We expect markets will continue to face challenging economic headwinds through 2024. Although this will limit greenfield investments in industries, it brings opportunities for support on brownfield investments and optimising existing assets. We also expect ongoing need for solutions connected with climate change and further digitalisation. Our recent performance demonstrates our ability to grow in tough business environments while delivering exceptional services that are in demand. Looking at the group’s current liquidity and solvency as well as the stable operating cash flow, Royal HaskoningDHV's financial position is very healthy and strong. The work we have done to implement our strategy Stronger25 and to strengthen our purpose to Enhance Society Together is paying off. We will continue the course set by the strategy with a focus on further organic profitable growth related to our main markets in Global Leading Markets and the Netherlands and our main activities of design, engineering and consultancy.

Strong growth opportunities across our markets

We see strong growth opportunities for 2024 even as economic and geopolitical instability continue. Supply chains remain vulnerable, and many organisations are reassessing the location of their operations and how to spread risks. There is a need for more flexibility to cope with uncertainty. Our proven expertise in industry, building, transport, resilience and supply chain consultancy, supported by digital tools, enables us to guide decision making and implement future-proof solutions. Demand for our services to support the move to sustainable energy sources will remain high, as awareness and regulation increase. Other opportunities arise from requirements for companies to report on their impact (Corporate Sustainability Reporting Directive) as well as the European Green Deal. The Green Deal will boost investment in scaling up manufacturing of clean technologies and create better conditions for new net-zero projects in Europe. Elections in countries where we operate present uncertainty over future investment priorities. This has been true in the Netherlands where we await decisions on climate expenditure plans and nitrogen legislation. However, we do not expect the increasing attention on climate change to reverse. It will remain an important topic for clients in the coming years.

Overall, we expect to achieve further profitable growth, consolidated in our Global Leading Markets and in the Netherlands. Strong performances from our engineering, design and consultancy business lines will drive this growth, supported by increased technology sales. We will grow our digital solutions and digital advice to clients, including on digital twins. Digital developments will continue to be incorporated into our activities where they can increase the speed, efficiency, and impact of our services. Execution of our data- and artificial intelligence strategy in 2024 will help guide this process.

Empowering our people within an inclusive culture

We identify the scarcity of skilled labour as a significant challenge in 2024. Our ability to stand out in our markets to attract and retain talented people is vital for us to meet our growth ambitions. Initiatives started in 2023 to emphasise people at the core of our strategy. These will develop further in 2024 with a focus on fostering an inclusive culture, empowering our people for ongoing success, and providing training and development for them to grow within our organisation.  We will also continue our Employer Branding campaign on LinkedIn to grow awareness and position our company as employer of choice.

Portfolio developments

Acquisitions enable us to add value to our services and bring new talent to the organisation. We will continue to look for opportunities to acquire compatible companies that enlarge our portfolio while aligning with our purpose and strategic ambitions.

From the beginning of 2024 our South African business became a local company, majority owned by management and employees. We will continue to own a minority share.
Early 2024, we sold our stake in Singapore-based Hydroinformatics Institute (H2i).

Enhancing Society Together

Our purpose to Enhance Society Together continues to drive everything we do in 2024. The relevance of our mission increases as societies recognise the urgent need to mitigate and reverse the harmful effects of human activity on climate and the environment. We aim to assess every project using our Purpose Matrix and increase the impact achieved. In 2023, we addressed a number of dilemmas our organisation faces over the work we do. We will continue to make conscious choices about our projects and clients, based on guidance from position papers. These are developed in dialogue with our clients, stakeholders and colleagues.

In 2024, we look forward to the opening of our office in Delft, vividly bringing our ambitions to life. We are turning a monumental building into an excellent modern office and an inspiring working environment. We have navigated strict constraints to give the historic building a new purpose while preserving the special character and architecture which form part of its protected status. The office will be the first Dutch national monument with Paris Proof status and thus will live up to our promise Enhancing Society Together.

Amersfoort, the Netherlands
March 14, 2024

Executive Board

Marije Hulshof (CEO)
Jasper de Wit (CFO)
Erik Oostwegel (CCO)