JAJO Outline 2024

Outline 2024

Closing the circle

together.

JAJO Devolps

Our services

Sustainab questioni

JAJO Harvests

We develop autonom

comprehensive deve

from sustainable ho

expertise to conduc

in sparkling, green a

and healthily togeth

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Do not demolishing, but harvest We want to help building owners to realise their

Deve

(re)construction plans in an optimally circular and possible are harvested for reuse. These are materials that contribute to a circular economy. In our view, every building is a donor building. We do this with passion, because we believe 100% in the new circular model. Our

Harv es ts

sustainable way, so that as many building materials as

focus is not on demolition, but on harvesting and the application of circular building materials.

s re

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Re st o

JAJO Restores

We keep history alive Our specialized companies see to it that everyone can enjoy the buildings as long as possible. From cultural heritage to national monuments and works of art, we know what to do with them and are internationally known for our craftsmanship, pride, and precision. We restore, repurpose, renovate, clean, and maintain according to our customers’ needs. Some projects we have worked on: the Rijksmuseum, the castle Loevestein, Palace Het Loo, and the Binnenhof.

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ble real estate by first ing everything JAJO Constructs

mously, delegate, and are risk-bearing. From the

elopment of the area to extensive redevelopment and

ousing to commercial real estate: we have the necessary

ct a project with success. We develop affordable homes

and social neighbourhoods where people live happily

her. Every generation has a right to that.

Building and Innovating We believe in circular and durable construction where the user is at the center. With years of experience in

elops

residential and non-residential construction within The Netherlands and Poland, we are the partner for ground-

ucts nstr Co

based and multi-stored construction. From terraced houses, semi-detached houses, and detached houses to commercial buildings and logistical halls: we have the expertise. In the Caribbean, we realize large construction and infrastructure projects and create sustainable homes with our innovative 3D concrete printer.

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M

JAJO Maintains

Total solution for future-proof real estate We take part in various maintenance activities. Within the Netherlands, JAJO has nationally operating maintenance companies that provide a total package for future-proof real estate. We work for housing corporations, healthcare institutions, (commercial) property managers, and investors.

Various subsidiaries operate in the Caribbean to maintain the infrastructure and real estate on the islands.

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s tain ain

Report of the Board of Directors Every day a little better 2024 was a more than excellent year for us. Sales amounted to € 529 million, a strong increase compared to 2023 with sales of € 496 million. Most subsidiaries contributed positively to this growth. At € 21 million, profit after tax is higher than in previous years. Nevertheless, given the challenging market conditions, a particularly impressive performance by our subsidiaries in The Netherlands, Poland and the Caribbean.

Was everything running smoothly then? Not really, we still have to deal with annoying long procedures that delay our construction projects. Corporate housing in particular suffers from this.

Moreover, due to the many geopolitical developments in the world, we notice a bit more reluctance in the market to invest. Despite this, we were still able to realise many great projects and develop new initiatives across the group. Take our new RE-DO concept for instance, where we can sustainably upgrade existing housing corporation properties in just a few days.

Even before the first project was put into practice, RE-DO has already won several awards for the innovative, sustainable idea behind it.

Reposititioning We have also been busy rebranding various business units. This followed logically from the repositioning of JAJO as a whole that we initiated a few years ago. For example, ServicebouwPlus and Janssen de Jong OnderhoudPlus have been merged under the new name OnderhoudPlus. Janssen de Jong Projectontwikkeling will also start 2025 with the new identity Blink, focusing even more on affordable housing developed in consultation with residents. A great recalibration, helping us to grow further.

Solid (financial) basis for further growth This year, we have taken further steps in financial forecasting and working capital management. The basis has been further optimised, allowing us to predict even better and to anticipate financial developments. This provides a solid foundation, a prerequisite for the growth strategy we have as group. Our capital structure is very solid, partly because of our structural profitability.

Refinancing through Sustainability Linked Loan In April this year, we concluded new group-level financing for a minimum of three years with our house banks. What counted heavily for the banks in this, in addition to our financial performance and long-standing relationship, is our leading position in the field of sustainability. We also committed to sustainability targets through our credit agreement.

KPIs are included in the credit agreement, which are linked to material ESG themes for JAJO.

