Arcadis NV — Earnings Release 2025

Oct 30, 2025

Strong margin performance and return to organic growth

Net Revenues

€936M

Backlog Net Revenues

€3.5B

Operating EBITA Margin1)

11.6%

(Q3'24: 11.4%)

Q3'25 Organic growth, yoy Third quarter results 2)

1%

Net Revenues

2%

Backlog

¹⁾ EBITA excluding restructuring, integration, acquisition & divestment costs

²⁾ Underlying growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments.

Global Business Area: Resilience

Continued strong demand for Water and Energy solutions

Q3'25 Backlog

€991M Solutions breakdown 7% Organic growth, yoy1) 36% (LY:33%) 31% (LY:31%) 33% (LY:36%) Water Optimization & Climate Adaptation Energy & Advisory Environmental Restoration

Leading the market Phasing of contracts

Water Optimization & Climate Adaptation Water supply/ treatment/ conveyance/disposal/reuse, flooding, wildfires

• Strong US Water
• UK AMP8 gradual ramp up
• Good opportunities from Technology clients

Energy & Advisory

Energy: grid expansion, Advisory: net zero, risk & stakeholder engagement

• Robust backlog Germany
• Good order intake for grid in Europe and US, nuclear in UK
• Increasing opportunities Europe and US

Environmental Restoration

Site assessment/ remediation/ closure/ redevelopment for emerging contaminants

• Some large US projects phasing out till FY25
• Project opportunities for existing key clients entered pipeline

Various Oil & Gas Clients

¹⁾ Underlying growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments

Global Business Area: Places

Strong Technology offering; solid demand in public facilities

Q3'25 Backlog

Leading Design & Engineering solutions

Technology Datacenters and semiconductor clients

• Accelerated growth from AI and semiconductors investments

Datacenter | Europe Various Confidential Clients

Government & Public Facilities

Public facilities such as hospitals, schools, prisons

• Signs of gradual UK recovery
• Strong wins across portfolio for hospitals and other public facilities

• Cautious landscape with shifting policies

Industrial Manufacturing

Advanced Industrial Manufacturing clients incl. pharma & auto

• Well positioned in US

Life Sciences | US, Ireland Various Confidential Clients

Market challenges

Property & Investment

Architecture & Urbanism solutions for commercial developers, real estate

• Canada and UK markets remain subdued
• Addressing existing key clients to cross-sell

Oil & Gas Client| US, Ireland Various Confidential Clients

¹⁾ Underlying growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments

Global Business Area: Mobility

Robust pipeline with large project opportunities

Q3'25 Backlog

Leading with global expertise Renewed momentum

• Backlog decline yoy: execution major wins Q3'24
• Order intake reflects typical lumpiness throughout year
• Portfolio shift: from UK and Australia to North America
• Robust pipeline: large-scale opportunities North America, Germany

• Supporting capex and transformation programs across major airports through GBA collaboration
• Strong pipeline in UK and Europe

¹⁾ Underlying growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments

Global Business Area: Intelligence

Enhancing client solution value through innovative digital products

Q3'25 Backlog

Organic growth, yoy1)

-10%

Solutions breakdown

• Digital Transportation Solutions
• Digital Asset Management Solutions

Order intake & Pipeline drivers

• Travel IQ wins in North America

• Enterprise Asset Management (EAM) wins in US and UK
• Strong pipeline for EDA Lite2)

Enhancing client solution value

Part of Resilience Backlog:

• Increasing demand for Climate Risk Nexus and Net Zero Catalyst

¹⁾ Underlying growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments

²⁾ EDA Lite is the streamlined version of EDA (Enterprise Decision Analytics) to optimize asset portfolios for clients

Spotlight on UK & Ireland

Increased policy clarity drives order intake – remain cautious on market outlook

UK & Ireland Q3'25 Developments

• Impact UK & Ireland on total organic growth: -2%
• AMP8 gradual ramp up
• Strong order intake: Public Facilities, Water & Energy, Mobility
• Early signs of recovery but ongoing uncertainty, maintaining cautious stance

