BAM Group falls after a drop in Q1 core earnings

Koninklijke BAM Groep NV

04/05/2023 08:24

** Shares in BAM Group  BAMN.AS  fall more than 7% after the
Dutch construction company posted a drop in Q1 earnings
    ** The company's Q1 adjusted EBITDA falls to 58 million
euros ($64.2 million) from 97 million euros a year earlier, with
an EBITDA margin of 4.0% vs 6.3% in Q1 2022
    ** "End-market challenges are numerous - higher interest
rates, the EU geopolitical situation, cost inflation, labour
scarcity, nitrogen emission legislation, supply chain issues to
name just a few," ING writes in a note
    ** The broker notes that Q1 is traditionally a light period
for European construction companies due to weather conditions
    ** BAM maintains its full-year outlook and says it "remains
on track with the execution of its strategy"
    ** The stock is on track for worst day since November 2022

($1 = 0.9033 euros)

 (Reporting by Victor Goury-Laffont)
 ((victor.goury-laffont@tr.com))