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olivLaw · European equity research

Koninklijke Heijmans N.V. HEIJM.AS

Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands

82.25EUR−4.19% · 1 dayClose 05 Nov 2026

Koninklijke Heijmans N.V. is a Dutch construction and development group active in infrastructure, energy, area development and buildings. In 2025 it posted solid growth, and its order backlog reached 3.68 billion EUR, in a context where the Netherlands needs far more housing and renewed infrastructure.

At the close of 05 Nov 2026, Koninklijke Heijmans N.V. (HEIJM.AS) stock was 82.25 EUR (−4.19% on the day), with market capitalisation 2.3 bn EUR, P/E 17.4 on diluted EPS of 4.73 EUR over the last 12 months, dividend yield 1.99%, beta 1.13, 52-week range 54.30–117.10 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
2.3 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
17.4
Diluted EPS TTM 4.73 · TTM to 31 Dec 2025
E/P (TTM)
5.75%
TTM to 31 Dec 2025
Dividend yield
1.99%
DPS 12m 1.64
Beta (2y)
1.13
Volatility (1y) 41%
52-week range
54.30117.10

Price history

Loading chart…

Technical reading

RSI (14)
45.8
neutral
Bollinger (20, 2)
77.73 – 86.25
in the upper half of the band · %B 0.53 · band width 10.4%
SMA 50 / 200
84.93 / 89.39
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.17 / -0.78
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−3.3%+0.4%−3.7 pp—
3 months−7.9%−3.3%−4.6 pp—
6 months−8.7%+4.0%−12.7 pp—
Year to date+21.7%+8.1%+13.6 pp—
1 year+45.1%+10.7%+34.4 pp−0.2%
3 years+646.4%+50.1%+596.3 pp+2.2%
5 years+464.1%+43.6%+420.5 pp—
Max drawdown (1y)
−32.6%
22 Jun 2026 → 22 Oct 2026
Max drawdown (5y)
−41.5%
21 Mar 2022 → 12 Oct 2022
Compound annual growth (5y)
+41.3%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 5.1, median 9.5, max 14.3; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue2.1 bn2.6 bn2.8 bn
Revenue YoYunavailable+22.1%+7.3%
Net income59.7 m90.0 m130.2 m
Net income YoYunavailable+50.8%+44.7%
Diluted EPS2.393.314.73
Diluted EPS YoYunavailable+38.5%+42.9%
net %2.8%3.5%4.7%
Free cash flow40.6 m219.8 m228.4 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
190.0 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
548.3 m EUR
Total assets
1.7 bn EUR
Debt / equity
unavailable
Current ratio
1.02x
ROE
25.7%
ROA
8.6%
FCF margin
8.2%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
2.1 bn
2024
2.6 bn
2025
2.8 bn

esef· 07 Apr 2026verified

Cost of revenue
2023
1.8 bn
2024
2.2 bn
2025
2.3 bn

esef· 07 Apr 2026verified

Gross profit
2023
288.7 m
2024
338.4 m
2025
439.8 m

esef· 07 Apr 2026verified

Operating income
2023
81.0 m
2024
111.0 m
2025
162.2 m

esef· 07 Apr 2026verified

Interest expense
2023
8.5 m
2024
13.9 m
2025
9.9 m

esef· 07 Apr 2026verified

Pre-tax income
2023
81.1 m
2024
117.0 m
2025
175.6 m

esef· 07 Apr 2026verified

Income tax
2023
21.4 m
2024
27.0 m
2025
45.4 m

esef· 07 Apr 2026verified

Net income
2023
59.7 m
2024
90.0 m
2025
130.2 m

esef· 07 Apr 2026verified

Diluted EPS
2023
2.39
2024
3.31
2025
4.73

esef· 07 Apr 2026verified

Dividend per share
2023
1.01
2024
0.89
2025
1.64

esef· 07 Apr 2026verified

Balance sheet · EUR

Cash
2023
40.4 m
2024
105.4 m
2025
190.0 m

esef· 07 Apr 2026verified

Receivables
2023
229.3 m
2024
213.4 m
2025
245.4 m

esef· 07 Apr 2026verified

Current assets
2023
798.2 m
2024
790.1 m
2025
947.2 m

esef· 07 Apr 2026verified

Property, plant & equipment, net
2023
114.7 m
2024
123.3 m
2025
144.6 m

esef· 07 Apr 2026verified

Goodwill
2023
165.1 m
2024
164.8 m
2025
187.2 m

esef· 07 Apr 2026verified

Intangibles (excl. goodwill)
2023
10.9 m
2024
2.2 m
2025
27.1 m

esef· 07 Apr 2026verified

Total assets
2023
1.3 bn
2024
1.4 bn
2025
1.7 bn

esef· 07 Apr 2026verified

Accounts payable
2023
346.1 m
2024
367.3 m
2025
446.2 m

esef· 07 Apr 2026verified

Current liabilities
2023
727.2 m
2024
738.0 m
2025
927.1 m

esef· 07 Apr 2026verified

Equity
2023
383.6 m
2024
463.0 m
2025
548.3 m

esef· 07 Apr 2026verified

Shares outstanding at year end
2023
24.9 m
2024
27.2 m
2025
27.5 m

esef· 07 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
84.5 m
2024
249.2 m
2025
272.3 m

