First Read: Arcadis NV "SMID Pan-European Conference 2026 - Feedback" (Neutral)

研报英文原文证据摘录

First Read: Arcadis NV "SMID Pan-European Conference 2026 - Feedback" (Neutral)

Global Research

12 May 2026ab

First Read

EquitiesArcadis NV

SMID Pan-European Conference 2026 - Netherlands

Feedback Industrial, Diversified

12-month rating Neutral

12m price target €36.15

Arcadis at the SMID Pan-European Conference 2026

We hosted Christine Disch, Investor Relations Director, and Sinem Baykaloz, Investor

Relations Manager, at the SMID Pan-European Conference today for group meetings. Price (12 May 2026) €35.54

RIC: ARDS.AS BBG: ARCAD NA

Key takeaways

Trading data and key metrics

Investor questions focussed on both near-term trading and the recovery potential of

52-wk range €50.75-26.14

Arcadis. Q1 trading in Mobility was better than expected, largely driven by extensions,

Market cap. €3.17b/US$3.72b

but management emphasised rapid backlog conversion and highlighted material

dependence on near term bid outcomes to underpin 2H, with several “must win” Shares o/s 89.1m (ORD)

projects in Q2 to support ongoing growth. The tone was pragmatic, acknowledging Free float 77%

historic underperformance in commercial execution, with management explicitly Avg. daily volume ('000) 305

identifying over specification and pricing discipline as causes of lost tenders, now being Avg. daily value (m) €9.4

addressed via external consultancy input, central bid oversight, and materially revised Common s/h equity (12/26E) €1.15b

individual sales incentives from 1 January. Within Places, the pace of decline in Property P/BV (12/26E) 2.7x

and Investments is seen moderating but remains a drag, while semiconductors Net debt to EBITDA (12/26E) 1.4x

continues to weigh in 1H26 before a potential partial offset from pharma and sustained

EPS (UBS, diluted) (EUR)

data centre momentum into 2H26.