Arcadis Clear beat on EBITA and margins, FCF slightly weaker, nice bolt-on M&A
FY24 net revs grew 4.5% org. to €3880m (vs. our €3901m and css of €3914m). Operating EBITA landed at €447m (vs. our €435m and css of € 443m) discounting an 11.5% margin up from 10.4% in FY23. The backlog rose to €3673m up 16.3% organically y/y. 4Q order intake of €998m was particularly strong in Resilience & Places with overall book-to-bill ratio of 1.04x down from 1.3x in 3Q24. However the latter quarter experienced exceptional order intake in Mobility. A €1 dps (€0.95 est.) is proposed.Arcadis NV is a global asset design and consultancy company. The Company is engaged in providing consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The Company's segments include Americas; Europe and Middle East; Asia Pacific, and CallisonRTKL. Its business lines include infrastructure, water, environment and buildings. Infrastructure business line focuses on sustainable infrastructure solutions for transportation by road, rail, air and over water, and creating reliable energy supply systems. The Company is an environmental solutions provider to private industry, and delivers projects that protect the earth's resources. It offers water supply, treatment, management and conveyance solutions. The Company also offers contract solutions, master planning and sustainable urban development, commercially led program management, business advisory, data analysis and architecture and design solutions.
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