HOCHTIEF (HOT) Q2 2025 earnings summary

Executive summary

• Operational net profit rose 18% year-over-year to EUR 355 million, at the top end of guidance, with sales up 25% to EUR 18.4 billion, driven by strong organic growth, strategic investments, and acquisitions.

• New orders surged 26% year-over-year (fx-adjusted) to EUR 26.1 billion, with the order backlog reaching EUR 69 billion, up 15%, providing 21 months of visibility.

• Strong operating cash flow over the last twelve months at EUR 2.0 billion, with high cash conversion and disciplined capital allocation.

• Strategic focus on growth markets such as data centers, energy transition, and sustainable infrastructure, supported by significant equity investments and M&A.

• Strategic positioning as a global leader in digital, advanced tech infrastructure, and services, leveraging engineering expertise and equity investments.

Financial highlights

• Sales: EUR 18.4 billion (+25% yoy); EBITDA: EUR 1,025 million (+24% yoy); EBIT: EUR 690 million (+15% yoy).

• Operational net profit: EUR 355 million (+18% yoy); nominal net profit: EUR 481 million (+10% yoy), including EUR 126 million in one-off gains (mainly Flatiron transaction).

• Operating cash flow LTM: EUR 2.0 billion; net debt increased to EUR 1.4 billion, mainly due to capital allocation and FX effects.

• Dividend per share for FY 2024: EUR 5.23 (+19% yoy), 65% payout of operational net profit.

• Book-to-bill ratio at 1.2x; order backlog up 15% yoy (fx-adjusted).

Outlook and guidance

• FY 2025 operational net profit guidance reiterated at EUR 680–730 million, up to 17% year-over-year.

• Turner segment expects operational PBT of EUR 660–750 million (+16–32% yoy); CIMIC targets operational PBT of EUR 480–510 million (+7–13% yoy); Engineering and Construction segment guidance for operational PBT of EUR 85–95 million (+24% yoy).

• Abertis expected to deliver operational result similar to EUR 81 million in 2024.

• Continued focus on strategic growth markets and low-risk contracts; robust demand expected in data centers, energy, and infrastructure.

• Dividend policy remains at 65% payout of operational net profit.