Results first half 2006Harrie Noy, CEO Analyst meeting, August 9, 2006, Antwerp, Belgium

Infrastructure, environment, facilities

Strong results first half 2006

Gross revenue 27% higher, 8% organic increase

Strong organic growth in all market segments

Margin improves considerably: 8.6% versus 7.0% in H1-2005

Net income from operations increased 60%

Over $80 million in new GRiP® contracts

Integration BBL is progressing well

Strategy to enhance growth is yielding results

Gross revenue

Ebita

Ebita recurring

Net income

Net income per share 2)

Net income from operations1)

Ditto per share 1,2)

1) Before amortization and non-operational items

2) In 2006 based on 20.2 million shares outstanding (2005: 20.3 million)

2006

293

19.2

19.2

10.6

0.52

11.8

0.58

2005

233

15.0

13.0

9.0

0.44

7.4

0.36

_ _

26%

27%

47%

18%

18%

60%

60%

Income second quarter 2006: € 11.8 million

Gross revenue

Ebita

Ebita recurring

Net income

Net income per share 2)

Net income from operations 1)

Ditto per share 1,2)

1) Before amortization and non-operational items

2) In 2006 based on 20.2 million shares outstanding (2005: 20.3 million)

2006

581

35.3

35.3

19.6

0.97

21.2

1.05

2005

457

25.4

23.4

14.5

0.71

13.3

0.65

_ _

27%

39%

51%

35%

35%

60%

60%

Income first half 2006: € 21.2 million

Dutch market recovery better than expected

After years of decline, organic growth of 9%

Facility management contract DSM/Sabic contributes to growth

Also growth in infrastructure: 6% organic

A lot of investment in rail infrastructure renewal/maintenance

More PPP initiatives – Zuidas, Coentunnel, Kazerne Utrecht

More outsourcing Ministery Public Works – broadening A50, A12, A28

A lot of demand for project management and cost consultancy

Acquisition In Situ Technieken strengthens environmental position

35.323.4

17.2*14.820.318.0

0

10

20

30

40

2001 2002 2003 2004 2005 2006

Development Ebita first half

In € millions

13%11% -/-27% 15% 48%

*) Adjusted for IFRS

Increase

6.3%

7.2%

5.2%5.9%

7.0%

Margin

10%

5%

0%

8.6%

39%

Recurring EBITA grows considerably (51%)

0 5 10 15 20 25 30 35 40

EBITA H1 2006

Organic

Acquisitions/divestments

Currency

Recurring EBITA H12005

Non-recurring

EBITA H1 2005

In € million

34%

4%

13%

25.4

35.3

23.4

Organic increase mainly from U.S., Brazil and Netherlands

Net income from operations and EPS H-1

Earnings per share (in €)

*) Adjusted for IFRS

+13% +8% -/-10%

21.2

13.3*

10.7*9.610.79.9

0,0

5,0

10,0

15,0

20,0

25,0

2001 2002 2003 2004 2005 2006

In € millions

0.49 0.520.47 0.53

0.65

+12% +24%

1.05

+60%

The service areas InfrastructureEnvironment Facilities

Organic growth in all service areas

Facilities +29% (+13%)

0

50

100

150

200

250

2003 2004 2005 2006

Infrastructure -2% (+6%)

0

50

100

150

200

250

2003 2004 2005 2006

Environment +96% (+10%)

0

50

100

150

200

250

2003 2004 2005 2006

Infrastructure45%

Facilities18%

Environment37%

• Revenue decline caused by last year’s divestments • Continued very strong growth in Brazil: mining and energy • Strong growth in U.S., especially transportation and tunnels• Market recovery Netherlands, healthy growth in France • High backlog in Poland; procedures impact revenues • PPP initiatives yield work

Infrastructure -/-2% (+6%)

Rouen: award winning bridge design

• Revenue doubled, mainly through acquisition BBL & Greystone• Strong organic growth in U.S.: GRiP® and corporate consulting • Backlog GRiP® to $ 300 million at end of Q2• U.K. and Netherlands strongest growth in Europe• European environmental team for extra growth• In Brazil and Chile large demand for mining consultancy

Environment +96% (+10%)

Sediment remediation by BBL

• Acquisition AYH (mid 2005) strong contributor to growth• Arsenal stadium (project management AYH) in U.K. completed • Facility management DSM/Sabic drives Dutch growth• Good investment climate in Belgium, France, Brazil • Reduction poorly performing detailed engineering Germany

Facilities +29% (+12%)

DSM contract yields growth in FM

In 2000 we revised our strategy

International expansion in the nineties had been successful

But ARCADIS’ performance and stock price were lagging behind

Strategy focused on value creation

Increase organic growth in existing core business• Synergy based on specialized expertise & client relationships

Improve margins• Reducing or outsourcing low margin business

• Focusing on services with higher added value

Speed up strategy by acquisitions • Focus on strengthening home market positions

Goal was more focus and higher earnings growth

Unlocking the hidden value of ARCADIS

Focus on 3 market segments

Other3%

Environment26%

Infra38%

Communications15%

Buildings18%

Environment37%

Facilities18%

Infra45%

2000 revenues € 800 mln 2006 revenues € 1,200 mln

Strong shift in our portfolio

Acquisitions• Expansion Europe • Infra US• Environment US• Management services• Home market positionsTotal