Sustainability and CSRD Major strides have been made on CSRD, to be compliant on CSRD directive for large companies. In this current report, we have already included some measurements on KPIs. And this is not as simple as it may sound. Reporting according to the CSRD directive is quite complex and we have tried to make a pragmatic translation to our own organisation. It is important that all employees also understand the purpose and importance of sustainability and what their own part in it can be. We therefore launched an internal campaign called ‘#ElkeDagEenBeetjeBeter’, to make the move from theory to practice. After all, our reports ultimately have to land on the construction site.

Employee central The employee is at the heart of JAJO. We invest a lot in our employees and strive to make our organisation as diverse as possible, where everyone feels at home. This is reflected in the many long tenures we have and people who return to us.

Furthermore, we encourage all employees to continue to enrich themselves with knowledge throughout their careers.

Our JAJO Academy is running very well and provided many great training courses again last year: by 2024, the academy offered 191 online courses, of which 152 employees took advantage. 278 employees participated in physical training. With the meteoric rise of AI, we now also offer our employees physical training in AI programme Copilot. We also offer employees a budget coach, for those who struggle with their private finances. This coach helps our employees in the Netherlands and in the Caribbean getting things in order.

Real Estate Regatta When you say JAJO, you say sailing. For years we have been sponsoring this wonderful sport. With our women’s team, we made it to the finals of the America’s Cup. A top achievement, as the team mainly virtual training in a simulator. And still sailing so well in the real race, incredibly clever. It also says something about the current technology, that you can prepare yourself so well with a simulator. The parallel with our own work can easily be made: we design our buildings in a digital environment, after which eventually we realise them physically.

We also boarded a boat ourselves last year: in fact, together with Zadelhoff Vastgoedadviseurs, we revived the Vastgoed Regatta after four years. With 29 lemsteraken, we sailed a beautiful race from Enkhuizen, ending with a dinner for more than 400 guests. As usual, the Vastgoed Regatta donated to a good cause afterwards. This time it was the Royal Dutch Rescue Society (KNRM), a regular acquaintance for us because of our long-term sponsorship. Incidentally, we not only perform social initiatives in the Netherlands; we are also involved in supporting society in the Caribbean. In particular through the Signaal Sosial foundation, which we support.

Looking for expansion Finally, a look ahead: we are well positioned to grow solidly in the coming years and see many opportunities in the market to do so. For our core activities, we are actively looking to expand, for example in the areas of housing construction, property development and maintenance. We offer a decentralised structure in which subsidiaries often can continue to operate under their own brand, while experiencing the advantages of a large and strong group.

17 April 2025, Ivo van der Mark and Patrick Booij JAJO Board of Directors

Consolidated profit and loss account (x 1.000 euro) 2024

2023

Revenues

528.613

495.580 *

Raw materials and consumables

114.745

112.386

Work subcontracted and other external expenses

275.043

243.644 *

Wages, salaries and social security costs

86.886

81.482

Depreciation of intangible and tangible fixed assets

6.746

12.705

Other operating expenses

22.255

34.046

Operating expenses

505.675

484.263 *

Earnings before interest and taxes (EBIT)

22.938

11.317

Finance income

2.130

665

Finance expense

432

-150

Profit before income tax

24.636

12.132

Share in profits of associates

3.028

2.250

Income tax expense

-6.397

-4.276

Profit after income tax

21.267

10.106

0

0

21.267

10.106

Minority interests

Net profit

* R etrospective adjustment ‘revenues’ and ‘work subcontracted and other external expenses’. The comparative figures for 2023 for ‘net turnover’ and ‘costs of outsourced work and other external costs’ have been adjusted downwards by € 9,902k to bring the presentation of these items in line with the presentation for 2024. The adjustment has no impact on equity, net profit or cash flows.

1.008

Consolidated balance sheet (before appropriation of profit / x 1.000 euro) Assets

31-12-2024

31-12-2023

744

1.135

53.452

50.860

72.387

69.612

4.919

8.559

Inventories

49.596

44.488

Work in progress

19.967

34.135

Receivables

67.598

50.370

Cash and cash equivalents

37.913

31.173

306.576

290.332

31-12-2024

31-12-2023

Shareholders equity

135.122

117.317

Provisions

23.749

29.745

Non-current liabilities

8.858

8.749

Work in progress

47.111

42.329

Current liabilities

91.736

92.192

306.576

290.332

Fixed assets Intangible fixed assets Tangible fixed assets Financial fixed assets Investment property

Current assets

Total assets

Liabilities

Total equity and liabilities

Project in the spotlight  OLVG Labgebouw  Amsterdam  PVVT

Closing the circle

together.