esef· 07 Apr 2026verified

Capex
2023
43.9 m
2024
29.4 m
2025
43.9 m

esef· 07 Apr 2026verified

Free cash flow
2023
40.6 m ≈
2024
219.8 m ≈
2025
228.4 m ≈

esef· 07 Apr 2026derived

Investing cash flow
2023
-313.8 m
2024
-59.1 m
2025
-102.8 m

esef· 07 Apr 2026verified

Financing cash flow
2023
32.7 m
2024
-125.1 m
2025
-84.9 m

esef· 07 Apr 2026verified

Dividends paid
2023
12.8 m
2024
10.6 m
2025
45.1 m

esef· 07 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
7.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
46.1%
computed by olivLawFY 2025
Net income growth (YoY)
44.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
42.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
3.9%
computed by olivLawFY 2025

Profitability

Gross margin
15.9%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
5.9%
computed by olivLawFY 2025
Net margin
4.7%
computed by olivLawFY 2025
FCF margin
8.2%
computed by olivLawFY 2025

Returns

ROE
25.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
8.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
22.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
34.7%
computed by olivLawFY 2025
Payout ratio (FCF)
19.7%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
16.4x
computed by olivLawFY 2025

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
272.3 m EUR
computed by olivLawFY 2025
Capital expenditure
43.9 m EUR
computed by olivLawFY 2025
Free cash flow
228.4 m EUR
computed by olivLawFY 2025
FCF conversion
175.4%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
30 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
64 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.3 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
17.4x
computed by olivLawFY 2025
P/E (TTM)
17.4x
computed by olivLawFY 2025
Earnings yield
5.8%
computed by olivLawFY 2025
P/B
4.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
9.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
2.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

82.25 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 2.3 bn EUR

Key indicators

Market capitalisation
2.3 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
17.4x
computed by olivLawFY 2025
P/B
4.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
25.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.7%
computed by olivLawFY 2025
Revenue growth (YoY)
7.3%
computed by olivLawFY 2025
Dividend yield
2.0%
computed by olivLawFY 2025

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 07 Apr 2026
verified 80derived 3

Score by group

52% · Insufficient data

Estimated value range

Low
36.12
EUR per share
Mid
47.18
EUR per share
High
75.91
EUR per share
Price: 82.25 EUR
The price is above the range
Potential to the central value: -42.6% (value / price − 1)
Margin of safety: -74.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.30 – 121.40 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E49.93 – 121.40 (Mid 68.63)
    16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7x
    AALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
  • Dividend discount (DDM)22.30 – 30.41 (Mid 25.74)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality4.7%67 (vs peers)12%
FCF conversion · Quality175.4%100 (on a fixed band)12%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet16.4x100 (on a fixed band)12%
Current ratio · Balance sheet1.0x18 (on a fixed band)8%
P/E (TTM) · Valuation17.4x52 (vs peers)20%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation10.1%100 (on a fixed band)16%
Shareholder yield (distributions) · Returns2.0%28 (on a fixed band)12%
Payout ratio (FCF) · Returns19.7%100 (on a fixed band)8%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet67/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality83/100 · 2/3 factors with a value
  • Returns57/100 · 2/2 factors with a value
  • Valuation74/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Koninklijke Heijmans N.V. (HEIJM.AS). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 2.8 bn EUR in 2025; YoY growth 7.3%; net margin 4.7%; ROE 25.7%.

The estimated value range is 36.12–75.91 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 47.18 EUR, the price of 82.25 EUR leaves a potential of -42.6% (value / price − 1) and a margin of safety of -74.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 175.4%
  • Interest coverage: 16.4x
  • FCF yield: 10.1%
  • Payout ratio (FCF): 19.7%

What contradicts it

  • Current ratio: 1.0x
  • Shareholder yield (distributions): 2.0%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.