Strong order intake in the quarter driven by increased policy clarity and public spending Public Facilities Water & Energy Mobility GREATER LONDON UnitedUtilities national highways NHS nationalgrid Ministry South West of Justice UK Atomic Energy Authority

¹⁾ Underlying growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments

Continued operating margin expansion

Third quarter 2025 results

€936M

Q3'24: €962M Net Revenues

11.6%

Q3'24: 11.4%

Operating EBITA margin2)

€80M

Q3'24: €134M

Free cash flow3)

1%

Organic Net Revenue growth1)

14.0%

Q3'24: 12.7%

Net Working Capital %

€978M

FY'24: €739M

Net debt

• Return to organic growth of 1%, -4% FX impact driven by USD
• Continued margin expansion from improved solutions mix and rightsizing actions, supported by ongoing investment in strategic initiatives
• Working Capital impacted by some large projects awaiting completion of milestones to bill, as well as the further roll-out the ERP systems, implemented in North America early this year
• 73 Days Sales Outstanding (Q3'24:67)

¹⁾ Underlying growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments.

²⁾ Excluding acquisition, restructuring and non-operating integration-related costs

³⁾ Free Cash Flow = Cash flow from operating activities corrected for capex and lease liabilities

Solid demand in key areas offset by volatility in others

Organic growth1) :

3.8% Net Revenue

6.9% Backlog

• Strong demand in North America, Germany and Netherlands
• Sustained growth in Water, Climate and Energy
• Increased energy need at datacenters driving demand
• Some US Env. Restoration projects ramp down. Pipeline opportunities drive '26 pick up

Organic growth:

-3.0%

5.3%

Net Revenue

Backlog

• Industrial Manufacturing clients Europe continue to push out large capex decisions
• Softness in Property & Investment market in Canada and UK
• Good momentum public facilities and datacenters
• Datacenter services expanding in Germany through KUA

Organic growth:

1.9%

-8.8%

Net Revenue

Backlog

• Good demand in North America, Germany and Netherlands
• Gradual ramp up of large projects in North America
• UK improving, but still impacted by large project wind-downs
• Australia remains subdued

Organic growth:

NR10.8%

-9.6%

Net Revenue

Backlog

• Revenues driven by Enterprise Asset Management (EAM), Travel IQ, and Hotspot in North America and UK
• Backlog impacted by timing of awards

¹⁾ All organic growth figures on slide: Underlying year-on-year growth excluding impact of FX, acquisitions, footprint reductions, wind-downs or divestments.

Embedding a culture of accountability and high performance

Powering growth

Driving cost-out and strengthening cash discipline

Empowering people performance through better reward mechanisms

© Arcadis 2025 | Arcadis Q3 2025 Trading Update 12

Key takeaways

Solid performance for the quarter reaffirms business strength

• Continued strong performance in highgrowth sectors with leading positions in Energy, Water, Climate and Technology
• Margin expansion year-on-year driven by improved solutions mix and earlier rightsizing

Reinforced position for future growth

• Continuous repositioning of portfolio towards high-growth solutions
• Strategic initiatives driving further efficiencies
• Enhanced sales and delivery approach underway while driving robust cash generation

Appendix

Net Revenues Geographical Breakdown

Net Revenues 9M'25

as % of total Arcadis

Geographical breakdown per GBA

Net Revenues 9M'25

Disclaimer

Statements included in this presentation that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related there to) are forwardlooking statements. These statements are only predictions and are not guarantees. Actual events or the results of our operations could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "may," "will", "should", "expect", "could", "intend", "plan", "anticipate", "estimate", "believe", "continue", "predict", "potential" or the negative of such terms and other comparable terminology.

The forward-looking statements are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. The 2025 results as presented in this presentation are unaudited.

© Arcadis 2025 | Arcadis Q3 2025 Trading Update 18