1. Annual Results 2009 Harrie Noy, Chief Executive Officer
September 20, 2018
Annual Results 2009
Harrie Noy, Chief Executive Officer
Amsterdam, the Netherlands, March 8, 2010

2. DISCLAIMER
Statements included in this presentation 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.

3. Excellent performance despite crisis
Net income from operations +6% to € 74.3 million
Dividend proposal € 0.45 per share (pay-out 40%)
Gross revenue 3% higher to € 1.8 billion
Organic gross revenue decline 6% due to crisis
Good contribution Malcolm Pirnie, including synergy
Margin at 10.2% above target of 10%
Cash flow from operations € 152 million
Balance sheet strong: net debt/EBITDA 1.0
Growth infrastructure softens; recovery begins in environment; buildings bottoming out

4. Income Q4 2009 € 23.5 million Gross revenue Net revenue EBITA Income1)
September 20, 2018
Income Q € 23.5 million
Gross revenue
Net revenue
EBITA
Income1)
EPS1,2)
2009
484
322
35.5
23.5
0.35
2008
485
312
44.6
22.2
0.37
_  _ 0% 3%
-20% 6%
-4%
Currency effect: -4 to 5% on revenue; -3% on EBITA; due to weakening US$ in Q4
1) Net income from operations before amortization and non-operational items
2) In 2009 based on 66.4 million shares outstanding (2008: 60.2 million)

5. Organic decline stabilized
Currency
effect 0%
-4%
-3%
+1%
* Corrected for the sale of energy projects in Brazil in Q408

6. Important points in Q4 Net revenue organically from -6% (Q309) to -4%
In Brazil and NL projects with significant subcontracting completed
Organic growth in NL, Poland, France and Germany
Strongest decline in U.K. and with RTKL as a result of poor real estate market
In England effect of restructuring visible
Good order intake in all three business lines
Tax benefit on options and in the U.S.

7. EBITA Q4 5% lower excl. impact sale energy projects Brazil in Q408
in € million
44.6
- € 6.8 million
-15%
-3%
+10%
-1%
-11%
35.5
Contribution carbon credits € 0.1 million (2008: € 0.6 million)
Restructuring charges € 0.2 million
Organic decline due to poor real estate market and less profits from Belgium and Brazil

8. Income full year 2009 € 74.3 million
September 20, 2018
Income full year € 74.3 million
Gross revenue
Net revenue
EBITA
EBITA recurring
Income1)
EPS1,2)
2009
1,786
1,218
121.6
123.8
74.3
1.18
2008
1,740
1,162
131.8
70.0
1.16
_  _ 3% 5%
-8%
-6% 6% 2%
Currency effect: +1% on revenues; +2% on EBITA
EBITA recurring is excluding € 2.2 million one-off costs for share participation program Lovinklaan Foundation
1) Net income from operations before amortization and non-operational items
2) In 2009 based on 63.1 million shares outstanding (2008: 60.5 million)

9. Main developments 2009
Government spending keeps infrastructure market at good level
This generates growth in the Netherlands, Poland, France and Chile
Reduced private client demand leads to decline environmental revenues, especially in the U.S.
In 2nd half turning point in environment due to large project wins
Poor real estate market caused severe declines in U.K and with RTKL
RTKL breaks through in Asia, especially in China
Malcolm Pirnie provides top position in global water market
Margin remains at good level due to cost savings and client focus

10. Malcolm Pirnie Largest acquisition in our history
September 20, 2018
Malcolm Pirnie Largest acquisition in our history
Premier brand in water market
Revenues of $400 million; 1700 staff
Active all over the U.S.
Strengthening Infrastructure in U.S.
Global expansion in water
ARCADIS Nr 8 in U.S.
Water new business line as of 2010
Partly financed with equity
Many opportunities for synergies

11. New York city, Brooklyn
Maximizing treatment on a constraint site

12. New York city
Recreation above treatment facility

13. EBITA recurring In € million
Compounded annual growth rate : 26%
Change
Ex. currency
+47%
+44%
+38%
+34%
+38%
+25%
+28%
-6%
-8%

14. EBITA 6% lower (recurring)
in € million
131.8
- € 6.8 million
-5%
+2%
+8%
-2%
-9%
123.8
Contribution carbon credits € 0.4 million (2008: € 3.5 million)
Restructuring charges € 7.8 million
Less profit buildings in U.K., Middle East and with RTKL
Strong performance in NL; solid results in U.S.

