Boskalis 2017 Half Year Report

HALF YEAR REPORT 2017 – BOSKALIS 12 OPERATIONAL AND FINANCIAL DEVELOPMENTS DREDGING & INLAND INFRA DREDGING & INLAND INFRA (in EUR million) Revenue 579.3 EBITDA 112.4 Net result from JVs and associates 5.4 Operating result 61.7 Order book 2,309.2 REVENUE BY REGION (in EUR million) The Netherlands 178.2 Rest of Europe 143.0 Rest of the world 258.1 Total 579.3 The Netherlands Revenue in the Netherlands totaled EUR 178.2 million for the first half of the year. The largest revenue contribution came from the Buitenring Parkstad Limburg and SAAone (A1-A6 motorway) projects. The Wadden Sea dike reinforcement projects between Eemshaven and Delfzijl and the dike on the island of Texel as well as work related to the Room for the River projects contributed to this revenue. Rest of Europe Revenue in the rest of Europe amounted to EUR 143.0 million. The largest contribution came from the UK market, including the Portsmouth channel and inner harbor dredging project and the redevelopment of the Dover Western Docks. In the other European home markets (Germany, Sweden and Finland) numerous port-related capital and maintenance projects were executed. Rest of the world Outside of Europe revenue increased to EUR 258.1 million. Important projects under execution included the expansion of the Porto do Açu Oil Transshipment Terminal (Brazil), reclamation activities in Makassar (Indonesia) and early works for the development of the port of Duqm (Oman). Activities related to the Pluit project in Jakarta Bay (Indonesia) that were suspended in early 2016 are not expected to recommence before the end of the year. Construction, maintenance and deepening of ports and waterways, land reclamation, coastal defense and riverbank protection, underwater rock fragmentation and the extraction of minerals using dredging techniques. Construction of roads and railroads, bridges, aqueducts, viaducts and tunnels including earthmoving, soil improvement and remediation – mainly in the Netherlands. 1 ST HY 2017 1 ST HY 2016 2016 533.0 111.6 1,164.5 223.0 1.1 3.6 63.2 119.7 1,895.0 1,892.5 EBITDA and operating result include our share in the net result of the joint ventures and associated companies. 2016 full year EBITDA and operating result are presented excluding impairment charges. REVENUE Revenue in the Dredging & Inland Infra segment amounted to EUR 579.3 million (H1 2016: EUR 533.0 million). 1 ST HY 2017 1 ST HY 2016 2016 195.0 137.2 200.8 533.0 465.9 272.7 425.9 1,164.5

FLEET DEVELOPMENTS Utilization of the hopper fleet improved in the first half of the year compared to the same period last year. The hopper fleet had an effective annual utilization rate of 31 weeks (H1 2016: 25 weeks), with the cutter fleet utilization rate at 20 weeks (H1 2016: 10 weeks). On 1 July the mega cutter Helios was named and christened in the port of Rotterdam, the Netherlands. The Helios is the largest and most powerful cutter suction dredger Boskalis has ever developed. With a total installed power of almost 24,000 kW, a total pumping capacity of 15,600 kW and a maximum cutter power of 7,000 kW, the Helios is one of the most powerful cutter suction dredgers in the industry. The first project for the Helios is in the port of Rotterdam on the construction of Offshore Center Maasvlakte 2. The Helios will subsequently be deployed for dredging activities related to the development of the port of Duqm in Oman. A sister vessel of the Helios is expected to be taken into service in the course of 2020. SEGMENT RESULT In the first half of the year an EBITDA of EUR 112.4 million was achieved, with an operating result of EUR 61.7 million (H1 2016: EUR 111.6 million and EUR 63.2 million, respectively). In view of the challenging market conditions, the results from dredging projects were reasonable. The Dutch Inland Infra activities delivered a positive contribution to the result. The larger revenue generating projects were also the most important contributors to this segment result. The impact of positive financial settlements from projects that were technically completed at an earlier stage was limited compared to previous years. ORDER BOOK On 30 June the order book stood at EUR 2,309.2 million (end-2016: EUR 1,892.5 million). The order book for the Netherlands was stable whilst that for the Rest of Europe declined relative to the end of 2016. The order book for the Rest of the World increased significantly with the most noteworthy contract wins being the development of the port of Duqm (Oman), the deepening of the port of Santos (Brazil) and the deepening of the access channel to Jawaharlal Nehru Port in Mumbai (India). Other smaller contract wins include port maintenance contracts in Angola, Australia and Mexico in addition to variation orders on existing contracts. On balance EUR 996 million of new work was acquired in the course of the first half of the year. After the close of the first half year Boskalis was awarded a contract to construct a 1,100-meter quay wall for the new Stockholm Norvik Port in Sweden. The project is expected to commence in the autumn of 2017 and should be completed in the spring of 2020.