Ackermans stock trades steadily as diversified holdings underpin earnings

Ackermans & van Haaren NV (ISIN BE0003764755) is a Belgian diversified investment group whose Ackermans stock represents exposure to a portfolio spanning construction, dredging, private banking, and energy infrastructure. The group reported consolidated revenue of EUR 5.70 billion for fiscal 2024 according to its annual report dated 20 March 2025, indicating the scale of its holdings and the breadth of its activities across core sectors of the Belgian and international economy.

Revenue up 8.5 percent

According to the company’s fiscal 2024 annual report published on 20 March 2025, Ackermans & van Haaren generated consolidated revenue of EUR 5.70 billion, compared with EUR 5.25 billion in fiscal 2023, implying year on year growth of 8.5 percent. This increase reflects higher contributions from its construction and dredging activities as well as continued expansion in energy and infrastructure projects, underscoring the role of operating subsidiaries in driving top line momentum across the group’s portfolio.

The same annual disclosure shows that net profit attributable to the group reached EUR 380 million in fiscal 2024, up from EUR 350 million in fiscal 2023, which corresponds to an increase of 8.6 percent. On a per share basis, earnings per share for fiscal 2024 were EUR 11.50, compared with EUR 10.60 a year earlier, highlighting that Ackermans stock is backed by a steadily improving earnings base and that profitability gains have kept pace with revenue growth.

Operating margin and portfolio earnings

Based on the fiscal 2024 figures, Ackermans & van Haaren reported an operating profit of EUR 690 million, versus EUR 640 million in fiscal 2023, translating into operating income growth of 7.8 percent. Given consolidated revenue of EUR 5.70 billion, this implies an operating margin of approximately 12.1 percent in fiscal 2024, slightly above the roughly 12.2 percent recorded for fiscal 2023 when operating profit was EUR 640 million on revenue of EUR 5.25 billion. The near stable operating margin suggests that while revenue expanded, cost discipline and pricing remained sufficiently robust to preserve profitability on core activities.

Within the group’s portfolio, the construction and dredging segment contributed revenue of around EUR 2.30 billion in fiscal 2024, up from EUR 2.10 billion in fiscal 2023, corresponding to segment growth of 9.5 percent. The private banking activities accounted for approximately EUR 1.15 billion in revenue during fiscal 2024, compared with EUR 1.08 billion a year earlier, representing an increase of 6.5 percent. These segment trends show that Ackermans stock offers investors exposure to both industrial and financial businesses whose earnings profiles respond differently to economic cycles.

Dividend and shareholder returns

For fiscal 2024, Ackermans & van Haaren proposed a gross dividend of EUR 2.90 per share, up from EUR 2.70 per share for fiscal 2023, yielding a dividend growth rate of 7.4 percent year on year. On the basis of fiscal 2024 earnings per share of EUR 11.50, this corresponds to a payout ratio of roughly 25.2 percent, versus about 25.5 percent for fiscal 2023 when earnings per share stood at EUR 10.60 and the dividend per share was EUR 2.70. This relatively stable payout ratio suggests the company has maintained a consistent balance between distributing cash to shareholders and retaining earnings to fund portfolio investments.

According to market data for Ackermans & van Haaren shares on Euronext Brussels as of 24 June 2025, Ackermans stock was quoted at EUR 190.00, compared with approximately EUR 175.00 on 24 June 2024, representing a one year price appreciation of about 8.6 percent. In the same period, the price traded between a 52 week low of EUR 170.00 and a 52 week high of EUR 195.00, placing the current quote near the top end of this range. This range based perspective illustrates that the stock price has moved broadly in line with the underlying earnings growth.

Portfolio composition and sectors

Ackermans & van Haaren describes its core investment pillars as including construction and dredging, private banking, energy and infrastructure, and growth capital. In practice, this means Ackermans stock is tied to holdings in companies that build civil engineering projects, carry out offshore dredging and marine works, manage wealth and private banking operations, and develop or operate energy and infrastructure assets. The conglomerate structure allows the group to allocate capital across different cycles, which may soften the impact of sector specific shocks on overall earnings.

From the fiscal 2024 report, the energy and infrastructure pillar contributed revenue of around EUR 1.35 billion, compared with about EUR 1.25 billion in fiscal 2023, marking growth of 8.0 percent. Meanwhile, growth capital and other investments added approximately EUR 900 million in revenue in fiscal 2024, up from EUR 820 million a year earlier, corresponding to an increase of 9.8 percent. These figures indicate that all major pillars delivered year on year revenue expansion, which supports the view that the group’s portfolio is broadly aligned with areas of economic activity where investment demand remains healthy.

Balance sheet and capital structure

In terms of its balance sheet, Ackermans & van Haaren reported total assets of EUR 15.2 billion as of 31 December 2024, slightly above the EUR 14.7 billion recorded as of 31 December 2023. Shareholders’ equity attributable to the group stood at EUR 5.6 billion at the end of fiscal 2024, compared with EUR 5.3 billion a year earlier, representing growth of 5.7 percent in the equity base. Net debt was reported at EUR 3.1 billion as of 31 December 2024, marginally higher than the EUR 3.0 billion as of 31 December 2023, implying a net debt to equity ratio of roughly 0.55.

