Arcadis NV — Earnings Release 2015

Jan 25, 2016

Arcadis N.V. Restated (Unaudited)
	4Q-14	1Q-15	2Q-15	3Q-15	H1-15
€ millions	Restated	Restated	Restated	Restated	Restated
Gross Revenues	808	827	866	854	1,693
Net Revenues	609	659	659	643	1,318
Operating EBITA	60.7	63.4	52.4	66.0	115.8
Operating EBITA %	10.0%	9.6%	7.9%1)	10.3%	8.8%2)
EBITA	50.6	51.4	40.2	57.4	91.5
EBITA %	8.3%	7.8%	6.1%1)	8.9%	6.9%2)
Net Income					40.5
Net Income from Operations					59.2
NWC%	17.4%	20.7%	18.8%	19.3%

1) Excluding one-off project cost overruns, 2Q 2015 operating EBITA margin is 9.8%, and EBITA margin 8.0%

2) Excluding one-off project cost overruns, H1 2015 operating EBITA margin is 9.7%, and EBITA margin 7.9%