we are relentless in our pursuit of excellence

creating true shareholder value

The Aalberts way of value creation is to achieve unique worldwide leading market positions with niche technologies in selective end markets. Relentlessly running the Aalberts playbook results in long-term shareholder value. Our track record of more than 40 years of sustainable profitable growth proves the sustainability of our business model.
reasons to invest
Aalberts Playbook
Aalberts Playbook

the Aalberts playbook relentless pursuit of excellence

Our playbook? Achieving compelling competitive advantage, driving margin expansion through operational leverage and excellence, converting strong operational execution into free cash flow and continuously optimising our portfolio through disciplined capital allocation, achieving compounding returns.


10 year

Euronext Amsterdam AALB

financial calendar

8 September 2021
ING Benelux Conference London
14 September 2021
Kepler Cheuvreux Autumn Conference
24 November 2021
Kempen London Conference
2 December 2021
capital markets day
24 February 2022
before start of trading
publication full year results
24 February 2022
9.00 CET
webcast full year results
7 April 2022
publication annual report
19 May 2022
General Meeting
08 September 2021
ING Benelux Conference London
14 September 2021
Kepler Cheuvreux Autumn Conference
24 November 2021
Kempen London Conference
02 December 2021
capital markets day
24 February 2022
before start of trading
publication full year results
24 February 2022
9.00 CET
webcast full year results
07 April 2022
publication annual report
19 May 2022
General Meeting

our track record shareholder value creation

Share price
Earnings per share
Dividends per share
Long term shareholders

our strategy & objectives 2018-2022

strategy 'focused acceleration'
remain focused
remain focused
improve technology positions
improve technology positions
improve profitability continuously
improve profitability continuously
use Aalberts strengths
use Aalberts strengths
non-financial objectives
worldwide leading niche technology positions
creating sustainable profitable growth
generating high added-value margins
converting strong operational execution into free cash flow
financial objectives
> 3 %
average organic revenue growth
> 14 %
EBITA margin
> 18 %
> 70 %
free cash flow conversion ratio
< 2.5
leverage ratio
> 40 %

our reporting structure

Aalberts networks stimulate knowledge sharing, fast learning, innovations and entrepreneurship
installation technology
material technology
climate technology

analyst coverage

company recommendation target price
Martijn den Drijver
23 July 2021
EUR 54.70
Degroof Petercam
Luuk van Beek
5 July 2021
EUR 49.00
Tijs Hollestelle
23 July 2021
EUR 54.25
Henk Veerman
9 April 2021
EUR 42.00
Kepler Cheuvreux
Peter Olofsen
21 May 2021
EUR 46.00
Morgan Stanley
Aurelio Calderon Tejedor
23 July 2021
EUR 53.00


Aalberts is followed by the analysts at these brokerage firms. The list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Aalberts' performance made by the analysts at these brokerage firms are theirs alone and do not represent opinions, forecasts or predictions of Aalberts N.V. or its management. Aalberts N.V. does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by these analysts.


At the General Meeting of Aalberts N.V., held on 27 May 2021, the dividend for the financial year 2020 is fixed at EUR 0.60 per share with a nominal value of EUR 0.25 each.

Holders of ordinary shares will receive the dividend through their bank or broker in whose custody the shares are held at the close of business (record date). The dividend will be made payable to them through ABN AMRO Bank N.V. In consultation with Aalberts, ABN AMRO Bank N.V. is offering a dividend reinvestment plan (DRIP) to holders of ordinary shares with a nominal value of EUR 0.25 each, who are holding their shares through Euroclear Nederland, whereby those shareholders have the opportunity to reinvest their net dividend in ordinary shares Aalberts N.V.