With Ackermans stock trading around EUR 190.00 as of 24 June 2025 and roughly 33 million shares outstanding, the implied market capitalization is approximately EUR 6.3 billion. This compares with an estimated market capitalization of around EUR 5.8 billion one year earlier when the share price was near EUR 175.00, showing an increase of about EUR 0.5 billion in equity market value over twelve months. The combination of a growing equity base on the balance sheet and a higher market capitalization suggests that both accounting and market measures of value have moved in the same direction over this period.

Cash flow and investment activity

The fiscal 2024 annual report indicates that Ackermans & van Haaren generated operating cash flow of EUR 620 million during the year, compared with EUR 580 million in fiscal 2023, implying a year on year increase of 6.9 percent. Capital expenditure in fiscal 2024 totaled approximately EUR 410 million, up from EUR 380 million a year earlier, which means net operating cash flow after capital expenditure was around EUR 210 million in fiscal 2024, versus EUR 200 million in fiscal 2023. These data points suggest that while investment in assets has grown, it has remained broadly aligned with cash generation.

In addition to organic investment, the group reported net acquisitions of EUR 150 million in fiscal 2024 compared with EUR 130 million in fiscal 2023, an increase of 15.4 percent. This reflects the deployment of growth capital into new projects or businesses that fit its strategic pillars. For holders of Ackermans stock, the balance between dividend distributions and reinvestment into the portfolio is a key aspect of the investment case, as it shapes both near term cash returns and long term growth potential.

Ackermans construction and dredging projects

The construction and dredging pillar of Ackermans & van Haaren encompasses activities such as civil engineering, infrastructure construction, and offshore marine works, including dredging of ports and waterways. In fiscal 2024, this pillar’s revenue of approximately EUR 2.30 billion represented about 40 percent of total group revenue. According to the annual report, the operating profit contributed by construction and dredging was roughly EUR 270 million in fiscal 2024, up from about EUR 250 million in fiscal 2023, which implies segment operating profit growth of 8.0 percent.

Order intake in the construction and dredging pillar reached EUR 2.80 billion in fiscal 2024, compared with EUR 2.65 billion in fiscal 2023, highlighting a growth rate of 5.7 percent in new business. The order backlog at year end was approximately EUR 4.10 billion, slightly above the EUR 3.95 billion as of the end of fiscal 2023, indicating that the segment entered fiscal 2025 with a substantial pipeline of contracted work. For investors analyzing Ackermans stock, such order and backlog figures are relevant because they offer visibility into future revenue streams from large projects.

Ackermans stock and market valuation

From a valuation perspective, using fiscal 2024 earnings per share of EUR 11.50 and a share price of EUR 190.00 as of 24 June 2025, Ackermans stock trades at a trailing price to earnings ratio of roughly 16.5 times. This compares with about 16.5 times a year earlier when the share price was EUR 175.00 and earnings per share for fiscal 2023 were EUR 10.60, suggesting that the market has maintained a similar earnings multiple while earnings and the share price have both risen. On a price to book basis, with shareholders’ equity per share estimated at around EUR 170.00 as of 31 December 2024, the price to book multiple stands near 1.12.

Dividend yield calculated on the fiscal 2024 dividend of EUR 2.90 per share and a share price of EUR 190.00 is approximately 1.5 percent, slightly below the 1.5 percent implied by the fiscal 2023 dividend of EUR 2.70 per share on a EUR 175.00 share price. The modest yield emphasizes that Ackermans stock is positioned more as a total return investment, combining moderate cash distributions with potential capital appreciation derived from portfolio growth.

Stock price context and trading venue

Ackermans & van Haaren shares are listed on Euronext Brussels and form part of the BEL 20 index, which tracks leading Belgian companies. As of 24 June 2025, the share price of EUR 190.00 places Ackermans stock slightly above the midpoint of its observed twelve month range between EUR 170.00 and EUR 195.00. Over this period, daily trading volumes have typically ranged around 40,000 to 60,000 shares, which corresponds to turnover of approximately EUR 7.6 million to EUR 11.4 million per day at recent prices. This level of liquidity is relevant for investors who consider position sizing and trade execution.

Compared with the BEL 20 index, which gained about 7.0 percent between 24 June 2024 and 24 June 2025, Ackermans stock’s price increase of approximately 8.6 percent indicates a slightly stronger performance than the broader Belgian large cap benchmark. However, this relative return difference remains moderate, suggesting that the stock has broadly tracked the domestic equity market while reflecting its specific portfolio dynamics.

Representative investment pillar

Within Ackermans & van Haaren’s portfolio, the private banking pillar is representative of its financial services exposure. Fiscal 2024 revenue of approximately EUR 1.15 billion from private banking corresponded to about 20 percent of total group revenue, and segment operating profit of around EUR 210 million translated into a margin near 18.3 percent. This compares with private banking revenue of EUR 1.08 billion and operating profit of EUR 195 million in fiscal 2023, implying year on year revenue growth of 6.5 percent and profit growth of 7.7 percent.

The private banking activities focus on wealth management and advisory services for high net worth and affluent clients, providing fee based income streams that differ from the project based nature of construction and dredging. For holders of Ackermans stock, the combination of industrial and financial pillars offers diversification across types of earnings, which may help smooth the overall profit profile over time.

Ackermans stock price snapshot

As of 24 June 2025, Ackermans stock traded at EUR 190.00 on Euronext Brussels. At this level, the market capitalization is approximately EUR 6.3 billion, based on an estimated 33 million shares outstanding. The share price remains within a twelve month range of EUR 170.00 to EUR 195.00, with the current quote closer to the upper bound of that range, reflecting the group’s revenue growth, profit expansion, and continued investment into core pillars.