A.HAK acquired by ROYAL BAM GROUP

Royal BAM Group agreed on 8 October 2026 to acquire A.Hak, the family-owned Dutch specialist in underground infrastructure based in Tricht, in the province of Gelderland, at an enterprise value of . BAM financed the purchase with existing cash and a committed bridge loan from Rabobank, ING Bank and ABN AMRO, and completion was expected in the first quarter of 2027, subject to regulatory approvals and employee consultation. A.Hak was expected to generate revenue of €425M in 2026, with an adjusted EBITDA margin of , and employed around 900 people, about 85% of its revenue coming from the Netherlands. More than half of that revenue came from long-term framework agreements, and its order backlog for the 2027 to 2031 period covered more than three quarters of expected revenue through existing contracts and anticipated renewals. BAM expected A.Hak's adjusted EBITDA to grow significantly over the medium term and the deal to add to free cash flow immediately. The purchase took BAM's exposure to the energy transition market beyond a fifth of group revenue, adding A.Hak's transmission pipelines for energy and water, its heat networks, its work bringing offshore power ashore and its trenchless installation techniques to BAM's existing energy distribution activities. BAM also saw A.Hak's expertise as a way to grow in the United Kingdom. A.Hak was to continue operating independently under its own name, within BAM's Netherlands division, with chief executive Henk Herremans and the existing management staying in place and no reorganisation planned.

By taking control of A.Hak, Royal Bam Group continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Gebroeders Blokland in 2026.