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Arcadis Trading Update Q3 2023: Continued strong growth, strategic margin target delivered


Arcadis Third Quarter 2023 Trading Update
Continued strong growth, strategic margin target delivered

  • Net revenue of €932 million, with strong organic growth of 9.0%1
  • Operating EBITA margin improved to 10.6% (Q3'22: 10.3%) and 10.1% year to date, meeting the 2023 strategic target of >10%
  • Organic backlog growth at 5.4% (year-on-year), order intake in the quarter in line with seasonal pattern with strong pipeline opportunities
  • Strong cash generation of €117 million in the quarter, well above last year’s €38 million
  • On track to achieve the financial targets set for 2023

Amsterdam, 26 October 2023 – Arcadis (EURONEXT: ARCAD), the leading global Design & Consultancy organization for natural and built assets reports another quarter of continued strong growth and an increased operating EBITA margin of 10.6% (last year: 10.3%), meeting the strategic target of >10% with a year-to-date performance of 10.1%. Solid client demand results in organic net revenue growth of 9.0% year-over-year to €932 million for the quarter.

Alan Brookes, CEO Arcadis, comments: “Arcadis delivered another strong quarter driven by continued client demand particularly in environmental remediation, energy transition and innovative mobility solutions. Our strong growth and profitability have positioned us to deliver on our 2023 targets.The need for sustainable and digitally enabled solutions remains high on our clients’ agenda. We continue to see significant market opportunities and I am convinced that with the talent and expertise within the organization, we remain well positioned to seize the right opportunities and deliver high value to our clients.”


in € millions Third QuarterYear-to-date
Period ended 30 September 2023 20232022 change 20232022 change
Gross revenues 1,237 1,003 23% 3,714 2,851 30%
Net revenues93274026%2,8182,15831%
Organic growth (%)19.0%10.9%10.0%8.2%
Operating EBITDA2 128 101 27% 369 284 30%
Operating EBITDA margin (%) 13.8% 13.6% 13.1% 13.2%
EBITA 91 27 234% 260 158 65%
EBITA margin (%) 9.8% 3.7% 9.2% 7.3%
Operating EBITA2997630%28420836%
Operating EBITA margin (%)10.6%10.3%10.1%9.7%
Net Working Capital (%) 12.9% 13.8%
Days Sales Outstanding (days) 68 72
Free Cash Flow3 117 38 -18 27 -168%
Net Debt 1,083 880 23%
Order intake 832 718 16% 2,871 2,218 29%
Backlog net revenues 3,144 2,813 12%
Backlog organic growth (%, yoy)1 5.4% 5.0%
Backlog organic growth (%, ytd)1 1.6% 2.9%

Acquisitions of IBI Group closed on 27th Sept-22, DPS Group on 1st Dec-22.
1) Underlying growth excl. impact of FX, acquisitions, footprint reductions (e.g. Middle East), winddowns or divestments
2) Excluding acquisition, restructuring, and non-operating integration related costs
3) Free Cash flow: Cash Flow from Operations corrected for Capex and Lease liabilities

Net revenues totaled €932 million and increased organically by 9.0%. Growth was driven by increased use of digital solutions, serving our recurring client base and leveraging our global expertise. We saw continued strong momentum in Resilience, Mobility and Intelligence. The currency impact was -5%, mostly driven by weaker US and Australian dollar. The operating EBITA margin improved to 10.6% (Q3‘22: 10.3%), driven by operational leverage and resulting in a year-to-date margin of 10.1% already meeting the strategic target of >10% for end of 2023.

Order intake of €832 million for the quarter was in line with seasonality, resulting in a backlog of €3,144 million (Q3‘22: €2,813 million). Organic backlog growth was 5.4% year-on-year, as of this quarter inclusive of Arcadis IBI, reflecting market demand remaining high for Resilience offsetting softer market conditions in some of our geographies in Places. Demand for Intelligence products and services remains strong resulting with good order intake and backlog. The pipeline is resilient, driven by the solid positions in our high growth end markets, with ample opportunities from stimulus-driven investments coming our way.

Net working capital as a percentage of annualized gross revenues improved to 12.9% (Q3’22: 13.8%) and Days Sales Outstanding (DSO) was 68 days (Q3‘22: 72 days). As a result of disciplined working capital management, both metrics are within the strategic targets set for 2023. Free cash flow in the quarter was well above last year at €117 million (Q3‘22: €38 million), reflecting strong billing performance and the increased size of the business combined with our usual seasonality pattern.


