquidity position of €0.9 billion, capital ratio improved to 21.1% (mid-year 2022: 17.7%).
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