Annual Report 2025

Introduction by our CEO

Marije Hulshof

What a remarkable year 2025 has been for our company. Across the globe, our talented teams have worked together with our clients to deliver impactful, sustainable solutions to build a brighter future. Even in a time of global uncertainty, we have continued to grow, a testament to the dedication and expertise of our people.

There is much to celebrate from the year. A personal highlight for me has been the launch of Haskoning’s Innovation & Education Fund. As a steward- and partly employee-owned company, we are in a unique position to act in pursuit of our purpose, Enhancing Society Together. After a series of good financial years that gave our company a strong footing for the future, we asked what more can we do? The Haskoning Innovation & Education Fund is our answer. Through it, we are investing 12.5% of our net profit in global research, innovation and education, starting with the themes of climate research and water technology. In 2025, we made the first donation to a multi-year study by Delft University to research new bacteria that can potentially deal with PFAS, pesticides or microplastics. I am very pleased that we are able to do this as a company.

On top of this we also increased the amount of our net result shared with staff from 33 to 40%, recognising that our people are at the heart of everything we do.

In 2025, we concluded our Stronger25 strategy and launched Empowering Excellence, our new strategy to 2030. Stronger25 provided us with an approach and focus that delivered strong revenue growth and healthy profitability. It strengthened our purpose to Enhance Society Together and our commitment to our people. It helped us to enhance our digital profile and to grow our activities in consultancy, design and engineering. In doing so, it provides a strong starting point for our 2026-2030 strategy.

Growth was a priority this year, fuelled by investing in our people, nurturing key client relationships, and building valuable partnerships. We also strengthened our position through the acquisition of Arch Henderson, further enhancing our maritime expertise in Scotland and across the globe. Congratulations to our Vietnam team which celebrated its 40-year anniversary, marking four decades of successful projects and contributions to our growth in the Asia-Pacific region.

From May 2025, we became known simply as Haskoning. We retired a rather long name which, while reflecting our roots, had led to a variety of different names and abbreviations in everyday use. The new, yet familiar, name builds upon our 144-year history and the foundations laid by Royal Haskoning and DHV, as well as the other companies that joined us over the years. We continue to cherish our 'Royal' designation, remaining proud of this expression of confidence and recognition for our long-standing dedication, quality and integrity.

The awards we won reinforce our leadership position in our markets. For example, a wastewater treatment plant in Scotland which uses our Nereda Technology received the Royal Academy of Engineering’s Major Project Award for Sustainability. A project to create Singapore’s first polder, reclaiming 800 hectares of land from the sea in a solution that drastically cuts sand use, won the third prize of the Jan Agema Award for the most innovative hydraulic engineering project. We won an award for exceptional underground construction for a tunnel in a new highway in the Netherlands. In the United Kingdom, we won the Best Place to Work – Large Consulting Firm award at the prestigious New Civil Engineer (NCE) Awards.

Another highlight of the year was the opening of our state-of-the-art, renovated historic office in Delft. Delft is a city of knowledge, innovation and talent. Opening an office in Delft is an investment in our future, bringing us close to some of the brightest minds of tomorrow. It is also a very visible showcase of our capability and commitment to sustainability. The historic building from 1912 has an A++++ rating and is Paris proof and fossil free, with more than 600 solar panels on the roof. Many materials in the building - including the carpet and much of the furniture - have already had a first life. Our colleagues love it. It was ranked Excellent Employee Experience on the global Leesman Index and won an Office Award of Merit from the international engineering magazine ENR. This was not the only new office in 2025, as well as elsewhere in the Netherlands, colleagues have moved into new sustainable premises.

We support our clients with solutions across the real issues facing societies everywhere. These include climate change, water scarcity, energy transition, net congestion and so many more. Meanwhile the world is shifting. In 2025, there were further geopolitical tensions, trade conflicts, economic uncertainty and the exciting but unpredictable rise of artificial intelligence. Like everyone, Haskoning is navigating these developments for ourselves and our clients every day, by adjusting strategies, protecting supply chains and exploring risks and opportunities of AI. Staying relevant, delivering sustainable solutions, and making smart use of data and AI form part of our new strategy Empowering Excellence.

As we look at these urgent challenges ahead, it is clear our work matters. Thank you to our clients and partners for the work we’ve done together, to our people for their unfailing energy and determination to push boundaries. We look forward to building on the opportunities that lie ahead in what is our 145th year as we enhance society together.

