Arcadis Guidance for moderate 2H25 growth prompts model revision
Arcadis released its 1H25 results last week. As anticipated, the Places segment continued to experience weakness due to ongoing uncertainty around capital expenditure programs. Resilience delivered strong margin performance, though topline growth and order intake decelerated. The UK segment declined 8%, impacted by the completion of HS2, the conclusion of the spending review in June, and the onset of the AMP8 cycle. On the analyst call, management guided for moderate growth in 2H25, diverging from our forecast of >5.5% organic growth. Consequently, we have revised our earnings and target price (from €58 to €51), while maintaining our Accumulate rating based on valuation.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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