Versus the vertical median

Listed companies from Netherlands · same country · compared with 39 companies

Multiples and returns vs the median

P/E
17.4x
vertical median 20.2x
below median (−13.9%)
EV/EBITDA
—
vertical median 10.6x
P/S
0.8x
vertical median 0.8x
at median
P/B
4.1x
vertical median 2.2x
above median (+90.6%)
ROE
25.7%
vertical median 4.3%
above median (+495.9%)
Net margin
4.7%
vertical median 1.9%
above median (+149.1%)
EBIT margin
5.9%
vertical median 3.9%
above median (+48.3%)
Revenue YoY
7.3%
vertical median 3.4%
above median (+117.0%)
Net debt/EBITDA
—
vertical median 0.7x
Dividend yield
2.0%
vertical median 2.6%
below median (−24.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ASML.ASASML Holding N.V.485.6 bn47.644.2%31.3%+15.6%+38% / +101%
DSFIR.ASDSM-Firmenich AG33.7 bn120.51.2%2.2%+20.4%+60% / +30%
AD.ASKoninklijke Ahold Delhaize N.V.31.2 bn13.915.3%2.5%+3.4%−3% / +30%
ASM.ASASM International N.V.31.2 bn43.318.7%22.8%+8.2%+34% / +35%
ADYEN.ASAdyen N.V.28.1 bn26.622.3%40.1%+18.9%−33% / −17%
HAL.ASHAL Trust15.5 bn9.710.5%12.8%+1.2%+22% / +47%
EXO.ASExor N.V.15.0 bn—-10.6%—−100.0%+1% / −18%
BESI.ASBE Semiconductor Industries N.V.11.2 bn84.928.7%22.3%−2.7%+8% / +10%
AKZA.ASAkzo Nobel N.V.10.7 bn17.013.8%6.3%−5.2%+12% / −11%
AALB.ASAalberts N.V.4.5 bn25.47.2%5.7%−5.3%+48% / +13%
ARCAD.ASArcadis N.V.4.2 bn20.218.3%4.3%−2.4%+24% / +2%
BNJ.ASBanijay Group N.V.3.4 bn13.8343.8%5.1%+1.6%−11% / −8%
BAMNB.ASKoninklijke BAM Groep N.V.3.3 bn41.89.1%1.3%+2.9%+47% / +400%
HEIJM.ASKoninklijke Heijmans N.V.2.3 bn17.425.7%4.7%+7.3%+37% / +559%
BFIT.ASBasic-Fit N.V.2.0 bn138.23.6%1.0%+16.9%+7% / +16%
CRBN.ASCorbion N.V.1.6 bn8.327.3%14.9%+1.9%+40% / +55%
ECMPA.ASEurocommercial Properties N.V.1.4 bn11.25.9%45.4%+4.2%−4% / +19%
FUR.ASFugro N.V.985.3 m—-1.5%-1.1%−18.8%−0% / −49%
ACOMO.ASAcomo N.V.685.9 m15.210.7%3.3%+7.6%−3% / +37%
FAST.ASFastned B.V.663.0 m—-28.2%-21.7%+66.1%+60% / +25%
FFARM.ASForFarmers N.V.479.4 m9.614.5%1.6%+14.8%+22% / +123%
BRNL.ASBrunel International N.V.383.2 m125.51.0%0.3%−10.8%−6% / −29%
ENVI.ASEnvipco Holding N.V.224.1 m—-12.7%-11.9%−20.8%−25% / +47%
ALFEN.ASAlfen N.V.219.8 m—-0.1%-0.0%−10.7%−4% / −78%
CMCOM.ASCM.com N.V.192.5 m—-22.2%-1.5%−5.4%+23% / −30%

1- and 3-year price returns: for HEIJM.AS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
49.97
Total return -38% · Per year -38%
88.23
Total return 9% · Per year 9%
132.75
Total return 64% · Per year 64%
3 years
51.24
Total return -33% · Per year -12%
101.54
Total return 30% · Per year 9%
167.34
Total return 112% · Per year 28%
5 years
52.54
Total return -28% · Per year -6%
116.85
Total return 54% · Per year 9%
210.94
Total return 173% · Per year 22%
What moves the 3-year price the most
  • Exit P/E± 25.38
  • Net margin± 17.77
  • Annual revenue growth± 14.21
  • Annual dilution± 1.49

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Koninklijke Heijmans N.V. is a Dutch construction and development group active in infrastructure, energy, area development and buildings. In 2025 it posted solid growth, and its order backlog reached 3.68 billion EUR, in a context where the Netherlands needs far more housing and renewed infrastructure.

SWOT

Strengths

  • A solid order backlog and long-term relationships with public clients, which bring predictable revenue 1.
  • Integrated expertise in infrastructure, energy, area development and buildings within one group 1.
  • Innovation capacity, including prefabrication and digital biodiversity monitoring tools 1.

Weaknesses

  • Reliance on public contracts makes revenue sensitive to government budgets and procurement timing 1.
  • A shortage of skilled staff can limit execution and growth 1.
  • Complex, long-running projects can carry margin risk if costs rise unexpectedly 1.

