Heijmans reported a solid set of full-year 2025 results driven by gains across its three operating divisions, with group revenue up 7.3% to €2.77 billion, in line with consensus expectations. The company’s adjusted EBITDA advanced 26.8% to €252 million, marginally ahead of market estimates, while net profit rose 44.4% to €130 million.
Management noted an adjusted EBITDA margin of 9.1% for 2025, an improvement of 140 basis points versus the prior year. The company also disclosed a notably stronger order book, which increased to €3.68 billion - a 33.8% rise year-on-year and roughly 10% higher than at the end of the third quarter.
Segment performance
The Living business recorded modest top-line growth, with revenue of €1.01 billion, up 2% year-on-year. Despite the restrained revenue increase, Living delivered meaningful margin expansion as adjusted EBITDA climbed 26% to €112 million.
The Working division grew revenue by 9% to €690 million and lifted adjusted EBITDA by 17%. Meanwhile, the Connecting segment posted 12% revenue growth to €1.12 billion and a 33% rise in adjusted EBITDA, indicating broad-based improvement across Heijmans’ operating units.
Outlook and capital return
Looking to 2026, Heijmans issued guidance calling for an adjusted EBITDA margin of 9.5% and revenues approaching €3.1 billion, which implies roughly a 12% top-line expansion. The company said this guidance sits above company-compiled consensus and analyst projections.
Reflecting the strong results, Heijmans will increase its dividend to €2.37 per share, up from €1.64 in the prior year.
The published results portray a company that improved profitability and strengthened its backlog during 2025. Management’s 2026 targets are constructive for stakeholders, but they are forward-looking and contingent on future execution.