HOCHTIEF (HOT) Q1 2025 earnings summary

Executive summary

• Operational net profit rose 17% year-over-year to EUR 167m, at the top end of guidance; nominal net profit reached EUR 308m, including a EUR 146m one-off gain from the Flatiron transaction.

• Sales increased 32% year-over-year to EUR 8.9bn, driven by strong organic growth and the consolidation of Thiess and Dornan.

• New orders surged 23% year-over-year to EUR 13.0bn, with the order backlog at a record EUR 70.2bn (+20%).

• Strong operating cash flow LTM of EUR 1.3bn, up EUR 149m year-over-year, reflecting high cash conversion.

• Strategic acquisitions (Dornan, Flatiron-Dragados merger) and focus on growth markets underpin expansion.

Financial highlights

• EBITDA increased 61% year-over-year to EUR 491m; EBIT up 46% to EUR 335m.

• Operational PBT rose 39% to EUR 286m; operational EPS up 18% to EUR 2.22.

• Net debt at EUR 2.0bn, mainly due to M&A and seasonality; S&P rating remains BBB-, stable outlook.

• Dividend per share for FY 2024 set at EUR 5.23 (+19%), with a 65% payout ratio.

• Earnings per share: EUR 4.09 (nominal, +131% year-over-year).

Outlook and guidance

• FY 2025 operational net profit guidance: EUR 680–730m (+9% to +17% year-over-year), subject to market conditions.

• Continued focus on strategic growth markets, advanced technology, energy transition, and sustainable infrastructure.

• Dividend policy targets 65% payout of operational net profit.

• Segment guidance: Turner PBT EUR 660–750m (+16–32%), CIMIC PBT EUR 480–510m, Engineering & Construction PBT EUR 85–95m.

• Abertis expected to deliver a similar operational result in 2025 as in 2024.