In the Netherlands, the residential construction and property market for new build homes is charactarised by high demand, however growth in the supply of new build homes remains constrained by availability of permitted locations. The volumes at non-residential construction continues to improve. The pressure in the supply chain is ongoing. Both markets are benefiting from transition to more energy efficient buildings. At civil engineering volumes have started to grow, but the risk and reward balance remains challenging. 

The non-residential and civil engineering markets in the United Kingdom are relatively stable. Brexit uncertainty remains. 

In Germany, construction and civil engineering markets are stable with a positive outlook especially for public infrastructure. 

The Belgium civil engineering market is growing slowly, however with postponements of major projects. The Walloon region remains at a low level. The construction and property market has a mixed picture; the private market is supportive and the public market is stagnating. 

In Ireland, residential and non-residential construction continues to improve. Civil engineering is stable with a limited number of larger projects coming to the market. 

The international oil and gas market is still at a low level and some investment decisions coming through. 

The market of Public Private Partnerships offers opportunities in most of BAM’s home markets and selected international markets.


BAM sees the effect of the 2015 Paris Agreement on climate change through national and European regulations. To align with the Paris Agreement and climate change science, BAM has developed a Science Based CO2 reduction Target (SBT) in 2018, focusing on bringing down BAM’s own emissions and helping other parties in the value chain to reduce their emissions. BAM is involved in many industry bodies to respond to the global challenges of climate change mitigation, resulting in greater demand for more energy efficient and energy positive solutions. Linear consumption patterns (‘take-make-dispose’) of products are coming up against constraints on the availability of resources. The construction sector needs to develop new opportunities and realise circular economy ambitions faster, which requires rethinking, redesign and innovative construction methods. BAM continues to develop its own medium to long term response to climate change and implementation of its sustainability strategy to have a net positive impact in the long term.

Human resources 

BAM continues to face a tight labour market, especially in the field of technology. The Group’s challenge to find technically skilled people increases. This will be addressed in BAM’s employer branding approach, in which specifically defined key target groups are made aware of relevant job opportunities and employee stories via recruitment marketing activities. Simultaneously, the Group continues the development of its employees by offering learning and personal development programmes. To understand the needs and interest of BAM’s employees, regular engagement surveys are held, and actions are defined based on the outcome. BAM focuses on fostering an attractive company culture to offer talent a rewarding career. The workforce will develop in line with expected market developments.

Financing and investments 

BAM expects no material changes in the financing structure of the company in 2019. BAM expects investments in strategic and project specific equipment in normal course of business. 

Outlook 2019 

For 2019, we expect the revenue to be around €7 billion and aim to further improve the adjusted result before tax margin within the strategic target range of 2 to 4 per cent.

Executive Board 
Bunnik, the Netherlands, 19 February 2019