Opportunities

  • Infrastructure renewal and defence investment could open new contracts 1.
  • Modular and prefabricated construction could accelerate housing delivery 1.
  • Demand for sustainable and nature-positive projects can raise the value of offers 1.

Threats

  • Permit delays and nitrogen-related issues can postpone important projects 1.
  • Volatile material prices and cost pressure can reduce margins 1.
  • Political change and shifting regulation can alter contract conditions 1.

Risks

  • Project executionmedium

    Complex projects with short timelines or works in partly occupied buildings can generate cost overruns 1.

  • Labour shortagehigh

    A lack of technical staff can delay execution and raise wage pressure 1.

  • Costs and materialsmedium

    Swings in material and energy prices can affect margins, especially on fixed-price contracts 1.

  • Permitting and regulationhigh

    Permit procedures and nature-related issues could delay projects if rules change 1.

  • Dependence on public clientslow

    Revenue partly depends on government budgets and the timing of public investment 1.

Investment thesis

What would need to be true (bull case)

  • If Heijmans sustains its 2025 EBITDA margin and meets its 2026 revenue target, growth could continue 1.
  • The order backlog, which grew substantially, provides visibility for the period ahead 1.
  • Structural demand for housing and infrastructure renewal supports volumes over the long term 1.

What would break the thesis

  • If labour shortages and material costs rise faster than contract prices, margins could come under pressure 1.
  • Permit delays could postpone projects and slow the conversion of orders into revenue 1.
  • Reliance on public contracts could make revenue vulnerable to budget or political changes 1.

What to watch

  • Delivery of revenue of about 3.1 billion EUR and an underlying EBITDA margin toward 9.5%2026
  • Development of the order backlog against the 3.68 billion EUR levelQ1 2026
  • Outcomes of the Capital Markets Day and detail on the Samen naar 2030 strategy2026
  • Production pace at the Krachtveld factory and delivery of the first modules2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Heijmans operates in the Netherlands through divisions covering infrastructure, energy, area development, building construction and asset management. In fiscal 2025 revenue was 2,772 million EUR and underlying EBITDA 252 million EUR, a margin of 9.1% 1. The company emphasises long-term contracts and partnerships with public and private clients, which supports revenue predictability 1.

The business model relies on framework contracts, alliances and asset management rather than only one-off projects. Heijmans also invests in prefabrication, such as the Krachtveld factory in Ede, which produces modules for high-voltage fields for TenneT 1. The 'Samen naar 2030' strategy aims to combine construction expertise with innovation and sustainability 1.

The company had on average about 5,905 full-time equivalent employees in 2025 and an order backlog of 3,682 million EUR 1. The focus on digitalisation, modular construction and circular practices reflects the need to do more with a scarcer workforce 1.

Segments

Infrastructure and energy

Heijmans works on renewing bridges, roads and electricity networks, including asset management contracts with Rijkswaterstaat and the prefabrication factory for TenneT 1. This segment benefits from public infrastructure investment in an ageing asset base.

Area development and buildings

The company develops new neighbourhoods, from nature-inclusive housing projects to conversions of industrial sites, in partnership with municipalities and investors 1. The segment is closely tied to housing demand and sustainability rules.

Market context

Rising construction costs and volatile material prices affect margins across the sector 1. The company notes that if a new government provides more consistent policy, market confidence could strengthen 1.

Trends

  • Housing shortagemixed

    Permit delays and land scarcity limit output, but they create sustained demand for construction projects 1.

  • Infrastructure renewaltailwind

    Bridges, locks and networks built after the war are reaching the end of their service life, opening a large volume of work 1.

  • Industrialisation and modularisationtailwind

    Prefabricated and modular construction can shorten lead times and reduce on-site labour needs 1.

  • Labour shortage and costsheadwind

    A lack of skilled staff and pressure on procurement costs can affect execution and margins 1.

Competitive position

Heijmans competes with other large construction and infrastructure groups in the Netherlands and across Europe for large public and private contracts. Differentiation comes from the ability to combine construction, energy and area development within a single project 1.

The company's advantage lies in long-term relationships with clients such as Rijksvastgoedbedrijf, Rijkswaterstaat and TenneT, as well as its prefabrication expertise 1. Price competition and execution quality remain intense in public procurement 1.

  • Other Dutch construction and infrastructure groups

    Competitors for public and development contracts; the sources do not give a detailed list.

  • European infrastructure contractors

    Competitors in infrastructure and energy works in the region.

  • Property and area developers

    Competitors in housing projects and urban conversions.

  • Prefabrication and module suppliers

    Competition in modular and industrialised construction.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Koninklijke Heijmans N.V. · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.