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• Revenue: Increased by more than 22% to almost EUR 2.6 billion.

• Underlying EBITDA: Achieved EUR 199 million, with a margin of 7.7%.

• Net Result: EUR 90 million, a growth of 50% compared to last year.

• Order Book: Stable at EUR 2.8 billion.

• Dividend Proposal: EUR 1.64 per share, an increase of over 80% compared to the previous year.

• Net Debt Position: EUR 10 million at year-end.

• Home Sales: Increased by 23% to 3,200 homes.

• Solvency: Increased to 34% in 2024.

• Return on Capital Employed: Maintained at 90%.

• Living Division Revenue: Rose from EUR 820 million to EUR 994 million.

• Working Division Revenue: Totaled EUR 635 million, with an underlying EBITDA margin of 7.4%.

• Connecting Division Revenue: Increased significantly to EUR 997 million.

• Warning! GuruFocus has detected 7 Warning Signs with ACCO.

Release Date: February 21, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Royal Heijmans NV (FRA:HJN1) achieved a significant growth in share price, with a 160% increase over 2024, marking the highest growth among Amsterdam listed shares.

• The company reported a strong financial performance with a turnover growth of over 22% to nearly EUR2.6 billion and an underlying EBITDA of EUR199 million, representing a margin of 7.7%.

• The order book remains stable at EUR2.8 billion, with a high quality that supports margin improvement.

• Royal Heijmans NV (FRA:HJN1) has made substantial progress in sustainability, reducing its Scope 1 and 2 emissions by 30% in 2024.

• The company has a well-balanced housing pool of 37,000 homes, with a strategic mix of suburban and urban developments, ensuring future growth potential.

Negative Points

• The total number of accidents remained high at 72 incidents, indicating ongoing safety challenges despite improvements in safety awareness.

• The housing market faces significant challenges due to a shortage of planning capacity and delays in permit granting, exacerbated by the nitrogen situation in the Netherlands.

• The company's wooden home factory is currently loss-making, with profitability expected only after reaching a production level of 250 homes.

• The implementation of CSRD reporting has been costly, with over EUR2.5 million spent, diverting focus from actual sustainability improvements.

• The labor market remains overstretched, posing challenges in attracting and retaining high-quality labor, which could limit growth in certain divisions.

Q & A Highlights

Q: What are your thoughts on the Corporate Sustainability Reporting Directive (CSRD) and its impact on your company? A: A.G.J. Hillen, CEO: We support having a unified language for sustainability, but the current reporting requirements are overly detailed and costly. We've spent over EUR2.5 million on CSRD reporting, which has shifted focus from actual sustainability efforts to reporting. We welcome any simplification measures.