9.1 Royal BAM Group nv shares

BAM has been listed on Euronext Amsterdam since 1959 (symbol: BAMNB; ISIN code: NL0000337319). In March 2025 BAM was promoted from the AScX small cap index to the AMX index for mid-sized companies, and options are traded by Liffe, the Euronext derivatives exchange. The market capitalisation at year-end 2025 was €2.4 billion (year-end 2024: €1.1 billion)

Share price and trading in 2025

BAM’s share price at year-end 2025 was €9.30, which was 121% above the closing price at year-end 2024 (€4.20). The AMX index ended the year up 10%. BAM’s share price has increased by 444% over the last five years. By way of comparison, the AEX and the AMX indexes rose by 52% and 2% respectively in the same period. The graph below shows the history of the BAM ordinary share price over the past five years. The average daily trade in BAM shares was 934 thousand shares (2024: 829 thousand). In 2025, the average daily trade in BAM shares amounted to €6.3 million (2024: €3.2 million).

Ordinary share price movement¹

Dividend policy

BAM has a dividend policy to distribute a dividend reflecting between 30 and 50% of the net result for the year. When deciding upon the dividend, the Company considers the balance sheet structure supporting the strategic agenda. The proposal is to distribute a dividend of €0.30 over 2025 (dividend 2024: €0.25).

Shareholders

BAM closely monitors developments in its shareholder base through market information and a yearly shareholder identification report. Under the Dutch Financial Supervision Act, shareholders must disclose to the Dutch Authority for the Financial Markets (AFM) when they hold 3% or more of shares and when they transfer to a different threshold level. At year-end 2025, the aggregate holdings of funds controlled by Dimensional Fund Advisors, JP Morgan Asset Management, Moneta Asset management and The Vanguard Group each surpassed 3% in BAM’s share capital. BAM holds 14.8 million treasury shares, of which 3.5 million shares are allocated for the long-term incentive plan.

Geographical distribution of shareholders at 31 December 2025

Investor relations policy

The purpose of the Group’s investor relations policy is to provide accurate, transparent and consistent information in a timely manner to stakeholders, which includes existing and potential shareholders, financial institutions, brokers and the media. BAM intends to ensure there is a clear understanding of its strategy, performance and decisions to create awareness and confidence. Information is made available through the annual report, quarterly financial and other information, press releases and presentations to investors, which are all available on the Company’s website. BAM discloses price-sensitive information without delay through a press release and on its website.

BAM has embedded a closed period in its reporting calendar. In this period, the Company does not engage with investors, analysts or the press about general business matters. This closed period starts six weeks prior to the publication of each annual report and half-year report and three weeks prior to the publication of the first and third quarter trading updates.

Information per share

Number of outstanding ordinary shares

BAM has a policy of buying back shares to meet its obligations under various long-term incentive plans and to avoid dilution. During 2025, the number of shares qualifying for dividends decreased by 6.3 million as a result of buy backs.

Key financial dates