(35% of net revenues)
in € millions Third QuarterYear-to-date
Period ended 30 September 2023 20232022 change 20232022 change
Net revenues 328 320 3% 1,006 909 11%
Organic growth1 11.2% 13.7% 12.1% 9.7%
Order intake 328 325 1% 1,107 953 16%
Backlog net revenues 972 943 3%
Backlog organic growth (%, yoy)1 12.0% 5.4%
Backlog organic growth (%, ytd)1 10.6% 5.2%

The Resilience market remains very strong driven by US, UK and Germany.​ Demand remains high for our solutions on Climate Adaptation, PFAS and Energy Transition where we see very positive trends across markets. A robust pipeline across all solutions reflects the healthy market we are operating in, allowing us to continue to be disciplined in the projects we take on.


(41% of net revenues)
in € millions Third QuarterYear-to-date
Period ended 30 September 2023 20232022 change 20232022 change
Net revenues 378 234 61% 1,137 697 63%
Organic growth (%)1 -0.1% 3.6% 3.3% 2.8%
Order intake 286 216 32% 1,078 718 50%
Backlog net revenues 1,508 1,216 24%
Backlog organic growth (%, yoy)1 -0.7% 2.1%
Backlog organic growth (%, ytd)1 -3.9% 1.4%

Net revenue growth was 61% year-on-year reflecting the acquisitions of Arcadis IBI and Arcadis DPS. Organic growth was flat for the quarter driven by solid revenue growth in North America and Continental Europe offset by softness mostly in China and the UK. Organic backlog growth reflects these market conditions and the timing of some project awards. The pipeline remains resilient with attractive opportunities for 2024 and beyond.


(22% of net revenues)
in € millions Third QuarterYear-to-date
Period ended 30 September 2023 20232022 change 20232022 change
Net revenues 204 186 10% 607 552 10%
Organic growth1 14.6% 15.4% 13.9% 12.5%
Order intake 191 177 8% 614 547 12%
Backlog net revenues 544 542 0%
Backlog organic growth (%, yoy)1 4.8% 9.0%
Backlog organic growth (%, ytd)1 1.7% 1.8%

Organic revenue growth was very strong in the quarter driven by the North America and Europe, especially in Germany. The demand for electrification and decarbonization solutions combined with our digital products focused on solving mobility challenges continues to grow. Collaboration with Architecture and Urbanism and Intelligence drives enhanced positioning in the market. Organic backlog growth in the quarter was impacted by lumpiness in order intake as well as timing of project wins in the UK and Australia. The pipeline is strong with increased opportunities in the US and Germany.


(2% of net revenues)
in € millions Q3YTD
Period ended 30 September 2023 2023
Net revenues 23 67
Proforma organic growth1 22.8%
Order intake 28 73
Backlog net revenues 121
Backlog organic growth (%, yoy)1 14.2%
Backlog organic growth (%, ytd)1 5.1%

1) Underlying growth excl. impact of FX, acquisitions, footprint reductions (e.g., Middle East), winddowns or divestments

Intelligence showed strong performance across regions, especially in North America and the UK, with numerous wins for Key Clients in collaboration with other GBAs. Market proposition remains strong for Intelligence with an expected acceleration in enterprise software spend in the market and solid pipeline opportunities stemming from collaboration with Mobility and Intelligence. In a recent study by Verdantix, Arcadis’ Enterprise Decision Analytics (EDA) was recognized as one of the Market Leaders in the asset investment space and received top scores for its technical and functional capabilities.


  • 16 November 2023 – Capital Markets Day
  • 22 February 2024 – Q4 & FY 2023 Results
  • 30 April 2024 – Q1 2024 Trading Update
  • 25 July 2024 – Q2 & HY 2024 Results
  • 31 October 2024 – Q3 2024 Trading Update

Christine Disch | +31 (0)6 1537 6020 |

Tanno Massar | +31 (0)6 1158 9121 |

Arcadis will host an analyst webcast today at 14.00 hours CET:

Arcadis is a leading global Design & Consultancy organization for natural and built assets. Applying our deep market sector insights and collective design, consultancy, engineering, project and management services we work in partnership with our clients to deliver exceptional and sustainable outcomes throughout the lifecycle of their natural and built assets. We are 36,000 people, active in over 70 countries that generate €4.0 billion in revenues. We support UN-Habitat with knowledge and expertise to improve the quality of life in rapidly growing cities around the world.

This press release contains information that qualifies or may qualify as inside information within the meaning of Article 7.1 of the EU Market Abuse Regulation.

Statements included in this press release 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 thereto) are forward-looking 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.


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