Obrascón Huarte Lain (OHLA) Q1 2026 earnings summary

Executive summary

• Achieved sales of €774.3M in Q1 2026, down 1.1% year-over-year, with 71.1% of revenue generated abroad.

• EBITDA rose 67.4% to €44.7M, and attributable net profit reached €7.8M, reversing a loss of €21.8M in Q1 2025.

• Services business classified as discontinued; financials reflect this strategic divestment.

Financial highlights

• EBIT increased 41.5% to €26.6M; EBITDA margin improved to 5.8% from 3.4% year-over-year.

• Net financial loss reduced to €-1.9M from €-32.0M, mainly due to absence of recapitalization expenses.

• Total liquidity at €616.1M, down 27.6% from year-end 2025; net debt improved to €-254.0M.

• Cash flow from operations was €25.9M, but working capital changes led to negative operating cash flow of €-233.9M.

Outlook and guidance

• Liquidity position expected to improve in subsequent quarters, continuing the trend since 2023.

• Strategic focus on cost savings, margin expansion, and diversified order intake.