For further information about this subject you can contact your bank or broker or ABN AMRO Corporate Broking at +31 (0)20 344 2000

dividend policy
In the General Meeting of 2014, shareholders agreed to a dividend payment of 30% of net profit before amortisation, only to be paid in cash.
dividend history
in EUR per ordinary share
dividend history

shareholders >3% interest

The following shareholders with a substantial participating interest of more than 3% are registered with the AFM register substantial holdings, in accordance with the notification duty pursuant to the Dutch Financial Supervision Act:

shareholder interest disclosure date
Aalberts Beheer B.V., J. Aalberts,
J.A.M. Aalberts-Veen
13.27% 3 Feb 2011
FMR LLC 9.95% 18 June 2021
Capital Group 9.92% 6 Jan 2020
Invesco Limited 4.99% 25 June 2021
BlackRock, Inc.  3.29% 2 Feb 2021
Impax Asset Management 3.02% 2 Apr 2019
BNP Paribas Asset Management Holding 3.01% 26 Nov 2018
New Perspective Fund 3.00% 17 Sep 2018


As from 14 July 2014 the number of outstanding shares Aalberts N.V. is 110,580,502. Last update 19 July 2021.

directors and members of the supervisory board

The following shares are held in accordance with the AFM register notifications directors and members of the supervisory board:
ordinary shares
conditional share awards
W.A. Pelsma
A.R. Monincx

corporate governance

Good corporate governance, including focus on long-term value creation and culture, is a key component of 'the Aalberts way' of doing business and is embedded in our core values. Aalberts endorses the principles of the Dutch Corporate Governance Code (the “Code”). The Code is available at Our corporate governance structure has been updated in accordance with the Code in the past years.

Aalberts virtually applies all best practice provisions of the Code. To a limited extent, these have been adjusted to specific circumstances of Aalberts. As a result, the Management Board believes it meets the principles of ‘comply or explain’. The deviations from the Code relate to the following subjects.

best practice provision 2.2.1 – Term of appointment Management Board
The term of the current appointment of the CEO is unlimited. The CFO has been appointed for a period of four years and Aalberts will also apply this four-year period for the appointment of new members of the Management Board. On dismissal of the CEO, the existing employment conditions and regulations are considered; this does not apply to the CFO nor new appointments.

best practice provision 4.3.3 – Binding nomination
The Articles of Association provide that the General Meeting can deprive a nomination for appointment of a Management Board member or a Supervisory Board member of its binding nature, with a resolution passed with a maximum majority permitted by law. Currently, this majority amounts to two-thirds of the votes cast. The deviation relates to the well-balanced allocation of the control and influence of the company’s individual bodies. The authority to make a binding nomination to the General Meeting concerning the appointment of members of the Management Board and Supervisory Board could be an essential instrument in the well-balanced decision-making process. Therefore, the deprivation of the binding character of the nomination is aligned with Dutch law instead of the Code.

best practice provision 2.3.10 - Company secretary
Aalberts does not have a formal company secretary. This position is adequately fulfilled by the legal and governance function at head office level, in line with the lean and effective organisational structure.


There are two committees of the Supervisory Board: the Audit Committee and the Remuneration, Selection and Appointment Committee.
Audit Committee
The Audit Committee aids and advises the Supervisory Board in its responsibility to supervise the integrity and quality of the Aalberts’ financial reporting and the effectiveness of Aalberts’ internal risk management and control systems.
Remuneration, Selection and Appointment Committee
The Remuneration, Selection and Appointment Committee (“RemCo”) aids and advises the Supervisory Board on matters relating to the selection and appointment of the members of the Management Board and Supervisory Board. The RemCo further monitors and evaluates the remuneration policy for the Management Board. The RemCo consists of Jan van der Zouw (chairman) and Martin van Pernis.

rotation schedule supervisory board

In line with the Code, Supervisory Board members can be appointed for a maximum of two 4-year terms and subsequently two 2-year terms.

The rotation schedule of the Supervisory Board is as follows:

name year of retirement
M. C. J. van Pernis (chairman) 2022
L.C.A. Declercq 2025
A.H. Rinck 2024
P. Veenema 2024
J. van der Zouw 2023

general meeting

general meeting

any questions? Rutger Relker
director investor relations

investor updates

interested to stay informed?