Marije Hulshof
CEO

Financial Key Figures

(€ millions, unless stated otherwise)

2025

2024

Net turnover (Operating income)

883.3

810.2

Amounts invoiced to clients (excluding VAT), including other operating income, excluding non-operational items

Added value

722.9

668.9

Operating income less cost of work subcontracted and other external expenses

Results

EBITA recurring

61.0

60.1

EBITA excluding non-operational items (restructuring costs and other one-off items (see note 20))

EBITA

54.3

59.5

Earnings Before Interest, Tax and Amortisation

Net result

33.6

41.0

Return on average shareholders' equity (%)

11.4

16.0

Net result / Average shareholders' equity

EBITA margin - Net turnover, recurring (%)

6.9

7.4

EBITA recurring / Net turnover (Operating income)

EBITA margin - Added value, recurring (%)

8.4

9.0

EBITA recurring / Added value

Earnings per share (€)

6.1

7.72

Net result / Number of ordinary shares issued

Balance sheet

Total assets

599.1

558.7

Shareholders' equity

314.0

277.9

Group equity

314.3

278.1

Group equity as percentage of total assets (%)

52.5

49.8

Financial position

Net working capital

1.5

(7.3)

Current assets less current liabilities (excluding cash and cash equivalents less amounts owed to credit institutions)

Free cash flow

5.3

15.7

Cash flow from operating and investing activities

Sustainability Key Figures - People

2025

2024

2023

Employees

Employees (average headcount)

5,837

5,708

5,613

People contractually employed by Haskoning and subsidiaries

Employees (year-end headcount)

5,934

5,740

5,675

Flexible shell (year-end headcount)

862

870

713

Agency workers, freelancers, students

Total workforce (year-end headcount)

6,796

6,610

6,388

Employees + flexible shell

Employee engagement (%)

84

83

80

The percentage of employees that feel enthusiastic and dedicated towards their job

Employee turnover (%)

12.2

13.9

13.8

The percentage of employees who left the company

Employee nationalities

90

84

89

The number of countries that employees originate from

Young professionals (%)

37

37

32

The percentage of employees younger than 35 years

Gender (% female)

Employees

30

29

28

Executive Council

43

43

29

The Executive Council consists of the Executive Board, the Global Directors and the Director Business Transformation.

Supervisory Board

40

40

40

Training and development

Average number of training hours per employee

52

52

51

Integrity and ethical performance

Requests for compliance advice

50

28

52

Reports and concerns raised related to potential breaches of our Code of Conduct

65

79

78

The number of formal and informal non-compliance reports

Of which high-risk compliance cases

0

3

4

The number of high-risk compliance cases following investigation

Accidents and incidents

Fatalities

0

0

0

Employee deaths caused by work-related accidents

Lost time injury frequency (LTIF)

0.04

0.14

0.09

LTIF / 200k workable hours

Employee reported accidents and incidents

164

151

116

Accidents: events that results in injuries, sickness or damage to property/the environment.
Incidents: events which under slightly different circumstances could have been an accident.

Total reported accidents and incidents

233

202

170

Sustainability Key Figures - Planet

2025

2024

2023

CO₂ emissions (in tonnes CO₂-eq)

Scope 1 emissions

708

697

895

Direct greenhouse gas emissions that occur from sources that are owned or controlled.

Scope 2 emissions

89

121

856

Indirect greenhouse gas emissions that occur from generation of purchased electricity and heat.

Scope 3 emissions

9,643

12,140

13,596

Indirect greenhouse gas emissions that occur in upstream and downstream activities.

CO₂ footprint per employee

1.76

2.26

2.70

Total carbon footprint scope 1-3 / employees

2025

2024

2023

Sustainability in our work

Enhancing Society Together project self-assessment score (Lite and Full projects, December)

3.3

3.4

3.2

Self-assessment score of Lite and Full projects' alignment with our purpose. Lite and Full are classifications based on a project's size and risk profile. Projects are assessed against our 5 themes (scores per theme can range from negative (-1) to very positive (+2)). These themes are aligned with 13 selected UN Sustainable Development Goals.

Projects assessed

3,895

2,403

1,117*

Year-end total

Project revenue assessed (%)

77

65

N/A

The percentage of project revenue that has been assessed for its alignment with our purpose.

Proposals assessed

9,589

9,179

4,335

Year-end total

*Project assessments started in April 2023 on a voluntary basis.

Purpose Chart

Our Company

Profile

Haskoning is an international consulting engineering company for the natural and built environment. Driven by our purpose of Enhancing Society Together, our 6,800 professionals provide clients with sustainable, world-class solutions.

We are an independent company without external shareholders, enabling us to set our own course aligned with our values and in the best interests of clients, colleagues and communities. Founded in 1881, we were honoured with the title of Royal company by the Royal House of the Netherlands in 1981.

Our head office is in the Netherlands. In 2025, we had 61 offices in 26 countries across Europe, Asia Pacific, Africa, the Middle East and the Americas.