15. Margin remains high Q1 Q2 Q3 Q4 year 2008 9.9% 10.2% 10.7% 12.5%2)
10.8%2)
2009
9.6%
9.9%
10.1%1)
11.0%
10.2%1)
2009
ex cc’s
9.8%
10.4%
10.3%1)
11.1%
10.4%1)
Margin: recurring EBITA as % of net revenue
1) Recurring EBITA excludes one-off impact share participation program of Lovinklaan
2) Excluding impact sale hydropower plants Brazil

16. Some financial details
Contribution carbon credits:
Q409: € 0.1 million; 2009: € 0.4 million
Q408: € 0.6 million; 2008: € 3.5 million
In Q1 09 book profit on unwinding derivatives of € 7.5 million
Financing charges excluding derivatives:
Q409: € 4.1 million; 2009: € 11.1 million
Q408: € 5.5 million; 2009: € 17.7 million
Lower financing charges due to lower interest rates, less working capital, exchange rate gains in 09 versus losses in 08 on Brazilian loans
Tax pressure lower due to tax benefits of € 2.0 million
Minority interest lower due to less profits from Brazil

17. Net income from operations and EPS
In € million
In €
1,60
1,40
1,20
1.18
1,00
1.16
0,80
Before amortization and non-operational items
1.02
0,60
0.82
0,40
0.55
0,20
0,00
Compounded annual growth rate : 26%
Change
Ex.currency
+40%
+38%
+50%
+51%
+25%
+29%
+12%
+15%
+6%
+4%
Earnings per share (in €)

18. Cash flow very high
In € million

19. Balance sheet and return
Working capital as % of gross revenue (excl. Malcolm Pirnie: 11.0% (2008: 11.2%)
Net debt € 174 million (2008: € 171 million)
Net debt/EBITDA: 1.0 (2008: 1.3) calculated conform bank covenants
1) and 2009 calculated conform bank covenants
1, 2
Invested capital: shareholders equity + net interest baring debt
1 basis: average quarterly balance sheets
2 based on net income from operations

20. Business lines
INFRASTRUCTURE
ENVIRONMENT
BUILDINGS

21. Crisis affects revenues environment & buildings
( ) = organic
In € million

22. Infrastructure Full year 2009: +19% organic: +6%; acquisitions: +14%; currency: -1%
Organic growth net revenue 4%
High subcontracting in energy projects Brazil
Acquisitions: water activities Malcolm Pirnie
In the Netherlands strong growth in road & rail
Government investments also drive growth elsewhere in Europe: Poland, Belgium, France
In U.S. municipal market under pressure and hardly any effect yet from stimulus
Growth Brazil and Chile slower due to less private investments
Connecting Central Europe

23. Environment Full year 2009: -2% organic: -12%; acquisitions: +8%; currency: +2%
Organic decline net revenue ‘only’ 4% due to less outsourcing
Acquisitions: Malcolm Pirnie, LFR, SET
Crisis leads to less investment private clients
Stabilization in second half of the year
Large GRiP® contracts totaling $ 200 million
Growth Europe through more government work
Brazil less work for industrial clients
Mining drives growth in Chile
Measuring carbon footprint for the city of Gent in Belgium

24. Designed and delivered the Shell new Technology Center in Amsterdam
Buildings Full year 2009: -14% organic: -14%; acquisitions: 0%; currency: +1%
Net revenue declines organically by 15%
Commercial property hit hard by crisis
Strong declines in U.K. and with RTKL
Industrial services Belgium also lower
Facility management benefits from cost focus
RTKL success in Middle East and Asia leads to growing backlog
Public sector demand remained good
U.S. project management grows

25. Effect sale energy projects
Margin in line with target
2005
2006
2007
2008
2009
Effect sale energy projects

26. Regional developments
Netherlands
Europe excluding the Netherlands
United States
Rest of world

27. Regional gross revenue development
( ) = organic
In € million

28. Regional EBITA & margin
In € million

29. Geographical mix
2008
2009

30. Outlook

31. Outlook per segment
Infrastructure – robust through government investments
In Europe multiyear investment programs offer good backlog
In U.S. stimulus will sort an effect; synergy with Malcolm Pirnie
Water management grows through climate change
In Brazil and Chile investments increase (sports events)
Environment – healthy foundation from regulation and sustainability
Increased backlog from large contracts in the U.S.
Outsourcing portfolios contaminated sites as clients focus on core business,
Selected for global contracts U.S. Army, also through Malcolm Pirnie
Larger market share through advanced technology and vendor reduction
New themes: energy efficiency, carbon footprint reduction
Buildings – grab opportunities through focus
Cancellations strongly reduced in second half of 2009, backlog increased
Commercial market stable on low level, no short term recovery
RTKL compensates with growth in Asia and Middle East
Public demand stays at good level; slowdown in U.S. healthcare

32. Outlook 2010 ARCADIS Building Global Leadership
Backlog healthy and up 5% from year-end 2008
Strong infrastructure growth softens due to municipal government
Good order intake environment points to gradual recovery
In buildings activities stable, possible recovery H2-2010
Lower capacity leads to organic revenue decline in coming quarters
Priority lies with maintaining margins through cost savings, client focus
Synergy opportunities Malcolm Pirnie, 2011 also operational benefits
Acquisitions stay on the agenda
Long term perspective positive, but
Given uncertainty about recovery no specific outlook at this time
ARCADIS Building Global Leadership

33. Imagine the result