Royal BAM Group is looking for M&A. R. Joosten Chief Executive Officer said during the analyst meeting of results for the first half year 2023, "We always look for opportunities, of course, in M&A. I think a couple of years ago, it was completely out of the question that BAM could do in M&A activity on acquisition. We are now in a much better position. Looking at our balance sheet and our cash position and the company is derisked to a certain extent to a high extent.

We're looking at profitability. You saw a very nice conversion to net profit in the first half year, which is really important, I think, for shareholders and stakeholders. And we said earlier that we also want to be a reliable dividend payer to our shareholders.

So the stable or growing dividend is also very important for us in that respect if you talk about capital allocation".