Buyer Dossier: Arcadis

Buyer Profile

Ticker

Euronext: ARCAD

Headquarters

Amsterdam, Netherlands

2025 Net Revenue

EUR 3.8B

Operating EBITA

EUR 418M (11.1% margin)

Free Cash Flow (2025)

EUR 288M (+26.3% YoY)

Backlog

EUR 3.6B

Incoming CEO

Heather Polinsky

CFO

Simon Crowe

Key Contacts

Name	Title	Coverage	Email
Heather Polinsky	Incoming CEO	Strategic transformation, Water Optimization	—
Simon Crowe	CFO	M&A capital allocation	—
Water Optimization Lead	Global Business Line Director	Water treatment & operations strategy	—
North America M&A	Corp Dev / BD	U.S. acquisitions	—

Strategic Fit

Arcadis is one of the world's leading water and environment consultancies, and it has been moving toward integrated solutions that combine advisory with operational capabilities. AquaScience represents exactly what Arcadis's Water Optimization practice needs to become more than a design-and-consult firm in the Mountain West — a captive operational platform that generates recurring revenue alongside project fees.

Wyoming's energy, mining, and agricultural sectors produce the complex, multi-contaminant water treatment challenges that Arcadis is built to solve at the engineering level. AquaScience's operations turn that engineering expertise into hands-on treatment contracts — the natural downstream extension of Arcadis's consulting work. Together, they create a full-service water management offering from design through ongoing operations.

Arcadis's Resilience segment — focused on climate adaptation and environmental restoration — is a strategic priority under its transformation. Water treatment is front-line resilience infrastructure. AquaScience's work preventing contamination of Wyoming's natural water systems maps directly to Arcadis's Resilience narrative and business development pipeline.

Approach Strategy

Call Opener: "Arcadis designs world-class water systems — AquaScience operates them. We represent a Wyoming water treatment company that could give your Water Optimization practice an operational platform in the Mountain West, turning consulting engagements into full-lifecycle managed services. With Heather Polinsky stepping in and the Resilience segment as a priority, the timing is right."

1

Operations extend consulting into recurring revenue. Arcadis earns project fees designing and advising on water systems. AquaScience earns recurring service contracts operating them. Combining the two creates a full-lifecycle water management offering — advisory, design, and operations under one roof — that competitors cannot easily replicate.

2

Mountain West is a strategic geography for Arcadis's North America growth. With recent LA contract wins ($18M+) and active U.S. expansion, Arcadis is building North American density. Wyoming's energy and environmental sectors — highly active in water management — are underserved by major engineering firms with operational depth.

3

Direct fit with the Resilience segment mandate. AquaScience's treatment work prevents contamination, enables water reuse, and protects natural water systems — all core Resilience outcomes. The acquisition strengthens Arcadis's ability to win Resilience segment contracts by demonstrating operational credibility, not just consulting pedigree.

Pipeline History

Date	Activity	Contact	Outcome	Status
—	Initial Research & Profile Build	Internal	Dossier compiled	Complete
—	First Outreach	Larry Casey	Pending	Next Step