28. Related parties
The Group identifies subsidiaries, associates, joint ventures, third parties executing the Group’s defined benefit pension plans and key management as related parties. Transactions with related parties are conducted at arm’s length, i.e. on terms comparable to transactions with third parties.
28.1 Key management compensation
Key management includes members of the Executive Board and the Supervisory Board. The compensation paid or payable to members of the Executive Board is as follows:
|
(in € thousand) |
2025 |
|||||
|
Fixed remuneration |
Short-term incentive |
Long-term incentive1 |
Other benefits2 |
Post-employment benefits |
Total |
|
|
R.J.M. Joosten |
892 |
877 |
1,231 |
22 |
196 |
3,218 |
|
H. de Pater3 |
396 |
386 |
334 |
15 |
87 |
1,218 |
|
L.F. den Houter |
103 |
- |
178 |
4 |
23 |
308 |
|
1,391 |
1,263 |
1,743 |
41 |
306 |
4,744 |
|
|
2024 |
||||||
|
Fixed remuneration |
Short-term incentive |
Long-term incentive1 |
Other benefits2 |
Post-employment benefits |
Total |
|
|
R.J.M. Joosten |
854 |
706 |
974 |
22 |
188 |
2,744 |
|
L.F. den Houter |
610 |
504 |
668 |
22 |
134 |
1,938 |
|
1,464 |
1,210 |
1,642 |
44 |
322 |
4,682 |
The short-term incentive plan (‘STIP’) is part of the remuneration package of the Executive Board and is based on financial objectives (70%) and non-financial objectives (30%). Further information about STIP is specified in the remuneration report. For 2025, the Supervisory Board determined that payout over 2025 results is 98% of fixed remuneration (2024: 81%).
Post-employment benefits to members of the Executive Board are an age-independent gross allowance of 22% of their fixed remuneration from which they need to finance their own retirement savings, including a surviving dependent’s pension.
The long-term incentive plan ('LTIP') relates to the Performance Share Plan. Additional information is included in the remuneration report and in note 29. No loans or advances have been granted to the members of the Executive Board. On 31 December 2025, Mr Joosten held 100,000 privately acquired BAM shares and Mr De Pater 63.
The supervisory board remuneration only comprises fixed remuneration, as further explained in the remuneration report, and is as follows:
|
(in € thousand) |
2025 |
2024 |
|
H.Th.E.M. Rottinghuis, chair |
133 |
131 |
|
B. Elfring, vice-chair |
90 |
84 |
|
J.C. Hanson |
83 |
13 |
|
D. Koopmans |
89 |
87 |
|
M.P. Sheffield |
83 |
82 |
|
N.M. Skorupska |
83 |
88 |
|
G. Boon, former vice-chair |
20 |
85 |
|
581 |
570 |
No share options, loans or advances have been provided to the members of the Supervisory Board. On 31 December 2025, Mr Elfring, Mrs Hanson, Mrs Koopmans and Mr Rottinghuis respectively held 50,000, 2,254, 15,000 and 100,000 privately acquired BAM shares.
28.2 Sales and purchase of goods and services
A major part of the Group’s activities is carried out in joint ventures. These activities include the assignment and/or financing of land as well as carrying out construction contracts. In 2025, the Group carried out transactions with associates and joint ventures related to the sale of goods and services for €158 million (2024: €84 million) and related to the purchase of goods and services for €55 million (2024: €48 million). Short term receivables from joint ventures and associates amount to €34 million (2024: €22 million) and short term liabilities amount to €39 million (2024: €47 million).
28.3 Loans to related parties
At year-end 2025, the Group had outstanding loans to joint ventures and associates for the amount of €110 million (2024: €93 million). These loans were provided on normal commercial terms and conditions, except that a number of loans does not have a fixed repayment date. Interest rates for these loans are at arm’s length. Loans to related parties are included in ‘Other financial assets’ in the statement of financial position.
