The Dutch infrastructure sector has witnessed the strongest growth rates in recent years. In 2025, volumes are likely to have increased by around 7%. We expect lower growth in 2026. The volume increases are mainly due to increased maintenance and investment to comply with the European Water Framework Directive and to support climate adaptation. This leads to projects such as sewerage improvement and flood defence reinforcement.
The nitrogen issue (new building projects often require permits proving they won’t increase nitrogen emissions) is still a burden, especially for new projects. In response, the central government put some large new infrastructure projects on hold and transferred these funds to renovation and maintenance work that often doesn’t require a specific permit. In addition, billions of euros are invested in expanding the Dutch power grid and advancing the energy transition.
In Germany, infrastructure investment rose by about 1.5% in 2025. Germany last year introduced a €500bn plan for infrastructure and climate investments, aiming to expand further in the years ahead. The infrastructure fund, however, is not entirely new. It also involves reallocating money from the regular budget, with a significant amount designated for railway projects. Thanks to bureaucratic hurdles in Germany, these projects are unlikely to reach the market before the end of 2026.
By the end of 2025, an EC survey shows that German infrastructure builders remain pessimistic about their order books. However, another survey (the RICS market survey) indicates that German infrastructure professionals are now significantly more optimistic about their outlook for the next 12 months – especially after the announcement of the infrastructure fund. This optimism aligns with expectations that the first substantial investments will occur by the end of 2026.