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Royal BAM Group nv Bunnik, the Netherlands, 8 October 2026 Ruud Joosten Henri de Pater CEO CFO BAM takes leading position in Dutch energy and water infrastructure with A.Hak acquisition
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Royal BAM Group nv Acquisition A.Hak 2 Disclaimer • This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts. By their nature, forward -looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and BAM cannot guarantee the accuracy and completeness of forward -looking statements. • These risks and uncertainties include, but are not limited to, factors affecting the realisation of ambitions and financial expectations, exceptional income and expense items, operational developments and trading conditions, economic, political and foreign exchange developments and changes to IFRS reporting rules. • BAM’s outlook, in line with these forward-looking statements, merely reflects expectations of future results or financial performance and BAM does not make any representation or warranty in that respect. Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties of the markets and environments in which BAM operates. These factors could lead to actual results being materially different from those expected, and BAM does not undertake to publicly update or revise any of these forward -looking statements.
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Royal BAM Group nv Acquisition A.Hak 3 Agenda 1 Key highlight: BAM takes leading position in Dutch energy and water infrastructure with acquisition A.Hak 3 A.Hak is active in structural growth markets 4 Strong growth expected in energy, water and gas markets 5 Integrated offering in critical underground energy infrastructure 6 BAM and A.Hak are complementarity 7 Financial parameters and reporting 8 Q&A 2 A.Hak: leading specialist in critical underground power, water and gas infrastructure
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Royal BAM Group nv Acquisition A.Hak 4 BAM takes leading position in Dutch energy and water infrastructure with acquisition A.Hak A.Hak is a leading Dutch specialist in critical underground infrastructure with expected revenues of ~€425 million and adjusted EBITDA margin of ~10% in 2026. (1) Group revenue share post acquisition €504 million Enterprise Value >20% BAM Group exposure to energy transition(1) +€1.0 billion Addition to order backlog 2027-2031 + €65-75 million Adjusted EBITDA Contribution expected on the medium-term
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Royal BAM Group nv Acquisition A.Hak 5 A.Hak: leading specialist in critical underground power, water and gas infrastructure Key highlights Grid reinforcement works Horizontal Directional Drilling (HDD) • Leading in underground infrastructure with unique expertise in trenchless techniques and large-diameter pipelines • Preferred partner for grid operators and utility companies, resulting in a strong order backlog underpinned by long-term framework contracts • Experienced management team with a strong focus on operational excellence and a loyal and highly skilled workforce of circa 900 FTE • Leading position in the Netherlands (~85% of revenue), and substantial growth potential in the UK and Belgium
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Royal BAM Group nv Acquisition A.Hak 6 A.Hak is active in structural growth markets = Underground infra drivers Transition form fossil fuel based towards electricity-based society Increasing energy consumption Aging underground electric, gas and water infra networks Regulatory framework quality & sustainability Drivers Outsourcing to specialist companies increasing Emerging technologies like H2, CO2 and heat networks Rising investments in advanced water (recycling) systems Record pace of construction, yet demand keeps outrunning the grid Grid operators completed 56 high -voltage projects in 2025, while the number of planned high -voltage projects grows from 659 in the 2024 investment plan to 915 in 2026. "…Despite this record pace, further acceleration remains necessary…" Apr-26 Gasunie to invest € 10.5 billion in infrastructure between 2026 – 2030 “…Gasunie’s 2026 – 2030 investment agenda totals ~€ 10.5bn, with ~75% allocated to energy transition projects and ~25% to gas and LNG infrastructure” Mar-26 Grid operators must invest € 235 billion up to 2040 According to the new FIEN report, grid operators “…must invest a total of € 235 billion between 2026 and 2040…”. This is € 32 billion above the 2024 estimate Mar-26 TenneT: power shortages rise sharply after 2030, intervention needed TenneT warns that expected shortages will rise to 37 to 46 hours per year by 2035 , far beyond the norm of a maximum of four hours . It urges the cabinet to have a capacity mechanism in place by the winter of 2029-2030 Jun-26 = Macro drivers One in three streets must be opened up to expand the Dutch power grid Close to € 200 billion will be invested in grid expansion over the coming decades, requiring one in three streets to be opened up, 80,000 km of additional cable and 50,000 new transformer stations Feb-26
