Obrascón Huarte Lain (OHLA) Q2 2026 earnings summary

Executive summary

• Achieved strong improvement in operating margins and profitability indicators in the first half of 2026, continuing positive trends from previous quarters and years.

• Progressed on strategic objectives, reaffirming operational solidity and capacity for growth and value creation.

• Resolved major historical contingencies, notably the Flaggers case and M-12 motorway litigation, reducing uncertainty and strengthening business visibility.

• Sales rose 3.5% year-over-year to €1,749.0M, with EBITDA up 14.3% to €96.1M and EBIT up 25.3% to €57.9M, reflecting improved margins and operational efficiency.

• The Services business is classified as discontinued following a strategic divestment decision.

Financial highlights

• EBITDA from ongoing activities (excluding Flaggers impact) reached EUR 116.9 million, up 39% year-over-year, with a margin of 6.7%.

• Recurrent EBIT was EUR 78.7 million, up 77.3% year-over-year, with a margin of 4.5%.

• Total sales, including services division, were EUR 2.035 billion, up 3.4% year-over-year.

• Net borrowings reduced to €-343.3M from €-489.1M at year-end 2025.

• Liquidity position at end of H1 2026 was EUR 711.3 million, up from EUR 613 million at Q1 end.

Outlook and guidance

• Reiterated 2026 objectives and business plan commitments, confident in achieving targets.

• Full-year 2026 forecasts maintained despite temporary litigation impacts.

• Guidance for 2026 ratified; no forward guidance for 2027 or beyond provided.

• Structural cost-saving plan continues to support margin improvement.

• Cash impact from Flaggers litigation expected to be offset in 2H26 or early 2027.