HOCHTIEF (HOT) Q1 2026 earnings summary

Executive summary

• Operational net profit rose 30% year-over-year (41% FX-adjusted) to EUR 217 million, with sales up 14% FX-adjusted to EUR 9.4 billion and operational PBT margin up 50bps to 3.7%.

• Record new orders of EUR 15.2 billion (+27% FX-adjusted), driving a record order backlog of EUR 79.3 billion (+17% FX-adjusted), with 60% of new orders from strategic growth markets and 90% of backlog in lower-risk contracts.

• Major project wins in AI, digital, energy, defense, and critical minerals sectors reinforce order book quality and future visibility.

• Dividend per share for FY 2025 increased by 26% to EUR 6.60, reflecting strong shareholder remuneration.

• Strong operating cash flow of EUR 2.5 billion LTM pre-factoring (+EUR 681 million yoy), and net debt improved by EUR 1.1 billion yoy to EUR 884 million.

Financial highlights

• Q1 2026 sales: EUR 9,394 million (+5.3% yoy); operational PBT: EUR 352 million (+23.2% yoy); operational net profit: EUR 217 million (+29.8% yoy); operational EPS: EUR 2.88 (+29.7% yoy).

• EBITDA: EUR 581 million (+18.3% yoy); EBITDA margin up 70bps to 6.2%; EBIT: EUR 428 million (+27.8% yoy); EBIT margin up 80bps to 4.6%.

• Nominal net profit declined to EUR 210 million due to prior year’s one-off gains from Flatiron transaction.

• Operating cash flow LTM pre-factoring: EUR 2,455 million (+EUR 681 million yoy); net cash improved to -EUR 884 million from -EUR 1,986 million yoy.

• Book-to-bill ratio: 1.5x; order backlog visibility: 23 months; 90% of order book in lower risk contracts.

Outlook and guidance

• Operational net profit guidance for 2026 reiterated at EUR 950–1,025 million (+20–30% yoy), subject to market conditions.

• Dividend per share for FY 2025 set at EUR 6.60 (+26% yoy), with a 65% payout of operational net profit.

• Continued focus on strategic growth markets: AI/Digital/Tech, energy/nuclear, defense, and critical minerals.

• Segment guidance: Turner operational PBT USD 1.3–1.35 billion (+25–30% yoy); CIMIC operational PBT AUD 780–830 million (+4–10% yoy); Engineering & Construction operational PBT EUR 125–140 million (+27–42% yoy).