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Royal BAM Group nv Acquisition A.Hak 7 Electricity / Gas distribution Strong growth expected in energy, water and gas markets Yearly investment development € bn (CapEx, excluding water utilities) Cumulative announced investments High visibility customer spending plans A.Hak and BAM jointly can address the market’s key bottlenecks: Scale to serve grid operators and water utilities In-house piping and trenchless technique capabilities More execution power in labour-constrained market Ability to deliver multi-year framework volumes Source: Annual reports, FIEN2026 2 4 5 7 9 11 16 - 2 4 6 8 10 12 14 16 18 20 2011 - 2020 2021 2022 2023 2024 2025 2026 - 2040 The total investment requirement for 2026 – 2040 is €235bnFien2026 (per annum) (average per annum) Substantial investment requirement to renew infrastructure and enable energy transition Announced figures for periods 2022 – 2024, 2024 – 2026 and 2026 – 2028 7.9 12.1 18.6 2022 2024 2026 +137% Water utilities Historical and expected investments for periods 2020 – 2025, 2025 – 2030 and 2030 – 2035 3.5 6.0 8.5 2020 2025 2030 +143% GasElectricity (transmission) Potential capital investments in electricity transmission may exceed £ 70bn, with >£ 10bn upfront funding already approved Total expenditure and upfront funding for Gas infrastructure Water Fourfold increase in enhancement expenditure on new and upgraded infrastructure 11 44 '20 - '25 '25 - '30 +300% 14 18 '21 - '26 '26 - '31 +30% 14 70 '21 - '26 '26 - '31 +419% Electricity (distribution) Further acceleration of investment is needed to enable the electrification of transport, heating and industry ~£ 23bn (2023 – 2028) (€ bn) (€ bn) (£ bn) (£ bn) (£ bn)
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Royal BAM Group nv Acquisition A.Hak 8 Integrated offering in critical underground infrastructure Generation Transmission networks Grid conversion Distribution networks Local infrastructure Final connection ELECTRICITY Power generation to meter GAS & HEAT Transmission and distribution WATER Distribution networks Civil works BAM Grid connections BAM Civil works BAM HV cable infrastructure A.HAK BAM Substations BAM Transformers BAM LV / MV cable networks A.HAK BAM Last-mile connections BAM Private connections & charging stations BAM Meter installation BAM Large-diameter pipelines A.HAK Gas & heat networks A.HAK Water networks A.HAK BAM End-to-end electricity transmission and distribution market coverage, complemented by positions in gas, heat and water networks Last-mile connections BAM Last-mile connections BAM Water distribution networks A.HAK BAM
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Royal BAM Group nv Acquisition A.Hak 9 HR & sustainability BAM and A.Hak are complementarity Strong position in the West and South of the Netherlands Well-established in the North, East and South of the Netherlands National coverage ( ) Expertise in pipelines and trenchless techniques, and energy, water and infrastructure Distribution networks including last mile, civil engineering strengths and integrated delivery Complementary capabilities Specialist expertise strengthens BAM’s UK offering Established UK presence provides strong platform to introduce specialist services UK growth opportunity Value safety, craftmanship, people, effective leadership and well-managed work processes Strong cultural fit Attractive employer profile, improved access to talent and strong focus on sustainability ~€ 425m Revenue ~€ 300m Revenue in underground infrastructure(1) (1) Revenue for BAM Energy and Water activities, as reported under the Construction and Property segment in the Division Netherlands
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Royal BAM Group nv Acquisition A.Hak 10 Financial parameters and reporting Transaction parameters • A.Hak acquired for enterprise value of €504 million • Financing secured through a combination of existing cash resources and a committed bridge loan provided by Rabobank, ING Bank and ABN AMRO • Conservative financing arrangements will preserve sufficient liquidity for BAM’s ongoing operations while also maintaining flexibility Attractive contribution, solvency remains robust • Positive effect on free cash flow in 2027 and beyond • On the medium-term A.Hak is expected to contribute €65-€75 million to Adjusted EBITDA of the group • Backed by a high-quality order backlog and long-term client relations • Solvency approximately unchanged post closing versus the end of half year 2026 Reporting • Net income impacted by effect Purchase Price Allocation (PPA), which will be disclosed in a transparent way • A.Hak will continue to operate independently under its own name within the Division Netherlands • T o be reported in segment Construction and Property, same segment as BAM Energy & Water ̶
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Royal BAM Group nv Acquisition A.Hak 11 BAM takes leading position in Dutch energy and water infrastructure with acquisition A.Hak A.Hak is a leading Dutch specialist in critical underground infrastructure with expected revenues of ~€425 million and adjusted EBITDA margin of ~10% in 2026. (1) Group revenue share post acquisition €504 million Enterprise Value >20% BAM Group exposure to energy transition(1) +€1.0 billion Addition to order backlog 2027-2031 + €65-75 million Adjusted EBITDA Contribution expected on the medium-term
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Royal BAM Group nv Acquisition A.Hak 12 Building a sustainable tomorrow Royal BAM Group Runnenburg 9 3981 AZ Bunnik The Netherlands PO Box 20 3980 CA Bunnik The Netherlands +31 (0)30 659 89 88 info@bam.com www.bam.com
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