Royal BAM Group nv reports for the first half-year of 2021 an adjusted EBITDA of €157 million versus an adjusted EBITDA of negative €54 million in the same period of 2020. All activities contributed to the operational improvement, with the exception of Dutch Civil engineering. The convertible bond (€120 million) and revolving credit facility (RCF; €400 million) were repaid in the period and the cash position remains solid. The order book of €13.8 billion remains high. BAM is making good progress with its new strategy, with continued focus on restructuring the portfolio, de-risking, increasing profitability and creating a sustainable platform for future growth. For 2021, BAM anticipates an adjusted EBITDA margin of around 3.5 per cent.