1H26 Results: Mid-Term targets unveiled, now Arcadis must deliver

Research evidence excerpt

1H26 Results: Mid-Term targets unveiled, now Arcadis must deliver

9. M&A - The company continues to favour bolt-on M&A rather than

transformational deals. SATEL Iberia was cited as the type of acquisition Arcadis

wants to pursue, adding power infrastructure capability in Spain and bringing

c.250 people, but only small single-digit EBITA initially. Management said it

remains open to industry consolidation in principle, but the current focus is on

executing the strategy, investing organically and pursuing complementary bolt-

ons in priority markets such as power, water, data centres and infrastructure. It

made almost no comments on the rejection of the 2nd bid from WSP.

10. Germany - Germany is becoming a more important growth market, according to

management, supported by infrastructure stimulus, rail and energy transition.

Recent acquisitions in German rail and energy-related services are helping Arcadis

capture growth, with management also flagging Germany as part of the strong

Mobility and Resilience pipeline.

Results vs expectations

Arcadis reported net revenue of €974m for 2Q26, +2%/+4% ahead of company

consensus/UBSe. 2Q26 organic growth of +2.2% was ahead of company consensus at

+0.6% organic growth.

By GBA, in 2Q Resilience delivered organic growth of +6.9%, Places -1.7% and

Mobility +1.1%.

Resilience was supported by US water, UK AMP8 programmes and German grid

expansion.

Mobility growth was driven by Rail and Highways across North America, Germany

and the Netherlands, partly offset by the wind-down of a large UK project.

Places remains the laggard, with Property & Investment weakness still weighing on

performance, though momentum improved on demand from data centres, US

pharma and a gradual recovery in European pharma.