Divestments • Non core business NL• Facilities• Spain• Donor funded marketTotal

FCI (France), Profil (Poland) RMA, FPS, LNW, BHR, Diversity Greystone, BBL Homola, PRC, AYH, CDGBelgium, Brazil, Netherlands, UK

Part of contracting, Kafi/MandaatDetailed engineering (US)50% interest in Grupo EPRenardet/Sauti (France)

GR in €82 74

1548024

414

53156811

147

In 05

15436

6196

156811

94

0%

2%

4%

6%

8%

10%

12%

14%

2000 2001 2002 2003 2004 2005 2006-H1

Organic

Acquisitions

Total (excl.currency)

Currency -4% -2% -3% -3% -3% +1% +3%

Divestments +1% - +2% +0% +1% -0% -

Organic growth increased

Target organic growth

Target total growth

In facilities we shifted to management servicesProject & program management and facility management

We want to focus on higher added value services

• Divestment detailed engineering US

• Acquisition of management services Homola, PRC, AYH, CDG

Also facility management

• Joint venture with Aqumen

• Focus on NL/Europe

• Two major contracts for 4 years

AYH New Arsenal stadium, London

Our margin improved considerablyExcluding non-recurring items

6.2%

7.4%

8.2%

6.9%

6.0%

6.4%

5%

6%

7%

8%

9%

10%

2000 2001 2002 2003 2004 2005

-1.1%

9.3%

7.1%

1.4%

9.3%

6.7%

9.7%

7.6%7.7%

-2%

0%

2%

4%

6%

8%

10%

12%

Infrastructure Environment Facilities

2003 2004 2005Target

We generated € 266 million cash in 5 years, also by reducing working capital

0

10

20

30

40

50

60

70

2001 2002 2003 2004 2005

Cash flow: net income plus depreciation

Cash flow from operational activities

In € million

Net debt / EBITDA

-0.1

0.6

0.1

-0,5

-0,3

0,0

0,3

0,5

0,8

1,0

Return on invested capital

20.6%

17.2%15.9%

0%

5%

10%

15%

20%

25%

2003 2004 2005

1,2

3 excluding non-recurring effects

1 basis: average quarterly balance sheets; dividend separated at moment of payment 2 basis: net interest bearing debt

32003 2004 2005

Our balance sheet remains strong Ample room for further investments

target

Other 9% U.S.

41%

Other Europe24%

Netherlands26%

Other8% U.S.

35%

Other Europe18%

Netherlands39%

Geographic distribution has changed

2000 2006

We sharpened our positioning

• Less project focus, more client focus

• Less technical, more value creation

• Pro-active, agile and result driven

• Innovative and creative

More business oriented andhigher in the value chain: Imagine the result

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100%

150%

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250%

300%

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400%

450%

500%

550%

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ARCADISSwecoURSGrontmijJaakko PöyryWSPTetratechWS-AtkinsTRCAltenAMXAEXNASDAQ

We unlocked some hidden valueStock outperformed market and all peers

Liquidity increased,

0

50

100

150

200

250

300

350

2000 2001 2002 2003 2004 2005 2006

Volume in €

In € million

2

6

8

10

4

Number of shares

In millions of shares

12

(6 months)

Fortis15%

Lovinklaan31%

Luplan7%

Free float35%

KNHM12%

2000

Fortis5%

Lovinklaan21%

Delta5%

Free float64%

KNHM5%

2006

broader shareholder base

We are well positioned !

• Global trends favorable to ARCADIS• Present market conditions solid• Strategy implies choices for growth• Ambitious goals for market segments

Strategy: three international growth platforms

Infrastructure growth target 4 – 6%

Expand strong local positions Additional growth in rail infrastructure and bridges/tunnels

Environment growth target 8 – 12%

Expand remediation services to be global leaderLeverage relationships with multinational clientsAdd front-end consultancy services

Facilities growth target 5 – 10%

Become benchmark world-wide project management firm Expansion in facility management

We continue with acquisitions

At a somewhat lower pace in 2006• Integration BBL has first priority

Strengthening home market positions• U.S., Europe and Brazil

Strengthening Growth Platforms• Rail, tunnels/bridges, remediation, project management

Geographical expansion• Asia• Europe: Rumania, Northern Italy

Look for larger opportunities

Outlook

Outlook per service area

Infrastructure• Growing economy drives Dutch market recovery • In Europe more private investment through PPP initiatives• U.S.: SAFETEA and New Orleans; investment Brazil high

Environment • GRiP® offers room for further growth in the U.S.• Synergy with BBL offers opportunities with multinationals • In Europe and Latin America increase services to industry

Facilities• Facility management benefits from outsourcing trend• Aim at position with international real estate investors

Outlook for full year 2006 positive

ARCADIS is well positioned in markets that offer opportunity

Synergy contributes to growth

Continued focus on higher value added activities

Integration BBL (client focussed business model) priority for 2006

Integration BBL and SOX 404: € 3 to 4 million out of pocket costs

Acquisition policy continued, but at a lower pace

Expected increase net income from operations by 30% to 35% (barring unforeseen circumstances)

ARCADIS is well on track

Thank you